Budget of handouts, national debt will worsen
I can’t help but feel that budget 2013 felt more like budget 1990 or 1996 for that matter. All the somewhat bold decisions of the administration over the last three budgets seem to have taken a back seat this time. We are back to giving hand-outs in the name of poverty alleviation. Not only is [...]
Most people in favour of 2013 budget proposals
A snap poll on Sri Lanka’s 2013 budget from email and street responses saw a majority of the respondents appearing to back the government’s proposals. The poll was jointly conducted by the Business Times (BT) and polling partner, Research and Consultancy Bureau (RCB) soon after President Mahinda Rajapaksa ended his budget speech in Parliament on [...]
Hoteliers shake up travel agents for dollars
Hoteliers and travel agents are bracing for a major showdown when efforts to implement dollar transactions becomes effective from December 1. The Hoteliers Association of Sri Lanka (THASL) in a letter to the travel agents has stated that in future the latter would be compelled to transact with hotels using only US dollars and not [...]
Compulsory power units to protect home equipment against lightning
Sri Lankan government is to introduce regulations making it compulsory for all households to have power surge diverters to protect electronic equipment against lightning, the Telecommunication Regulatory Commission (TRC) said. Over 90 per cent of the damages to electrical appliances and machinery due to lightning can be prevented by fixing electric surge diverters which are [...]
Budget 2013: PBJ tells banks: “Show what you’ve got ”
Treasury Secretary Dr P B Jayasundera on Friday urged commercial banks to make use of their balance sheets which they claim to be so good and source foreign funds. Speaking at a post budget seminar organised by Earnst & Young, he said: “The banks who say that they have good balance sheets should do a [...]
Budget: Racing cars derail milk prices
One of the first things that drew the people’s attention in the budget was the racing car proposal where such imports would be tax exempted. “I must get a Ferrari,” said one respondent in the snap budget poll jointly undertaken by the Business Times and Colombo-based Research Consultancy Bureau (RCB). “We’ll have to carry the [...]
“No single member of the executive should be permitted to traipse within the boundaries of (that) power” : SC
The Supreme Court this week ruled that some sections of the Appropriation Bill 2013 (which lists out state expenditure for next year) are inconsistent with the Constitution. The 3-judge bench comprising Justices Shiranee Tilakawardane, Priyasath Dep and S. Eva Wanasundera noted that clause 7(b)) of the bill contravenes the full control of public finance which [...]
Former SEC chief stresses need to minimise market manipulation
Thilak Karunaratne, former head of the Securities and Exchange Commission (SEC), has stressed the need of giving more powers to the SEC to minimise market manipulation so that the bourse can flourish with all sections of investors entering into a level playing field. Addressing a luncheon meeting of the Colombo Club on Tuesday at the [...]
Asian markets extend losses on US fears
HONG KONG, Nov 9, 2012 (AFP) – Asian markets fell on Friday, extending their losses from the previous day as fears the United States is headed for another economic crisis sent Wall Street diving again and dealers running. The yen remained elevated after Barack Obama’s re-election as US president stoked concerns of political gridlock in [...]
Three unique ‘Textured Jersey’ collections at SLDF 2012
A three-pronged initiative by Textured Jersey PLC, Sri Lanka’s largest manufacturer of knitted fabric, to showcase the potential of locally-produced knitted fabrics to the global fashion industry will be one of the highlights of the 2012 edition of the Sri Lanka Design Festival (SLDF). The company has provided its knit fabric and discarded fabric waste [...]
SL to felicitate 150 foreign companies for their services during the period of terrorism
Around 150 foreign companies and chambers are to be recognized for their services to the economy and investment made in Sri Lanka creating employment opportunities during the 1985-2009 period of terrorism in the country, a media release issued by the Minstry of Industry and Commerce said. The Global Commerce Excellence awards will be presented to [...]
SL pre-paid cards growth ‘explosive’: UK prepaid expert
The market for pre-paid payment cards in Sri Lanka will soon see explosive growth, according to David Parker, a UK-based pre-paid payment cards expert and Chief Executive of Polymath Consulting. Further, he also added that this opportunity stems from the fact that over 70 per cent of consumers own mobile phones and over 80 per [...]
IATA Global Aviation HR summit in Colombo next week
The 2nd International Air Transport Association (IATA) Global Human Capital Summit, ‘Talent for Tomorrow,’ this time sponsored by SriLankan Airlines is scheduled to take place on 13-14th November in Colombo. The two-day symposium will draw the best in global aviation to share and discuss a number of current and significant topics related to the sector. [...]
Heads the banks win: Tails the CPC loses
Following is an epic account of a “Hedge” developed and loved by the banks. This is a national crisis! But what’s the matter ….minor matter…are we worried …NO! Why so? Because, it was the experts of the CBSL (Central Bank) who wanted the Zero Cost Collar structure implemented for the Hedge. With the passage of [...]
Common-use mobile number proposal rejected-TRC
Sri Lanka’s telecommunications regulator has ruled out the implementation of the Mobile phone Number Portability (MNP) which would have allowed subscribers to switch networks while using the same number. The proposal has been rejected due to the huge cost involved (in its implementation). Director General of Telecommunication Regulatory Commission (TRC) Anusha Palpita told the Business [...]
Undue media publicity brought negative sentiments adversely affecting CSE : Godahewa
The constant publicity over specific issues at the Securities and Exchange Commission (SEC) to some extent distracted the public perception of the stock market, alleged Nalaka Godahewa, Chairman SEC at a seminar this week on ‘Related Party Transactions (RPT)’ to discuss a SEC consultation paper on this subject which is now receiving public comments. “As [...]
Mix up in pictures in hSenid story
There was a mix up in the picture in last week’s story headlined “hSenid Founder/CEO recognised as the Most Outstanding Contributor in ICT at NBQSA Awards 2012”. The picture showing veteran accountancy professional Gamini Wijeyesinghe receiving a lifetime achievement award at the recent event organised by the Institute of Chartered Accountants of Sri Lanka (CA [...]
Post-budget tax seminar with tax experts
A post-budget seminar on the tax proposals is being organised by IVIS (Pvt) Ltd on 14th November from 1.30 pm to 5pm at the Tourist Board auditorium at Kollupitiya. The focus of the seminar will be to educate and alert the private sector and other individuals about the implications and consequences of the national budget [...]
Revision TV from Dialog for next month’s OL exam
Dialog Television (DTV), Sri Lanka’s leading Direct-to-Home (DTH) Digital Satellite TV service, is offering its subscribers Revision TV, a state of the art learning facility that promises to help your child obtain the best O/L (Ordinary Level) results by revising eight years of past papers from the comfort of home. Revision TV, the latest addition [...]
Heeloya Village
Heeloya is a rural, remote agricultural village in the Kandy district with a unique attraction of understanding how justice was meted out in the good old days. The proceedings of hearing a case by the village-headman and the location are still intact. The main livelihood of the village community is paddy cultivation, home gardening, livestock [...]
Sri Lanka targets honeymooner’s paradise at WTM 2012
Around 53 travel and tourism and hoteliers including eight SME-based companies participated at this year’s World Travel Mart (WTM), Sri Lankan tourism authorities said. They said in a media statement that this year the uniqueness of the Sri Lanka Pavilion highlighted the traditional marriage ceremony showcasing the country as a honeymooner’s paradise. Highlighting Sri Lankan [...]
Snapshot of WTM Global Trends Report 2012
Indian tourists have become more attracted to the Middle East as visitors with more disposable incomes and affluence from the subcontinent surge due to the increased interest to buy gold. Low –cost flights have opened up travel opportunities and Indians are lured to these destinations due to the high quality gold with intricate designs found [...]
Jetwing Hotels markets via Aurasma app
A reality campaign backed by a web app is set to market the Jetwing Hotels in Sri Lanka and internationally. A media release issued on Tuesday stated that the Jetwing Hotels is the first to introduce an Aurasma powered augmented reality campaign, targeting those who want more than just a lovely image and text within [...]
Indian travel agents tour Sri Lanka
India’s top travel and tour agents Thomas Cook, Travel, TUI, Cox N Kings, Make My Trip and Akbar Holidays were among others that visited Sri Lanka recently to understand what the island destination has to offer. Leading tour agents from India such as Thomas Cook, Travel, Cox N Kings, TUI, Make My Trip, Akbar Holidays [...]
Udawalawe gets new four star safari resort this winter
A new safari resort is due to open in Udawalawe during the current winter season with hopes of attracting holidaymakers from Netherlands, Germany, Switzerland and the Far East. The 4-star holiday resort named “Grand Udawalawe Safari Resort” with 55 rooms that includes four suites is built on a seven acre land on the Thanamalvila Road [...]
Navy on the look-out for second passenger vessel
Sri Lanka Navy (SLN) is currently eyeing possibilities of either leasing or acquiring another passenger vessel for both commercial and in-house operations. This comes in the wake of the Jetliner being sent back to Indonesia last month following the completion of its lease period in Colombo since it arrived in 2006. At present the navy [...]
Key proposals
Exempt from Corporate Income Tax College of General Practitioners of Sri Lanka, Sri Lanka Social Security Board Certain public Corporations – Sri Lanka Savings Bank, Lanka Puthra Development Bank (Effective from 1.04.2013) Exemption of tax on profits and income from offshore business Royalty, franchising or designing fee paid by certain BOI companies to any foreign collaborator of [...]
Sri Lanka had some of the world’s brightest mobile app developers: UK entrepreneur
As smart phone penetration increases in Sri Lanka, so too will mobile application (app) development, with this market growing “exponentially” over the next three years, according to Keith De Alwis, the Co-Founder and Managing Director of UK-based Creative Applications, a mobile app developer which will be moving all of its technical operations locally by next [...]
Nedra launches new seminar on ‘Succeeding as a Professional Brand’
Top corporate trainer in personality development and corporate social interaction, Nedra Wickremesinghe is launching a brand new seminar this week for managers and company executives, business people and professionals from all fields, one that is tightly focused on showing what it takes to succeed as a confident, savvy professional. With contributions from two other well-known [...]
Pelwatte Sugar in deep debt
Pelwatte Sugar Industries fell into deep financial debt long before the government expropriated the property in November 2011, a court action seeking a winding-up of the company has revealed. Allied Commercial Fertilizer (Pvt) Ltd issuing Pelwatte for non-payment of dues and has filed action in the Colombo High Court to wind up the sugar firm. [...]
HNB Group reports pre-tax profit of Rs. 7.15 bln
HNB PLC has posted robust growth of 24 per cent in pre-tax profit to Rs. 6.71 billion during the first nine months of 2012. Post tax profit also increased by 28 per cent to Rs. 4.61 billion over the corresponding period in 2011, the bank said in a statement. Commenting on the performance, the Chairperson [...]
ComBank’s 9-month post tax up 25% to Rs 10.9 bln
The Commercial Bank of Ceylon says has succeeded in achieving top 3rd quarter results, with “robust growth in gross income and profits following noteworthy increases in lending and strong gains in foreign exchange income”. The bank’s pre-tax profit was Rs 10.9 billion for the nine months ending 30th September 2012, up 25.48 per cent. Profit [...]
Hambantota chamber delegation visits UK
A 15-member delegation from the Hambantota District Chamber of Commerce recently visited the UK and had an interactive dialogue with sections of the Sri Lankan community there to build trade and commercial links and explore technology transfer. At a reception held at the Sri Lanka High Commission in London, the delegates from Hambantota whose commercial [...]
LMD lines up 10 captains of business
LMD Magazine, which released its annual list of ‘Businesspeople Of The Year’ (BOTY) in this month’s issue for the third year running, has said that it has recognised 10 captains of business for their achievements in 2012. “The X Factor is the binding trademark that separates the men from the boys… or cowboys, as it [...]
Jetwing sets off “Inspiring Stories from Destinations”
Jetwing has been ranked as one of the three best group of hotels that had brought out “Inspiring Stories from Destinations” in the Responsible Tourism forum at ITB Asia organised by Wild Asia, Jetwing Hotels stated in a media release issued recently. It noted that this award was bagged following its corporate social responsibility programme [...]
4.1 per cent YoY revenue growth for Nestle Lanka
The Sri Lankan unit of global food conglomerate Nestle has posted a revenue growth of 10.2 per cent, to Rs. 21.6 billion, for the nine months to end-September 2012, according to a media statement by the company. Further, it also stated that this was “amidst a challenging market environment”. At the same time, it was [...]
Local startup fund Lankan Angel Network launches
Local venture capital fund Lankan Angel Network (LAN) was launched this week, with the stated purpose of “bringing together the Sri Lankan investor and mentor community and to scale the startup ecosystem”, according to a media statement from one of LAN’s founding members Blue Ocean Ventures. It said, “LAN has identified key challenges that entrepreneurs [...]
Public interest activist demands legal action against perpetrators of hedging deals
Public interest activist Nihal Sri Ameresekere has written to Attorney General Palitha Fernando, urging him to instigate prompt legal action against those responsible for massive losses of public funds in oil hedging deals. He alleged that those involved in these acts of such illegality had not been taken to task and arraigned before the law, [...]
