Business Times
Judicial independence – Talk to your neighbour
One of the most effective ways of countering the gradual erosion of judicial independence in Sri Lanka is to ‘talk’ about it, according to a constitutional expert. “It’s a fallacy which some want to instill as public opinion saying that ‘people aren’t interested in the impeachment motion against Chief Justice, Dr. Shirani Bandaranayake’ or that [...]
Business Times
George Steuart Finance 1H13 net profit down to Rs15 mln
New stock George Steuart Finance (GSF) which saw a 968 per cent rise on its opening day of trading on 12th September has posted a Rs 15 million net profit for the first six months of the year, 45 per cent down against Rs 27 million in the same period las year, according to results [...]
Business Times
BOI is investor responsive, one-stop centre
The Board of Investment (BOI) now operates as an investor responsive, one-stop centre following the recent reorientation programme aimed at streamlining official functions, pruning overheads and excess staff, a top official of the BOI said. M.M.S. Ferdinando, acting Chairman and Director General (DG) BOI told the Business Times that the voluntary retirement scheme has been [...]
Business Times
People’s verdict on provincial councils next Sunday
Mixed opinion is emerging on the need for Provincial Councils (PCs) in Sri Lanka, according to preliminary data collected under a joint BT-RCB poll on PCs. Results of the poll would be published next Sunday, December 9 in the Business Times. The poll is being held pursuant to the debate over the proposed repealing of the [...]
Business Times
CB New York deal: Who’s the broker?
Opposition Parliamentarian Eran Wickramaratne this week persisted in seeking details about the ‘broker’ involved in the Central Bank (CB) purchase of a US$5 million property in New York last year. A day after the CB said it had followed all laid-down processes in the August 30, 2011 transaction, Mr Wickramaratne asked in a media statement: [...]
Business Times
Justice for the Judiciary
The planned impeachment of the Chief Justice Shirani Bandaranayake is drawing far more attention than the previous two attempts in the case of Neville Samarakoon (1984) and Sarath N. Silva (2001). There’s no doubt – that the motion has been triggered by the negative judgment in the Divi Neguma bill and the ‘hostile’ statements by [...]
Business Times
Wind Power- A solution to the energy crises
The President while presenting the 2013 budget offered a basket of incentives for the renewable energy sector to attract both local and foreign investors to embark on this much neglected renewable energy sector that has not received the desired attention in its development drive for the last six decades. He emphatically noted that promoting renewable [...]
Business Times
MAS Holdings setting up new $70 mln automated knitting plant at Thulhiriya
MAS Holdings is investing US$70 million in an automated knitting plant – renovating a 200,000 sq. ft. facility to accommodate the largest, automated knitting plant in the region. The facility will be located at Thulhiriya, within the MAS Fabric Park. The investment under MAS Fabrics (Private) Ltd becomes the MAS Group’s single largest investment in [...]
Business Times
SAP launches B2B commerce network Ariba in SL
Global enterprise application developer SAP has launched a cloud-based business-to-business (B2B) collaboration solution in Sri Lanka, according to media statement issued by its local unit. Further, SAP already counts local conglomerates Hemas Holdings and Ceylon Breweries as users. Tapping into open global trading network Ariba, a recently acquired subsidiary of SAP, this new range of [...]
Business Times
Sri Lanka Tourism’s promotional campaign in Kazakhastan
Sri Lanka Tourism Promotion Bureau (SLTPB) along with the Embassy of Sri Lanka in Russia says it held a successful tourism promotional campaign in Kazakhastan coinciding with the state visit of President Mahinda Rajapaksa. During the campaign, special emphasis was laid onto promoting Sri Lankan culture and Ceylon tea products to the Kazakhastani tourism market, [...]
Business Times
SAP launches B2B commerce network Ariba in SL
Global enterprise application developer SAP has launched a cloud-based business-to-business (B2B) collaboration solution in Sri Lanka, according to media statement issued by its local unit. Further, SAP already counts local conglomerates Hemas Holdings and Ceylon Breweries as users. Tapping into open global trading network Ariba, a recently acquired subsidiary of SAP, this new range of [...]
Business Times
New Secretary to Sinhala Welande Mandalaya
The ‘ Sinhala Welanda Mandalaya ‘ in Kandy recently saw the election of a new Secretary, Jayampathi Rajapathirane. He took office recently and says he has wide plans to uplift the trading community in the central region and not allowing them to be left behind (by other regions including the powerful business community in Colombo). [...]
Business Times
SriLankan Airlines launches eco-tourism project with UK-based Whale group
SriLankan Airlines has announced the launch of Project BLUEprint in partnership with Whale and Dolphin Conservation (WDC), UK. The airline and wildlife charity will work together to jointly develop a community-based responsible whale and dolphin watching industry off the coast of Sri Lanka and encourage responsible behaviour amongst local boat tour operators, according to an [...]
Business Times
Prassanna bags “Young Creative Entrepreneur of the year” award at Sri Lanka Design Festival
The Young Creative Entrepreneur (YCE) Design and Fashion Award, a British Council initiative offered in partnership with the Sri Lanka Design Festival, was this year awarded to Prassanna Pathmanathan, a Communication/PR Consultant, Corporate trainer, and Lecturer. He is a fashion stylist and has worked with many leading designers, models, and photographers. As the YCE Award [...]
Business Times
Bangladeshi fire: Global apparel brands should enter fire agreements with suppliers
A Sri Lankan apparel sector trade union has joined in condemning a devastating garment factory fire in Bangladesh which killed over 100 workers last week. Anton Marcus, Joint Secretary of the local FTZ&GSEU and EXCO member of the Geneva-based IndustriALL Global Union said in a letter to another Bangladesh union, that “it’s high time for [...]
Business Times
Suncity announces modern apartment complex in Battaramulla
Suncity Property Developers (Pvt) Ltd, a pioneer in construction and real-estate, has unveiled plans on the latest addition to their extensive portfolio of apartment complexes, and introduced a new building at Battaramulla. Located on Bodhiya Road, just 300 meters from the Battaramulla main road, the building will house 20 apartments over four floors, with modern [...]
Business Times
BreadTalk launches 4th Generation concept with 50 new products
Sri Lanka’s iconic boutique bakery brand BreadTalk recently announced the launch of its 4th Generation brand concept, the company said. Having launched across Asia and the Middle East in end October, BreadTalk Sri Lanka will make Gen 4 products – all of which revitalise the bakery and confectionary landscape – available to local customers this [...]
Business Times
CEAT partners AIESEC in youth empowerment initiative in Sri Lanka
A Youth Empowerment Programme designed to reach 8,000 young Sri Lankans on the threshold of their careers, will get underway in January 2013 through a partnership between Sri Lankan tyre brand CEAT and AIESEC, the world’s largest youth-run organisation. CEAT Kelani Holdings has been designated ‘National Partner’ for the Programme, which will comprise 80 Youth [...]
Business Times
Palm oil highest profit earner at Sunshine Holdings’s plantation company Watawala Plantations
The plantation arm of Sunshine Holdings, Watawala Plantations PLC has reported a post-tax profit of Rs 186 million for the second quarter 2012/13 against a loss of Rs 16.8 million in the same period a year ago, the company announced last week. The tea sector, which accounted for 65 per cent of the turnover of [...]
Business Times
Renuka Group – Leaving a lasting legacy
In 1936 when the late Alfred L. Thambiayah, a Member of Parliament acquired The Cargo Boat Dispatch Company from Harry and John Cosmas, (the company’s then foreign owners) and grew it to the forefront of shipping, trading and agriculture, he made sure that it became a leading shipping establishment by the early 1900s accounting for [...]
Business Times
Hemas opens 35th Piyawara pre-school in Mullaitivu
Hemas Holdings recently opened its 35th Pre-School in the resettled village of Silawathei, Mullaitivu Town. “This was also a dream come true for the 50 little children of Silawathei, who along with their grateful parents, came to witness the opening of their own little pre-school. This was also a great moment of pride and satisfaction [...]
Business Times
Market Research Society launched in Sri Lanka
The Market Research Society of Sri Lanka (MRSSL) was launched on November 6 with the co-operation of the leading market research agencies in the country. The inauguration was graced by the distinguished patrons of the Society, Director/Consultant, Eardley Perera; Director of the Postgraduate Institute of Management, Prof. Uditha Liyanage; Board Director of Lanka Market Research [...]
Business Times
LOLC group opens first Shari’ah Compliant Student Savings Centre in Sri Lanka
Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), under its Shari’ah based children’s savings brand “Al- Falaah Junior”, opened the first Student Savings Centre at the Fathima Muslim Ladies College in Colombo. LOFC, part of the LOLC group, said this is the first of its kind in the Islamic financial services industry [...]
Business Times
Errors in last week’s feature on export growth
Some errors had crept in last week’s feature headlined “Export growth as Sri Lanka’s development strategy- Productivity as a key determinant”. The figure on corruption mentioned under item iv of the sub heading ‘Dynamic Enablining Environment’ should be corrected to read as “about 11 per cent of GDP’ and not 11.43 per cent of GDP [...]
Business Times
Career and life at John Keells Resorts here and abroad
There are many instances at John Keells Resorts (JKH) where an employee starts in Front Office operations or another area and moves up the ladder to become the General Manager, the mega group said this week in featuring its new recruits. For example, as a newcomer to this glamorous industry, Andreana Wheeler started her job [...]
Business Times
GK depositors stage protests against the CJ
Some two thousand depositors of the failed Golden Key company gathered in front of the Supreme Court complex on Wednesday, smashing coconuts protesting against the Chief Justice Shirani Bandaranayake. They urged that hearing in their Fundamental Rights petition fixed for December 4 be postponed until the conclusion of the impeachment proceedings against the Chief Justice [...]
Business Times
Language, VR, machine learning at 3rd ICTer conference in SL
Sri Lanka’s third annual ICTer conference, to be held at Colombo’s BMICH in mid-December, will encompass information and communication (ICT) technology topics such as language processing, image processing and virtual reality, e-learning, knowledge-based systems, machine learning and social applications, amongst others, according to organisers. Further, as per a media statement issued by organising body University [...]
Business Times
ICAO audit confirms Lankan skies are safe and secure
The official results released recently by the International Civil Aviation Organization (ICAO) after carrying out a comprehensive system audit on the state capabilities for the conduct of Aviation Security Oversight, shows that the degree of compliance of Sri Lanka with International Standards and Recommended Practices (SARPs) relating to aviation security projects well over the global [...]
Business Times
Nawaloka Hospital introduces ‘home visits’ by doctors
Nawaloka Hospital has launched a new home medical service – is making it possible for anyone to access a doctor from their own home with the launch of the Home Ambulance unit this month. Available throughout Colombo and its suburbs, Nawaloka Hospital’s Home Ambulance service is specifically to cater to people requesting a doctor to [...]
Business Times
Sri Lanka has great opportunity to beat AIDS : UNAIDS expert
Sri Lanka has a great opportunity to beat the AIDs epidemic in the next two years owing to its effective mother-child health care services system, a regional expert said. “From what I have seen in Sri Lanka, your country has a great opportunity to end AIDS; (I mean) not manage AIDS but end AIDS (totally),” [...]
Business Times
Men with big beer bellies likely to have weaker bones :Study
CHICAGO, (Reuters) – Men with excessive fat around their abdomen, commonly known as a “beer belly,” are at an elevated risk for heart disease and Type 2 diabetes, and now researchers are adding osteoporosis to the list of potential hazards. More than 37 million American men over age 20 are obese, according to the National [...]
Business Times
U.S. judge orders tobacco companies to admit deception
NEW YORK, (Reuters) Major tobacco companies that spent decades denying they lied to the U.S. public about the dangers of cigarettes must spend their own money on a public advertising campaign saying they did lie, a federal judge ruled on Tuesday. The ruling sets out what might be the harshest sanction to come out of [...]
Business Times
Maldives cancels airport management agreement with Indian group
The Maldives Government on Tuesday announced the cancellation of a contract with the India-based GMR Group regarding the development and management of Ibrahim Nasir International Airport (INIA), and asked the group to vacate the premises within seven days. The dispute with the GMR group, which signed the agreement in 2010 during the tenure of Mohamed [...]
Business Times
Sarvodaya programme in empowering youth through citizen journalism
Sarvodaya-Fusion recently began a new pilot scheme providing ‘Citizen Journalism’ training with participants of the Saturday workshop given tips on skills needed for participatory journalism. “By mobilizing existing access to ICT infrastructures the programme hopes to train young journalists in order to deploy a safety net of knowledge and community engagement that would remove the [...]
Business Times
Canadian to run Britain’s central bank – Bank of England
LONDON, (New York Times) — In a surprising departure from convention, the British government on Monday selected Mark J. Carney, the head of the Canadian central bank, to succeed Mervyn A. King as the next governor of the Bank of England. The appointment ended months of jockeying by some of Britain’s most prominent public officials. [...]
Business Times
‘Go beyond traditional’ loyalty programmes with a young Sri Lankan tech start-up
eIMSky Business Solutions, a young Sri Lankan start-up specializing in real-time tracking of objects and individuals using RFID technology recently launched a new technology platform that enables service oriented industries like retail or tourism to offer novel, next generation loyalty programmes. “When you shop at a large supermarket with your loyalty card at present all [...]
Business Times
Trimax India invests in Rs. 3.5 bln data centre at Hambantota IT park
Sri Lanka’s proposed Saki Knowledge and Technology Park in Hambantota got a major boost with the entry of Trimax IT Infrastructure and Services Ltd, an Indian IT company to set up a Rs. 3.5 billion data centre, company officials said The company signed the official agreement with the Ministry of Telecommunication and Information Technology, Sri [...]
Business Times
Triumph launches ‘Organic Cotton’ Bras
Triumph launched the new Cotton Comfort collection of bras made out of super soft Mélange Cotton. The new Cotton series was launched at all Triumph exclusive stores and Glitz outlets in mid November, the global store announced this week to the media. This collection showcases two new styles; Comfort 28 W an under-wired bra while [...]
Business Times
Virtusa highlighted in Zinnov GSPR Rating 2012
Virtusa, an US-based IT company, which develops software in Sri Lanka, recently announced that it has been recognised as a key research and development (R&D) service provider in the “Global R&D Service Providers (GSPR) Rating 2012” issued by management consultancy Zeal-in-Innovation (Zinnov). Further, Virtusa also said that it had been recognised in the areas of [...]
Business Times
Trade union welcomes industry group call for GSP +
A top Sri Lankan trade union group fighting for the rights of apparel workers has welcomed a recent statement by an industry body over the value of labour rights and GSP plus concessions. In a letter sent to Yohan Lawrence, Chairman of the Sri Lanka Apparel Exporters’ Association, Anton Marcus, Joint Secretary of the Free [...]
Business Times
Millions in the world don’t have access to safe drinking water
The first-ever Young Water Professionals Symposium was held in Colombo last week with a number of serious and challenging water-related issues being discussed and solutions sought. At the inauguration of the symposium, Ms Kusum Athukorala, Chairperson, Sri Lanka Water Partnership (SLWP), enumerated the issues confronted by Sri Lanka and pointed out how development encroached water [...]
