Business Times
Integrity turned upside down
Retired civil servant Bradman Weerakoon looks on in amusement probably wondering whether the country is also upside down like this dancer. The event was the annual Integrity Awards of Transparency International (TI) on Thursday in which Mr Weerakoon was the chief guest. Pic by Amila Gamage.
Business Times
Retail, wholesale trade brace for VAT in January 2013
Sri Lanka’s mega retail and wholesale businesses including supermarkets are bracing for the impact of higher taxes from the recent budget which are effective in January. After initial absorption of a new 12 per cent Value Added Tax (VAT), supermarkets and wholesalers and retailers will eventually pass the cost to consumers, traders and industry sources [...]
Business Times
Qatar team visiting Colombo on migrant worker issues
A top delegation from the National Human Rights Committee (NHRC) from Qatar is visiting Sri Lanka on Tuesday to discuss areas of mutual interest, particularly Sri Lankan workers in Doha. Qatar is one of the wealthiest states in West Asia and has many Sri Lankan workers. The country is hosting the FIFA World Cup tournament [...]
Business Times
Softlogic plans mega department store
The Softlogic Group is ‘testing’ the market with its recently opened ‘Galleria’ store in a bid to gear for a bigger department store, officials said. “This is a mini department store with 7,500 square feet and we have everything from apparel to electronics to perfumes with renowned brands. With this we’re testing the market to [...]
Business Times
Raigam starts operations of first PVD salt plant in the island
Raigam Wayamba Salterns PLC has begun commercial production of its Pure Vacuum Dried (PVD) salt plant in Palavi (Puttlam) with a Rs 1 billion investment, officials said. “The specialty of the PVD process is the embedded vacuum evaporation technology ensures salt is 100 per cent free from any impurities and quality is consistent despite any [...]
Business Times
Sri Lanka’s top chamber expresses concern over CJ’s impeachment crisis
The Ceylon Chamber of Commerce (CCC) has expressed concern over the recent developments pertaining to the impeachment process relating to the Chief Justice. In a carefully worded statement, the chamber said: “The chamber strongly believes that mutual respect and trust between the Executive, Legislature and the Judiciary, and the Rule of Law are essential prerequisites [...]
Business Times
Corporate jets to increase travel to Colombo
Most of the top businessmen in the region are flying into Colombo on their private jets that could see jet traffic rise up by about 30-40% next year, airport authority officials said. Currently, with most of the jet traffic sent to the Bandaranaike International Airport (BIA) it was pointed out that authorities were encouraging visitors [...]
Business Times
SC summons PBJ and Cabraal in EPF case
Governor of the Central Bank Ajith Nivard Cabraal and Secretary to the Ministry of Finance Dr. P.B. Jayasundera have been summoned by the Supreme Court to appear on February 13 in a fundamental rights case filed by 11 trade unions against questionable investments of the Employees’ Provident Fund (EPF). Lawyers for the petitioners said the [...]
Business Times
Some thoughts on corruption
The inscription carved on the base of the Statue of Dr. K. Nkrumah outside the Law Courts in Accra, Ghana says: “Seek ye first the kingdom of politics and all else shall be added unto you! ” Citation from the Mahawamsa – ‘The Great Chronicle’ written in Pali recording the history and heritage of Sri [...]
Business Times
Sri Lanka leaders: Being just and honest
The UN Anti-Corruption Day will be marked across the world today with ceremonies, events and bold promises by the most corrupt of corrupt regimes. Many of these corrupt leaders would profess to govern sensibly, with dignity, honesty and in a transparent manner. Corruption has got so ingrained into public life across the world that trying [...]
Business Times
Chandra Schaffter – Sixty years in insurance
Many people know that there have been and are thousands of unsung Thomians, who have lived honourable lives, serving humanity, in many a field. They are no doubt, a distinct lot imbibed with great traditions handed over by Bishop Chapman, the Founder of he School, who came from Eton in 1851. Following on the footsteps [...]
Business Times
Asian governments gamble on making cheap labour less cheap
BANGKOK, (Reuters) – After years of profiting from cheap labour, Southeast Asian businesses paying wages low enough to undercut China are being forced to accept it is time they paid people a bit more. In Thailand, minimum wages will jump by 35 percent in some regions from January, on top of a nationwide increase of 40 [...]
Business Times
Sri Lankan screen printing firm plans overseas expansion
Screenline Holdings (Pvt) Ltd, said to be one of Sri Lanka’s largest fully automated screen printing firms, is exploring alternatives for the next stage of expansion in Vietnam, Myanmar and Cambodia, from its current presence in Sri Lanka, India and Bangladesh, the company chief said. Aiming to promote its range of options in the overseas [...]
Business Times
Colombo skies to welcome Korean Air in March
Korean Air will resume flying into Colombo from March next year since it suspended services 28 years ago. The airline would be flying direct to Colombo on the Seoul – Colombo – Male and Male – Colombo – Seoul routes with cargo at a maximum of 20 tonnes with passengers. The airline would provide three [...]
Business Times
Ceylon Theatres unit to develop 260 high-end condominiums in the emerging Kotahena metropolis
C T Properties Ltd, a wholly-owned subsidiary of CT (Ceylon Theatres) Holdings PLC, is to develop about 260 high-end condominiums on a 1.25-acre prime site in George R De Silva Mawatha, Colombo 13, at a total development cost of about Rs.7 billion. This follows the completion of the transfer of its 60 per cent shareholding [...]
Business Times
People’s Leasing and Finance Plc to raise US$20 mln syndicated loan
After securing a finance company license from the Central Bank, the recently re-branded People’s Leasing and Finance Plc is planning to raise US$ 120 million as a syndicated loan to fund future expansion, a top official of the company said. The company has successfully negotiated with a Middle East financial institution to obtain a 4-year [...]
Business Times
Hony. doctorate for veteran architect Surath Wickramasinghe
The University of Westminster has conferred an Honorary Degree of Doctor of Letters to Surath Wickramasinghe, Chartered Architect and Chartered Town Planner at its convocation ceremony held in Colombo recently. Mr Wickramasinghe graduated from the University of Westminster, London and completed a Masters Degree in Planning at the University of Moratuwa. The doctorate was conferred [...]
Business Times
12 air tickets to be won on Emirates website
The Colombo office of Emirates has unveiled an exciting promotion that provides passengers who book their travel on-line a chance to win a total of 320,000 Skywards Miles, the equivalent to 12 return tickets to three popular destinations. Passengers who book travel originating in Colombo via www.emirates.com/lk can win three prizes totalling 80,000 Skywards Miles [...]
Business Times
Bank of Ceylon amongst top 1,000 Global Banks
The Bank of Ceylon (BoC), Sri Lanka’s biggest bank, recently received global recognition as one of the top 1,000 banks in the world, by the world’s premier banking and finance magazine, “The Banker”. The top 1,000 banks were selected in recognition of global leaders in the industry for their achievements. The rankings are one of [...]
Business Times
Singer offers all-in-one Windows 8 devices
Local retailer Singer has started offering touch-enabled, all-in-one (AIO) devices running the Windows 8 operating system. These were unveiled at the recently concluded Singer Lifestyle Fair held at the BMICH in Colombo, according to a media statement from the company. Additionally, Singer’s media statement also quoted the company’s Marketing Director Nasser Majeed as stating; “With [...]
Business Times
Customs Officer wins TI National Integrity Award 2012
A fearless Customs Officer was awarded the National Integrity Award (NIA) 2012 presented by Transparency International Sri Lanka (TISL) at the awards ceremony in Colombo on Thursday. G.J. Sanath Fernando, Deputy Customs Superintendent, Special Task Vigilant Division (STVD), did not succumb to any political pressure, has faced death threats and on several occasions was given [...]
Business Times
Global Commerce quiz competition on Dec. 12
More than 40 teams have registered to compete in this year’s Global Commerce Quiz C to be held on December 12 at the Taj Samudra Hotel. Winners will receive the prestigious Global Commerce challenge trophy plus a cash price. The event, held for the first time last year, is conducted by the Sri Lanka branch [...]
Business Times
Everyday objects from eyeglasses to socks to bikes getting ‘smarter’ – JWT report
NEW YORK — JWT, the world’s best-known marketing communications brand, has released its eighth annual forecast of key trends that will drive or significantly impact consumer mind-set and behaviour in the year ahead. According to the forecast, “we’ll see everyday objects become smarter as technology gets embedded into everything from eyeglasses to socks to bikes, [...]
Business Times
Ceylinco Healthcare launches second Radiation Treatment Unit
Ceylinco Healthcare Services Limited (CHSL) has begun to construct its second Radiation Treatment Unit which will house the country’s first TomoTherapyŽ Treatment System for the treatment of the full spectrum of cancers. Construction work began recently at Park Street, Colombo 2, in close proximity to the company’s first Radiation Treatment Unit, according to a Ceylinco [...]
Business Times
Poor quality vegetables and fruits from small farmers
Poor quality vegetables and fruits produced by small farmers has affected Sri Lankan exports of these products and compelled exporters to set up their own collecting centres and farms, over the last decade. Other shortcomings are inadequacy of supplies and non-conformity to export standards. This was stated by S Gnanaskandan, Chairman, Lanka Fruit and Vegetable [...]
Business Times
More finance companies expected to merge in Sri Lanka
Sri Lanka will see more finance companies merging in the period to 2016, when the country will record US$ 4,000 per capita income, officials said. “There will be quite a few mergers and even acquisitions in the financial sector between finance companies. There’re a few ‘weak’ finance firms and on the other side there’re those [...]
Business Times
HNB net profit up 26.3% to Rs 4.9 billion for 9 months
Hatton National Bank (HNB) saw its net profit surging 26.3 per cent to Rs 4,917.3 million during the first nine months of this (calendar) year. Commenting on the results, a Softlogic Equity Research report noted that: “The earnings during the third quarter grew 21.4 per cent year on year (YoY) to Rs 1,676.4 million with [...]
Business Times
Indices for fixed income market on track
NDB Capital Holdings PLC with India’s CRISIL, a rating and research agency launched a family of fixed income indices early this week which will measure the performance of government securities of selected maturities. The fixed income market in developed countries is a sought after investment vehicle by fund managers, Mukesh Agrawal, Senior Director at CRISIL [...]
Business Times
SANASA Development Bank PLC appoints Galgamuwa as General Manager/CEO
SANASA Development Bank has informed the Colombo Stock Exchange (CSE) of M.T. Galgamuwa being appointed as General Manager/CEO with effect from 01st December 2012. “Mr. Galgamuwa possesses over 40 years of banking experience, 25 years of which at senior management level, specializing it Treasury Management, Merchant Banking and Fund Management activities both in the local [...]
Business Times
Laugfs Gas and subsidiaries record a strong performance for 6 mths
Laugfs Gas PLC and its subsidiaries recorded a strong performance for the six months ended 30 September 2012, a company media release said. “The group consists of four subsidiaries operating in the spheres of Vehicle Emission Testing (VET), leisure, property development and power. Laugfs Gas PLC and its subsidiaries, according to the un-audited financial statements [...]
Business Times
Most people in Sri Lanka say PCs are a failure
The Business Times (BT) and the Colombo-based Research and Consultancy Bureau (RCB) conducted a first-time survey cum poll on the viability of provincial councils. Based on calls by Minister Wimal Weerawansa and Defence Secretary Gotabaya Rajapaksa among others for the 13th amendment (provincial councils) to be scrapped, the survey was conducted at two levels: through [...]
Business Times
Colombo to “live stream” WSO2 conference from London
WSO2’s annual user conference will unveil some significant new products in the cloud space from WSO2 in London and Colombo simultaneously. WSO2Con 2013 will be held February 12-14, 2013. This would be the third conference held annually, which for the first time will be streamed live to Colombo with a participation of around 300 from [...]
Business Times
Professional courses can also be considered as vocational training
Vocational education is not the only kind of skilled training for professional courses of study but s could be categorised as vocational education, according to Prof. Dayantha Wijeyesekera, Chairman, Tertiary and Vocational Education Commission (TVEC).He was speaking as chief guest at the Chartered Institute of Management Accountants, Sri Lanka (CIMA) Business Case Awards 2012, held [...]
Business Times
Global forex body president visits Sri Lanka
The Sri Lanka Forex Association (SLFA) this week played host (December 7-9) to an important personality in their business – Manfred Weibogen, President of ACI. Mr Weibogen is the first President of ACI to visit Sri Lanka and the visit showcases Sri Lanka’s growing prominence in the global arena as a result of the significant [...]
Business Times
Sri Lankan firm initiates a large scale offshore wind energy project
A Sri Lankan firm promoting renewable energy is initiating a large scale off shore wind energy project in the north west and southern coasts with the assistance of a team of British and German wind energy experts. The three-member team headed by a British off shore wind energy expert Peter Crone is conducting a feasibility [...]
Business Times
MBSL seminar on improving and managing businesses
The Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on “Three perspectives of managing business” in Colombo on January 29. On the same day MBSL intends to publish a book titled “Knowledge Dissemination to the Business community” compiling all the knowledge dissemination networking programs conducted by them, selecting a suitable eminent speaker [...]
Business Times
Fitch downgrades Sri Lanka’s HDFC Bank
Fitch Ratings Lanka has downgraded the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term Rating to ‘BBB (lka)’ from ‘BBB+(lka)’ with a stable outlook. Its Rs 195 million outstanding senior unsecured redeemable debentures have also been downgraded to ‘BBB (lka)’ from ‘BBB+ (lka)’. The downgrade reflects the bank’s inability to swiftly re-price [...]
Business Times
Bates Asia teams up with exciting big ideas agency
Bates Asia and CHI & Partners announced this week the formation of a joint venture, Bates CHI & Partners, a ‘new model’ network with deep roots in Asia and world-class creative credentials. The new network immediately doubles the size of both businesses. The agency will give western clients direct access to strong market capabilities across [...]
Business Times
Imperial Teas conclude African study with MTI
Imperial Teas, one of Sri Lanka’s leading tea exporters, recently engaged MTI Consulting’s research practice to assess new market opportunities in Africa. “The assignment has given us visibility of key perspectives of the focus market and helped us understand how we should best reach out,” noted Imperial Group Chairman Jayantha Karunaratne in a media release [...]
Business Times
Constraints will force innovation –management expert says
Constraints, fences and boundaries, barriers, walls, rules—whatever we call them; they direct ‘our’ innovative power and force innovation, according to Ong Teong Wan Chairman and Managing Consultant at Singapore’s ManagementWise Pte Ltd. Delivering the keynote at the Employers’ Federation of Ceylon Symposium on ‘Harnessing Innovation For Organisational Sustainability’ in Colombo recently, he said that is [...]
Business Times
New Taiwan technology to protect PCs from heat, sudden power failures
While computers (PCs) are generally vulnerable to heat, sudden power failures and corrosion among other things, new technology has been developed – and now available in Sri Lanka – to counter these threats. Gigabyte Technology Co Ltd, a Taiwanese firm, has manufactured a ‘Motherboard’ that would protect the computer from areas such as humidity, power [...]
Business Times
SriLankan Airlines increases flights to Riyadh
SriLankan Airlines is to introduce three more flights to Riyadh thereby increasing the total number of flights to five per week effective from December 13. The increased frequency would facilitate enhanced outbound travel from Saudi Arabia to Colombo with convenient connections to several cities in India and Far East, the airline said in a statement. [...]
Business Times
Fertilizer prices rise indirectly thro’ new crop insurance for farmers
The Sri Lankan government is imposing mandatory crop agriculture insurance on all farmers by indirectly increasing the price of a 50kg bag of subsidized fertilizer by Rs.150 to Rs.500 from the earlier price of Rs.350 as a compulsory premium for the schem, officials said. All farmers will be automatically enrolled in the insurance scheme at [...]
Business Times
PC Pharma partners with Indian Pharmaceuticals Giant Akums
PC Pharma, the pharmaceuticals arm of PCH Holdings, has announced its appointment as the sole agents of Akums Drugs & Pharmaceuticals Ltd, an internationally recognised contract manufacturing pharmaceutical company from India. Under this arrangement, PC Pharma has initially launched 10 Akums products. Trusted by pharmaceutical giants from around the world, Akums’ state-of-the-art manufacturing facilities produce [...]
Business Times
Renuka Holdings PLC in Forbes Asia‘s “Best under a US$ Billion” two years in a row
Renuka Holdings PLC was one of two Sri Lankan companies selected by Forbes Asia “Best under a US$ Billion’ award at a ceremony at the Shangri-La Hotel in Singapore last week. Forbes Asia’s “Best under a Billion” are Asia Pacific’s top mid-sized companies. According to Forbes, the criteria of selection included profitability, growth, modest indebtedness [...]
Business Times
Ceylinco Healthcare launches second Radiation Treatment Unit
Ceylinco Healthcare Services Limited (CHSL) has begun to construct its second Radiation Treatment Unit which will house the country’s first TomoTherapyŽ Treatment System for the treatment of the full spectrum of cancers. Construction work began recently at Park Street, Colombo 2, in close proximity to the company’s first Radiation Treatment Unit, according to a Ceylinco [...]
