Business Times
The Rainforest Ecolodge opens, celebrates LEED Platinum Award for sustainable tourism
The Rainforest Eco-lodge, said to be a stunning chalet style lodge bordering the south-eastern side of the Sinharaja Rainforest, was launched this week providing an opportunity to the public to connect with the natural world and experience the forest habitat in all its glory. “Located on a 500-acre division of the Enselwatte Tea Estate, the [...]
Business Times
Qatar HRC, Lankan human rights body sign MoU
Sri Lanka’s Human Rights Commission (HRC) and the Qatar National Human Rights Committee signed a MoU on Tuesday in Colombo to provide greater protection to Sri Lankan migrants in Qatar. NHRC Qatar Chairman Dr. Ali Bin Samikh Al-Marri led the delegation from Doha which included Ms. Jumaya Al Sulaiti – Director, Investigation Department, and Boyko [...]
Business Times
Lankan migrant workers to be fingerprinted
Sri Lanka is introducing an electronic fingerprinting system for migrant workers to retain their personal identification data for reference both here and abroad. Sri Lanka Foreign Employment Bureau (SLFEB) Chairman Amal Senadhilankara told the Business Times that this system will apply mainly for Middle East job seekers who have to face various difficulties in the [...]
Business Times
Colombo bourse boost from interest rate cuts
Interest rates were cut this week and a ceiling on lending is set to lapse by end 2012 in an effort to stimulate business activity, the Central Bank (CB) said this week. Bankers and businessmen have said high interest rates and the credit squeeze have affected sentiment and investment since February this year. The credit [...]
Business Times
‘Related Party Transactions’ draft by early 2013
The Securities and Exchange Commission (SEC) is now preparing the Related Party Transactions (RPT) regulations aiming to release a set of draft rules for public discussion by early next year, officials said. “We reviewed the comments that we received on the RPT consultation paper that was put out a few months ago,” an SEC official [...]
Business Times
Taking e-commerce to the village
Dialog and Anything.lk, seen as two of Sri Lanka’s leaders in mobile communications and e-commerce have come together to build a product that would take e-commerce through the mobile phone into the villages, officials said. Thilan Wijesinghe, Chairman of the newly-formed Digital Commerce Lanka (Pvt) Ltd. (DCL), told the Business Times that the synergies of [...]
Business Times
Hotels Corp properties to rebrand in January
Ceylon Hotels Corporation (CHC), owned by the Gardiner Group which has so far invested Rs. 1.5 billion in refurbishing its properties, has embarked on a massive rebranding exercise which will be unveiled in January, officials said. “We refurbished 11 properties and with the launch of The Surf (formerly Lihiniya Surf) we’ll be unveiling the new [...]
Business Times
Share market returns in 2013 are in the hands of the SEC
Requests to predict the future of an investment outcome is both pervasive and annoying. Most agents in the investment industry have built reputations, inflated egos and insanely inflated pay based on the folly of a supposed ability to predict what the future hold. Alas, after meeting more than a thousand fund managers and their various [...]
Business Times
New committee to report on CJ’s impeachment: President
President Mahinda Rajapaksa this week told an eminent group of accountants and corporate chiefs that though he wasn’t mandated by law to appoint an independent panel to carry out a review on the impeachment motion against Chief Justice Shirani Bandaranayake, he was doing so to allay his conscience. “I am also a lawyer. I am [...]
Business Times
Banking secrecy and you
As usual a government minister shoots his mouth off and stirs a major controversy over the release of details of private accounts by banks. The issue at stake is whether a local bank violated the secrecy laws in divulging information about the accounts of the Chief Justice Shirani Bandaranayake. Were details of the chief justice’s [...]
Business Times
Transparency, accountability and sound management add to market confidence
Transparency, accountability and sound management contribute to building market confidence and they are very important requirements for a country’s sustainability and long term success, an accounting expert said. “Today, as more and more countries strive towards achieving this important goal, The Institute of Chartered Accountants of Sri Lanka (CA) understood how important transparency and accountability [...]
Business Times
Brandix extends hand of support to young inventors seeking finance
Sri Lanka’s private sector is supporting local inventors, specially the young ones, in a big way owing to the inability by the state to fund the creations of young inventors. In fact one of the topmost business concerns in Sri Lanka, Brandix which has wings in India and Bangladesh, is calling all those who have [...]
Business Times
Asian markets mixed as China data offset by US fears
HONG KONG, (AFP) – Asian markets were mixed Friday, with strong Chinese manufacturing figures offset by concern about the US “fiscal cliff” and downbeat Japanese business confidence data. Currency traders continued to sell the yen on the last working day before Japan holds a general election on Sunday that is expected to see the ruling [...]
Business Times
Middle-income trap is Sri Lanka’s next challenge
Sri Lanka, in anticipation of reaching the US$4,000 per capita income in four years, must work towards moving beyond the so-called “middle-income trap,” a phenomenon that describes a country when its growth plateaus and eventually stagnates after reaching middle income levels, Central Bank (CB) officials said. Delivering the introductory statement on the ‘Per Capita Economy’ [...]
Business Times
Small shareholder concerns over Coco Lanka rights issue
Share market rights activist K. C. Vignarajah has fired off another letter to the Chairpersons of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) and their directors drawing their attention to irregularities in the recent rights issue by Coco Lanka. “The Coco ‘Rights Issue’ is very unfair, unreasonable and oppressive to [...]
Business Times
Lankan employers push for flexi working hours
The Employers Federation of Ceylon (EFC), which wants to alter the normal working week, has expressed disappointment over the slow progress of the NLAC’s (National Labour Advisory Council) on this issue. In a letter to Labour Minister Gamini Lokuge, the EFC expressed its concern on the delay on making urgent and imperative amendments to current [...]
Business Times
EPIC Lanka chief is 2012 Entrepreneur of the Year
Nayana Dehigama, Managing Director of Epic Lanka (Pvt) Ltd is this year’s Sri Lankan Entrepreneur of the Year receiving the Platinum award. His company, EPIC Lanka is a technology leader in providing e-security and e-payment solutions to corporate organizations in Sri Lanka and the region. Sujeewa Palliyaguruge, Chairman, Senani Holdings secured the National Gold award. [...]
Business Times
MTI launches ‘Resultants’ – paid-for-results consulting
MTI Consulting is rolling out the concept of ‘Results-driven Consulting’ in Sri Lanka in 2013. Titled ‘Resultants’, the new concept would involve MTI working on highly focused and results driven assignments, where a majority of the MTI rewards will be based on mutually agreed outcomes and results, according to an MTI media statement. “The global [...]
Business Times
Leo Burnett Sri Lanka wins Gold at Campaign Asia Awards
Leo Burnett Solutions Inc won two Gold awards for the categories of ‘Rest of South Asia Creative Agency of the Year’ and ‘South Asia Creative Agency of the Year’ at the Campaign Asia Awards, held in Singapore this week. It was the front-runner amidst some much-awarded agencies from across Asia. In addition to these accolades, [...]
Business Times
Australian temporary visa available for skilled workers
Australia has become one of the most sought after destinations to start a new life for many people spread around the world, migration consultants say. If a business can’t find an Australian Citizen or Permanent Resident who can perform the role of a skill occupation that appears on the Consolidated Occupation list, then the business [...]
Business Times
Chartis re-branded as AIG Insurance Ltd
Chartis, a global leader in travel insurance and directors’ and officers’ liability insurance with a strong base in Sri Lanka, has re-branded the company as AIG Insurance Ltd. At a media conference held to announce the re –branding, Sanjiv Keethiratne, General Manager, AIG said that they are a subsidiary of the mother company – US-based [...]
Business Times
Civil engineers to hold Regional Conference in Colombo in Jan 2013
Prominent civil engineers of the Asia Pacific region will gather in Colombo for the Institution of Civil Engineers Asia Pacific Regional Conference 2013 (ICE-APRC) scheduled to be held in Colombo at the Mount Lavinia Hotel in January. Sri Lanka was selected over Australia and China who were the other bidders for the event. The theme [...]
Business Times
Asian wages higher than other regions – ILO says
Bangkok – Wages in Asia have outperformed those in most other parts of the world, including the Western economies, according to a new report from the International Labour Organization (ILO). Between 2000 and 2011 wages in Asia almost doubled. Globally real average monthly wages grew by just under a quarter in the same period, while [...]
Business Times
‘Deveni Batha’ – the new economic and cultural revolution
The consumption of rice goes back to the very beginning of Sri Lankan history and civilization. Until foreign forces invaded this fair isle, Sri Lanka (then Ceylon) was a nation second to none because it was self sufficient in the staple food – rice. “Rice was not only our staple food but was also the [...]
Business Times
WITSA highlights Virtusa’s ‘Ākura’ school management system
A school management software system created for Sri Lanka-based St. Joseph’s College secondary school last year has received a 2012 World Information Technology and Software Alliance (WITSA) Global ICT Excellence Award, says the software’s developer Virtusa. Called “Ākura”, this system, according to a media statement by Virtusa, enables users to manage the “daily administrative activities [...]
Business Times
Tax issues from the budget at STBC meeting
Taxes in Budget 2013 and its implications on business and Sri Lankan households is the theme of a discussion at this month’s meeting of the Sunday Times Business Club (STBC). The keynote speaker is tax expert N.R. Gajendran, founder and partner Gajma and Co with the meeting being held at the Taj Samudra Hotel, the [...]
Business Times
The 101 cake menu
Cinnamon Grand hotel, as competition in the Colombo hotel circuit rises to offer the best Christmas ever, has come up with a ‘101’ cake menu for the festive season. Seen here are two cakes in this range. Also seen is the colourful entrance to the hotel.
Business Times
Venora International bags the second International Award in 2012
Venora International Projects (Pvt) Ltd was recently awarded with the global award for ‘perfection, quality and ideal performance’ at the convention on TQCS (Total Quality Customer Satisfaction) in mid November in Italy, which was organized by the OMAC (Association of Other Ways Management and Consulting). Company Chairman/Managing Director of Venora, Sagara Gunawardana received the award [...]
Business Times
HNB Chair Dr. Ranee Jayamaha bestowed with top Scottish doctorate
The University of Stirling, Scotland UK has presented HNB Chairperson Dr. Ranee Jayamaha with the Degree of Doctor of the University (DUniv) at its graduation ceremony held last month. The University of Stirling has recognized Dr. Jayamaha’s distinguished career as one of the University’s first Master’s Graduates in Economics and as a person of great [...]
Business Times
‘Stark drop’ in average household size : Nielsen MD
Sri Lanka’s most recent census showed a “stark drop” in average household size, to 3.9, from 4.1 in 2001, according to Shaheen Cader, Managing Director of the local unit of international marketing research agency Nielsen. The number of local households was stated as being 5.2 million. Further, this “stark drop” also signalled the emergence of [...]
Business Times
Sri Lankan students prefer Australia’s Monash University, says Lankan don teaching there
Australia’s Monash University is among the most popular graduate study institutions in Australia for Sri Lankan students, says a Sri Lankan don who has taught there for the past 15 years. Associate Prof (Ms) Ramanie Samaratunge, Deputy Director of Education, Dept of Management, among the Sri Lankan academic staff attached to Monash University, says the [...]
Business Times
Tourist arrivals January to October in 2011 / 2012
Business Times
FlySmiLes members can hop onboard SriLankan Airlines partner Mihin Lanka
FlySmiLes, the frequent Flyer programme of SriLankan Airlines unveiled a new partnership agreement with Mihin Lanka recently. Partnership with Mihin will add more excitement and more destinations into the programme, a media release issued by SriLankan Airlines said. FlySmiLes Members can now earn miles on all Mihin Lanka flights, it stated adding that miles can [...]
Business Times
HabuthalaViharaya or Tharulengala Monastery
Few hundred meters away from the Karandahela reservoir in the corner of Hulannuge is the HabuthalaViharaya or Tharulengala Forest Hermitage. Built before the second century BC by King Kavantissa on a 633 feet tall hillock and developed constantly throughout the Eastern history the monastery is home to some of the largest drip ledged caves in [...]
Business Times
Emirates voted world’s leading airline website and rewards programme
Emirates recently celebrated a double success at the World Travel Awards in Delhi when emirates.com was named “World’s Leading Airline Website” and Skywards, Emirates’ frequent flyer programme, was voted “World’s Leading Airline Rewards Programme”. The World Travel Awards have been running since 1994 and the categories are voted for by members of the global travel [...]
Business Times
Beijing TV to air a documentary series on Sri Lanka
Chinese travellers will be given an introduction to Sri Lanka via a documentary on the country planned through Beijing TV. The visiting journalists were hosted by the Sri Lanka Tourism Promotion Bureau (SLTPB) and met Tourism Minister Basil Rajapaksa as well, a media release issued by the Information Department stated. At present, the filming of [...]
Business Times
Sri Lanka’s first coffee table book on tourism launched
Sri Lanka’s first-ever coffee table book on tourism was recently launched in Colombo by its author Nalaka Godahewa, a former chairman of Sri Lanka Tourism. The high quality coffee table book -Refreshingly Sri Lanka- with 250 pages carries over 160 exclusive photographs supporting a comprehensive text of over 30,000 words describing almost every key tourism [...]
Business Times
Sri Lanka Tourism at Chengdu International Travel Fair
Sri Lanka Tourism Promotion Bureau (SLTPB), under the guidance of the Ministry of Economic Development, participated in the Chengdu International Travel Fair 2012, to promote Sri Lanka tourism in China, a media release issued by the bureau stated. The delegation of the SLTPB comprised six tour operators and leading hoteliers. Chengdu in Western China is [...]
Business Times
New BIA terminal infused with Rs.45 bln investment
Sri Lanka’s international airport is incurring an investment of approximately Rs.45 billion that includes a yen loan from Japan to expand its new terminal set to double the current capacity and build eco-friendly and energy saving specifications, officials said. The yen loan is part of an Overseas Development Assistance (ODA) from the Japan International Corporation [...]
Business Times
Lladro’s renowned exquisite flower design comes to Sri Lanka
Lladrķ, the world’s foremost creator of handcrafted porcelain sculptures, has come to Sri Lanka. Along with the launch in Colombo was the presence of veteran flower artist, Francisca Sanjuan Molla in Colombo, for an exclusive demonstration of the art of creating signature Lladrķ flowers that are delicate and picture-perfect. A connoisseur in the field, Francisca [...]
Business Times
H-One IT firm eyes expansion in Asian region
H-One Private Ltd, a Hirdaramani Group IT venture established in early 2008, has prepared plans to to expand into regional markets with already present infrastructure. “The group already has a presence in Bangladesh, Vietnam and Hong Kong, there is no need to start anew as the infrastructure is already in place,” noted Samath Fernando, CEO [...]
Business Times
Logiventures delivers giant Tunnel Boring Machines to Uma Oya
A complex, high-precision logistical operation of massive proportions was recently executed in Sri Lanka by Logiventures, a subsidiary of the Hayleys Advantis Group, when it undertook to deliver two Tunnel Boring Machines to the Uma Oya multi-purpose development project. The giant mechanised boring machines from Germany, which defied normal logistics dimensions, were cleared from the [...]
Business Times
Driver safety: Wear seatbelts and safety equipment and avoid tobacco/alcohol
Drivers, transporting cement from the Colombo Port were strictly instructed to wear seatbelts and safety equipment when driving. They were also advised to refrain from using mobile phones and avoid tobacco and alcohol as a way of ensuring safe driving. These instructions were given at a special training programme for drivers held at the Lafarge [...]
Business Times
John Keells committed to being a ‘good neighbour’ to surrounding communities
John Keells Foundation opened a new chapter in its Neighbourhood Schools Development Project with the launch of a career guidance and vocational training initiative to benefit school leavers of five Government schools in Slave Island which have been supported by the group over the past several years. A stakeholder engagement involving parents of children due [...]
Business Times
Some directors in finance companies clueless about investments
A few days ago I met a director of a financial institution whom I learnt in the conversation lacks enough experience. After a discussion with him, I am extremely worried about the retirement monies I have invested in the institution. Unlike any other institution financial institutions have a special responsibility towards the public to protect [...]
