Business Times
India and China auto makers vie to enter vehicle assembly business in Sri Lanka
By Bandula Sirimanna India and China auto makers are vying to enter the vehicle assembly business in Sri Lanka with local partners – a move that is viewed with a lot of concern by local motor traders saying the Chinese and Indian investors will bring down vehicles in completely knocked down form to avoid heavy [...]
Business Times
PIM first university institute to get ISO certificate
The Postgraduate Institute of Management (PIM) has received the ISO 9001:2008 Certificate, the first and only institute in the university system to receive this certification in Sri Lanka. PIM’s quality management system was certified by the Sri Lanka Standards Institution (SLSI). It confirms that the internal systems that are adopted by the Academic Administration and [...]
Business Times
New PM and Chief Justice likely to emerge in 2013, BT-RCB poll shows
16 % unsure whether ‘world would end’ (in line with Mayan calendar) A new Prime Minister and a new Chief Justice is what most Sri Lankans believe would happen next year, according to a poll undertaken jointly this week by the Business Times (BT) and Research Consultancy Bureau (RCB). The BT-RCB survey posed eight questions [...]
Business Times
Market research thro’ listening to a consumer
By Quintus Perera Collecting information for market research has normally been through a process of asking a series of questions based on a structured questionnaire. However Nielsen Sri Lanka, part of Nielson worldwide, adopts a different system – that of listening to the consumers as to what they have to say, rather than asking questions. [...]
Business Times
VAT changes in Jan. deviates from legislative process, says tax expert
The Sri Lankan Government is not enacting new laws and thus deviating from the normal legislative process in implementing the Value Added Tax (VAT) changes in 2013 Budget with effect from the January 1, 2013, a tax expert said. Speaking at the Sunday Times Business Club meeting on budget issues in Colombo on Thursday, tax [...]
Business Times
Sri Lanka to open a fully-fledged embassy in Bahrain
Sri Lanka will set up its first full diplomatic mission in Bahrain next month to serve the country’s expatriate community numbering over 20,000 there, a senior foreign ministry official said. Director General/ Public Communications of the Foreign Ministry, Rodney Perera told the Business Times that the approval for the mission location will be given soon, [...]
Business Times
Asia Capital Sri Lanka Hybrid Fund eyes investments in 4 hotels
By Duruthu Edirimuni Chandrasekera Asia Capital Sri Lanka Hybrid Fund, bullish on Sri Lanka’s hotel sector, is keen to invest in leisure projects in the South, officials said. The fund is managed by Asia Wealth Management Company (Pvt) Ltd, in partnership with CD One Ltd of Japan. “CD One would set up this fund to [...]
Business Times
Chinese companies grab mega projects in Sri Lanka bypassing tender process
By Bandula Sirimanna Chinese money is pouring into Sri Lanka through loans with their companies getting mega project contracts bypassing tender procedures and emerging as single bidders, local agents of foreign companies said. The Chinese loans are expected to reach a new high of US$12 billion, they said. This amount was confirmed by Treasury officials. [...]
Business Times
Women in the Workplace: Why can’t women get along in the office?
WATERLOO, Iowa, Dec. 11, 2012 /PRNewswire/ — As women of several generations try to co-exist in the workplace, research in a new book shows that women can be their own worst enemies. “Most of the vicious attacks, passive-aggressive behavior, and unkind remarks I’ve been subjected to in my life have been initiated by women,” said [...]
Business Times
IBM: Computers will see, hear, taste, smell and touch in 5 years
By Pete Pachal ; Mashable – Sun Today’s PCs and smartphones can do a lot — from telling you the weather in Zimbabwe in milliseconds, to buying your morning coffee. But ask them to show you what a piece of fabric feels like, or to detect the odour of a great-smelling soup, and they’re lost. That [...]
Business Times
Dirty money costs developing world $6 trillion, led by China: report
By Stella Dawson WASHINGTON, (TrustLaw) – Crime, corruption and tax evasion have cost the developing world nearly $6 trillion over the past decade, and illicit funds keep growing, led by China, a financial watchdog group said in a new report. China accounted for almost half of the $858.8 billion in dirty money that flowed into [...]
Business Times
Mayan calendar, impeachment and prosperity
By far, the biggest development this year has been the gradual control of the Sri Lankan economy by China. According to our story on the previous page, China is set to contribute half of the US$21billion or 6.5 per cent of the GDP investment each year in the period 2013-2015 on mega development projects. In [...]
Business Times
Huge DNA code of the Christmas tree being revealed
By Malcolm Ritter NEW YORK (AP) — To millions of people, the Christmas tree is a cheerful sight. To scientists who decipher the DNA codes of plants and animals, it’s a monster. We’re talking about the conifer, the umbrella term for cone-bearing trees like the spruce, fir, pine, cypress and cedar. Apart from their Yuletide [...]
Business Times
Sri Lanka to crackdown on jewellery merchants selling substandard items
By Bandula Sirimanna and Parameswaran Navaratnam (Jaffna Correspondent) Sri Lanka is to crack down on jewellery merchants who cheat customers by selling sub-standard items, a senior official of the Sri Lanka Gem and Jewellery Authority said All jewellers selling gold, silver or platinum jewellery are required to issue a ‘certificate’ to the customer and the failure [...]
Business Times
Union Assurance completes 25 years, says most awarded insurer in Sri Lanka
Union Assurance (UA) which has completed 25 years as a top insurance company, has 110 branches, over 4,500 employees and field staff and says it has touched the lives of half a million Sri Lankans islandwide. The company recently felicitated 44 of its long standing staff for their committed service of 25 years. Most of [...]
Business Times
Lanka IOC rewards top students of English Language project in two Trinco schools
Lanka IOC recently rewarded top achievers of its ‘English for Young Learners’ project at the China Bay Nalanda Maha Vidyalaya and the China Bay Tamil Vidyalayam in Trincomalee. “This project is part of our wide-ranging CSR initiatives in Sri Lanka. Whichever country they belong to, children are a national treasure and a nation’s hope for [...]
Business Times
Demand for Distilleries’ alcohol could rise-Fitch Rating
The alcohol business of Distilleries Company of Sri Lanka PLC (DIST) would benefit in the longer term, as the consumption of legal alcoholic beverages gradually replaces illicit spirits in line with rising per capita income levels in the country. However, according to Fitch Rating agency, regulations such as the ban on advertising would impede the [...]
Business Times
Hayleys launches year-long engagement to mark World AIDS Week
Hayleys Group, earlier this month, initiated a series of activities to mark World AIDS Week with the objective of driving awareness within each of its diverse sectors of enterprise. The move follows the conglomerate’s recent “Passing the Pillow” ceremony in September by the Lanka Business Coalition (LBCH) which symbolises the passing on of awareness on [...]
Business Times
Some 30% of tourists opt for boutique hotels, home stays
Home stays, a popular mode of tourism accommodation these days, is set to rise to 500 units this year from 143 in 2011, Deputy Economic Development Minister Lakshman Yapa Abeywardana said. He said the home stay units include boutique hotels, boutique villas, home stay units, guest houses and heritage homes. Tourism industry officials last week [...]
Business Times
Disenchantment against the Govt. growing, reveals BT-RCB Poll
With the impeachment of the chief justice wheeling out of state control, a Business Times (BT)-Research Consultancy Bureau (RCB) poll conducted on the eve of Christmas and the New Year shows that disenchantment against the government is growing. “At the current rate progress is a dream only,” noted one respondent during street interviews by the [...]
Business Times
Lankan Army’s Ranaviru Apparels takes new strides towards the export market
By Bandula Sirimanna YAKKALA – Two progressive apparel factories run entirely by disabled soldiers are gearing to enter the international export market. The Sri Lanka Army’s garment units at Yakkala and Alawwa are run by soldiers disabled in the northeast conflict and these factories are currently catering to the army’s uniform requirements in certain categories, [...]
Business Times
When rice was bartered for rubber between Ceylon and China
60th Anniversary of the Sino-Lanka Rubber-Rice Pact By Nihal Mallikaaratchi This December marks the 60th anniversary of the historic Rubber-Rice Pact between Sri Lanka (then Ceylon) and the People’s Republic of China signed on December 18, 1952. It was signed by then Minister of Commerce, late R. G. Senanayake and his Chinese counterpart in the [...]
Business Times
India and China auto makers vie to enter vehicle assembly business in Sri Lanka
Move worries local motor trade By Bandula Sirimanna India and China auto makers are vying to enter the vehicle assembly business in Sri Lanka with local partners – a move that is viewed with a lot of concern by local motor traders saying the Chinese and Indian investors will bring down vehicles in completely knocked [...]
Business Times
Driver Improvement Point system to be enforced from January
In a major move to curb rising road accidents, the Motor Traffic Department will implement a point system for motorists effect from January 1, 2013, covering those who violate road traffic regulations. Motor Traffic Commissioner General S. H. Harischandra said that the aim is to discourage reckless driving and to create a set of disciplined [...]
Business Times
Motor vehicle sales drop by 75%, traders struggle to survive
Sri Lanka’s motor traders are struggling to survive as their sales have dropped by 75 per cent due to high taxes imposed on vehicle imports, said Ceylon Motor Traders Association (CMTA) Chairman and Executive Director, Sathosa Motors Ltd, Tilak Gunasekera. He disclosed that there was a sharp drop in the import of motor vehicles this [...]
Business Times
‘Budget Taxi’ links up with AMW to introduce Maruti Suzuki Alto cab service
‘Budget Taxi’, Sri Lanka’s taxi service provider affiliated to the All Island Three-Wheeler Drivers Union, has joined up with Associated Motorways PLC (AMW) to introduce a white coloured Maruti Suzuki Alto cab service in parallel to their existing Tata Nano taxis, officials of the company, said. Budget Taxi Managing Director Kelum Jayasumana told the Business [...]
Business Times
Eurocars launches Porsche service campaign
Eurocars (Pvt) Ltd, the official Porsche importer in Sri Lanka, has launched a Porsche 4X4 campaign for the entire Porsche model range between December 2012 and 31st January 2013 celebrating this festive season with special promotion. Kicking off the campaign, customers who sign a contract to purchase a Porsche by 31st January 2013 can take [...]
Business Times
DIMO organises “Riya Harasara 2012”
Diesel and Motor Engineering PLC (DIMO) recently organised a “Riya Harasara 2012” for TATA commercial vehicles at its modern service complex at Siyambalape. More than 700 TATA commercial vehicles participated in this 3-day free service and check-up campaign, a media release issued by the company said. DIMO Siyambalape – referred to as the “Mahagedera for [...]
