Business Times
Cheaper prices, lower COL hopes of many Sri Lankans in 2013
A shopkeeper in a Colombo store counts some money watched curiously by his children. Cheaper prices and lower cost of living are the hopes of many Sri Lankans as they ring in the New Year for 2013. Pic by Amila Gamage.
Business Times
38 state firms swallow over Rs.100 bln in tax money
The performance of most of Sri Lanka’s 74 State- owned Business Enterprises (SOBEs) continues to reflect operational deficiencies eating up more than Rs. 100 billion of tax payers’ money per annum, government officials said. Some 38 SOBEs depend on the Treasury for both capital and recurrent expenditure and such financial assistance has amounted to Rs. [...]
Business Times
Samsung Network to get multimillion dollar e-NIC project
Bypassing tender procedures By Bandula Sirimanna Samsung Network Inc, the Korean IT company involved in the e-Sri Lanka government network project, is likely to secure another multi-million dollar IT-related contract on producing electronic National Identity Cards (e-NICs) or bio-metric IDs for all citizens in the island, informed sources said. The Sri Lankan government has given [...]
Business Times
Soaring poultry production costs overshadow pricing formula
The poultry sector in Sri Lanka is bearing the brunt of soaring production costs, with poultry producers suffering heavy losses day by day, key players in the industry said. Despite the government’s move of granting concessions to the industry in the 2013 budget, the viability of poultry is at stake due to its dependency on [...]
Business Times
MTI Business Outlook Survey on Jan 1
The annual MTI CEO Business Outlook Survey results will be released on Tuesday, January 1 in an exercise in which over 150 Sri Lankan CEOs (covering multiple sectors and sizes) took part “The survey covers CEO opinion on business environment in 2012, their perception of how the global and Sri Lankan economy will shape up, expectations [...]
Business Times
CB policies on interest rates, forex on Tuesday
The Central Bank (CB) will present its policy plan for 2013 on Wednesday January 2 amidst flash floods this month that have affected crops dashing hopes of a good first quarter 2013 growth. The CB’s “Road Map : Monetary and Financial Sector Policies for 2013 and Beyond” will be presented by Governor Ajith Nivard Cabraal [...]
Business Times
Three top Sri Lankan travel personalities quitting
Top hotels see low occupancy despite rise in arrivals Three of Sri Lanka’s top travel executives – Gehan Perera and Ravi Subramanian from Aitken Spence Travels and Michael Elias from Walkers Tours are stepping down from their positions for different reasons. They are resigning from end December. Mr Perera, Managing Director of Aitken Spence Travels [...]
Business Times
Lankan economy set to grow by 6.3-6.4 % in 2012 and estimated at 7-7.5% in 2013, top economist says
Global economy and prospects for the SL economy in 2013 In 2012, the global economy was engulfed by the Euro downturn, slow recovery in the US, and a decline in growth in the Asian region. As the new year dawns, the Business Times sought the views of Dr. Saman Kelegama, Executive Director, Institute of Policy [...]
Business Times
Wish list for 2013
Cheaper prices; cheaper prices; cheaper prices! This wish will certainly echo across the nation in 2013, more particularly among urban and middle-class communities. Soaring prices of essential commodities including rising fuel costs have been the hallmark of Sri Lanka’s economy this year and would most likely continue next year. For middle-class people, particularly those living [...]
Business Times
Euro crisis undercuts EU rotating presidency
By Yann Ollivier BRUSSELS, Dec 27, 2012 (AFP) – The European Union’s rotating six-month presidency has lost much of its authority in recent years as the eurozone crisis and increased powers for Brussels have undercut its role and importance. The shared presidency, which Ireland takes over from Cyprus in January, was originally intended to allow [...]
Business Times
100% up front levy on leasing state land by foreigners obstructs FDI inflows, says a tax expert
By Bandula Sirimanna An up front 100% tax on leasing state land by foreigners under a 2013 budget proposal would result in a negative impact on the country’s economy, tax expert and Gajma and Company Senior Partner, N. R. Gajendran has cautioned. He made this comment while addressing a gathering of business executives at monthly [...]
Business Times
Sri Lanka targeting 50,000 Aussie tourists
Sri Lanka Tourism Promotion Bureau (SLTPB) this week launched a promotional campaign in Australia, alongside the national cricket team’s tour of Australia, aimed at attracting 50,000 Aussie travellers in 2013. The campaign, which began on the start of the ‘Boxing Day’ Test match at the Melbourne Cricket Grounds (MCG) will be continued during the test [...]
Business Times
Nestlé contribution to local farmers to reach Rs 4 bln this year
Nestle Lanka said this week that it would end the year with a record Rs 4 billion contribution to Sri Lanka’s farming community, totalling 23,000 families, buying raw material such as fresh milk and coconut. The country’s largest private sector collector of fresh milk, Nestlé procures fresh milk from over 18,000 farmers every day. The [...]
Business Times
Prosperity of Sri Lankans increasing, CB says
The prosperity of Sri Lankans is increasing, according to the latest indicators from the Central Bank’s ‘Sri Lanka Prosperity Index (SLPI)’. The SLPI, introduced by the Central Bank (CB) in 2008 to measure the overall status of prosperity in the country as a whole and in each of its provinces, consists of three sub-indices – [...]
Business Times
Less than 1% of Lanka’s population invests in stocks
For all the drama that the Colombo Stock Exchange (CSE) has attracted in recent times, the fact is that less than one per cent of Sri Lanka’s population invests in stocks. Dr Sarath Amunugama, Senior Minister of International Monetary Co-operation and Deputy Minister of Finance and Planning, said that one of the reasons for this [...]
Business Times
Softlogic gets Rs 1.8 bn from sale of 38% stake in Asian Alliance Insurance
By Duruthu Edirimuni Chandrasekera Softlogic Holdings and Softlogic Capital, subsidiaries of Softlogic Group will get Rs 1.8 billion from their planned part sale in Asian Alliance Insurance to DEG – Deutsche Investitions Capital – Und Entwicklungsgesellschaft MBH of Germany and FMO – Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. of Netherlands, officials said. “Softlogic Holdings plans to [...]
Business Times
DCSL secures high AAA Fitch Rating
Fitch Ratings Lanka Ltd has assigned the Distilleries Company of Sri Lanka PLC (DCSL) with AAA rating (stable outlook) which verifies for the financial stability of the company. DCSL Group lead by its flagship Distilleries Company of Sri Lanka PLC, manages one of the nation’s most successful, diversified blue chip portfolios spanning beverages, telecommunications, plantations, [...]
Business Times
Ceylinco Life donates specialised Dengue treatment facility to LRH
A High Dependency and Research Unit to treat children affected by dengue, constructed, furnished and equipped at a cost of Rs 10.5 million has been donated to the Lady Ridgeway Children’s Hospital (LRH) by Ceylinco Life and a group of well-wishers. The five-bed unit is located at Ward 1, the Professorial Ward managed by the [...]
Business Times
Local travel company opens “Amaara” branded hotel in Kandy
A local travel company Worldlink Travel Group has opened up a new brand of hotels named Amaara in Kandy. The small luxurious hotel “The Amaara Sky” comprises 12 rooms with a penthouse, a suite, four deluxe rooms, two superior and two standard rooms. The rooms are situated to provide visitors a clear view of the [...]
Business Times
Outgrower system succeeds at Endana Estate
The outgrower model in Sri Lanka’s tea industry dogged for many years by rising costs, seen as a viable alternative to the traditional tea plantation management system is working at least in one plantation. Endana Estate, in Ratnapura, an estate belonging to the Regional Plantation Company (RPC), Kahawatta Plantations PLC, says its new ‘outgrower model’ [...]
Business Times
Fonterra appoints new managing director for Sri Lanka
Fonterra Co-operative Group Ltd, the farmer-owned New-Zealand-based cooperative which is a large milk processor in the world, has appointed Leon Clement as the new Managing Director for Fonterra Brands in Sri Lanka. He takes over from Achyut Kasireddy who has relocated to a role within Fonterra in China, the company said in a statement. Managing [...]
Business Times
New deal from Dialog TV: Pay-Per-Day TV
Dialog Television, Sri Lanka’s top Direct-to-Home Digital Satellite TV, has launched what is seen as Sri Lanka’s first ever Prepaid Television Service. The revolutionary Pay-As-You-Watch TV service from Dialog enables subscribers to select a set of channels or individual channels and pay for them on a Per-Day basis, the company said. “With ‘Channel Genres’ starting [...]
Business Times
Top Indian surgeon joins Nawaloka Hospital Heart Centre
Dr. Richard Saldanha, a prominent Indian Cardiothoracic Surgeon, has joined the cardiac specialist team at Nawaloka Hospital Heart Centre, the hospital company announced. Established in 1994 as the first-of-its-kind private cardiac centre, under the supervision of a specialist cardiac surgery team from the UK, and in line with international standards, the Nawaloka Hospital Heart Centre [...]
Business Times
Brandix completes six water-based programmes for women leaders
Women leaders from over 200 community-based organisations (CBOs) in Sri Lanka’s water sector have been provided with new knowledge and advice through the ‘Jalavahini’ programme launched by apparel exporter Brandix in June this year as part of its CSR agenda, according to a Brandix statement. Commencing with the inaugural training programme in Anuradhapura graced by [...]
Business Times
Rising per capita doesn’t mean development and poverty reduction have worked:UN official
By Quintus Perera Though countries like Sri Lanka use per capita as a measurement of the country’s development and individual progress, this theory has been debunked by a UN official. At a recent poverty alleviation symposium in Colombo, Prof. Jomo Kwame Sundaram, Assistant Director General, Economic and Social Development Department, UN Food and Agricultural Organization [...]
Business Times
People’s Bank signs an agreement with the PWC
The People’s Bank recently signed an agreement with the PWC Institute aimed at identifying the sectors in local SMEs that require expansion and development. The People’s Bank has already established SME centres in Anuradhapura, Kurunegala, Gampaha, Matara, Kandy and Hambantota districts. Under the agreement signed between People’s Bank and PWC Institute, more attention will be [...]
Business Times
Governors’ Challenge Trophy 2012 for Global Commerce Excellence
Some 200 public and private sector participants from 40 teams competed for the prestigious governors’ challenge trophy for global commerce excellence conducted in Colombo by the International Quizzing Association Sri Lanka (IQASL) branch. The idea behind the governors’ challenge trophy is to uplift the industry standards and to build the image of activities related to [...]
Business Times
Mobitel and Janashakthi partner to provide insurance cover
Sri Lanka Telecom Mobitel recently announced a partnership with Janashakthi Insurance PLC to provide an SMS-based insurance cover to both Mobitel Pre-paid and Post-paid customers. “To register for the service, customers have to simply type ‘REG’ and send to 220. This enables them to subscribe to an insurance policy on a Rs.50 [inclusive of all [...]
Business Times
Customs on a drive to curtail software piracy
Sri Lanka Customs, under the direction of the Director General of Customs, recently embarked on conducting a series of capacity building programs in partnership with the Business Software Alliance (BSA) and its members on curtailing software piracy in Sri Lanka. The programme attempts to make customs officers aware of the law, the numerous ways in [...]
Business Times
Sri Lanka hosts UN Global Compact Regional Meeting
Global Compact Network Ceylon recently hosted in Colombo the United Nations Global Compact Local Network Regional Meeting for Asia & Oceania. Organized jointly with the UN Global Compact Office in New York, the two-day event brought Global Compact representatives of local networks from Australia, Bangladesh, India, Indonesia, Malaysia, Mongolia, Pakistan, Republic of South Korea, Singapore, [...]
Business Times
Chinese new hydropower stations use IFS applications and IFS enterprise explorer
IFS, the global enterprise applications company, recently said that the China Yangtze Power Corporation (CYPC), the owner of Three Gorges hydropower plant, the largest of its kind in the world, has gone live with IFS Applications, including the new user interface IFS Enterprise Explorer, at two new mega-hydropower stations on the Jinsha River, China. In [...]
Business Times
Intel promise 7 years ago of PCs replacing pens and paper becomes a reality
By Quintus Perera US-based Intel Corp. held a promise to the entire world that school books, the pen and the paper would someday be replaced with a computer. The fulfillment of this promise has been the introduction of Classmate PC. The Business Times (BT), then Financial Times recalled the pledge made by Amar Badu, Intel [...]
Business Times
‘Product Link’ online fleet management from UTE
United Tractors and Equipment (UTE), local representative for Caterpiller construction equipment, has made available Caterpiller’s “Product Link” in Sri Lanka. This is a cloud-computing based solution offering the online monitoring and management of consruction equipment. According to a media statement by UTE; “‘Product Link’ provides information on the condition of the machine and its parts, [...]
Business Times
eCybersec wins Gold Award at Hacking Challenge – Cyber Security Week 2012
eCybersec (Pvt) Ltd, a Information Security Consulting and Services Providing company, recently won the Gold Award for the Hacking Challenge organized by Sri Lanka CERT|CC at the 5th Annual National Conference on Cyber Security Week 2012 held in Colombo. Sri Lanka CERT|CC (Computer Emergency Readiness Team | Co-ordination Centre) was established as Sri Lanka’s National [...]
Business Times
HP’s new products in the market
Hewlett Packard (HP) recently unveiled to the Sri Lankan market, three of its latest PC products – HP Envy Spectre, HP Envy Sleekbooks and H P Envy Ultrabook. What the HP PC makers intend is to be on top of the PC market by offering the consumers the top quality, affordable and competitively priced, computers. [...]
Business Times
3M holds ’8th Volition Certified Installer Training Workshop’
3M Sri Lanka recently concluded its “8th Volition Certified Installer Training Workshop”, which is an ongoing certification programme for local IT professionals for the company’s “Volition” range of enterprise network solution. Further, this event featured 100 participants from a number of government and private sector entities, including the Sri Lanka Army, Sri Lanka Telecom, Ceylon [...]
Business Times
‘Seastead’ Blue Seed receives seed funding
An IT start-up community based on a ship within commuting distance of, but just outside the maritime border of, US-based technology venture capital hub Silicon Valley has just received seed funding. First reported locally by the Business Times in September 2, 2012, this project, Blue Seed, is a ‘seastead’ which was garnering a high degree [...]
Business Times
Sampath IT signs up with Australia’s Paycorp Holdings
A newly-announced alliance has been announced between Sampath IT, a 100 per cent fully owned subsidiary of Sampath Bank, and Australia’s’ leading payment technology service provider Paycorp (the Payment solution company) and its 100 per cent fully owned subsidiary in Sri Lanka – Business Payment Services (BPS). The agreement, signed earlier this month, provides Sampath [...]
