Business Times
Treasury seeks $1 bln IMF budgetary support facility
Taming the media? Confirms Sunday Times Oct 7, 2012 exclusive By Bandula Sirimanna Sri Lanka is seeking a US$ 1 billion Extended Fund Facility or Budget Support Facility from the International Monetary Fund (IMF) to continue its economic development activities, Dr. P.B. Jayasundera, the country’s most powerful economic bureaucrat, said. In making the announcement, the [...]
Business Times
SriLankan Airlines among state enterprises to be revived
The government plans to revive and redevelop state enterprises including national carrier Sri Lankan Airlines, Ceylon Petroleum Corporation, Ceylon Electricity Board with foreign participation as the concept of state monopoly has become obsolete in the world today, according to Deputy Minister of Finance and Planning Sarath Amunugama. In an interview with Business Times at his [...]
Business Times
No suitable promo partner for Ceylon Tea
By Sunimalee Dias Sri Lanka Tea Board authorities have not found a satisfactory presentation from the companies shortlisted for the 2-billion-rupee global tea campaign aimed at re-positioning Ceylon Tea, a key official said. Following the call for tenders four companies were shortlisted by the Technical Evaluation Committee (TEC) established to study the tenders, SLTB Tea [...]
Business Times
Rajitha denies charges of conflict vis-à-vis GK investment
Fisheries Minister Dr. Rajitha Senaratne, a member of the Special Parliamentary Select Committee which probed the impeachment motion against Chief Justice Dr. Shirani Bandaranayake, has denied claims of a conflict of interest in relation to his dealings with the failed Golden Key (GK) Co. Some legal experts alleged a conflict of interest as the Minister [...]
Business Times
Six Senses deal with Aitken Spence off
Aitken Spence Hotels has terminated its widely-publicised deal with Asia’s Six Senses Group after the latter was unable to put in sufficient cash to fund resort projects in Sri Lanka. This was stated in a, announcement to the Colombo Stock Exchange where Aitken Spence noted that they had decided to terminate the agreement entered in [...]
Business Times
Millions of rupees go down the drain at Embilipitiya mill
BT PROBE – Another Government deal turns ugly An Australian-based firm entrusted with reviving a defunct state paper mill at Embilipitiya has abandoned the business without repaying a bank loan facility of over Rs.400 million, officials said. Auslanka Paper Company (Pvt) Ltd was the local entity incorporated with Perth Engineering and Maintenance (WA) (Pvt) Ltd, [...]
Business Times
Much ado about nothing (so they say… so they say)
Senior politician and Deputy Finance Minister Sarath Amunugama made an interesting observation recently on the profile of the Colombo stock market. According to him, less than 1 per cent of Sri Lanka population invests in stocks implying that a big ‘song and dance’ was being made over just a minute segment of the economy. If [...]
Business Times
‘We didn’t skid when taking the bend’ : Cabraal
Central Bank on 2012 economic performance By Duruthu Edirimuni Chandrasekera Tough policy decisions implemented at the beginning of last year helped the Sri Lankan economy arrest the global and domestic challenges, thereby avoiding skidding in the driveway, the Central Bank (CB) said on Wednesday. “Excessive credit demand and high imports, drought conditions that affected agriculture [...]
Business Times
New Year Resolution:”Dos and don’ts” for brokers and state-owned funds in 2013
By Ravi Abeysuriya When it comes to investing in the stock market in Sri Lanka nowadays the chorus that has regrettably echoed has been market manipulation and state owned funds losing billions of money by investing in the stock market. Market manipulation or creating a “False Market’ or one of its more locally familiar tributaries [...]
Business Times
Why are UNP MPs silent over a new daylight robbery: Sale of duty free car permits?
It is appalling that members of parliament (MPs) have been given the privilege to sell their duty free permits for Rs 20 million (upto US$50,000) (see “Christmas Bonanza for MPs; The Sunday Times, December 2, 2012). The government has also granted this concession to about 15,000 state sector officials. MPs were earlier prohibited from selling [...]
Business Times
Cosmetics and nutra industry seeks extension in new labelling rule
Sri Lanka’s cosmetics and nutraceuticals industry is appealing to the Government to extend a new labelling requirement. Nutraceutical, made up of the words ‘nutrition’ and ‘pharmaceutical’, is generally a food supplement that is said to provide health and medical benefits. The extension request was made by the President of the Sri Lanka Cosmetics and Nutraceuticals [...]
Business Times
Mobitel launches first Mobile 4G/LTE Network Launch
Mobitel says it has launched Sri Lanka’s first mobile 4G/LTE network to provide enhanced services to the public. The company said in a statement that its latest addition to the technology portfolio is the natural successor of the telecommunication evolution of the world. The statement said Mobitel carried out a successful trial of 4G/LTE with [...]
Business Times
SL tourism revenue over $1bln as millionth tourist arrives
Sri Lanka’s millionth tourist in a calendar year – a Chinese national – arrived in the country last Sunday and was given a warm welcome at the airport. Lakshman Yapa Abeywardhana, Deputy Minister of Economic Development, Chairman of Sri Lanka Tourism (SLT) – Bhashwara Gunarathna, Kamal Ratwattea – Deputy Chairman of Airport and Aviation Services [...]
Business Times
Treasury’s inability to increase capital hinders BOC’s overseas plan : Outgoing bank chief
By Bandula Sirimanna State-owned Bank of Ceylon’s (BOC’s) ambitious plan of reaching greater heights through the extension of its wings overseas has been hindered due to the Treasury’s inability to increase the bank’s capital, outgoing bank chief Gamini Wickramasinghe told a packed audience of journalists at a media conference in Colombo this week. It was [...]
Business Times
Colombo Dockyard repairs top China Harbour dredger
Colombo Dockyard was the best repair option for the China Harbour Engineering Co. Ltd trailer suction Dredger Jun Hai 2 (GRT 10,751). The dredger had been deployed in the Colombo South port development project in Colombo, the Dockyard said in a media statement. The company said it has been attracting major dredger operators globally such [...]
Business Times
Jetwing launches Smartphone apps
Jetwing, Sri Lanka’s largest owned family company in the hospitality industry, has launched two of the first ever mobile apps of their kind today for the popular Android operating system; with the iOS version to be released in January. The first app – Jetwing Hotels – has been built to provide functionality and the best [...]
Business Times
Top rating for Hayleys amidst caution on debt levels
Hayleys has received a top rating assessment from RAM Rating but with a cautionary note, “ … the ratings are tempered by the Hayleys Group’s moderately high debt levels”. The rating agency said this week that it reaffirmed Hayleys ratings at AA-/P1 with a stable outlook. It said the ratings are upheld by the group’s [...]
Business Times
One billion tourists become one billion opportunities – Ratnapala
Despite the current global economic uncertainty, more than one billion tourists traveled the world last year, 2012, marking a new record for international tourism. According to Lakshman Ratnapala, Emeritus President & CEO, PATA and Chairman, Enelar International, the figure cements tourism’s position as one of the world’s largest economic sectors, accounting for 9 per cent [...]
Business Times
Many corporates believe Lankan economy would stabilise:MTI survey
Some 52 per cent of the respondents of an MTI Consulting survey of top CEOs believe the Sri Lankan economy would stabilise. However a significant 25 per cent expect the economy to decline (given all the different global and challenges that they have indicated throughout the study), according MTI second consecutive CEO Business Outlook Survey. [...]
Business Times
Sri Lanka ports awaits call after disappointing year
By Sunimalee Dias Teeing off has become the name of the game for bagging deals and getting appointments with the management of international shipping lines for Sri Lanka’s Ports Authority (SLPA) Chairman Dr. Priyath Bandu Wickrama. A cricketer, he took to golf in 2009 as part of a practical requirement to ensure there is an [...]
Business Times
ICTA responds to Business Times report on e-government project
The Information and Communication Technology Agency (ICTA), in a response to our report last week headlined “Samsung Network to get multimillion dollar e-NIC project”, says ‘allegations in the article’ are incorrect and baseless. The clarification sent by Athula Pushpakumara, ICTA Director – Strategic Communications and Media on key points in the article is published with [...]
Business Times
SLI records Rs. 20 billion in premiums last year; to go public by 2016
By Duruthu Edirimuni Chandrasekera On the back of recording Rs. 20 billion in Gross Written Premium (GWP) last year, Sri Lanka Insurance (SLI) is gearing to penetrate new growth sectors this year, officials say, adding that the state-owned company plans to list in the Colombo stock market by 2016, a fact that was reported earlier [...]
Business Times
Textured Jersey wins Sri Lanka’s first ‘Green Report’ award
Textured Jersey PLC, Sri Lanka’s largest manufacturer of knitted fabric, has won an award for the best ‘Green Report’ in the country at the inaugural awards of the National Green Reporting System of Sri Lanka. More than 60 entries from various industries were evaluated for these awards, presented by the Ministry of Environment, the company [...]
Business Times
Structural changes at Colombo Hilton this year
Major infrastructure changes this year at the Colombo Hilton costing US$45 million will be financed through a dollar loan, owning company Hotel Developers said in a statement on its annual accounts ending March 31, 2012. The hotel firm, which underwent a series of crises last year but recovered after a series of measures which included [...]
Business Times
Review of Millennium Development Goals by Sri Lanka’s civil society
Local NGO, Alliance Lanka has organised a consultation this week in Colombo to discuss civil society’s experience in contributing towards the Millennium Development Goals (MDGs) within the national framework. The meeting will take place on Tuesday and Wednesday. The consultation is an important phase of the Breaking Point project, a joint initiative of the Commonwealth [...]
Business Times
Stock market association aims to be watchdog group
Independent investors in the stock market who have come together to form the Association of Independent Shareholders of Sri Lanka (AIS) aim to be a strong watchdog of the markets this year. “There are many issues and concerns that affect independent minority shareholders and a socially responsible organized voice to fight for their rights is [...]
Business Times
Sri Lanka has no option than borrowing to bridge deficit:Amunugama
By Bandula Sirimanna Sri Lanka has no option other than printing money or borrowing from foreign countries or lending institutions to bridge the gigantic budget deficit of Rs 500 billion, Deputy Minister of Finance, Dr. Sarath Amunugama said in an interview with the Business Times in Colombo this week. Sri Lanka needs Rs. 1,700 billion [...]
Business Times
Crisis-hit Lankan tea industry needs re-engineering : Forbes report
A call for re-engineering in Sri Lanka’s tea industry given the high and uncompetitive cost of production has been made by the country’s tea broker. Forbes and Walker Ltd, in its annual 2012 report which contains the tea performance for the year and projections in 2013, said while tea prices are projected to be buoyant [...]
Business Times
Annual inflation up in 2012: CB
Inflation, as measured by the Colombo Consumers’ Price Index (CCPI) computed by the Department of Census and Statistics, remained at single digit level for the 47th consecutive month in December 2012, the Central Bank (CB) said. Inflation eased to 9.2 per cent in December on a year-on-year (YoY) basis from 9.5 per cent in the [...]
Business Times
Over-advertising triggers cynicism amongst global consumers
Focus on advertising Brands and brand building are considered essentials tools in any marketer’s arsenal and advertising has always been a key instrument in brand creation. Good Advertising has helped create distinct personas for otherwise similar products, in similar categories thereby creating differentiation and enduring value for brands. Consumers see brands as essentials helping them [...]
Business Times
Not all ideas from economists have succeeded
By Quintus Perera Though it is important to have useful, relevant development economics, sometimes what development economists prescribe (for the economy) is not suitable. In other words, not all ideas from economists have succeeded. This view was expressed by Prof Jomo Kwame Sundaram, Assistant Director General, Economic and Social Development, FAO in his presentation at [...]
