Business Times
New web portal matches job hunters with job offers
By Quintus Perera A new web portal has been created which would end the hassle of selecting a course of study or to find a job for young people that matches their qualifications and for the employer to obtain the services of the best person. These comments were made to the Business Times (BT) by [...]
Business Times
Major management changes at SLT
Greig Young steps down as CEO, likely to continue as director By Bandula Sirimanna Sri Lanka Telecom (SLT) is heading for major management and structural changes with one of the Chief Executive Officers (CEOs) of its subsidiaries likely to take over as group CEO after CEO Greig Young’s said he was stepping down at the [...]
Business Times
Export Development Board chairman Janaka Ratnayake steps down
Janaka Ratnayake, chairman of the Sri Lanka Export Development Board (EDB), has resigned from his position. Mr Ratnayake, chairman since 2010, came to the office on Tuesday and addressed staff saying he was resigning. On Wednesday, there was a farewell given by staff. When contacted over the phone he said that he has tendered his [...]
Business Times
New supermarket chain emerges
A supermarket chain titled ‘Star United’ has emerged and run by a group of retail distributors of various products styled the Retailers Alliance Ltd. The group plans to establish 500 modern retail units countrywide with the backing of Ceylon Biscuits Ltd aimed at getting a foothold in the booming retail business, company officials said. As [...]
Business Times
SL seeks Chinese help to boost canned fish production
Sri Lanka is once again luring Chinese investment into a mega canned fish factory in Galle in addition to three currently operating factories in Peliyagoda, Mundalama and Galle in a bid to reduce the Rs.5.2 billion import bill for canned fish annually, a senior minister said. Minister of Fisheries Dr. Rajitha Senaratne told the Business [...]
Business Times
Sri Lanka reins in errant casinos and betting centres
The Government is increasing its scrutiny of Sri Lanka’s betting and gaming industry with the first sign of a crackdown on unregistered casinos and betting centres emerging following the tax increase in the 2013 budget on gambling. A senior official of the Inland Revenue Department said that Betting and Gaming Levies have been revised and [...]
Business Times
LAUGFS buys Softlogic Capital
By Duruthu Edirimuni Chandrasekera LAUGFS Holdings, two years after its Initial Public Offering (IPO) has acquired Softlogic Capital, a leasing company, from Softlogic Holdings PLC, in a bid to enter the financial sector, officials said. “We concluded this transaction on 31st December for Rs 103 million,” W.H. Wegapitiya, Chairman LAUGFS Holdings Ltd told the Business [...]
Business Times
Independence is a state of mind : Cabraal
“I will adhere to the teachings of Lord Buddha” NEWSMAKERS UNPLUGGED By Duruthu Edirimuni Chandrasekera “Do people expect me to be at logger heads with the government? Everywhere (in the world) crises were handled with the central bank and the government coming together,” argues Central Bank Governor Ajith Nivard Cabraal. In an interview with the Business [...]
Business Times
Nafeek tragedy: Wiser after the event
Parliament mourned the execution of underage Sri Lankan housemaid Rizana Nafeek and everyone jumped on the bandwagon to share the limelight in death and, in some cases, score a few political points. However if Nafeek’s 7-year incarceration in death row in a Saudi jail was that serious, why didn’t our half-baked politicians in their BMWs, [...]
Business Times
NSB should consider permanent FD rate for senior citizens
By Percy Thenuwara Almost a decade has passed since Parliament adopted the ‘Protection of the Rights of the Elders Law No. 9’ in 2000 and established the National Council for Elders in June 2002. However the elderly in Sri Lanka neither get no respect nor facilities similar to that extended to the elderly in other [...]
Business Times
Data, statistics challenged in new report on MDGs goals in Sri Lanka
By Quintus Perera The accuracy of the data and statistics of a Sri Lanka report on the Millennium Development Goals (MDGs) was challenged by civil society groups at a discussion in Colombo this week. The discussion was part of the ‘Breaking Point Project, National Consultation on Civil Society’s Role in Realizing the Millennium Development Goals [...]
Business Times
Jaffna trade fair back on January 18
Jaffna’s most looked-forward to trade fair – the 2013 edition of the Jaffna International Trade Fair (JIFT) – will be held on January 18, at the tail-end of the “Harvest Festival” – Thai Pongal. The exhibition, a ‘must attend’ event by the citizens, businessman, traders and entrepreneurs of the North will be held at the [...]
Business Times
Top Chamber urges Rajapaksa to intervene in judiciary-legislature clash
The Federation of Chambers of Commerce of Industries of Sri Lanka (FCCISL) on Wednesday urged President Mahinda Rajapaksa to intervene in the crisis between the legislature and the judiciary over the impeachment of Chief Justice Shirani Bandaranayake. “We are a country that went through the darkest ever period for the last three decades and presently [...]
Business Times
EFC steps into the legislature- judiciary crisis
The Employers Federation of Ceylon (EFC), joining the chorus of concern in the aftermath of the impeachment motion against Chief Justice Shirani Bandaranayake, on Thursday urged all parties and stakeholders to jointly safeguard and protect the ‘sovereignty of our people”. It said in a statement, that “… we earnestly urge the Government, all Opposition political [...]
Business Times
New SMS voucher from Dialog
Dialog Axiata PLC has launched, what it says is, Sri Lanka’s first SMS (Short Message Service) voucher enabling subscribers to SMS a wide variety of gift vouchers to friends and loved ones while on the go. “Using SMS Gift vouchers from Dialog, you can simply go into your inbox and present the voucher in the [...]
Business Times
Sri Lanka: Lessons to be learned from the failure to save Rizana Nafeek
By the Asian Human Rights Commission From the day on which Rizana was arrested on a false charge of murder to the day of her execution, seven years elapsed. During this time, if a proper diplomatic effort was made with the required seriousness, the life of this young girl could have been saved. The following [...]
Business Times
Ban labour migration to Saudi Arabia: civil society groups urge
Civil society groups on Friday urged the Sri Lankan government to ban labour migration to Saudi Arabia and other countries that fail to adhere to international human rights labour standards and conventions. A statement issued by the Law & Society Trust and signed by several religious dignitaries, NGOs and individuals, said the Government should proactively [...]
Business Times
New manual for overseas missions to more effectively tackle migrant worker issues
NGOs say effort too late as Government ineffective in tackling Nafeek issues By Quintus Perera A new manual to help Sri Lankan diplomats in missions in other countries to more effectively tackle nagging issues relating to migrant workers was launched last week by the Government. However it came too late, according to activists working to [...]
Business Times
LOLC Leisure: No hurry to finalise international hotel chain for 500 room resort
By Duruthu Edirimuni Chandrasekera LOLC Leisure isn’t in a hurry to finalise the international hotel chain operator to manage its planned new Rs 6.5 billion, 500 room resort hotel on a 20 acre beach stretch in the south coast, sources close to the company said. They said the Hilton chain will most likely manage this new [...]
Business Times
LOLC Micro Credit secures largest micro finance syndicated loan in Sri Lanka
LOLC Micro Credit Ltd (LOMC) has secured the largest syndicated loan of US$55.5 million in Sri Lanka from a consortium of global development financial institutions (DFIs). LOMC is a leasing unit and the microfinance arm of the LOLC Group. FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), a Dutch development bank which has a 20 per cent [...]
Business Times
Corporate Disclosures by CSE
Colombo Land appointment Colombo Land and Development Company PLC has written to Colombo Stock Exchange (CSE) on the appointment of Devadharshan Jayadeva as Chief Executive Office of the company with effect from 1st February 2013. Kelani Valley changes directors Kelani Valley Plantations PLC says G.K. Seneviratne relinquished his position as a Director of the company [...]
Business Times
Prospects for 2013: Market interest rates to adjust downward
The overall market interest rates may revise downward this year since the borrowing cost of commercial banks will decline due to the reduced policy rates, a report by Asha Phillip Securities Ltd said. The report which projected the economic prospects for 2013 said that downward interest rates will stimulate the stock market activities as a [...]
Business Times
NDB progressing with Dubai, India partnerships
NDB is progressing towards finalising it’s partnerships in Dubai and India which will mirror the NDB-DBS partnership sealed in September 2011, officials said. “NDB sealed a Memorandum of Understanding with Singapore’s DBS Bank in a bid to form a strategic alliance in terms of raising funds for large scale projects. This alliance will give the [...]
Business Times
Investment Advisors warned by SEC in Nov 2012
The Securities and Exchange Commission (SEC) has sent warning letters to two investment advisors, Nishantha Joseph Silva and Chanaka Udithalal Mendis, attached to Lanka Securities (Pvt) Ltd, two months ago. This was based on the findings of an investigation carried out by the SEC with regard to suspected ‘Front Running’ (as set out in the [...]
Business Times
Orient Insurance completes first year of operations with Rs.326 mn GWP
Orient Insurance ended its first year of operations with a Gross written premium of Rs. 326 million, a company press release said. It said that Orient CEO Deepthi Lokuarachchi commended the high performance, stating, “This stronger than expected result was a consequence of the wide and immediate recognition and acceptance of Orient’s insurance products and [...]
Business Times
Colombo’s equity market – A retrospective look
The Colombo bourse commenced 2012 on a dwindling sentiment with a market correction after an exceptional performance in 2009 and 2010 (in which the market gained some 112 per cent and 96 per cent year on year, a TKS Securities report said. “The high interest rate platform prevailed during the most of 2012 further dampen [...]
Business Times
Golden Key depositors protest outside CJ’s official residence
Dozens of disgruntled depositors of the failed Golden Key (GK) credit card company were on a protest opposite the official residence of Chief Justice Dr. Shirani Bandaranayake this week demanding the authorities to mete out justice for them as they have lost faith on the judiciary. President of All GK Depositors Association Dushyanthi Hapugoda told [...]
Business Times
SLPA heralds K Line’s brand new car carrier MV “Delhi Highway”
K Line – the pioneer in the transport of automobiles – made its maiden call at the Colombo port with its car carrier RO-RO vessel MV “Delhi Highway” on January 4. To mark the maiden call of the vessel MV “Delhi Highway”, at Port of Colombo, a plaque exchange ceremony was held on board the [...]
Business Times
Chaaya Tranz Hikkaduwa awarded a 4-star certification
Minister of Economic Development Basil Rajapaksa, recently awarded Chaaya Tranz, Hikkaduwa with a 4-star certification. The hotel was audited in every aspect of its hardware and software skills by an eminent panel of auditors representing Sri Lanka Tourism Development Authority and industry professionals prior to being classified as a 4-star tourist hotel, the hotel said. [...]
Business Times
‘Mahaveli Aruna’ concessionary loan scheme to Mahaweli farmers
Sri Lanka’s Mahaveli Authority together with the People’s Bank has launched a special concessionary loan scheme titled ‘Mahaveli Aruna’ to help the economy of the farming community in the Mahaveli Zones. Under this loan scheme, a maximum loan amount of up to Rs. 200,000 will be offered to various sectors such as agriculture, livestock, purchase [...]
Business Times
Clean currency notes
Letter By A.G. Weerasinghe , Gangodawila. The Roadmap for 2013 presented by the Central Bank envisages the old notes being withdrawn from circulation and replacing with new currency notes (to improve the image of the country). The same assurance was given last year by the Central Bank in the 2012 Road Map. However after 12 months we [...]
Business Times
Minister Rajapaksa launches 324 Divi Neguma training programmes islandwide
Economic Development Minister Basil Rajapaksa is launching a five-day programme (January 15-20) to brief community leaders and government officers from top level to rural level on the government’s national policy to eradicate poverty in the country. The programme will cover 324 divisional secretariats, islandwide, according to an announcement by his ministry. The Divi Neguma Bill [...]
Business Times
400 million copies of Windows 8 to be sold in 12 months
By Jagdish Hathiramani Microsoft expects to sell 400 million copies of its October 2012-launched operating system (OS) within 12 months, according to Wellington Perera, Director for Developer Platform Evangelism of Microsoft Sri Lanka. Speaking at a media event to highlight the functionality of its most recent Windows 8 OS, Mr. Perera also noted that so [...]
Business Times
Top INSEAD programme thro’ CA Sri Lanka
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is partnering with INSEAD, one of the world’s leading graduate business schools, to offer the Global Strategic Management Programme. The 4-day management programme by INSEAD from 28th to 31st of January targets general managers, senior managers and members of project teams will cover a [...]
Business Times
ICTA’s second response on BT story
The Information & Communication Technology Agency (ICTA), this week sent a second response relating to our story headlined “Samsung Network to get multimillion dollar e-NIC project” Here are excerpts of the letter titled “Facts on LGN not disclosed by Business Times” issued by Athula Pushpakumara, ICTA Director – Strategic Communications and Media: “Without addressing the [...]
Business Times
MTI to share learnings at 5 key forums
MTI Consulting said this week it would be sharing its learnings at five key forums in Sri Lanka this month. MTI CEO Hilmy Cader is expected to make the presentations at these events, starting with the AGM of the National Chambers of Exporters, which will feature a presentation on ‘Enabling a Country for Export Excellence’. [...]
Business Times
GSK says ranked No 1 in global Access to Medicine Index
GlaxoSmithKline (GSK) has been ranked first among global pharmaceuticals companies in the 2012 Access to Medicine (ATM) Index released recently by the Access to Medicine Foundation. An independent initiative, the Access to Medicine Index ranks the world’s 20 largest companies according to their efforts to make their products more available, affordable and accessible in developing [...]
Business Times
New General Manager at Bank of Ceylon
Senior banker D.M. Gunasekara has been appointed as the new General Manager of Bank of Ceylon (BOC) with effect from January 8. The change came on the same day long-standing BOC Chairman Gamini Wickremasinghe also stepped down. According to the BOC, Mr. Gunasekara most recently served as the Deputy General Manager Retail Banking of BOC. [...]
