Business Times
No fair trial for Shirani B – BT poll reveals
Should Gota be the CEO of Sri Lanka? – Question posed in some business circles Lawyers, accountants, engineers, architects and various other professionals this week slammed the impeachment of Shirani Bandaranayake in a near unanimous vote saying she was unfairly judged. Asked in a Business Times poll this week whether Ms Bandaranayake (who says she [...]
Business Times
Gulf Air pulling out of Sri Lanka
Gulf Air, the Bahrain Government-owned airline, is pulling out of Sri Lanka from February 10 under a restructuring plan to improve the viability of the airline. Earlier this month, the airline announced that it was ending flights to Colombo, Kathmandu and Dhaka under the reorganisation process to strengthen its Middle East operations and move out [...]
Business Times
President orders justice for GK depositors
The Central Bank (CB) has been ordered by President Mahinda Rajapaksa to formulate a repayment plan for Golden Key (GK) depositors using all GK and subsidiary companies assets of GK directors including former Ceylinco chief Lalith Kotelawala. The CB was directed to take control of all GK companies in Sri Lanka and abroad, freeze company [...]
Business Times
No money for workers of abandoned BOI factories
The government is faced with a dilemma – finding money to pay compensation – Employees Provident Fund (EPF) and Employees Trust Fund (ETF) and gratuity – for hundreds of workers at Katunayake and Biyagama free trade zone factories abandoned by foreign investors and management, a senior cabinet minister said. At least 20 factories have closed [...]
Business Times
Lanka IOC to maintain oil prices despite 15 % tax
By Bandula Sirimanna Lanka IOC, Indian oil’s subsidiary in Sri Lanka, would continue to maintain fuel prices on par with the Ceylon Petroleum Corporation despite being costlier. The company will start paying a 15 per cent tax from mid-February following the end of the 10-year tax holiday, a top official of the company said. In [...]
Business Times
CSE Mumbai road show: Huge challenge to counter negatives
By Duruthu Edirimuni Chandrasekera Countering negative sentiments that prevail in Sri Lanka will be a key challenge for the team going on the Colombo Stock Exchange (CSE) road show in Mumbai next month, industry analysts say. “Whilst tackling the issue of the Sri Lankan share market being dominated by a mafia network, it’s a worst [...]
Business Times
Public outrage over ‘unfair’ trial for Shirani Bandaranayake
BT Poll on removal of the Chief Justice Unlimited presidential terms, a leader who behaves like a dictator and a government ‘caring a damn’ about international opinion over the impeachment of Shirani Bandaranayake, who says she is still the chief justice, were among the many comments the Business Times received in this week’s email poll. [...]
Business Times
Was Rizana’s death in vain?
The biggest developments to affect Sri Lanka in recent times – the impeachment of the chief justice and the tragic beheading of an underage Sri Lankan housemaid – – had contrasting follow-ups this week. While lawyers and human rights groups, backed by international groups and foreign governments, expressed concern over the ouster of Chief Justice [...]
Business Times
Sri Lanka can always look to China if US support is unavailable, says Defence Secretary
By Bandula Sirimanna Sri Lanka can always look for China’s assistance if the United States is not providing support, the country’s most powerful bureaucrat said when he delivered the key note address at the certificate presentation ceremony of the second batch of the Certificate Course in “Entrepreneurship Management” at Colombo Hilton on Friday. The training [...]
Business Times
Inflation expected to moderate from March
Inflation is projected to moderate from March 2013 and reach mid-single digit levels thereafter, the Central Bank (CB) said this week. In its monetary policy review for January, the CB said this was because effective demand management policies that were in place in 2012 are likely to have moderated aggregate demand sufficiently, reining in future [...]
Business Times
Patients rarely told about medication errors: study
(Reuters) – In what is likely to come as little surprise, a U.S. study has found that patients and their families are rarely told when hospitals make mistakes with their medicines. Most medication mistakes did not harm patients, the researchers said in a report published in Critical Care Medicine, but those that did were more likely [...]
Business Times
Softlogic Credit, not Softlogic Capital
Clarification The Softlogic Group has written to the Business Times pointing out an error in last week’s story headlined “Laugfs buys Softlogic Capital” which referred to the sale of Softlogic Capital to Laugfs Group. Softlogic said the transaction with Laugfs Holdings Limited pertains to the sale of 67% of Softlogic Credit Limited and not of [...]
Business Times
Powerful businessman is new Hon. Consul for Senegal in Sri Lanka
Dhammika Perera’s empire employs 50,000 workers,accounts for 5% of Lankan tax revenue President of the Republic of Senegal Macky Sall has appointed influential businessman Dhammika Perera as the Honorary Consul of the Republic of Senegal in Sri Lanka, his office said. Mr Perera has commercial interests in a wide range of sectors including banking and [...]
Business Times
SL trade to benefit from Chinese Yuan usage
By Duruthu Edirimuni Chandrasekera The internationalisation of Remingbi (RMB) or Yuan, the Chinese currency, will see Sri Lankan trade volumes pick up significantly, while its use in banking transactions locally (which the Central Bank approved recently) would notably facilitate such trade and investments, experts say. “By 2015, we expect China’s trade with the world to [...]
Business Times
NDB partners SEA for the Estate Micro Hydro Rehabilitation and Repowering Project of ADB
NDB this week entered into a partnership with the Sri Lanka Sustainable Energy Authority (SEA) and the Government of Sri Lanka (GOSL) as a participating financial institute under a special initiative introduced by the Asian Development Bank (ADB) to assist the development of micro hydro power projects within the estate sector. Through the project, ADB [...]
Business Times
China Navigation Co. appoints Ceyline Shipping as ‘manning agents’ in Sri Lanka
Sri Lanka’s Ceyline Group was recently appointed ‘manning agents’ for China Navigation Company (CNCo) providing Sri Lankan seafarers an opportunity to join a traditional shipping company. CNCo is the deep-sea ship-owning and operating arm part of the giant, Hong Kong-based conglomerate SWIRE Group. CNCo was founded in 1872 in Shanghai and started its operations trading [...]
Business Times
29 Nawaloka Hospital nurses pass 3rd year exam
A total of 29 student nurses at the Nawaloka Hospital Nurses Training School recently passed their final, third year exams, transforming to fully-fledged junior staff nurses. These new junior staff nurses will now become a part of Nawaloka Hospital’s full-time nursing cadre, joining different wards, and departments, across the hospital. Further, the school has already [...]
Business Times
Museum, donated by Combank, opened at Kataragama
A museum building constructed by the Commercial Bank of Ceylon in the precincts of the historic Kataragama Kirivehera was declared open recently by President Mahinda Rajapaksa. The museum will house ancient artefacts that have been found at excavations on the temple lands over many years for the benefit of devotees and tourists who visit the [...]
Business Times
SriLankan Airlines sets up child Psychiatric Unit at LRH
SriLankan Airlines’ CSR arm ‘SriLankan Cares’, recently signed a Memorandum of Understanding (MOU) with the Ministry of Health and the Lady Ridgeway Hospital (LRH) to upgrade and convert Ward Five of the LRH, to a Child Psychiatric facility. This will be the first dedicated, multi-disciplinary Child Psychiatric Unit in Sri Lanka, according to an airline [...]
Business Times
LOLC aims at child development and empowerment through CSR project
The LOLC Group, through its strategic Corporate Social Responsibility initiative, LOLC CARE, has successfully completed its inaugural CSR project aimed at child development and empowerment. Under LOLC CARE, the group constructed a children’s home and provided assistance to an existing home managed by the National Council for Child and Youth Welfare (NCCYW), it said in [...]
Business Times
Dettol pledges to refurbish 10 teaching hospitals
Dettol, the Reckitt Benckiser brand, plans to refurbish and renovate 10 teaching hospitals in Sri Lanka. The proposal for this project was handed over to the Minister of Health Maithripala Sirisena recently in Polonnaruwa. Simultaneous to this hand over the company commenced refurbishment activities in the Polonnaruwa Teaching Hospital, according to a company statement. Teaching [...]
Business Times
Four years later, Airtel has revolutionised the telecom market
Bharti Airtel, a leading global telecommunications company with operations in 20 countries across Asia and Africa, has completed four years of operations in Sri Lanka with an expanded footprint and a growing suite of seamless voice and data services facilitated by an upgraded network. The company which entered Sri Lanka on 12 January 2009, has [...]
Business Times
Motivational training taken to rural areas by Berendina
Berendina Microfinance Institute (BMI) recently organised a “Motivation and Business Victory” workshop for its microfinance clients. It was conducted by Motivation, Mind Power and Leadership Training personality, Dr. Kuma Iddamallena, held at the Town Hall Auditorium of Kegalle Municipal Council, and drew more than 350 particpants from Dehiowita, Bulathkohupitiya, Mawanella, Galigamuwa, Yatiyanthota and Ginigathhena branches [...]
Business Times
Green year in 2012 for Cinnamon Grand
Cinnamon Grand, acknowledged by the leisure industry as the best 5-star property in Colombo, says it is moving closer to his goal of becoming the most sustainable city hotel in Sri Lanka, by 2015. Having introduced and implemented many green and energy saving initiatives during the year as well as creating awareness amongst internal and [...]
Business Times
Confidence low for businesses this year : MTI survey
While business prospects for this year are better than 2012, businesses feel that this year the level of confidence compared to end 2011 is lower, according to the MTI 2013 CEO Business Outlook Survey. “What concerns corporates about the economy is the balance of payment, governance, inflation and FDI/ exports,” MTI CEO Hilmy Cader said, [...]
Business Times
MAS Fabric Park shows the way in environment preservation
By Quintus Perera THULHIRIYA – What grips and torments the world today is the devastating impact on the environment by industrialisation – discharge of affluent water, waste and carbon emission, etc. In this midst is a massive, single entity private sector operated industrial complex “MAS Fabric Park (MFP)” on 165 acres at Thulhiriya, near Ambepussa [...]
Business Times
Holidaying on the isle became more popular in 2012
By Sunimalee Dias Holidaymakers to Sri Lanka reached a record high last year at over one million with those arriving mainly from India and the UK though a higher growth percentage was evident from the Chinese and Russian markets. With a growth of 58.1 per cent over the previous year China increased in this category [...]
Business Times
New hotel properties to boost room capacity
Two new hotel and resort properties will be established for development in Bambalapitiya and Uswetakeiyawa, a media release issued by the Board of Investment (BOI) stated. The newly formed Edge Hotels and Resorts signed two agreements with the BOI for the development of two of their properties, namely Reefs Edge Hotel and Villas at Uswetakeiyawa [...]
Business Times
Tourism centre gets US$6 mln investment
A Sri Lanka tourism centre would be established with an investment of US$6 million for the promotion of tourism in the country, a release issued by the government website stated. This was mooted by Dr. Luis Durnwalder President of Bolzano, South Tyrol, Italy during a meeting with an Italian delegation and the Economic Development Minister [...]
Business Times
Weligama resort from MJF Leisure
MJF Leisure has begun construction on its flagship Weligama resort. Weligama is a town located 144km south of Colombo and easily accessible thanks to the new southern expressway. The term Weligama literally means “sandy village” which refers to the area’s sandy sweep bay. Weligama is a popular tourist destination, famousfor its distinct stilt fishermen and [...]
Business Times
National carrier offers new handy MICE booklet
SriLankan Airlines’ latest 44-paged, handy-sized MICE brochure just unveiled, describes the diverse attributes that Sri Lanka has to offer as a Meetings, Incentives, Conferences and Exhibitions destination in Asia, to combine business and leisure, a media release issued by the national carrier stated. The brochure describes the scale of MICE facilities; a variety of interesting [...]
Business Times
Jetwing brings hospitality on the smartphone apps
The Jetwing group has become more accessible to its clients with its products and services on the Jetwing Hotels and Jetwing Travels apps. Essentially, the app will be a catalogue of all of Jetwing’s properties, including details, accommodation types, special offers, and an image gallery for easy viewing, a media release issued by the company [...]
Business Times
Turkish travel journalists fascinated by Sri Lanka
In a whirlwind five days of touring Sri Lanka, a Turkish duo of TV journalists shot 12 hours of footage visiting many parts of the country and hopes their travel documentary will spur more Turks to visit Sri Lanka. Also romantically linked, and planning to marry in Istanbul in June, both Ozlem Nese Tunca (Ms) [...]
Business Times
Sarvodaya joins the finance sector industry
By Bandula Sirimanna The micro finance arm of SEEDS (Sarvodaya Economic Enterprise Development Services) has been transformed into a finance company to expand its lending portfolio, savings and deposits after receiving of Central Bank (CB) approval, a top official of Sarvodaya said. SEEDS loan portfolio stands at Rs. 2.7 billion while cumulative loans outstanding topped [...]
Business Times
Trekurious introduces Channa Daswatte’s Bawa Tour
Trekurious, Sri Lanka’s online experiential tour and activity company, provides an opportunity to immerse oneself in Geoffrey Bawa’s rich architectural legacy with a curated day tour showcasing some of his best works in the company of his protégé Channa Daswatte, a release issued by the organisation stated. Thought to be one of the most influential [...]
Business Times
On share market and comments by Ravi Abeysuriya
Letter I refer to Mr Ravi Abeysuriya’s article in the Business Times dated January 6 and headlined “Do’s” and ‘don’t’s” for brokers and state-owned funds in 2013” and your editorial in the same issue. The same Mr. Abeysuriya said the market was a gold mine (reported in the newspaper) when the market was at its [...]
Business Times
Dialog sponsors quality management programme at National Hospital
Dialog is sponsoring a quality management programme initiated by the National Hospital, Colombo. Picture shows Dr. Anil Jasinghe, Director NHS Sri Lanka glancing at the sponsorship agreement with Dialog Axiata PLC, Group Chief Operating Officer, Supun Weerasinghe. (From left) Deputy Director Dr. Cyril Silva, Director Lanka Hospital Dr. Wimal Karandagoda, Director, Dr. Anil Jasinghe, Supun [...]
Business Times
Sri Lanka to improve ‘Doing Business Index’ ranking
The Central Bank (CB) wants to improve the ratings in the World Bank’s ‘Doing Business Index’ ranking for 2013, CB officials said. “We expect to be somewhere in between 60 to 65th placed this time in the index compiled by the World Bank and International Finance Corporation which is to be released later this year,” [...]
Business Times
Wurth Lanka launches “COOLIUS”
Wurth in Sri Lanka, further extending the company’s wide range of high quality products for the automotive aftermarket industry, recently launched the “COOLIUS” range of vehicle air condition service machines. With Wurth COOLIUS air condition service machines, both vehicle owners and A/C service and repair business units will benefit immensely by saving money and time. [...]
Business Times
athandz – Infoserve expands its local portfolio
Infoserve, a subsidiary of PC House PLC (PCH) Group, has introduced a Travel Itinerary service to the local market, following the launch of its customised news alerts service for corporates last year. This service will provide a customised travel plan to a choice of any favoured destination, the company said in a statement. “The industry’s [...]
Business Times
Fitch Rating puts Ceylease on ‘Watch Positive’
Fitch Ratings Lanka has placed Ceylease Ltd’s (CL) National Long-Term Rating of ‘BB+(lka)’ on Rating Watch Positive (RWP) and has affirmed MCSL Financial Services Ltd’s (MFSL) National Long-Term Rating at ‘BBB(lka)’ with a ‘Stable Outlook’. This follows the announcement of the proposed merger between the two entities, according to a Fitch media release. Fitch said [...]
Business Times
$12 mln mineral processing venture comes to a grinding halt amidst tender charges
By Bandula Sirimanna A project by a private consortium aimed at making optimum utilisation of 65,000 metric tons of mineral sand residue stock piled up at the Lanka Mineral Sands Ltd (LMS) at Pulmoddai since 2009 has been shelved following allegations that there was an attempt to sell this stock in bulk to the same [...]
Business Times
SIA celebrates 40 years in Sri Lanka at a new office
Singapore Airlines recently celebrated its 40th anniversary of operations in Sri Lanka through General Sales Agent – Aitken Spence. And as part of the celebration, the airline office moved to a new office in the same Spence complex to further enhance the standards of service. Guests of honour at the opening of the new office [...]
Business Times
Employees celebrate Ceylinco Life’s 25th birthday
Employees Union of Ceylinco Life recently organised a celebration of the company’s 25th anniversary at the Ceylinco Life head office in Colombo. The event took place on 15th January, a day after Ceylinco Life completed 25 years of operation. The company has been the market leader for the past nine of these 25 years. [...]
Business Times
SLIM – Nielsen Peoples Awards in March 2013
The SLIM-Nielsen Peoples Awards will be held for the eighth year on 19th March in Colombo. The awards ceremony is organized by the Sri Lanka Institute of Marketing (SLIM) together with Nielsen Research Agency in Sri Lanka, and is held annually, to recognize brands and personalities that have made an impact in the lives of [...]
Business Times
Maldives ratifies eight ILO Conventions
The Maldives has ratified the eight ILO Conventions on January 4 dealing with four categories of fundamental principles and rights at work: freedom of association and the effective recognition of the right to collective bargaining; the elimination of all forms of forced or compulsory labour; the effective abolition of child labour; and the elimination of [...]
Business Times
NTB launches digital banking with mobile banking apps
Nations Trust Bank recently announced the launch of Nations Digital Banking to add to an already diverse and unique array of banking solutions offered by the bank. In an announcement, NTB said the new product is the result of focused investment and research towards a better digital experience for its customers, bringing a completely revamped [...]
