Business Times
Eliminating poverty and ensuring social justice biggest Lankan challenge : Basil
The recent distribution of 250 three-wheelers among self-employed persons at a ceremony in Colombo drew comments from Economic Development Minister Basil Rajapaksa that the elimination of poverty and ensuring social justice to 1.8 million people living below the poverty line is the biggest challenge facing Sri Lanka. “This can be done only by strengthening [...]
Business Times
Govt. shelves plan to import 3,000 buses from China
Chinese firm refuses credit and commissions By Bandula Sirimanna The government has shelved a plan to import 3,000 buses from China for the Sri Lanka Transport Board (SLTB) bowing to strong objections raised by private bus owners, Transport Minister Kumar Welgama said. However motor traders say the reason for calling off the deal was because [...]
Business Times
Quick check-in, less queues soon at Colombo airport
Quick check-ins and fewer queues at the Colombo airport are among the improvements by SriLankan Airlines planned this year along with consolidating its operations and route network. The airline’s Chief Marketing Officer, G.T. Jayaseelan said the airline would not be operating new sectors, nor acquiring new aircraft but rather focus on improving the product. He [...]
Business Times
Malaysia’s AirAsia stopping flights to Colombo
AirAsia is terminating its popular, budget-fare, flights to Kuala Lumpur, Malaysia and back from end February, the airline said earlier this week in an announcement that surprised the local travel industry. Malaysia’s highly successful budget carrier said it would no longer fly on this route from 26 February saying the decision was “due to commercial [...]
Business Times
IPOs on the rise
By Duruthu Edirimuni Chandrasekera Suspended Initial Public Offering (IPO)s are being reactivated this year due to improved macro-economic conditions, a stark contrast to last year’s thinning IPO appetite, analysts say. “Last year most companies were shelving their IPO and many increasingly were opting for mergers and acquisitions (M&A) under trying economic conditions with owners of [...]
Business Times
SEC to complete 15 probes by mid-February
The Securities and Exchange Commission (SEC) aims to conclude 15 investigations including insider trading by mid-February, Nalaka Godahewa, Chairman SEC now in the job for six months, says. “Nine investigation reports have already gone to the commission and the commission has made decisions. What happens is that these (decisions) have to be approved at the [...]
Business Times
Colombo’s Kingsbury hotel not fully operational
By Sunimalee Dias The newly-refurbished, Kingsbury, which is the former Ceylon Continental, currently operates just one floor with 26 rooms. The rest of its facilities and rooms will be opened in due course, the hotel’s management said. Kingsbury’s CEO Otto N. Stohl told the Business Times that currently they had only one floor in operation [...]
Business Times
Calm, caution and statesmanship
The Government should be commended for deciding to set up a Special Parliamentary Select Committee to tackle a worrying resurgence of religious fundamentalism, racism and intolerance. Parliamentary Leader of the House Nimal Siripala de Silva, announcing the move on Friday in the legislature, urged support from all sides and parties concerned for the move. He [...]
Business Times
State must be the servant rather than master of the people
Private sector must be accountable and combine value with profit By Lakshman Ratnapala Emeritus President and CEO of PATA We stand today at a “new moment in history”, in the antechamber of a new global economy marked by rapidly shifting circumstances and new modes of thinking. This new economy will be geographically different, driven more by [...]
Business Times
Davos bosses hunt $5 trln new revenue in low-growth world
(Reuters)- Business leaders in Davos have plenty to worry about, from the euro zone to global geopolitical upheavals, but at heart their problem is simple: how to find new revenue in a low-growth world. Half a decade on from the financial crisis, investors want to see earnings driven by more than just cost cutting. Their [...]
Business Times
US groups fear big price hikes, trade war over Mexican tomatoes
(Reuters) U.S. business groups warned on Thursday of skyrocketing tomato prices and a damaging trade war if President Barack Obama’s administration follows through on a preliminary decision to end a long-standing tomato trade agreement with Mexico. “We are concerned as U.S. distributors about the ability to continue to be able sell Mexican tomatoes with the [...]
Business Times
STBC moves to a new venue – Cinnamon Lakeside
The Sunday Times Business Club (STBC) moved to a new venue – the Cinnamon Lakeside – this week. The hotel, which says it has won honours as the best 5-star property in Colombo – will be the club’s host hotel for the next few years. The STBC’s previous host hotel was the Taj Samudra. At [...]
Business Times
Some big investors got it wrong – SEC’s Godahewa
NEWSMAKERS UNPLUGGED By Duruthu Edirimuni Chandrasekera The Securities and Exchange Commission (SEC) follows a strict rule where a member of the commission doesn’t get involved in an investigation if the parties involved are connected to the commissioner, says the SEC chief. “… Of the nine investigations that have been competed, on at least two or [...]
Business Times
Tea industry manual from former TRI director
Tea industry expert Dr M T Ziyad Mohamed has published a tea factory manual in Sinhala. The author of the manual is the Director, Techno Advisory – Tea, CIC Agribusinesses (Pvt) Ltd and a former director of the Tea Research Institute of Sri Lanka. The book provides a global tea scenario and an overview of [...]
Business Times
Fitch downgrades Vallibel Finance outlook but maintains previous rating
The Dhammika Perera-controlled Vallibel Finance (VFL) has had its outlook downgraded to “Negative” by Fitch, a result of a declining capitalisation, as witnessed by a falling equity/assets ratio, as well as deteriorating asset quality, attributable to rapid lending, However, Fitch did note that VFL’s national long term ratings was being maintained at its previous “BB-(lka)” [...]
Business Times
Tourism saves the day for Sri Lanka amidst political, diplomatic setbacks
By Sunimalee Dias In the wake of the recent political and diplomatic happenings in the country, a senior minister said that tourism was the best publicity for Sri Lanka in such a climate. “In all this political and diplomatic stuff, the best publicity for Sri Lanka is tourism,” Senior Minister and International Development Minister Dr. [...]
Business Times
LAUGFS awaits going public with more than six subsidiaries
LAUGFS Holdings on the back of carrying out three resort hotel projects is awaiting a revival in the Colombo stock market to go public with more than six of its companies. According to W.K. Wegapitiya, Chairman LAUGFS Holdings, LAUGFS Eco Sri, LAUGFS Leisure and a few other firms had been preparing to go public, before [...]
Business Times
Nature’s Secrets chief warns against multinationals alleging they are damaging the economy
By Bandula Sirimanna HORANA – A Sri Lankan promoter of indigenous products opposing the proposed Comprehensive Economic Partnership Agreement with India (CEPA) on the grounds that it favours India is urging the government to act against multinational companies before they damage the Sri Lankan economy. These multinationals are squeezing indigenous businesses, siphoning out the country’s [...]
Business Times
Sri Lankan expatriate heads BOI
The Board of Investment (BOI) would be steered by the Sri Lankan business builder from Australia Dr. Lakshman Jayaweera to steer the country’s premier investment promotion and facilitation agency. “Dr Jayaweera’s appointment as Chairman/Director General of the BOI by H.E the President comes at a crucial juncture when Sri Lanka, having emerged from three decades [...]
Business Times
Orange Electric invests in Singapore company, taking on the world
Orange Electric, Sri Lanka’s premier manufacturer of electrical and lighting products, has now entered the South East Asian market through a strategic acquisition of a leading Singaporean electrical company. The 49 per cent acquisition of Shirakawa Denki Pte Ltd. led to the creation of Orel Far East Pte Ltd. The new partnership will now take [...]
Business Times
State patronage for refurbished NCCSL opening
President Mahinda Rajapaksa on Tuesday opened the newly refurbished National Chamber of Commerce of Sri Lanka (NCCSL) and its new auditorium. The entire complex was refurbished and several new additions were made including the newly designed auditorium, President’s room and a new Boardroom at a cost of approximately Rs.32 million, Deputy President Sunil Wijesinghe told [...]
Business Times
Couples under 35 years more likely to conceive, says Nawaloka Hospital Fertility Centre
The Nawaloka Hospital Fertility Centre, since its opening in 2004, has treated over 4,000 couples to date, with an overall success rate that ranges between 30 per cent and 45 per cent, which is in keeping with international norms. In a media statement, the Centre suggested that couples, where the female is under 35 years, [...]
Business Times
Sri Lankan tea managers welcome newly formed International Tea Producer’s Forum (ITPF)
Sri Lankan tea managers have welcomed the formation of the first ever International Tea Producer’s Forum (ITPF) and congratulated Minister of Plantation Industries, Mahinda Samarasinghe for his initiative and effort in pursuing this. With an intergovernmental membership of seven of the world’s largest tea producing countries including India, Indonesia, Kenya, Malawi, Rwanda, Sri Lanka and [...]
Business Times
Spark iT to transform ICT businesses
By Duruthu Edirimuni Chandrasekera In a bid to provide a platform for local ICT entrepreneurs with prospects to transform their business environment through access to potential private sector investors, the Ceylon Chamber of Commerce (CCC), launched a competition called the ‘Spark iT’ recently. Platinum Sponsor for Spark iT, Etisalat Lanka, Director/CEO, Dumindra Ratnayaka told the [...]
Business Times
Construction activity on the low side but seen improving this year
By Quintus Perera ‘Allumex’, which says it leads the market in aluminium structures as a replacement for timber, is able to trade only 40 per cent of its total production reflecting either a fall in construction activity or lesser demand due to other reasons. Alumex manufactures architectural range of products to suit for doors, windows, [...]
Business Times
Sri Lanka, India to speed up Joint Task Force (trade) work
Sri Lanka and India have begun moves to accelerate the work of the Joint Task Force forward. “2012 was a milestone year in our bilateral trade history giving birth to the Joint Task Force. The uptrend has already started with our exports to India rising by 12 per cent in 2012” said Rishad Bathiudeen, Minister [...]
Business Times
Treasury doles out Rs. 2.8 billion to Sri Lanka Transport Board
By Bandula Sirimanne The Treasury has doled out Rs. 2.8 billion to Sri Lanka Transport Board (SLTB), a loss-making state owned bus utility as a cash injection for workers welfare, finance ministry sources said. The cabinet of ministers had approved a proposal by Transport Minister Kumar Welgama to use this money to give a salary [...]
Business Times
Tata Motors Group global sales at 98,968 units
India-based Tata Motors Group global sales, including Jaguar Land Rover, were 98,968, in December 2012. Cumulative wholesales for the fiscal were 881,009. Global wholesales of all commercial vehicles – Tata, Tata Daewoo and the Tata Hispano Carrocera range – were 52,043, in December 2012. Cumulative wholesales for the fiscal were at 436,240, according to a [...]
Business Times
Commercial transportation gets severe beating from tax hikes
Sri Lanka’s commercial goods transportation has been hit badly following tax changes announced in 2013 budget. Prices of small Lorries and commercial trucks used for goods transportation have gone up by Rs.500,000 to Rs. 700,000 , vehicle importers said. Trucks had a 7 per cent port and airport levy and nation building tax, while the [...]
Business Times
Commercial Bank tied up with Sathosa Motors (SML) on leasing Isuzu lorries and buses
The Commercial Bank of Ceylon has tied up with Sathosa Motors (SML) for the sixth time to offer attractive terms and benefits on leasing Isuzu lorries and buses at convenient terms, a top official of SML said. Sathosa Motors Executive Director Tilak Gunasekera told the Business Times that the bank will offer a 17 per [...]
Business Times
Sri Lanka new vehicle registration drops sharply in Dec 2012
Sri Lanka’s new vehicle registrations (cars, lorries, three wheelers and motor cycles) have dropped sharply to 22,108 in December 2012 from 38,459 during the same month in 2011, according Department of Motor Traffic data. New motor car registrations were down 58.86 per cent to 1,661 in December last year from 4,038 a year earlier while [...]
Business Times
Record Q4 car sales, but Hyundai Motor bumped from fast lane
(Reuters)- Hyundai Motor will report its lowest profit growth since it switched accounting rules in 2011, as record car sales are dented by the impact of a stronger local currency and the cost of compensating drivers in North America for overstated fuel-economy claims. The South Korean automaker, ranked fifth in global saleswith affiliate Kia Motors, [...]
Business Times
Commercial Bank unveils new look corporate website
The Commercial Bank of Ceylon has unveiled a revamped corporate website to enhance the experience of visitors as well as on-line customers. Combining rich content and modern design, the re-designed website enables even easier navigation than before, and offers a range of improved features, the bank said. The new website which can be accessed via [...]
Business Times
Global tea producers’ forum holds inaugural meeting in Colombo
Sri Lanka hosted for the first time the International Tea Producers’ Forum (ITPH) following a requirement to promote and develop areas of common interest among tea producing countries. The Plantations Ministry together with the Sri Lanka Tea Board (SLTB) organised the event with the participation of six of the largest tea producing countries namely India, [...]
Business Times
Amăna Takaful prepares for another promising year
Amăna Takaful recently presented its annual plan to its staff under the theme “We Are Winning” where all staff members were presented with the 2012 performance of the company highlighting the year and the milestones achieved. “Our growth trajectory is promising and we have expanded to new markets in 2012. This year we are even [...]
Business Times
Sri Lanka helps Maldives in ERP solution for fishing industry firm
Bileeta Pvt Ltd, fresh from numerous local successes, has secured a contract to implement an ERP solution for Kooddoo Fisheries Maldives Ltd (KFML)). The newly incorporated company has its main operation base in the former Kooddoo Fisheries Complex. This company has become the main player in the skipjack tuna operations of the country, the Sri [...]
Business Times
Fonterra launches Sri Lanka’s first solar powered milk chilling centre at Hanwella
Fonterra last week opened Sri Lanka’s first solar powered milk chilling centre in Hanwella. Projected to conserve approximately 22,000 kW every year, the centre which features 32 solar panels with a 3.24 kW capacity, was officially declared open by the Minister of Power and Energy, Patali Champika Ranawaka, the company said. Speaking at the event, [...]
Business Times
Unilever Sri Lanka, SLIM launches ‘Professional Selling’ Diploma course
Unilever Sri Lanka in association with the Sri Lanka Institute of Marketing (SLIM) has launched a ‘Professional Selling’ Diploma course for sales representatives employed by the company’s distribution business partners and service providers who operate in all areas of the country. The launch of this course also included the signing of the Memorandum of Understanding [...]
Business Times
Eric Rajapakse Opticians helps visually handicapped
Eric Rajapakse Opticians are working jointly with the Federation for the Visually Handicapped to assist members for their education, vocational training, sports activities and general lifestyle. As part of its mission to remove barriers that prevent people with visual disabilities from enjoying the best possible opportunities to enhance their lives, Eric Rajapakse Opticians is committed [...]
Business Times
Goodhope leverages Dialog Axiata network to expand global connectivity
Goodhope Asia Holdings Ltd, as part of its global footprint expansion, continues to leverage Dialog Axiata’s international network to extend its seamless network. The connectivity solution offer by Dialog brings together Goodhope’s offices in Singapore, Malaysia, Indonesia and Sri Lanka. This connected network runs on Dialog’s International MPLS (iMPLS) infrastructure that ensures secure and uninterrupted [...]
Business Times
Traveller’s Choice picks Ulagalla among top 25 hotels in Sri Lanka
Ulagalla has been ranked among the top 25 Small Luxury Hotels in Asia by TripAdvisor in its 2013 Travellers’ Choice awards, a media release issued by the management said. This recent award is an addition to its already existing TripAdvisor accolade from 2012 when it was awarded a Certificate of Excellence. “magical”, “an experience to [...]
Business Times
BBDO Lanka MD Santosh Menon to speak at Mauritian event
BBDO Lanka MD Santosh Menon is scheduled to speak at the first ever TEDx event to be held in Mauritius on January 31. He will be one of the five local and international voices chosen to address the occasion for having a unique story or an unusual perspective and who can convey it in a [...]
Business Times
Anver Dole – new head of PRISL
Anver Dole was unanimously elected as the new President of the Plastics and Rubber Institute of Sri Lanka (PRISL) at its AGM held recently. “A man of myriad interests and achievements, he is also the President of the Institute of Management of Sri Lanka (IMSL), the Chair of the EFC’s Employer Network on Disability, Chairman [...]
Business Times
Five Jetwing hotels among top 25 hotels in Sri Lanka
TripAdvisor’s Best of 2013 list has highlighted five of the Jetwing hotels as the Travellers’ Choice 2013 Top 25 Hotels in Sri Lanka, a media release issued by the company said. The Jetwing hotels are family owned and in the tourism industry for the past 40 years. The company now has the largest resort chain [...]
