Business Times
‘Russel’s’ opens in Jaffna
Well-known tea company Russel’s has opened its popular lounge in Jaffna, giving the agency to S. Archuthapayan. Russel’s Tea is supplied to well-known supermarkets like Cargills, Sathosa and Laugfs, among other outlets.
Business Times
Foreign universities invited to invest in Sri Lanka
Ferdinando appointed acting Secretary of Investment Promotion Ministry By Bandula Sirimanna Sri Lanka plans to attract investment from top foreign universities and education institutions in an effort to reduce the number of students seeking costly overseas education. Newly-appointed Investment Promotion Minister Lakshman Yapa Abeywardena told the Business Times in a phone interview that this investment [...]
Business Times
Jaffna city land prices up 10 times over last 5 years : KPMG report
A 10 perch parcel of land, called a “Parappu”, in the heart of Jaffna town, is estimated to cost between Rs. 7 million and Rs. 8 million, according to a real estate report titled “Emerging Jaffna” published jointly by KPMG and the Research Intelligence Unit. Further, the report also adds that this is up to [...]
Business Times
COPE has no mandate to probe SLT, says outgoing CEO
Sri Lanka Telecom (SLT) has submitted its financial statements, documents on staff promotions and recruitments, details of recent procurements and its tender procedure to the Parliamentary Committee on Public Enterprises (COPE) although COPE has no mandate to probe into company activities, outgoing SLT CEO Greg Young said. “We are a listed company in the Colombo [...]
Business Times
Cinnamon Air take-off in end-March
Cinnamon Air, the newest entrant to Sri Lanka’s skies, will launch scheduled flights to different locations in Sri Lanka by end March, officials said. The airline is owned by Saffron Aviation (Pvt) Ltd, a joint venture involving MMBL Leisure Holdings Ltd, John Keells Holdings and Phoenix Ventures Ltd. Saffron Aviation Director Romesh David told the [...]
Business Times
First Capital to raise Rs 4.5 bln in corporate debt
By Duruthu Edirimuni Chandrasekera First Capital, having raised close to Rs.6.5 billion during the last nine months in corporate debt, plans to raise long term funding through private placements (PP) amounting to Rs 4.5 billion for finance companies, banks and corporates in the next few months, officials said. “We have about five entities lined up [...]
Business Times
Hambantota airport opens on March 18
By Sunimalee Dias The Hambantota International Airport (HIA) will be opening on March 18 and several flights are tipped to take off and land on that day. However schedules are yet to be prepared in this regard, Aviation Ministry officials said. Opening day schedules were still being readied and it was too early to announce [...]
Business Times
Duty free vehicle permits for top Buddhist priests among others
At least 20,000 duty free vehicle permits are to be issued this year following removal of 3-year restriction imposed on transferring duty-free vehicle permits, motor traders alleged. They said that some of these permits have already been issued to Chief Buddhist priests, Ayurvedic doctors, and army officers, apart from senior public servants. Normally only senior [...]
Business Times
Women-migrants: Caught in the chain of poverty
By Dr. Mervyn D. De Silva (Former Director, Ministry of Plan Implementation, ex-SLFP Nationalist MP) Many are the voices that have been raised and focused on the raging imbalances and inequality created by the 10 Commandments of the Washington consensus and, the dominant development paradigm that was promoted with much missionary zeal. Many are also [...]
Business Times
Tea crisis brewing
Sri Lanka’s tea sector is aghast over a sudden decision to increase the tea export cess (which in modern terms is described as a ‘tax on a tax’) by 100 per cent from January 23. Exporters say, according to several statements issued by sector bodies, that there was no discussion with the Plantations Minister or [...]
Business Times
Investment implications of “the Sri Lankan way”
Few things strike the occasional visitor to a new country as the “local way of doing things”. Some of these are deeply rooted traditions. Others are petty and annoying habits masked as traditions. Sri Lanka is home to both. Culture (or traditions) is found in exercises that require the most objective analysis. Recruitment is a [...]
Business Times
RAM assigns Vallibel Finance ‘BB+’ / stable initial rating
“Aggressive” loan growth and increases in new non-performing loans have resulted in RAM assigning an initial financial institution rating for Vallibel Finance of “BB+”, for the long-term, with stable outlook, and “NP”, for the short-term. Vallibel Finance is 72.87 per cent owned by Dhammika Perera’s Vallibel Investments. It provides leasing and hire-purchase facilities out of [...]
Business Times
Electronic Arts revenue dropped in 3rd quarter
SAN FRANCISCO, Jan 30 (Reuters) – Video game publisher Electronic Arts Inc reported lower revenue for the third quarter as the video game industry continued to struggle with flagging sales and experienced a weak holiday quarter. Electronic Arts revenue fell as the console game business has “been extremely soft” as the industry waits for next-generation [...]
Business Times
Labour shortage looms over Sri Lanka’s “Magic Moment”
By Sunimalee Dias Though Sri Lanka is now in its “magic moment” in terms of economic development however, the country’s looming threat of labour shortage has become a compelling issue for local industries, the newly elected National Chamber of Commerce of Sri Lanka (NCCSL) President Sunil G. Wijesinha said. Speaking at the chamber AGM last [...]
Business Times
Lankan tea exporters furious over sudden increase in tea export cess
Sri Lankan tea exporters are furious over a sudden revision in the cess for bulk tea saying a large number of tea export containers were held up at the Customs due to the new tax coming into force through a 23rd January gazette notification. The revised levy unfairly thrust upon the tea export sector is [...]
Business Times
Recent Govt. decisions lead to ‘progressive decimation of the tea industry’ : CTTA
Sri Lanka’s tea sector has warned that recent state decisions, without consultation with the sector, has triggered a progressive decline of this vital industry In a statement, the Colombo Tea Traders’ Association (CTTA) said: “It was a little over two years ago that, coinciding with the Budget Proposals for 2011, at midnight on November 22/23, [...]
Business Times
Lanka’s tea industry is a big fish in a small pond
By Duruthu Edirimuni Chandrasekera While Sri Lanka’s tea industry is a big fish in a small pond, it’s important to focus on its share in the global beverages market, according to industry analysts. “Sri Lanka has some 8 per cent in the global tea market and there’s 92 per cent to capture. As such Sri [...]
Business Times
New pledge to be aware of HIV/AIDS
By Sunimalee Dias The Lanka Business Coalition on HIV and AIDS on Wednesday unveiled their pledge campaign in Colombo aimed at increasing awareness among the general public of working with people with AIDS. Though Sri Lanka still continues to be at a low level of the HIV epidemic as it is present in less than [...]
Business Times
C-city complex for construction material sales soon
By Quintus Perera The success of the government’s planned mega project, C-city – the one stop shop for all construction needs coming up in Peliyagoda – depends on the initial deposit or advance that is to be charged from those building materials and services’ suppliers who would set up their units in the C-city complex. [...]
Business Times
Amunugama stresses need to remove power and energy sector from state monopoly
By Bandula Sirimanna The power and energy sector should be removed from the state monopoly as it is a burden to the country’s economy, said Deputy Minister of Finance Dr. Sarath Amunugama at the launching ceremony of the web site of the Public Utilities Commission at BMICH in Colombo last week. He added that the [...]
Business Times
Nature Secrets’ Night fever perfume ‘guarantees a night of pleasure’
Nature’s Beauty Creations Ltd has launched what it calls “three revolutionary perfumes” to the market with one aimed at a ‘naughty night’. The company said the new range launched under the brand name ‘S Cologne’, “addresses the true desires of Sri Lankan women”. The products are – ‘Morning Glory’, promises an invigorating morning with its [...]
Business Times
IRD tax advisory services commended
Letter It’s commendable that the Department of Inland Revenue (IRD) is going to provide free tax advice to the public at large, especially the tax payers. I welcome this news. However it’s better for the IRD to give a hearing to tax payers’ problems whenever a new tax is introduced. It will make the tax [...]
Business Times
JKH leisure sector earnings driven by city hotels, resorts see less occupancy
Tourism is booming in Sri Lanka but not all resort hotels are making huge profits as John Keells Holdings’ (JKH) latest results show. JKH in its third quarter earnings ending 31st December 2012 says leisure sector earnings were mainly driven by the group’s (Colombo) city hotels – Cinnamon Grand and Cinnamon Lakeside. “Sri Lankan Resorts [...]
Business Times
World’s largest ultra high definition TV, smart refrigerator unveiled
International Consumer Electronics Show 2013 round-up By Jagdish Hathiramani The international Consumer Electronics Show, held annually in Las Vegas, USA, is typically the first opportunity of the New Year for big name TV, mobile phone, computer and gaming companies, amongst others, to get the world excited about upcoming new products and technologies as well as [...]
Business Times
SLT undergoes major transformation, tackling ‘aging staff issue’, outgoing CEO Greg Young says
By Bandula Sirimanna NEWSMAKER UNPLUGGED Sri Lanka Telecom (SLT) has undergone a major transformation during the past three years to meet the changing competitive and business environment despite obstacles created unnecessarily by a few trade unions especially the Telecommunication Engineers Union, says outgoing SLT CEO Greg Young. Innovation, responsiveness, teamwork, business processes, increase in productivity, [...]
Business Times
Lankem Consumer commissions Rs. 70 mln laundry soap plant
Lankem Consumer Products Ltd., a subsidiary of Lankem Ceylon PLC recently commissioned its brand new laundry soap plant at its manufacturing complex in Sapugaskanda. In a media statement, Lankem Ceylon Director Ruwan T. Weerasinghe said, “After months of hard work, we are proud and delighted with this achievement and the outcome of the facility. This [...]
Business Times
HSBC and IUCN partner to restore Anuradhapura cascade tank system
By Duruthu Edirimuni Chandrasekera Over 60,000 people will have access to safe water for everyday living and livelihood development with HSBC’s strategic partnership with the International Union for Conservation of Nature (IUCN), to invest in the restoration of a cascade tank system in the North Central Province. A memorandum of understanding (M0U) for this purpose [...]
Business Times
Drop in home construction sets back ceramic tile sales
By Duruthu Edirimuni Chandrasekera With a slowdown in home building owing to the interest rate hikes seen last year, Sri Lanka’s ceramic tile industry has suffered a major setback, industry experts say. “The (ceramic) tile market is sluggish for the last six months mainly because the home building sector has dropped. Given the nature of [...]
Business Times
IMF Executive Board reports on the Quota Formula Review
The Executive Board of the International Monetary Fund (IMF) this week submitted its report on the outcome of the quota formula review to the IMF’s 188-member Board of Governors. The Board of Governors had requested as part of the 2010 quota and governance reforms that a comprehensive review of the quota formula be completed by [...]
Business Times
Mobitel launches Kandy region-specific news alerts
By L.B. Senaratne Mobitel, which has a 19-year presence in Kandy, last week launched a news alert service for Kandy residents. The service would be free till February 28 and thereafter a fee Rs 30 would be charged. The news alert is both English and Sinhala.Governor of the Central Province Tikiri Kobbekaduwa, who spoke at [...]
Business Times
Haycarb reports 3Q PBT of Rs 805 million
Haycarb PLC, the Hayleys Group’s global activated carbon manufacturer, says it has ‘maintained the momentum of revenue and profit growth’ in the third quarter, despite challenges in traditional markets. The company, in a media statement, reported revenue of Rs 8 billion for the nine months ending 31st December 2012, and profit before tax of Rs [...]
Business Times
Fourth season of CIC’s best farmers programme underway
The fourth season of CIC’s “Shoora Goviya” programme is currently underway and all preparations are in place to recognize the best young farmers in the country. The company said the competition is an initiative by CIC to further encourage the younger generation to commit to farming and ensure the future development and progress of Sri [...]
Business Times
Sarvodaya’s micro finance arm extension DDFC begins operation based on Lord Buddha’s principles
Deshodaya Development Finance Company Ltd (DDFC), an extension of the micro finance arm of SEEDS (Sarvodaya Economic Enterprise Development Services ), entered the financial services field this week as the 47th licensed finance company in Sri Lanka . Founder/President Lanka Jathika Sarvodaya Shramadana Sangamaya Inc Dr. A. T. Ariyaratne, addressing the gathering of nearly 1,500 [...]
Business Times
Mihin Lanka launches flights to Delhi
Mihin Lanka launched flights to Delhi yesterday, the 10th destination for Sri Lanka’s budget carrier. The airline said it now has five weekly, direct flights to India – on Tuesday and Wednesday to Varanasi and Saturday, Sunday to Gaya; and Saturday to Delhi. “Mihin Lanka is the only one of its kind that offers a [...]
Business Times
‘Perth Paradise’, Sri Lanka’s much hyped mega township project in Horana becomes a daydream
By Bandula Sirimanna ‘Perth Paradise’, Sri Lanka’s much hyped largest township project in Horana has been halted midway following the Indian investor’s action to abandon the project, official sources said. Housing and Construction Lanka Pvt Ltd affiliated to Ansal Housing and Construction Ltd, an internationally known construction firm in India had been entrusted with the task [...]
