Business Times
Nuga Gama on Nat Geo…
Cinnamon Grand’s unique Nuga Gama, dubbed Sri Lanka’s only village in the city, was the location for the inaugural photography based reality show on the National Geographic Channel. The elimination round of the competition, held in Sri Lanka, will see contestants face a variety of challenges that test their photographic skills. Cinnamon hotels and resorts [...]
Business Times
Top official should have been charged for fraud, corruption
PSC report reveals Janaka Ratnayake was not ‘fit and proper’ to serve in any capacity By Bandula Sirimanna Janaka Ratnayake, an influential Sri Lankan Government official was reprimanded and labelled ‘not fit and proper (to serve in any position)’ and accused of corruption, the Parliamentary Select Committee (PSC) report on the impeachment probe against former [...]
Business Times
Results of BT-RCB poll on COL next week
The results of a joint Business Times-Research Consultancy Bureau (RCB) poll on the impact of the cost of living on people and the popularity of the government will be published next week. The poll was conducted in the regions of the North Central, Northern, Western, Southern, North Western, Central, Uva, Sabaragamuwa and Eastern among nearly [...]
Business Times
SriLankan to replace old aircraft, says CEO
By Sunimalee Dias National carrier, SriLankan Airlines will look at replacing some of its ageing long range aircraft with a modern fleet, the carrier’s Managing Director Kapila Chandrasena said on Thursday. Addressing the media to announce a partnership with the Amadeus Alteěa IT suite, adding new and improved technology to provide seamless service throughout its [...]
Business Times
‘Palace on Wheels’ luxury bus from Lanka Ashok Leyland
By Duruthu Edirimuni Chandrasekera Lanka Ashok Leyland expects to launch ‘Palace on wheels’, a luxury bus concept which will help travellers hit the road in style, officials said. “This is a luxury motor home where passengers get amenities of their residence,” Umesh Gautam, CEO, Lanka Ashok Leyland told the Business Times, noting that they want [...]
Business Times
Foreign university branches to accommodate AL students unable to enter local campuses
Two universities from Britain and Singapore will soon sign agreements with the Board of Investment (BOI) to set up colleges here, a top official said. This is under the new investment promotion strategy of promoting foreign investment initially in the education sector. M.M.C. Ferdinando, acting Secretary of the new Ministry of Investment Promotion told the [...]
Business Times
Supreme Court saga of the Golden Key case
Golden Key Co. was a scam, says Justice Tilakawardene Supreme Court Judge Shirani Tilakawardene, giving evidence on 7th December 2012 before the Parliamentary Select Committee (PSC) that probed the impeachment charges against former Chief Justice Shirani Bandaranayake, made many interesting revelations on the investigation on the Golden Key Credit Card Co. Janaka Ratnayake, Chairman of [...]
Business Times
Cheap for foreigners,costly for locals
Depends on who you ask, Colombo is talking about a report this week in which the Sri Lankan capital is described as the 10 least expensive or cheapest cities in the world. According to the Economist Intelligence Unit’s (EIU) worldwide cost of living index survey, Mumbai and Karachi were the joint cheapest locations followed by [...]
Business Times
Janashakthi Insurance introduces new pension plan for retirement
6.8 million workers don’t have a proper retirement plan By Sunimalee Dias Doing a reality check based on available statistics has found that Sri Lanka’s growing ageing population problem would be further compounded with the 6.8 million people currently employed not having a proper retirement plan. Central Bank statistics have pointed out that out of [...]
Business Times
Seylan Bank to issue listed debentures
Seylan Bank has obtained Colombo Stock Exchange (CSE) approval to issue 10,000,000 Unsecured Subordinated redeemable 5 year Debentures of Rs 100 to raise Rs 1 billion and in the event of over subscription to issue a further Rs 1 billion, taking the total issue to Rs 2 billion. The issue will open on 14th February, [...]
Business Times
Textured Jersey declares 62% dividend pay-out
Textured Jersey Lanka PLC (TJL), Sri Lanka’s leading provider of knit fabric to major global brands such as Victoria’s Secret, Marks & Spencer, Intimissimi and Decathlon, has declared a 62 per cent dividend pay-out in its third quarter to 31st December 2012 results. This is probably one of the biggest dividends declared by a listed [...]
Business Times
SL growth plans offer great opportunity to reform education, ComBank chairman says
The Central Bank road map for 2013 which aims to achieve US$4000 per capita income by 2016 offers a huge economic opportunity for Sri Lanka to reform its education and training with a bias for technological, scientific, and industrial skills, a top banker says Dinesh Weerakkody, Chairman Commercial Bank of Ceylon, speaking at the recent [...]
Business Times
6th South Asia Economic Summit in Colombo
The South Asia Economic Summit (SAES), six years after its inauguration in Colombo, will be held once again in Sri Lanka from September 2-4, 2013. It is hosted by the country’s top economic policy think tank, the Institute of Policy Studies of Sri Lanka (IPS). According to IPS, the SAES, held annually since 2008, is [...]
Business Times
Government trawls back on increased tea export cess
The Sri Lankan Government, facing a barrage of complaints from the tea industry, this week did an about-turn on a controversial decision to increase the tea export cess. The increased cess was introduced a week back by the Treasury through a gazette notification without any consultation not only with the trade but also the Ministry [...]
Business Times
World’s largest luxury passenger liner calls over at Colombo Port
The world’s largest luxury passenger liner ‘Mv Queen Mary’ with more than 2,300 tourists on board called over at the Colombo harbour on Monday (February 4 -Independence Day) and was given a traditional welcome by the Sri Lanka Tourism Promotion Bureau (SLPA). The passengers comprised US, British, Australian, New Zealand, South African and Canadian nationals. [...]
Business Times
Ireland’s Certified Public Accountants signs MOU with Sri Lanka’s Certified Public Accountants
The Institute of Certified Public Accountants in Ireland (CPA Ireland) and the Institute of Certified Public Accountants in Sri Lanka (CPA Sri Lanka) have entered into a Memorandum of Understanding (MOU), which will see both bodies offer service and support to each others’ members and collaborate on joint research, education, member body development and on [...]
Business Times
Major investments by LAUGFS in hospitality industry
The LAUGFS Group is heavily into leisure industry investments with one of the big ones being the Pasikudah project currently underway through a major investment of Rs. 2.5 billion. The property will be designed with state-of-the-art amenities and has a commercial opening scheduled to take place in June 2014, the group announced last week. The [...]
Business Times
IFC improves loan access to small Lankan businesses
World Bank unit, IFC is working with Sri Lanka’s Credit Information Bureau (CRIB) to improve access to loans and other financial assistance to upto 37,000 micro and small businesses. IFC said in a media statement that it would provide advice and assistance to CRIB to support the legal framework which will enhance financing for firms [...]
Business Times
World Bank unit investing $745 mln in ComBank
IFC, a member of the World Bank Group, is investing $75 million (about Rs 9.6 billion) in the Commercial Bank of Ceylon to expand the local bank’s operations and increase access to finance for small and medium enterprises (SMEs). This investment, through a fund managed by IFC’s Asset Management Company (AMC), is the global agency’s [...]
Business Times
Reputed certificate for cinnamon peelers
By Duruthu Edirimuni Chandrasekera Sri Lanka’s Spice Council plans to award a certificate aligned to the American National Standard Institute to cinnamon peelers in a bid to uplift their labour standards, officials said. “The cinnamon peeling season is about nine months and the peelers earn roughly Rs. 45,000 a month. They earn well, but there’s hardly [...]
Business Times
Amana Bank’s ‘Your Country Your Bank’ campaign to mark independence
Sri Lanka’s top Sharia-based bank, Amana Bank took the initiative of launching its “Your Country Your Bank” campaign during celebrations for the country’s 65th anniversary week. “Through this initiative Amana Bank will foster the true spirit of being Sri Lankan, where during the week of Independence Day celebrations all the customers who visit the bank [...]
Business Times
Etisalat to head start on 4G
By Duruthu Edirimuni Chandrasekera Etisalat Lanka has held discussions with suppliers of 4G (Fourth Generation of mobile phone mobile communications standards) in a bid to prepare itself for the 4G spectrum licences the Telecom Regulatory Commission (TRC) plans to roll out soon, officials say. “We are looking to the government (to deploy) 4G and they [...]
Business Times
Dipped Products continues strong performance into 3Q 2012-13
Dipped Products Group says it has recorded top line growth of 20 per cent, posting turnover of Rs 17.4 billion at the end of the third quarter of 2012-13, with strong operational performance in its hand protection sector and a significant contribution from plantations. The company that accounts for five per cent of the global [...]
Business Times
AVIVA NDB Insurance post tax profit up 11 % in fiscal 2012
AVIVA NDB Insurance says it has recorded a ‘solid performance in both Life and General insurance for the calendar year 2012. As per unaudited results for the 4th quarter, profit after tax at the company grew to Rs. 773 million in 2012 from Rs. 694 million in 2011. According to a company statement, investment income [...]
Business Times
Patrick Gallagher appointed CEO for HSBC Sri Lanka and Maldives
Patrick Gallagher has been appointed Chief Executive Officer (CEO) for HSBC Sri Lanka and Maldives with effect from 30 April 2013. He succeeds Nick Nicolaou who has steered HSCB operations in these two countries for the past five years, according to a bank announcement. Mr Gallagher joined the HSBC Group in 1989 and has worked [...]
Business Times
Northern Jaffna peninsula to be fully connected to national grid power
Sri Lanka’s northern Jaffna peninsula will be connected to the national grid by end of this year, a senior official of the Ceylon Electricity Board (CEB) said. Priyantha Gunesekara, General Manager, CEB-Northern Province, told a business forum held to coincide with the Jaffna International Trade Fair 2013 held recently in Jaffna that peak power demand [...]
Business Times
Youthlink.lk launched to promote ideas of young people
Locally-based knowledge-sharing portal youthlink.lk was launched recently with a stated purpose of which is to “promote the exchange of ideas, ambitions and causes of young people across the island”, according to a media statement by Sarvodya Fusion, the Sri Lankan Information Communication Technology for Development (ICT4D) organisation responsible for this online portal. Further, according to [...]
Business Times
Unions opposed to legislative changes enabling night work for women
The Ceylon Federation of Labour (CFL) has joined other unions in the National Labour Advisory Council (NLAC) to oppose moves by labour authorities to amend the Shop and Office Employees Act to permit night work for women. The CFL said in a statement that these changes are being brought “at the behest of the Employers [...]
Business Times
Microsoft starts new model engagement with 10 NGO groups
By Jagdish Hathiramani The local arm of Microsoft’s Citizenship (community affairs) unit, which advocates IT adoption at the grass roots level, recently started interacting with non-governmental organisations (NGOs) in a novel way; shifting their engagement to ‘Mini Connecting Community Days’ focused on specific subjects. According to Microsoft’s local Citizenship Manager Janakie Karunaratne, this new approach [...]
Business Times
Indian and Sri Lankan tea companies share new tea clones
The longstanding partnership between Tata Global Beverages and Watawala Plantation PLC has created a great platform for India to share the new clones and variants of teas they have developed with the Sri Lankan tea industry, according to Harish Bhat, Managing Director of Tata Global Beverages Ltd. During a recent visit to Sri Lanka, he [...]
Business Times
Issues in tea production in 2013
Sri Lanka’s tea production would continue to be hindered by possible wage hike agitation, dry weather, looming effects of the rupee and inadequate promotions for the industry from the cess collected. The Asia Siyaka market report indicates that in the first quarter it expects the country to continue to face up to the dry weather [...]
Business Times
Effective leadership and economic development
By Lloyd F Yapa Readers may recall two articles I wrote in the Sunday Times Business pages on enhancing export competitiveness to resolve the balance of payments problem and to boost economic growth. In those articles the need to create a positive enabling environment consisting of good governance and macro-economic (budgetary and monetary) stability particularly [...]
Business Times
Airline marketing certificate to be offered in India, Maldives next
The advanced certificate in airline marketing, which was recently launched locally, will next be made available in Trivandrum, in India, Male, in the Maldives, as well as even other urban centres across Sri Lanka, according to Buddhika Hewawasam, Manager of SriLankan Airlines’ International Aviation Academy, the main facilitator of this programme. Further, the local carrier [...]
Business Times
New VAT could impact ODEL growth
Odel, the top Sri Lanka, fashion store chain which is branded around its iconic founder Otara Gunewardene , says the new Value Added Tax (VAT) could impact on the group’s profitability “While we are encouraged by the growth in sales across the store network, we remain cautious in forecasting the year end results for ODEL, [...]
Business Times
Poland trade delegation in Sri Lanka
A Polish trade delegation visited Sri Lanka this week for talks on investment opportunities. It was hosted by the Sri Lanka – Poland Business Council of the Ceylon Chamber of Commerce. Picture shows Kumara Semage, President of the Council presenting a token of appreciation to Leszek Lazarczyk, member of the delegation.
Business Times
MTD Walkers to unveil new brand identity in April
By Duruthu Edirimuni Chandrasekera MTD Walkers will unveil its new brand soon after the Sinhala-Hindu New Year, officials said. “The branding is more or less finalised now and we’ll be unveiling the new brand just after the Sinhala New Year,” Jehan Amaratunga, Deputy Chairmen MTD Walkers told the Business Times. He said the plans are [...]
Business Times
Lalith De Silva assumes duties as Group CEO SLT
Lalith De Silva, Mobitel CEO has assumed duties in a newly created post of Sri Lanka Telecom (SLT) group Chief Executive Officer (CEO), Chairman of SLT Nimal Welgama revealed in staff circular issued on Thursday. Mr De Silva told Chief Officers of the company after assuming office that he will review all plans including the [...]
Business Times
Sri Lanka- China trade and development issues
The Sri Lanka China Friendship Association is organising a trade mission to China. The association said it has organized a trade development forum in partnership with the Zongshan Foreign Affairs Bureau in Zongshan, China from March 28th April 1. It said Sri Lankan businesses interested in obtaining further information towards participating in this forum are [...]
Business Times
Turkish Airlines begins flights to Colombo
Turkish Airlines, which says its the ‘best airline in Europe’ and flying the most countries in the world, this week added its 219th destination and its 98th country by commencing flights to Colombo. The airline will operate flights to Colombo, five days a week on Mondays, Wednesdays, Thursdays, Fridays and Sundays in both directions, linking [...]
Business Times
Middle East’s leading jobsite, Bayt.com, now in Sri Lanka
DUBAI – Bayt.com, the Middle East’s leading jobsite, announced recently that it has signed an authorized reseller agreement with the Amazai Group, an integrated solutions provider based in Colombo, Sri Lanka. The Amazai Group will start providing Bayt.com’s premium solutions for both employers and jobseekers in Sri Lanka, the jobs web said. Bayt.com is the [...]
