Business Times
Ambitious Krrish Sq project encounters difficulties
Discussions underway to attract Ritz Carlton hotel group to the project By Bandula Sirimanna At least 30 Sri Lankans, overlooking land and project viability issues, have offered to purchase super luxury apartments at an astronomically high price of Rs. 93 million per unit at the ‘Krrish Square’ mega multi-complex real estate project at Transworks House [...]
Business Times
NSB plans roadshow ahead of US$ 1 bn bond
By Duruthu Edirimuni Chandrasekera The National Savings Bank (NSB) is planning a roadshow abroad ahead of raising a US $1 billion bond, sources close to the bank said. “This year NSB is planning a roadshow in some countries as they want to raise international funding this year,” a source said, noting that the roadshow is planned [...]
Business Times
Jetwing opens first no-frills hotel next month
Jetwing Hotels, among Sri Lanka top three hotel chains after John Keells and Aitken Spence, is coming up with a first: A no-frills hotel in Negombo on the lines of the budget air travel concept. Jetwing Hotels Chairman Hiran Cooray said the hotel named ‘Hotel J’ will open next month on the Negombo beach next [...]
Business Times
JKH’s Union Place apartment complex ready by end 2014
John Keells Holdings (JKH) will complete its 36 story, Union Place apartment complex by end 2014, officials said. “We plan to complete construction of ’320′ as it will be called by 2014. It will have 470 apartments,” Ajit Gunewardene, Deputy Chairman, JKH told the Business Times. He said that JKH is currently at the development [...]
Business Times
SL cigarette manufacturer in final appeal over compulsory labelling
Ceylon Tobacco Co (CTC), Sri Lanka’s monopoly cigarette manufacturer, won a slight reprieve in the Supreme Court against a lower court decision pertaining to compulsory labelling of health warnings on packs. The government assured the court at a February 28 hearing that the labelling regulations, due to be effective on March 1, would be put [...]
Business Times
War crimes protests block some Indian participation at Colombo textile fair
By Sunimalee Dias An Indian Tamil political organisation protesting against alleged war crimes in Sri Lanka has stopped at least four Tamil Nadu fabric manufacturers from participating at a Colombo exhibition that opened on Thursday. The fourth TEXTECH Sri Lanka 2012 International Expo held at the Sri Lanka Exhibition and Convention Centre (SLECC) from February [...]
Business Times
Hard-working, unmarried Kilinochchi woman supports family of 12 including parents by painting boats
By Quintus Perera, reporting from Kilinochchi The true meaning of life and the struggle of a young woman supporting a family of 12 came into the public domain through a fibre glass boat under construction, in the Neil Marine-supported boatyard in Kilinochchi. This project is under the ILO Australian Aid LEED project to enhance the [...]
Business Times
F&G Trust dissolved, heeding requests of trustees
By Bandula Sirimanna Trustees of the two trusts appointed to find a redress for over 4,000 depositors of failed Ceylinco companies, F&G Real Estate Company Ltd, (F&GRE) and F&G Property Developers Pvt Co. Ltd (F&GPD) have been released from their duties by the Supreme Court after two years and three months of their service. A [...]
Business Times
SAP teams up with John Keells in broadening services in Sri Lanka
John Keells Holdings PLC, who was appointed as a SAP Services’ Partner in 2011, this week announced that they have teamed up with SAP Services to broadbase the spectrum of SAP centric services’ portfolio to meet the growing demands of the Sri Lankan market. This is a significant milestone in the partnership between JKH and [...]
Business Times
NTB reports 21% rise in 2012 profits, says handled challenges well
The Nations Trust Bank (NTB) says it handled specific challenges well during the year to post an after-tax profit of Rs 1.95 billion for calendar 2012, up 21 per cent from 2011. These challenges, during the early part of the year, included the rising interest rate scenario, devaluation of the currency and the changes in [...]
Business Times
People’s Bank facilitates online payments for Customs duty and taxes
People’s Bank recently entered into a strategic partnership agreement with Sri Lanka Customs to make customs duty or tax payments more convenient for importers, through the introduction of an online payment gateway. People’s Bank customers can now make Custom’s duty / tax payments for their imports via the bank website, thereby eliminating a tedious procedure [...]
Business Times
State bus company to reduce Treasury dependency
The Sri Lanka Transport Board (SLTB) is using a judicious mix of privatising some sections and leasing its land to secure income in preparing a policy to reduce dependency on Treasury support. Under the strategy institutions functioning under the SLTB would more autonomous and be less dependent on the Treasury with the passage of time, [...]
Business Times
Wanted: Someone who has never played sport?
No Sri Lankan would ever forget 17 March 1996. There has not been a greater day for sport in this country than when we won the Cricket World Cup. Unfortunately, it also heralded the end of innocence for the game in the country. The arrival of the IPL has made matters worse. Cricket no longer [...]
Business Times
EDITORIAL – CEB losses: Preaching to the converted
A newspaper headline on Friday which reported the prospect of the Ceylon Electricity Board (CEB) seeking a 124 billion-rupee handout from the Treasury must have shocked many policymakers, economists and Colombo-based civil society activists. At a time when the Treasury is struggling for funds, putting the brakes on many requests from state institutions (incurring, in [...]
Business Times
SME : Backbone of an economy
By Dinesh Weerakkody Growing a diverse and competitive Small and Medium Enterprises (SME) sector is considered as one of the critical factors towards achieving sustainable economic growth. Some advanced economies have succeeded in this regard because SMEs form a fundamental part of their economies. In such economies, SME comprise more than 98 per cent of [...]
Business Times
Indian education exhibition ends today
‘EdCil Indian Education Fair 2013’ – an exhibition which has over the years provided Sri Lankan students with high quality and affordable educational options featuring Indian universities, colleges and higher education institutes, ends today at the BMICH in Colombo. It opened yesterday. The event, held under the guidance and patronage of the Indian High Commission, [...]
Business Times
eCyberSec breaks new ground on national Cyber security
eCybersec, a pioneer in application security platforms, has tied up with many leading Sri Lankan private and public sector companies to counter the rising threat posed by increasing cyber crime. Cybercrime attacks on government institutions and organizations recently, gained access to confidential data worth millions of dollars and threatening the safety of countries. Consequently, the [...]
Business Times
Lankan cable manufacturers cry foul over substandard imports
By Duruthu Edirimuni Chandrasekera Lankan cable manufacturers are crying foul over substandard cable imports to the country saying they are hazardous to the industry. “Sri Lanka Standards Institution (SLSI) has been notified of this. These imports don’t have SLSI standardisation as well,” Mahinda Saranapala, CEO Kelani Cables told the Business Times. He said the domestic cable [...]
Business Times
Orange Electric introduces industrial product range to Sri Lanka, South Asia and South East Asia
Orange Electric, Sri Lanka’s global manufacturer of electrical and lighting products, has introduced its industrial product range to Sri Lankan, South Asian and South East Asian markets, simultaneously. With this new move, Orange industrial products will support the industrial sectors of Sri Lankan, South Asian and South East Asian regions, enabling local and international industrial [...]
Business Times
Jaffna wakes up to tourism but long way to go
By Quintus Perera reporting from Jaffna Jaffna which was dead for nearly 35 years is slowly waking up though apparently the ‘promised land’ is some distance away. To gauge the reawakening and rediscover the ‘lost land’, members of the Sri Lanka Association of Inbound Tour Operators (SLAITO) in a bid to promote Jaffna as another travel [...]
Business Times
First Lankan amphibian aircraft to fly this month
Simplifly (formerly Deccan Aviation Lanka) has taken delivery of its new amphibian aircraft in December 2012 and is currently in the final stages of training operations in advance of commercial flights. Owned by Fairway Holdings, a local company engaged in property development and other businesses, the advanced Cessna T206H will be managed and operated by [...]
Business Times
Hutch retailers fly to Dubai in expenses-paid trip
Phase 2 of Hutch Mega Millions (MM) Retailer’s Promotion concluded recently with five lucky winners flying to Dubai under an all expenses paid package which included air fare, hotel accommodation, transfers for excursion courtesy of Hutch. During their stay in Dubai, these best performing retailers of Hutch were able to experience for themselves the site [...]
Business Times
Sri Lankan consulting engineers to attend Thai conference
The Consulting Engineers Asia Pacific Conference scheduled to be held from March 6-9 in Thailand will be attended by delegates from the Association of Consulting Engineers Sri Lanka (ACESL). The conference is a joint venture by Technical Consultancy Development Programme Asia Pacific (TCDPAP) and the Asia Pacific group of the International Federation of Consulting Engineers [...]
Business Times
Lankem Agro wins cleaner production award
Lankem Agro was a recipient of the Cleaner Production Bronze Award in the medium category organised by the state’s National Cleaner Production Centre (NCPC), at a ceremony held last week in Colombo. In receiving this award Mr. Damith Vitharana, Director/COO Lankem Agro said cleaner production is motivated by environmental imperatives but it also makes economic [...]
Business Times
Sathosa Motors to start marketing Land Rovers in Sri Lanka next month
By Bandula Sirimanna Sathosa Motors PLC (SML) has gained entry into the premium segment of the automotive sector through its subsidiary SML Frontier Automotive Ltd, by securing the exclusive distributor status for Land Rover in Sri Lanka, Executive Director of the company Tilak Gunasekera told Business Times on the side lines of SML-ISUZU 50th anniversary [...]
Business Times
United Motors Lanka makes strategic shift to tap social status segment
United Motors Lanka Plc (UML) is making a strategic turn to tap the social status segment looking for a vehicle of 1300cc and above with 1.2 or 1.3 litre petrol engine at an affordable price following the tax increase on motor vehicles, a top official of the company said. Chanaka Yatawara, UML’s Chief Executive Officer/ [...]
Business Times
TVS Lanka launches its new Apache Series RTR
TVS Lanka (Pvt) Ltd has launched its new 2012 Apache Series RTR. The new bike features what the company calls ‘Beast Themed Styling’. The new design and styling has been incorporated in all TVS Apache models namely TVS Apache RTR 150 TVS Apache RTR 180, a media release issued by the company said. The most [...]
Business Times
Sri Lanka’s BMW luxury car registration up 280 %, small cars down
Sri Lanka’s registrations of BMW luxury cars have risen 280 per cent in January 2013 from a year ago following increases to taxes on some vehicle categories while new registrations of small Maruti/Suzuki models dropped 84 per cent, data compiled by motor traders revealed. They disclosed that registrations of brand new BMW cars rose by [...]
Business Times
Statistics: Brand new vehicle sales drop 40 %, says industry
Sri Lanka’s brand new vehicle sales recorded a 40 per cent drop in January this year compared to the same month in 2012 due to higher import duties, a weaker exchange rate and higher interest rates, motor traders said. The demand for motor vehicles will be further slowed down as a result of increasing fuel [...]
Business Times
Battaramulla office workers laud the only SLTB bus plying from Dodangoda
A Sri Lanka Transport Board bus belonging to the Moratuwa depot plying daily from Dodangoda, a rural area south of Battaramulla, is a boon to office workers to travel to their offices in and around Battaramulla on time and return home after work without any hassle, bus commuters said. The bus No. WP NB 4915 [...]
Business Times
Growth of consumer electronics and home appliances imports slows down in 2012 : CCC
China biggest supplier, India second largest; Japanese and Singaporean shares drop Growth in consumer electronics and domestic appliances imports into Sri Lanka slowed down last year compared to robust growth seen in 2011/2010, according to a study done by the Ceylon Chamber of Commerce (CCC). In 2011, there had been a sharp increase in imports [...]
Business Times
Commercial Bank first private bank in SL to cross Rs 10 bln net profit
The Commercial Bank of Ceylon said this week it became the first private bank in Sri Lanka to surpass Rs 10 billion in net profit, following a solid all-round 2012 performance. Profit before tax for the 12 months ending 31st December 2012 grew 30.26 per cent to Rs 14.311 billion, while profit after tax at [...]
Business Times
Seylan Bank, first time in history, records post-tax profit of Rs 2 billion
Seylan Bank has reported a pre-tax profit of Rs 3.18 billion for the 12 months ended 31st December 2012, according to the results of the bank released on Friday, revealing also a historic post-tax profit. “Post-tax profit surpassed Rs. 2 billion for the first time in its history recording Rs. 2.049 billion which is a [...]
Business Times
Skilled staff shortage ‘significant’ challenge for private healthcare:RAM
A ‘significant’ challenge to Sri Lanka’s private healthcare sector growth is a shortage of skilled staff. This gap has also led to escalating staff costs over the years, according to ratings agency RAM. The ratings agency, which recently also upheld its long-term “A+”, with stable outlook, and short-term “P1″ corporate rating for the Lanka Hospitals [...]
Business Times
Hameedia offers menswear makeover with ‘Wardrobe’ line
In need of a full menswear makeover? Look no further than home-grown menswear fashion house Hameedia, which is now upping the ante by providing its customers with “The Wardrobe” range, a total clothing solution that encompasses the full outfit, including clothes, cufflinks, belts, shoes, etc. According to this product line’s launch announcement; “The Wardrobe comes [...]
Business Times
ADB President Kuroda steps down on March 18, appointed Japanese Central Bank Governor
MANILA – Asian Development Bank (ADB) President Haruhiko Kuroda is resigning on March 18 in order to take up appointment as Governor of the Bank of Japan, the ADB announced today (Thursday). The new appointment has been made by Japanese Prime Minister Shinzo Abe. An election of a successor to complete Mr. Kuroda’s term will [...]
Business Times
HNB records 37 % growth in post-tax profit
Pre-tax profits of the HNB Group improved by 25.5 per cent to Rs 10.65 billion while group net profit after tax recorded a year on year growth of 32.4 per cent to Rs 8.25 billion, the banking group announced this week. The company said this came in the backdrop of a slowdown in economic growth [...]
Business Times
Overseas Realty Group reports Rs 2.5 bln profit
Overseas Realty (Ceylon) PLC (ORCL,) the leading property development group in Sri Lanka, saw a rise in 2012 financials with a 47 per cent growth in group operating profits and a group net profit of Rs 2.5 billion. Group revenue in 2012 was Rs 2 billion, down 21 per cent from the previous year due [...]
