Business Times
SL’s lack of innovation, markets limit export growth : Dr. Kelegama
While countries such as Vietnam and Bangladesh are rapidly growing their respective export bases, even during a global economic downturn, Sri Lanka’s lack of export innovation and limited markets have stymied growth, according to Dr. Saman Kelegama, Exective Director of the Institute of Policy Studies. Making a presentation at the recently held 18th annual general [...]
Business Times
Jolt for Sri Lanka’s condo market
New rule bars foreigners from owning private land By Bandula Sirimanna Sri Lanka’s expanding condominium (condo) market has been thrown into disarray and confusion following new rules barring the sale of private land to foreigners, industry officials say. The rule, based on an announcement in the Budget 2013 by President Mahinda Rajapaksa, comes in the [...]
Business Times
US-based visitors for Mattala opening
Sri Lanka’s embassy in the US is organising a group of about 100-150 visitors to be flown in for the inaugural opening of the country’s second international airport at Mattala, Hambantota on March 18 in a trip that lacks clarity, airline industry officials said. “Who is in the group? Are they Sri Lankan nationals of [...]
Business Times
Jetwing subsidiary with 4 hotels to go public
Jetwing Symphony, a new subsidiary of the Jetwing Hotels group which is steering the growth of new hotels, plans to offer a stake to the public through the Colombo bourse. However before that, the company is selling 30 per cent stock in this unit in a private placement (selected buyers) hoping to raise about US$8 [...]
Business Times
Browns’ Ragama hospital soon, also assembling vehicles
By Duruthu Edirimuni Chandrasekera Browns Group, like many emerging companies, is establishing a presence in healthcare and leisure, while renewing its historical engineering routes by branching into the motoring business, officials said. “Browns’ is building a new 50-bed hospital at Ragama with a Rs 1.5 billion investment. It is due to be opened by next [...]
Business Times
Lankan Captain to pilot inaugural BA flight to Colombo
By Sunimalee Dias A Sri Lankan captain on April 15 will pilot British Airways (BA)’s first flight to Colombo, resuming after a lapse of 15 years. The flight from Gatwick will be to Colombo via Male with direct flights planned next year. The airline will fly thrice weekly on this route. Capt. Kiran Mediwaka will [...]
Business Times
Colombo Int’l Film Festival mooted by film maker Asoka Handagama
A critically acclaimed Sri Lankan film maker is mooting an international film festival to be held every year in Colombo. Proposed to be structured along the lines of South Korea’s Busan International Film Festival, this festival will eventually allow Sri Lanka to be on par with “Entertainment Tourism” destinations such as Singapore, Mumbai, Hanoi, Dubai, [...]
Business Times
Regulating advertising
Efforts to increase regulations on advertising and also pulling out some ads from the market saw all the forces in the marketing fraternity come together in a show of strength to counter any adverse impact on their profession. The two powerful marketing bodies – the Sri Lanka chapter of the UK-based Chartered Institute of Management [...]
Business Times
’2 more (cricket) years to go’ : Sanga
One of Sri Lanka’s best regarded cricketers, Kumar Sangakkara, has revealed that, as a former captain of the national team, when his team won, he would go to great lengths to give credit to everybody, and highlight every player’s role. However, if there ws a loss, he made sure that the only person who was [...]
Business Times
Politics and improper use of taxes among SL tea sector issues
Remove politics out of the plantation sector and use the cess (taxes) for the benefit of the Sri Lankan tea industry, were two cross-cutting themes that came out in a discussion on Wednesday on the tea sector. The MTI Tea Strategy Forum, was the second in a series focusing on the future of the tea [...]
Business Times
LOLC to start building new 400-room hotel in March
By Duruthu Edirimuni Chandrasekera LOLC plans to complete demolishing its hotel properties – Eden, Riverina and Club Palm Garden in addition to Tropical Villas by mid next month and start building a new 400-room hotel thereafter, officials said. LOLC owns the Confifi Group hotels while Tropical Villas is a hotel closely situated in 26 acres [...]
Business Times
Next Sourcing celebrates years of operation in Sri Lanka
Next Sourcing, a wholly owned subsidiary of next Plc, UK, the retail clothing and accessory giant, recently celebrated long service awards in Sri Lanka. The company-organized an employee recognition awards program which was held at the Hilton Colombo amidst a gathering of next team members, and was graced by Chanaka Perera, Regional Director for Sri [...]
Business Times
Holcim (Lanka) Ltd to fund Moratuwa University’s cement and concrete research
Holcim Lanka Ltd (HLL) has signed up with the University of Moratuwa to support the Faculty of Engineering in the advancement of knowledge in cement, concrete and sustainable construction practices. The agreement was signed by HLL’s CEO Stefan Huber and Prof. A.K.W. Jayawardane – Vice Chancellor of the University of Moratuwa at the Holcim Lanka [...]
Business Times
Ford cashes in on environment conservation
US-based Ford Motor Company in its green initiative recently provided assistance to environmental programmes in Sri Lanka worth US$15, 000 that would help develop the IFS-Popham Arboretum in Dambulla and protect the Dediyagala Forest Reserve. Two organisations namely The Tree Society of Sri Lanka and the Wanasarana Thurulatha, Swechcha Society were joint winners of a [...]
Business Times
‘Advantage Line’ from Bosch comes to Sri Lanka
Bosch Security Systems last week launched ‘Advantage Line’ into the Sri Lanka market. In partnership with Kay Jay Electronics Pvt Ltd (Video Systems), Hayleys Industrial Solutions Pvt Ltd (Public Address Systems) and M3 Force Pvt Ltd (Fire Detection Systems), Bosch held a product launch event in Colombo, hosting approximately 100 guests consisting of system integrators, [...]
Business Times
Anti-corruption group exposes major fraud at SLIC
By Bandula Sirimanna State owned insurer Sri Lanka Insurance Corporation (SLIC) top management’s fraudulent practices are on the rise, costing the public and the government dearly at a time when the economy is struggling to gain steam and cash is hard to come by, officials of a Sri Lankan group campaigning against corruption said. They [...]
Business Times
SL could cut 2020 carbon emissions by a fifth with green power options, says ADB
Sri Lanka could cut its greenhouse gas (GHG) emissions by 19 per cent of projected levels in 2020 at little or no long-term cost using an array of green power options, says a new study from the Asian Development Bank (ADB). “Sri Lanka has the potential to avoid emissions of over 5.6 million tons of [...]
Business Times
Atlas helps set up R&D Laboratory at Moratuwa University
The first Research and Development (R & D) lab for the stationary industry is being set up at the Moratuwa University thanks to the support of the Ceylon Pencil Co (Pvt) Ltd (Atlas), Sri Lanka’s largest stationery manufacturer and marketer. An MoU for this purpose was signed by Chief Executive Officer of Atlas Nirmal Madanayake [...]
Business Times
DHL Express receives global ISO 9001:2008 certification
DHL Express, said to be the world leader in express and logistics, has been awarded global ISO 9001:2008 certification. The certification confirms that DHL has met the requirements of the ISO standard for its Quality Management System across its worldwide operations. Individual certification has been achieved in over 100 countries across the Americas, Asia Pacific [...]
Business Times
ACL Cables eyeing Rs 400 mln investment projects by mid this year
By Duruthu Edirimuni Chandrasekera ACL Cables PLC will begin some Rs 400 million worth projects in power related areas by mid this year, officials said. “We’re looking at getting into more power connected areas,” Suren Madanayake, Managing Director ACL Cables PLC told the Business Times. He noted that tourism will ‘not’ be a potential area [...]
Business Times
Will SL rubber prices decline in the future?
By Dr L M K Tillekeratne, former Director, Rubber Research Institute (RRI) of Sri Lanka When natural rubber prices were below Rs 40 per kg before the last quarter of 2002, nobody expected it to improve even to Rs 100 per kg level again. At that time, the rubber industry was considered as a “Sunset” [...]
Business Times
Jetwing Hotels close to doubling room stock
Once thrown into the deep end, Hiran Cooray says “This is a second birth (for the company)” Did he have a choice? “Not really,” laughs Hiran Cooray, the amiable Chairman of Jetwing Hotels … asked whether he had a choice of profession when pushed virtually into the deep end by his father at the age [...]
Business Times
Eminent Lankan accountant climbs to the top of the public service ladder in Fiji
By Bandula Sirimanna As unbelievable as it might sound, the rise of an eminent Sri Lankan accountant Ajith Kodagoda from an audit officer at Air Lanka in 1982 to the chairmanship of three leading state entities in Fiji Islands at present is an inspirational saga for those who aspire to climb the ladder. His wide [...]
Business Times
Ethnic conflict and economic development
By Lloyd F Yapa The major goal of the leaders of the majority community in Sri Lanka (SL) should be the alleviation of poverty among the people particularly among its own, while establishing an integrated nation. The percentage of people living below the poverty line of US$1.25 per person per day was about 7.0 in [...]
Business Times
Reduced red tape, more facilitation needed to boost investment in SL
By Duruthu Edirimuni Chandrasekera Sri Lanka needs to make a targeted effort to cut bureaucracy and facilitate investment, according to a corporate lawyer. “There are things such as the Board of Investment (BOI) Act which needs to be revisited in order to help facilitate foreign investment,” Kuvera de Zoysa, P.C. and National Law Conference Committee [...]
Business Times
Local SMEs defrauded by email-based fund transfer scams
By Jagdish Hathiramani Two local small and medium enterprises (SMEs) have fallen prey to a new electronic mail scam which saw them transferring funds to scammers rather than who they thought was a trusted supplier, according to Roshan Chandraguptha, an Information Security Engneer at the Sri Lanka Computer Emergency Readiness Team (CERT) Co-ordination Centre. The [...]
Business Times
Bileeta grows medium size client base by 200 per cent
A Sri Lankan Enterprise-wide Resource Planning (ERP) application developer Bileeta has recorded a 200 per cent growth rate in relation to medium size clients over the 2012 financial year, according to a statement by the company. The company also revealed that the highest recorded increase came from its sales and distribution vertical, where the “immediate [...]
Business Times
Mobitel, Open Uni teach ‘financial services’ to 550 rural women
A Mobitel and Open University of Sri Lanka joint project will teach ‘financial services and management’ to, initially, 550 rural women from farming communities in Jaffna and Hambantota, according to a statement by the Celco. Sponsored by the Commonwealth of Learning, the first phase of this project uses mobile learning to impart a greater degree [...]
Business Times
Huawei Media Pad 10 FHD tablet enters SL
The Huawei Media Pad 10 FHD tablet has launched locally, according to an announcement by Huawei’s national distributor for Sri Lanka, Singer. The local retailer introduced this 10.1 inch, Android 4.0 device into Sri Lanka following its September 2012 global launch. According to Singer Sri Lanka’s launch announcement; “Equipped with Google’s Android Ice Cream Sandwich [...]
Business Times
IT headcount grew by 21 per cent annually, BPO by 14 per cent : report
Sri Lanka’s IT industry staff numbers grew by 21 per cent annually over the last three years, while the IT enabled services (ITES), or BPO, sector has increased by 14 per cent, according to a recently issued report by the Sri Lanka Association of Software and Services Companies (SLASSCOM). Titled the “SLASSCOM Salary and Benefits [...]
Business Times
SL lacks dedicated software industry policy : UNCTAD report
A 2012 global information economy report, which has been much reported in the local media for highlighting Sri Lanka for the first time, has also stated that the country lacks a dedicated software industry policy. This is even though it also noted that te country had a strong ICT commitment as embodied by the “eSriLanka” [...]
Business Times
Do we need all these imports?
By Chandrasena Maliyadde A major promise made by J.R. Jayawardena during the 1977 election campaign was to make available apples and grapes in addition to the famous ‘Eta Ata’ (8 grains). People who have been greedily longing to taste apples and grapes gave sweeping powers to the UNP at elections. One year later, the Government [...]
Business Times
SL airmail, sea-mail services outsourced
The airmail service of the Postal Department has, since January this year, been outsourced to a private transportation and logistics firm, Civaro Lanka (Pvt) Ltd in a bid to operate it more efficiently and in a cost effective manner, Hemasiri Fernando, Secretary to the Ministry of Postal Services said. This decision was taken by the [...]
Business Times
IFC, DEG to support Cargills Bank
Two international organisations have taken a 10 per cent stake each in Cargills Agriculture and Commercial Bank Ltd (Cargills Bank) with agreements for this purpose being signed on Friday. The agreements were signed by the International Finance Corporation (IFC), a member of the World Bank Group and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbh, a [...]
Business Times
SL needs to lift its education levels for skilled jobs; CIM’s Sir Paul Judge
By Duruthu Edirimuni Chandrasekera There is no scarcity of workforce entrants in most emerging markets, but concern runs deep that their skills will not meet the companies’ requirements, according to Sir Paul Judge, Global President of the Chartered Institute of Marketing (CIM). As the economy in Sri Lanka is developing quickly, it needs to lift [...]
Business Times
Access Engineering hands over completed projects at Mattala International Airport
Access Engineering PLC, which says it is playing an important role in infrastructure development work carried out at the Mattala International Airport, has completed the construction of the Cargo and Fire Rescue Buildings, design and construction of the Airport Access Road, Supply and laying of external and internal water supply mains, construction of a Water [...]
Business Times
Nestlé Lanka reports Rs 28.6 bln revenue for 2012
Nestlé Lanka PLC says it posted revenues of Rs 28.6 billion for the year to December 2012 with the last quarter yielding Rs. 7.2 billion, in a period affected by volatility in the currency and tough market conditions in 2012. Net profit for the year was Rs. 2.9 billion which grew in line with revenue [...]
Business Times
MTI appoints associate in Rwanda
Sri Lankan-owned, MTI Consulting, expanding overseas, has signed up with Corner Stone Africa Ltd (COSTA) to access the country for MTI’s strategy consulting and business advisory solutions. Corner Stone Africa Ltd was founded by a team of professionals from the East African region with diverse experiences after having been motivated by the concern of the [...]
Business Times
Pan Asia Bank records post-tax profit of Rs.847 mln
Pan Asia Bank has reported a Profit after Tax of Rs. 847 million for 2012, exceeding its previous year’s performance. In a media statement, the bank said that while generating a robust financial performance, it also managed to keep its aggressive branch expansion momentum intact by opening nine more branches in 2012. Pan Asia Bank, [...]
Business Times
SLIM and Nielsen Peoples Awards 2013 this month
The 8th edition of the “SLIM-Nielsen Peoples Awards” takes place this month as brands battle to take home the coveted metals. Held under the theme of “The True Voice of Sri Lanka”, the awards ceremony, organised by the Sri Lanka Institute of Marketing (SLIM) together with Nielsen Research Agency in Sri Lanka, recognises brands and [...]
Business Times
Economist suggests new wage formula SL apparel workers
An economic expert has suggested to implement a wages formula based on net export earnings per worker for Sri Lankan apparel workers allegedly receiving low wages and forced to work excessive overtime to meet unrealistic, ever-increasing targets There was somewhat of a stagnant period in the apparel sector during 2006 and 2010, but now in [...]
Business Times
Mobitel subscriber base rises 14 % in 2012
Sri Lanka Telecom Mobitel saw its subscriber base increase by 14 per cent while revenues were up 13 per cent last year (calendar 2012). Increased revenue growth was despite intensified competition in the mobile telephony sector, the company said in a year-end results statement. “In absolute terms, Mobitel recorded revenue of Rs. 24.93 billion in [...]
Business Times
Major obstacles towards ayurvedic medicinal exports
By Quintus Perera Major obstacles are facing Sri Lankan Ayurvedic medicinal products in the export market, it was revealed at the recent launch of ‘Ayurveda Expo 2013’ – the premier Ayurvedic exhibition in Sri Lanka. The Ayurveda Expo 2013 will be held on July 12-14 at the BMICH and is sponsored by the National Chamber [...]
