Business Times
Mattala opens its skies to the world
By Sunimalee Dias Sri Lanka’s second international airport will finally unveil tomorrow amidst a flurry of last minute regulatory preparations and flights scheduled to land especially for the event. The airport was constructed at a cost of US$209 million. Airport and Aviation Authority Chairman Prasanna Wickramasuriya speaking with the Business Times said flights at the [...]
Business Times
IMF surveys Sri Lankans on country’s future
Asks: Is “Sri Lanka heading in the right or wrong direction” The International Monetary Fund (IMF), which completed a US$2.5 billion loan to Sri Lanka in mid-2012, has launched a survey seeking the views of Sri Lankans on various issues relating to economy and economic fundamentals. Among the questions being asked are: “Is Sri Lanka [...]
Business Times
Environmental Police cracks down on rotten food sales
Sri Lanka’s Environment Police is cracking down on food products unfit for consumption being sold by traders at Gasworks Street in Pettah. Seen here is a policeman pouring kerosene oil on sacks of old potatoes. The bad stocks are then removed by the Colombo Municipality. Spoilt grapes were also among items sold in the market. [...]
Business Times
AGMs of listed Cos. clash
The reporting season for companies listed in the Colombo Stock Exchange (CSE) has begun with a flurry of annual general meetings starting from around March 20. These are companies with calendar year (January to December) financials. Minority shareholders, in particular, would have a tough time (for those who have shares in several companies), for on [...]
Business Times
Colombo Land eyes Kollupitiya market development
By Bandula Sirimanna Sri Lanka’s listed Colombo Land and Development Company (CLDC) is strongly contending to clinch the Kollupitiya market development project earmarked by the Colombo Municipal Council (CMC), officials said. However Colombo Mayor A.J.M. Muzammil told the Business Times that the CMC will call for expressions of interest and the prospective developer will be [...]
Business Times
Manilal under pressure to quit Holcim
By Duruthu Edirimuni Chandrasekera Under-fire Holcim Sri Lanka Chairman Manilal Fernando is under pressure to resign from the company over alleged irregular happenings after a probe by the Swiss-based parent company, company sources said. “He hasn’t come to work for several weeks and doesn’t operate (in the office) as the chairman anymore. The parent company [...]
Business Times
Rejoinder to:“Do we need all these imports?”
By Dr. S.S. Colombage I read with much interest last Sunday’s Business Times article on the above important issue, written by my long-time friend Chandrasena Maliyadde. He has articulated the adverse socioeconomic effects of the free inflow of imports, in his typical pleasing manner. In addition to the substantial foreign exchange drain, these imports cause [...]
Business Times
Sri Lanka’s second international airport
Development projects in a country must be encouraged, appreciated and endorsed. In this context, Sri Lanka’s second international airport – the Mattala International Airport – in the President’s home base of Hambantota must be applauded. While there are issues and allegations relating to the cost and location; in a wider perspective, a second international airport [...]
Business Times
Leisure sector growing in Jaffna
(By Quintus Perera in Jaffna) The leisure trade in the northern capital of Jaffna is still at an infant stage but poised to reach greater heights. The Business Times (BT) joined the members of the Sri Lanka Association of Inbound Tour Operators (SLAITO) in their fact finding mission to Jaffna recently, to promote Jaffna as [...]
Business Times
Politics, economics and astrology at STBC
The 18-year old Sunday Times Business Club (STBC), which has brought major national, social and economic issues to the table, is organising another path-breaking event this month: Sri Lanka’s future this year on politics and economics with an astrological recipe. At the club’s monthly meeting on March 18 at 6.30 pm at the Cinnamon Lakeside [...]
Business Times
SLEA seminar on sustaining economic growth
The Sri Lanka Economic Association (SLEA) together with the Organisation of Professional Associations of Sri Lanka (OPA) is organizing a seminar on “Sustained Economic Growth in the Midst of Widening Trade Deficit”. The event is on Friday, 22nd March at the OPA auditorium in Colombo. The speakers are – Dr. Ajitha Tennakoon, Head of the [...]
Business Times
Asian markets mixed, yen flat after BoJ vote
HONG KONG, March 15, 2013 (AFP) – Asian markets were mixed on Friday following another strong lead from Wall Street, where traders took heart from more upbeat US jobs numbers. The yen was flat after Japanese lawmakers gave final approval to the government’s nominees to take the helm at the Bank of Japan, with expectations [...]
Business Times
Fonterra appoints international expert as Farm Extension Manager here
Fonterra Brands Sri Lanka this week said Ms. Denise Burrell has been appointed as Farm Extension Manager. Ms. Burrell has over 20 years of experience in training dairy farmers in best practice in countries such as Pakistan, Nepal, Australia, Indonesia and India, the company said in a statement. “Ms. Burrell will initially focus on ascertaining [...]
Business Times
Niche CC joins hands with GO Communications Group
GO Communications Group, which maintains a strong regional presence as one of the biggest independent PR networks in Asia, has announced a partnership with Sri Lanka’s Niche Corporate Communications. Niche said Michael de Kretser CEO of GO Communications Group who was in Sri Lanka for the launch of the partnership, is recognized as a highly [...]
Business Times
Moratuwa University’s designers rewarded by Textured Jersey
Three of Sri Lanka’s brightest fashion designers of the future have been recognised with special awards for Creativity, Innovation and Inspiration respectively by Textured Jersey PLC. The three designers were chosen from 20 students who presented designs when the 34 that made up the seventh batch of the University of Moratuwa’s Bachelor of Design Degree [...]
Business Times
ILO – improving livelihoods and empowering war widows
Text and Pix by Quintus Perera in the north VAVUNIYA – The Local Empowerment through Economic Development (LEED) project is an AUSAID (Australian Government through the Australian Agency for International Development) funded initiative that is implemented by the International Labour Organization (LO) in collaboration with the Ministry of Labour and Labour Relations. With US$ 800,000 [...]
Business Times
Old loan results in over Rs.5 bln forex losses in 2012 at Colombo port
By Sunimalee Dias Foreign exchange losses have increased at the Colombo port clearly reflecting the depreciating rupee’s impact on port activities despite recent job cuts at the state-run institution. Port officials believe this is due to the Japanese yen and dollar loans obtained in the past. Since 2008 foreign exchange losses have accrued crossing the [...]
Business Times
Women, labour and sex
By Aruni Samarakoon The neo capitalist world system is divided into two classes; one is the capitalist and the other is the proletariat. The capitalist class comprises few members and their aim is to accumulate more and more capital. The proletariat is the class suppressed and oppressed by the capitalists. It is an object in [...]
Business Times
Govt. ‘pick-pocketing’ state sector employees in health insurance scheme, unions claim
By Bandula Sirimanna Moves by the Treasury to increase the monthly premium of a Sri Lankan government insurance scheme which state workers must compulsorily contribute is stirring unrest among trade unions. The payment of the Agrahara health insurance scheme run by the National Insurance Trust Fund (NITF) was increased in the last budget to Rs [...]
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
A rebel takes-off on Air Ceylon
By Sunimalee Dias In the early years of flying when taking wing was a magical ambition Sri Lanka welcomed onboard “rebels” of the likes of Dharma Canagasabai who on Wednesday celebrated her 85th birthday. Knowing very well that opposition would abound back home, Dharma sent in her application one among about 500 for the position [...]
Business Times
World War II and the development of airports
By D.L. Sirimanne, (A veteran aviator) After World War 11 the northern hemisphere of the earth was pockmarked with airfield, airstrips and devastated cities and towns. If not for America supplying arms to the valiant British, and Russia attacking the Germans from the north, Germany and Japan ould now have been conquerors of the globe. [...]
Business Times
Legitimate rights of minority shareholders
Letter Most companies treat minority shareholders as if they have no rights at all. Company directors receive all the perks and benefits. They receive salaries, bonuses, cars, and all the expenses, even for the maintenance of their domestic staff including the hauffeur. In addition, there are those regular ‘parties’ in 5-star hotels in the guise [...]
Business Times
Sri Lanka seen growing faster in 2013 but problems remain : SCB
Sri Lanka will grow faster, though slightly, this year against 2012 but issues remain in the economy particularly inflation and recovery of key export markets, according to the Standard Chartered Bank (SCB). In a report on Asian economies titled “Transforming, rebalancing, outperforming”, the bank said that it was less optimistic on the growth rebound while [...]
Business Times
Gaining market opportunities through IT simplification
By Jason Mosakowski, Director, Software Group, IBM India / South Asia Today’s globally competitive business climate demands that organizations reduce complexity to ensure the reliable delivery of products and services to customers, and to better adapt to fast-changing business needs. CIOs (Chief Information Officers) must simplify their IT infrastructures to enable the business to function [...]
Business Times
Zee Lanka launches new energy-saving technology in Sri Lanka
Zee Lanka, a subsidiary of Sri Lankan- owned Zee Engineering which has been serving the offshore and gas industry since 1987 based in Malaysia, together with the Malaysian-based leader in renewable energy and energy optimisation Ihandal Energy Solutions is launching a new energy-saving technology in Colombo this week. Named ‘ENERZEE’, the technology will help Sri [...]
Business Times
Union Assurance PLC reports balanced growth in 2012
Union Assurance PLC (UA), which has completed 25 years of operations, has reported balanced growth in both turnover and profits. UA’s combined life and general gross written premiums increased to Rs. 9.7 billion, up 12 per cent growth from the previous year. Life insurance premiums increased by 14 per cent to Rs. 5.1 billion, the [...]
Business Times
NDB’s DIVI ARUNA – a microfinance loan scheme stimulating rural livelihood development
The NDB, which is promoting the national cause of livelihood development at grassroots level through sustainable financial inclusion, says its revolutionary loan scheme titled DIVI ARUNA -‘Awakening of lives’ has been very successful.Started in June 2010, this scheme is aimed at developing livelihood for prospective entrepreneurs not within the mainstream of banking. “The philosophy for [...]
Business Times
Maldivian resort under fire over ‘kettles and noodles’ issue
A Maldivian resort is under fire over claims that it removed kettles from the rooms of Chinese tourists “to stop them cooking instant noodles in kettles in their rooms”. According to a report in the New York Times (NYT), allegations on Chinese websites and blogs against the resort also referred to staff designating Chinese guests [...]
Business Times
92% of SL youth seek ‘alternative’ employment avenues: Youth Affairs Ministry
Sri Lanka’s youth makes up 26 per cent of the country’s population, equalling roughly 5 million persons. Of this, 280,000 students leave the education system every year, having completed their GCE O/L and A/L exams. As a result, 92 per cent of young people seek “alternative avenues” to employment, according to a statement issued by [...]
Business Times
Gotabaya to speak at SLASSCOM event on infrastructure development
SLASSCOM has organised a forum on March 20 with Gotabaya Rajapaksa, Secretary – Ministry of Defence and Urban Development who will discuss the “Future Outlook for Urban Infrastructure Development in Sri Lanka”. The session is at the Kings Court at Cinnamon Lakeside Hotel. The organisers posted a profile of the speaker which said Mr. Rajapaksa, [...]
Business Times
Delmege recruits top CEOs for Consumer and Healthcare divisions
Delmege a diversified group of companies, recently made two new management appointments — Ashan Kannangara as CEO – Consumer Cluster and T. Sayandhan as CEO of Healthcare Cluster, both effective from February. Mr Kannangara has nearly 28 years experience in sales and marketing in senior positions. He has worked at Pure Beverages Co. Ltd, Lanka [...]
Business Times
Keells Super absorbs VAT together with suppliers
By Duruthu Edirimuni Chandrasekera The Keells Super supermarket chain says it hasn’t passed on any cost increase to consumers as they have come to an agreement with their suppliers to jointly absorb the extra cost as a result of the new Value Added Tax (VAT) of 12 per cent slapped on the supermarkets by last [...]
Business Times
Lassana Flora partners with Singaporean florists for staff training
Sri Lanka’s leading wedding and floral decor service provider, Lassana Flora recently signed an agreement with one of Singapore’s largest florists, FarEast Flora, to train its florists. The first such residential training programme was successfully conducted recently at the Lassana Flora Staff Training Centre in Nawala where florists from Lassana Flora exchanged ideas with visiting [...]
Business Times
UK Royal Mint loses tender to mint coins
By Kavan Ratnatunga The Royal Mint in United Kingdom won the contract in 1959 to mint coins for the Central Bank of Sri Lanka (CB) taking over from the Indian Mints in Bombay and Calcutta. Except for the first Nickel plated steel 50 cent coin of 1996 minted in the Royal Mint in Canada, the [...]
Business Times
Pyramid Wilmar factory fire remains a mystery
By Bandula Sirimanna A fire that engulfed the Pyramid Wilmar factory at the Kerawalapitiya trading zone on March 5th has completely destroyed it causing damages running up to millions of rupees and sabotage in one angle being pursued by Police. The Pyramid group is the main shareholder of the Shangri-La Hotel, currently being built near [...]
Business Times
Bouquet to Minister Lakshman Yapa Abeywardena
Letter I have been discussing the possible investment of US$44 million from a Middle Eastern investor in the Galle Harbour to establish a Yacht /Boat Repair and Building Yard with Sri Lanka Ports Authority (SLPA) for over 18 months. Despite the political support due the benefits the country will reap, both the Board of Investment [...]
Business Times
Now airlines offer discounts to senior citizens
Dipping into the purses of senior citizens seems to be order of the day through enticing offers from the financial services industry with airlines now joining the bandwagon. Emirates on Wednesday announced a 10 per cent discount for senior citizens flying with the airline from Colombo to 18 popular destinations. Effective until 31st January 2014, [...]
Business Times
ASYCUDA fully online by March 31 : SL Customs DG
Sri Lanka Customs’ ASYCUDA World (AW) automated customs operations system will be fully online by March 31, according to Jagath Wijeweera, the Director General of the this authority. Further, he advised that, following this date, companies should be prepred to carry out customs operations online. Developed by the United Nations Conference on Trade and Development [...]
Business Times
CFO on the spot to chart new course for firms
By Duruthu Edirimuni Chandrasekera Chief Financial Officers (CFO) need to be prepared to take on greater responsibility for corporate decision-making than ever before, according to accounting experts, who say that CFOs have been lured more often into the boardroom discussions where decisins are made. “The traditional image of a CFO is one of glorified ‘bean [...]
Business Times
4 Lankan kids to attend Intel ISEF competition
Globally dominant chipmaker Intel will be sponsoring four secondary school students from Sri Lanka in competition at the 63rd International Science and Engineering Fair (ISEF), according to an announcement by the company’s local unit. Sponsored annually by Intel, ISEF is a global ‘science fair’ encompassing 1,500 secondary school level students, in grades nine, 10, 11 [...]
