Business Times
Tiger Airways, good option for Sri Lankans visiting Malaysia, Australia
Story and pix by Nadia Fazlulhaq in Singapore SINGAPORE – Most passengers travelling in low-cost carriers seldom get the opportunity to enjoy first class privileges both at the airport and on-board, but the ‘tigerPLUS’ facility by Tiger Airways gives a chance to all its passengers to enjoy business/first class lounge and priority check-in boarding facilities [...]
Business Times
CB 2012 annual report on Apr. 9
The Central Bank of Sri Lanka (CB)’s annual report for 2012 which traces the social, economic and political developments during the year will be released on Tuesday, April 9. It will be presented to President Mahinda Rajapaksa, who is also the Finance Minister, at a ceremony at the bank headquarters, the bank said.
Business Times
TKS Finance depositors gets a double bonanza
TKS Finance is now offering its fixed deposit holders the benefit of a free insurance cover for their house, household goods, valuables such as jewellery and loss of wallets, etc. “This hitherto unheard of substantial insurance cover benefit comes in the wake of a high interest benefit as well for the TKS Finance fixed deposit [...]
Business Times
Microsoft Imagine Cup competition on Apr. 10
The University of Colombo will be conducting the Sri Lankan leg of the Microsoft Imagine Cup 2013 at its School of Computing auditorium on April 10, the competition’s organisers said. The local stage of this competition, first held domestically in 2005, initially utilised a judging panel of Sri Lankan software professionals to whittle down a [...]
Business Times
Plantation workers, companies in new wage pact
Sri Lankan unions and plantation companies reached agreement on Thursday on a new wage deal for thousands of workers. Here union leader and Minister Arumugan Thondaman, union leader and Deputy Minister Muthu Sivalingam along with Employers Federation of Ceylon (EFC) Director General Ravi Peiris and other officials during the signing ceremony.
Business Times
Tax hike on milk powder imports on the cards
The government is considering a further tax increase on milk powder imports from the present 15 per cent or Rs. 92 per kilo gram to discourage milk powder imports and promote local liquid milk, officials said. Sri Lanka imports 84,000 metric tons of milk powder annually spending Rs.36 billion in foreign exchange. This drain on [...]
Business Times
Golden Key to be revived for the benefit of depositors
By Bandula Sirimanna The Golden Key Credit Card Company (GK) is to be revived under a new board of directors with the aim of operating its business and to protect and recover all its assets. Under the proposed plan of action, exclusively reported in the Business Times last week, the company will be operated with [...]
Business Times
BOI revamps for umpteenth time!
The Board of Investment (BOI) is set to make a return to the past through new moves aimed at establishing separate dedicated departments to meet the needs of investors. Insiders said that this was announced at a meeting presided over by Investment Promotion Minister Lakshman Yapa Abeywardena and senior officers of the BOI on March [...]
Business Times
Korean firm, sole contender for Chalmers Granary development
Kolante Corporation of Korea has emerged as the only contender for a mega development project at the 9-acre Chalmers Granary opposite the Fort Railway Station. Bids were open on March 27 during the request for proposals meeting held at the Ministry of Urban Development, informed sources said. Only Kolante Corporation had made a bid when [...]
Business Times
Errant broker removed by Sri Lankan securities firm
IIFL Securities Ceylon (Pvt) Ltd, a Sri Lanka stockbroking firm has suspended one of its junior brokers for stepping out of line, according to IIFL sources. This came on the back of the Securities and Exchange Commission (SEC) probing both the company and the broker in the company when Priyani Ratna-Gopal, Country Head of IIFL, [...]
Business Times
Fashion designers in Sri Lanka hit by unethical retail stores
By Sunimalee Dias Sri Lankan fashion designer labels have become intensely popular among customers – so much so that designs are picked up off the ramp when unveiled at the Colombo Fashion Week (CFW), now in its 10th year, and copied for sale in stores almost overnight! Such is the popularity of CFW and its [...]
Business Times
Employment opportunities in port development
By Rohan Masakorala CEO Shippers’ Academy Colombo (SAC) Asian opportunity Asia is the fastest growing region in the world and continues to expand its logistics and supply chain industry. Intra-Asia trade is still growing whilst an economic slowdown is shown in other parts of the world. The next decade will increase demand for skilled jobs [...]
Business Times
Debate grows over new power tariffs
The debate on the latest round of power tariff increases due to be implemented after the Sinhala (Buddhist) and Tamil (Hindu) New Year, is growing. Many consumers, activist groups and institutions are complaining about the proposed new rates.Both the Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation(CPC) are in dire straits and ridden with [...]
Business Times
Values in corporate Sri Lanka
Ethics, governance and transparency are much touted words in the corporate lexicon in Sri Lanka. Many companies have special chapters to deal with these issues, list their codes of conduct and governance process and profess to do good for society and the marketplace. Annual reports proclaim how these fundamentals are followed to the letter. But [...]
Business Times
Sri Lankan export earnings slump in Jan, continues 2012 trend
Sri Lanka’s economy opened year 2013 on a weaker note with export earnings down 18.2 per cent in January against the same month in 2012, just-released Central Bank (CB) figures show. The latest figures continued a trend seen in 2012. Earnings fell to US$727 million in January, as earnings from all major categories of exports [...]
Business Times
South Asia’s first Mobile LTE-FD 4G Service in Colombo
Dialog Axiata PLC announced this week the launch of Sri Lanka’s first Commercial Mobile 4G-LTE service. This comes after the company last week secured a 10 MHz tranche of 1800 MHz LTE Spectrum auctioned by the Telecommunications Regulatory Commission of Sri Lanka. The launch of Mobile 4G LTE services will supplement Dialog’s 3G HSPA+ High [...]
Business Times
DFCC raises $45 mln through international syndicated loan
DFCC Bank has successfully concluded its debut international loan syndication for US$ 45 million. The transaction was facilitated by HSBC which acted as the lead arranger and book runner. A HSBC media statement said the deal which was initially $25 million was increased given the strong interest shown by a large number of Middle Eastern [...]
Business Times
Journey back to their childhood
Family of the founding governor of the Central Bank in memorable trip to Sri Lanka By Feizal Samath To a point, the Exter family must rue the day fighting broke out in Sri Lanka in the early 1980s. “My parents and the rest of the family wanted to visit in the late 1990s and we [...]
Business Times
Amăna Takaful recognised by Maldives Monetary Authority
Amăna Takaful Maldives, a subsidiary company of Amăna Takaful Sri Lanka and the only Shari’ah compliant Takaful (insurance) provider in the Maldives, was recently awarded by the Maldives Monetary Authority (MMA) at its annual ‘Finance Night’ in recognition of the contribution made to the finance sector of country. The Finance Night, themed “Maalee Rey”, is [...]
Business Times
SewEasy system deployed at Fakir Fashion in Bangladesh
Fakir Fashion Ltd, Bangladesh recently installed the SewEasy Actual SMV Calculation System. In addition to software, Fakir Fashion Ltd. will increase the use of Industrial Engineering (IE) methodology in their sewing room management. This IE project is intended to contribute to increase international competitiveness in the textile and clothing sector. Keerthi Abe of SewEasy, Sri [...]
Business Times
CB role vis-a-vis defaulting fincos
Letter This is a sad story of a long retired medical doctor, now on the wrong side of the eighties, a brother of a famous Hawaiian guitarist of yester year. He had invested a sum of Rs. 5 million in a registered finance company centrally located in Colombo. As his relations are inviting him to [...]
Business Times
HSBC Sri Lanka branch profits up after VRS
Net profit at the HSBC’s Sri Lanka branch nearly doubled to Rs 8.2 billion in 2012 against Rs. 4.7 billion in the previous year, latest data shows. According to a bank announcement, its employee count fell to 1,457 last year from 1,763 earlier though the number of branches – 16 – was unchanged The local [...]
Business Times
Vallibel Finance replaces Fitch with RAM as rating agency
Vallibel Finance PLC has requested a withdrawal from the Fitch Ratings and appointed RAM Ratings as its new ratings agency, the company announced this week. No reason was given for the change. But companies change rating agencies if they disagree with the ratings given. Earlier Hayleys and LOLC also withdrew from Fitch after expressing reservations [...]
Business Times
Leapset: Empowering employees to bridge the online-offline gap
By Joanne Kotelawala Leapset is a cutting edge tech company dedicated to supporting businesses through the innovative use of technology. The company is rooted in the hub of innovation – the Silicon Valley in California. The product management, sales and marketing, on-site customer support and legal functions are carried out at the Leapset headquarters based [...]
Business Times
Destination tourism next big step for SL
By Jagdish Hathiramani Destination tourism is the next, obvious step for the local events sector, and maybe even businesses associated with hospitality and tourism, and Sri Lankan tourism authorities should acknowledge opportunities in this arena by at least having a strategy this area, says Seniya Samarasekera, Founder / Managing Director of AV Productions, an audio [...]
Business Times
Sri Lanka’s market research industry growing and facing new challenges
Sri Lanka’s market research industry, while preparing for growing demand, is facing many challenges, one of pioneers said. Ravi Bamunusinghe, President of the Market Research Society of Sri Lanka (MRSSL) which was launched in Colombo last week, says like any up-and-coming industry – lack of common, widely acceptable definitions of quality standards and professional ethics, [...]
Business Times
SL seeks more investments from Czech Republic
Economic Development Minister Basil Rajapaksa met with Czech Industry and Trade Minister Martin Kuba, during the former’s visit last week to the Czech Republic where he attended the opening of the first Sri Lanka-Czech Economic Forum organized by that country’s Confederation of Industry. Mr. Rajapaksa also met Czech Prime Minister Petr Necas at his office [...]
Business Times
Indian restaurant guide Zomato to enter SL
Indian online restaurant guide Zomato, which was formerly known as Foodiebay.com, is expanding into South Asia, and particularly Sri Lanka, according to a statement by the company’s Sri Lankan legal adviser C. Mathew & Co. Founded in 2008, the online guide has, to date, featured 72,300 venues. It also offers up restaurant menus, reviews and [...]
Business Times
HSBC arranges ECA transaction for Etisalat
HSBC has announced the signing of a US$100 million facility supported by ONDD to Etisalat Lanka (Pvt) Ltd, one of Sri Lanka’s top mobile phone companies. ONDD is the Belgium Export Credit Agency (ECA). HSBC said in a media statement that it acted as the sole arranger, lender and facility agent for the financing of [...]
Business Times
C. Mathew tops Legal 500 ‘Wills & Probate’ global survey
Sri Lankan law firm C. Mathew & Co. has topped the “Wills and Probate” category ranking as per a 2012 global survey conducted by directory Legal 500, according to a statement. Further, the statement also added; “During its recent survey in 2012, C. Mathew & Co. was ranked as a Tier 1 law firm in [...]
Business Times
SEC expresses optimism on the resurgence in Colombo bourse
By Bandula Sirimanna The Securities and Exchange Commission of Sri Lanka (SEC) is confident on a resurgence in the Colombo Stock Market in accordance with its 3-year road map aimed at improving the country’s capital market, a top SEC official said. The stock market is now being stabilized following up and downs in the recent [...]
Business Times
Asia Siyaka Chairman announces resignation
Ray Abeywardene, chairman and independent non-executive director of Asia Siyaka Commodities Plc, is resigning from both positions with effect from April 15, the Colombo Stock Exchange was informed on Tuesday. This came after the shareholdings in the company changed. Lanka Commodities Brokers Ltd which held 12.75 per cent of the company, on March 28 acquired [...]
Business Times
Reviving cooperative movement to overcome global economic stresses
By Quintus Perera The International Labour Organization (ILO), concerned about the crippling world economy, is vigorously helping to revive the ages-old cooperative movement as a sustainable economic need. Last year – 2012 – was declared as the International Year of Cooperatives (IYC). In Sri Lanka, the ILO has a programme to promote the cooperative movement [...]
Business Times
New ray of hope for GK depositors
By Bandula Sirimanna The Supreme Court on Thursday endorsed a fresh payment plan of action presented by the Central Bank for aggrieved Golden Key depositors, after its former directors on bail including former Ceylinco Chief Lalith Kotelawala failed to release their assets.However there was no reference to another bail condition –sending some of the directors [...]
Business Times
Sri Lanka vehicle registrations record new low; BMW up, Maruti down
Sri Lanka’s vehicle registrations recorded a new low of 61,494 in the 1st quarter of 2013, down 39.9 per cent from 102,401 a year earlier, after an import duty hike to reduce imports, Motor Traffic Department officials said. According to data from the department, motor car registrations, plunged to 4,763 in the first three months [...]
Business Times
AMW shines a ‘Ray’ on the scooter market
Associated Motorways (Private) Limited (AMW) is set to bring Yamaha’s global award winning scooter, the “Yamaha Ray” to Sri Lanka. The Yamaha Ray, winner of the coveted CNB ‘Scooter of the Year’ 2012/13 Award in a successful year of accolades, will be introduced to the local market soon, a media release issued by AMD revealed. [...]
Business Times
Korean auto major Hyundai Motor enters commercial vehicle market in Sri Lanka
Korean auto major Hyundai Motor company sees a considerable potential for trucks and luxury buses in Sri Lanka with the rapid development of infrastructure facilities including roads, said M.J. Kang, General Manager Hyundai, Asia and the Pacific in an interview with Business Times. He noted that it has studied the vehicle market in the island [...]
Business Times
Carmart marks 62 year partnership with Peugeot, introduces new 408 to Sri Lanka
Carmart (Pvt) Ltd, agent for Peugeot and Mazda in Sri Lanka, is targeting a considerable growth in its vehicle sales volume this year even with the high taxes imposed on car imports by the government, officials of the company said. CEO of Carmart Yasendra Amerasinghe told the Business Times that Carmart has drawn up plans [...]
Business Times
Sri Lanka to assemble Land Rover Defenders in Hambantota
By Bandula Sirimanna Sri Lanka is to start assembling Land Rover Defenders this year with the technical know-how and expert assistance of British Jaguar Land Rover engineers, officials of Sathosa Motors PLC said in Colombo this week. Sathosa Motors PLC will invest US$1 million to set up an assembly plant for Land Rover Defenders at [...]
Business Times
DNC to sell 15,000 to 20,000 Malaysian motorcycles in Sri Lanka
DNC Asiatic Holdings Sdn Bhd targets to sell 15,000 to 20,000 made-in-Malaysia motorcycles in Sri Lanka this year, Malaysia’s STAR newspaper reported. The 51:49 Malaysia-China joint venture firm sold close to 2,000 units last year in Sri Lanka, the first overseas market it penetrated two years ago, it revealed. STAR newspaper quoted DNC Asiatic executive [...]
