Business Times
Stopping the carnage on Lankan highways
By Jayantha Jayaweera, BSc Civil Eng (Lon), MIE (Aust), CPEng I had just returned from Sri Lanka after attending the Thurstan College vs. Isipathana College 50th big match encounter at the SSC cricket grounds. I spent 11 memorable days in Colombo and Galle with my schoolmates of both schools, whom I met after some considerable [...]
Business Times
Uproar over new power tariffs
Unions plan protest; corporate sector divided on passing costs Trade unions are considering a nationwide agitation campaign over rising power tariffs this month while Sri Lankan companies are divided on whether to absorb the cost or pass it to consumers. The new tariffs effective from April 12 see power rates up from 5 per cent [...]
Business Times
Colombo’s newest hot spot
Colombo’s Kingsbury Hotel this week opened the Sky Lounge, the newest addition in the capital’s growing acquisition of hot spots to attract local high spenders and foreign travellers. The hotel said the Sky Lounge offers its visitors ‘sheer dynamisms of international lounge music and chilled-out house music by international and local artistes every Monday through [...]
Business Times
BA pulled out in 1998 for commercial reasons, not security concerns
British Airways (BA), which resumed flights to Colombo on Monday after a 15-year break, says the pull out was for commercial reasons and not due to security concerns relating to the conflict. “Our suspending flights in 1998 were purely for commercial considerations and load factors. It had nothing to do with security or the war. [...]
Business Times
LOLC Group targets 1,000 hotel rooms by 2015
By Duruthu Edirimuni Chandrasekera The LOLC Group, along with its subsidiary Browns Group plans to build 1,000 hotel rooms by 2015 with some six hotels on the cards, officials said. LOLC Leisure, the LOLC’s leisure arm has finalised the designs for the first stage of its brand new Rs 6.5 billion resort hotel in a [...]
Business Times
Double whammy for Lankan hotels
By Sunimalee Dias Sri Lanka’s hotel industry is facing a double whammy this month – a 40 per cent hike in wages and a 20-25 increase in new electricity tariffs. City Hotels Association President K. Shanthikumar pointed out that wages would increase by Rs.400,000 monthly cost for smaller hotels and go upto Rs.2 million for [...]
Business Times
Power tariffs issue binds Sri Lankans
It was probably one of the most comprehensive coming together, in recent times, of individual Sri Lankans, companies, hoteliers, politicians, Buddhist monks, power producers, chambers, environmentalist and women’s groups over a public issue of utmost importance. Such concern on issues of national importance is commendable and needs to be taken to the next level like [...]
Business Times
Tariff adjustment without restructuring the CEB
By the Pathfinder Foundation The Pathfinder Foundation (PF) welcomes the efforts currently underway to address the chronic losses incurred by the CEB; and congratulates the Public Utilities Commission of Sri Lanka (PUCSL) and other stakeholders for conducting a professional public hearing. PUCSL is also to be commended for its proactive stance in cutting the costs [...]
Business Times
Encouraging ‘technopreneurs’ in Sri Lanka
The Central Bank (CB) has suggested encouraging the creation of technopreneurs – those engaged in businesses that involve technology. In a report on the technology business, the CB said developing TIG (Tertiary Education Institutes, Industry and Government) linkage, collaboration with international funding bodies, establishing a strong venture capital network, a sound legal framework, entrepreneur friendly [...]
Business Times
CEB losses mount to Rs.60 bln in 2012–CB says
By Sachin Parathalingam Last year was a turbulent one for the energy sector with the weakening of the financial position of state monopolies such as the Ceylon Electricity (CEB) and the Ceylon Petroleum Corporation (CPC). This, according to the recently released 2012 annual report of the Central Bank (CB), was accompanied by profitability issues in [...]
Business Times
MTI launches Sri Lanka HR Managers Survey 2013
MTI HRM Solutions has announced the launch of the MTI HR Mangers Survey 2013. The survey will include interviews with Heads of Human Resource Management from a 100 leading organizations in Sri Lanka. The survey was launched in preparation for the MTI HR Forum where leaders and experts in HRM will come together to tackle [...]
Business Times
Micro Cars to set up vehicle manufacturing and assembling plant in Hambantota
Micro Cars Ltd, a pioneer in the Sri Lankan automobile industry for designing, manufacturing and assembling automobiles is setting up a fully-fledged vehicle manufacturing/assembling facility in the Export Processing Zone (EPZ) in Mirijjawila, Hambantota, An agreement for this purpose was signed with the Board of Investment (BOI) recently. A BOI statement said the company took [...]
Business Times
British Airways to boost businesses of Sri Lanka’s SMEs
By Bandula Sirimanna SIGIRIYA – With the resumption of flights to Sri Lanka after a 15-year absence, British Airways (BA), one of the largest airlines in the world, plans to encourage Sri Lankan and British Small and Medium scale Enterprises (SMEs) to expand overseas, an offcial at the helm of the company said. The airline [...]
Business Times
Mismatch between supply and demand in SL higher education options
Sri Lanka has a massive mismatch in the demand and supply in higher education opportunities available in the country. “A total of 6705 students obtained 3As in the commerce stream but only about 4000 students got opportunity to enter university, thereby creating a massive gap in the higher education opportunities in our country,” noted Minister [...]
Business Times
Construction on schedule for SL’s first TomoTherapy facility
Ceylinco Healthcare Services Ltd (CHSL) said this week that construction of its second Radiation Treatment Unit is on schedule, with much of the concrete bunker that will house the country’s first TomoTherapy Treatment System nearing completion. An inspection team comprising foreign and local experts visited the construction site at Park Street, Colombo 2 in March, [...]
Business Times
Ex-Central bankers on boards of banks
Letter I write in reference to a recent letter to the editor published last Sunday on the appointment of ex central bankers to boards of banks. The Central Bank I presume may be appointing people to represent the EPF and other state institutions. I believe it is a good idea to have government nominees to [...]
Business Times
‘Recent attacks on businesses more worrying than lower export earnings’
Reference to last week’s story under the above headline, to some extent that is correct. However there is a big difference between the (1) Greater economic-related concerns due to recent attacks by radical groups on Muslim businesses, and (2) Latest data that show weaker export earnings. They are the reasons for the present situation and [...]
Business Times
DMS Electronics & Plantronics pledge support to the e-Village Initiative
DMS Electronics (DMSE), the local partner for Plantronicsequipment, donated computer headsets to the e-Village initiative at the recently concluded e-Village forum. The programme was initiated by the Ministry of Education and Intel Sri Lanka in 2007 and has since been launched in 50 schools across nine provinces. An e-Village covers a small and specific geographical [...]
Business Times
MICE tourism in Sri Lanka gains momentum
The Sri Lanka Convention Bureau (SLCB) is now approaching the medical profession to bag more meetings, incentives, conferences and exhibitions (MICE) in the country. In 2012 Sri Lanka had been able to attract 28 MICE events that have now increased to 32 this year, SLCB Director General Vipula Wanigasekara said at a recent meeting held [...]
Business Times
Could the world survive a day without water?
Interesting discussion on water management trends on Apr. 30 Could the world survive a day without water . or coming close to home, can Sri Lankans be without water for a day? This is the theme of an interesting discussion titled ‘A Day without Water: Managing Sri Lanka’s Water Resource’ organized by the Lakshman Kadirgamar [...]
Business Times
IMF maintains close relationship with the Government
The International Monetary Fund (IMF) is maintaining a close relationship with the Sri Lankan government under a standard consultation process similar to many other member countries, an IMF official said. Dr. Koshy Mathai, IMF Resident Representative in Sri Lanka and Maldives, told the Business Times that they have ended a US$2.6 billion bailout package while [...]
Business Times
Compulsory colour code for passenger transport vehicles despite protests from bus owners
By Bandula Sirimanna Despite protests from private bus owners, Sri Lanka is going ahead with a new colour code system for passenger transport buses and school vans enabling it to be identified easily, officials said. This move would help to properly regulate motor vehicles being used for different types of passenger services and identify these [...]
Business Times
Young shipping professionals association formed
Young professionals of Sri Lanka’s shipping industry have come together to form a new association to develop the younger generation in the shipping and logistics sector. The Young Shipping Professionals of Ceylon Association of Ships’ Agents (CASA) will be launched in May 10 aimed at developing talent, skills and experiences of the youth membership of [...]
Business Times
Hot news: Letters still do exist!
By Sachin Parathalingam Sri Lankans received an average 15 letters (or snail mail as it called today) in 2012 and though a sharp drop from 25 in 2003 is a reflection that members of the general public are still using letters as a means of communication today, according to the Central Bank (CB). Speaking to [...]
Business Times
Cathay Pacific in ‘Buy- One-Get-One’ free offer for HSBC credit cardholders
Cathay Pacific Airways in collaboration with HSBC has introduced a special ‘Buy-One-Get-One’ free offer for all HSBC credit cardholders. The offer allows HSBC credit cardholders to purchase a Business Class ticket to Hong Kong and receive an Economy Class ticket to Singapore or Bangkok for the cardholder, a companion or travel nominee free of charge, [...]
Business Times
Sri Lanka’s Hotel Show returns in July
South Asias largest, comprehensive and most eagerly looked forward hotel products exhibition, “Hotel Show 2013’ is scheduled to be held in July 26-28 in Colombo, the 15th anniversary of this once-in-two-years event. The ‘Hotel Show’ is organised by the Ceylon Hotel School Graduates Association (CHSGA) in partnership with Lanka Exhibition and Conference Services. The organisers [...]
Business Times
Visual aid ‘i-Chum’ wins Microsoft Imagine Cup 2013 local leg
By Jagdish Hathiramani A locally developed application has combined computer software and hardware to help visually impaired people interact better with the physical environment around them. The product won commercial recognition by differently-able people even during the research stage. Called the “i-Chum”, this application utilises sonar (sound navigation and ranging) and motion sensors to identify [...]
Business Times
New trends emerge in foreign employment, drop in migration of domestic workers
By Sachin Parathalingam Sri Lanka is experiencing an increase in the proportion of its labour force seeking employment in foreign markets, the 2012 report of the Central Bank (CB) reveals. The report indicates that during the period 2003-2012, there was a 33 per cent increase in total employment placements overseas. The report signalled a rise [...]
Business Times
Orange Electric Company teaches Robotics to students
In a small classroom in a school located alongside Cotta Road in Borella, a group of Sri Lankan students, aged between 6 and 12, are learning how to make robots, a highly advanced technology that is sweeping throughout the world – thanks to Orange Electric Co. “We at Orange Electric, saw a need to teach [...]
Business Times
SL inventor wins Gold and Silver in Geneva for nano-tech products
Manju Gunawardene, the winner of the prestigious Dassis award at the National Innovations exhibition in 2012, secured a Gold prize and Silver for his two inventions at the 41st “Inventions Geneva” exhibition, held on April 10-14. The Geneva event is the largest market place for inventors in the world. Mr. Gunawardene brought these honours to [...]
Business Times
Over 79,000 individuals in Asia Pacific to benefit from Motorola grants in 2013
Motorola Solutions Foundation, the charitable arm of Motorola Solutions Inc., will support 30 education and community-building projects in Asia Pacific this year, reaffirming its commitment to the wellbeing of communities where it operates in, the global company said. In 2012, the Motorola Solutions Foundation generously awarded 30 grants in 12 countries across Asia Pacific, including [...]
Business Times
Many GK depositors reject CB action plan claiming it will swallow up their security deposits
By Bandula Sirimanna Many disgruntled Golden Key depositors who breathed a sigh of relief following the Central Bank’s action plan to make repayments promptly have re-assessed their position and now protesting against the initiative saying it will swallow up their security deposits. After an in-depth study and closer inspection of this plan, some depositors who [...]
Business Times
Changing of the guard at Q&E MarCom
Q&E, said to be one of Sri Lanka’s foremost independent marketing communications specialists, has announced that its CEO Dilrukshi ‘Dilky’ Wijeyekoon would be resigning from the company effective May 1 that she has led for well over a decade. She will be migrating to Australia in order to pursue fresh opportunities and new challenges, with [...]
Business Times
Janashakthi Insurance ties up with Dialog eZ Cash for customer convenience
Janashakthi Insurance has become the newest member of Sri Lanka’s eZ Cash island wide network in a strategic tie-up with Dialog Axiata PLC, enabling Janashakthi Life and General customers to pay their insurance premiums at any of the 12,000+ Dialog eZ Cash merchants spread across the country. “This tie-up comes as the latest addition to [...]
Business Times
US dollar ranked 7th against Rupee in 2012
The US dollar ranked 7th in terms of strength against the Sri Lanka Rupee at the end of 2012 with the Kuwaiti Dinar being the strongest currency. According to the Central Bank (CB) report for 2012, the dollar was pegged at Rs. 127.168 at the end of the year while the Kuwaiti Dinar was Rs [...]
Business Times
New deal aggregator deal finder.lk at 3,000 visits a day
New Sri Lankan deals website, dealfinder.lk, launched this month, to aggregate (combine) all the up-to-date promotional deals and offers available locally in one place, according to a statement by website developer Edge. Further, the statement also noted; “Whether you are after Fashion, Dining, Hotel or even Happy Hour it’s all listed here by Category. You [...]
Business Times
Ceylinco Life to pay Rs 2.4 billion in annual bonuses
Policyholders who qualify for annual bonuses from Ceylinco Life will receive 25 per cent above their entitlement this year, as the life insurance firm celebrates 25 years in business. More than 340,000 policyholders will benefit from this special 25th anniversary windfall, receiving a total of Rs 2.4 billion in bonus payments in April 2013, the [...]
Business Times
Dip in health expenditure over last decade, CB says
The 2012 Central Bank (CB) report reflects a sharp drop in total health expenditure as a proportion of GDP over the last decade. Health expenditure as a percentage of GDP stands at 1.31 per cent as at 2012 compared to 1.51 per cent in 2003 dropping by 0.20 per cent over a 10 year period. [...]
