Business Times
Representing the father
Government MP Namal Rajapaksa addresses delegates at a top ports and shipping conference in Colombo from a special podium with tele-prompters usually used by the President and the Defence Secretary. All others at the conference spoke from a separate podium. Pic by Indika Handuwela
Business Times
12,500 youth to get ‘unused’ plantation lands
By Bandula Sirimanna Keeping plantation companies in the dark, the Sri Lankan government this week finalised plans to acquire 25,000 acres of unused estate land and distribute it among youths for ‘productive agricultural purposes’ under the 2013 budget proposal. A decision to distribute two acre blocks of land each in plantations among 12,500 unemployed youth [...]
Business Times
CSE plans Dubai road show in June
The Colombo Stock Exchange (CSE) is planning its second road show for the year, this time to Dubai in June, CSE officials said. “We have sent letters of invitations to all the stockbroking companies last week. This road show is at the initial stages and we hope to invite many other companies as well,” Surekha [...]
Business Times
Kapila new CEO at Mobitel
Kapila Chandrasena, current CEO of SriLankan Airlines and Mihin Lanka has been appointed as Chief Executive Officer of Sri Lanka Telecom Mobitel, SLT sources said. He will continue to hold the other positions. This appointment was made April 23 by the board of directors of Sri Lanka Telecom to fill the vacancy created following former [...]
Business Times
President and PBJ get most number of ‘votes’
BT poll: Who is responsible for power rate hike President Mahinda Rajapaksa, as Minister of Finance, and Treasury Secretary Dr. P.B.J. Jayasundera received the most number of ‘votes’ during a Business Times (BT) poll which asked: “Who is responsible for deciding the electricity price hike?” Four names were given – a) the President, b) Power [...]
Business Times
Transforming garbage into ‘gold’ compost
By A.C.A. Ghafoor, Food Technologist Sri Lanka is probably one of the few countries where people do not compost the garbage. Recently it was reported that the US Ambassador collected garbage in the Galle Face green! On a daily basis, thousands of tons of leaves are collected and burned from Colombo city road. What a [...]
Business Times
Comment – Sri Lanka’s Catch -22 debt crisis
Sri Lanka has reached a turning point in the power crisis – trapped between the need to increase prices to reduce the massive debt burden and, on the other hand, relieving the burden to the poor. Weeks after growing outrage and rising protests over the new electricity tariffs which are to take effect in mid-May, [...]
Business Times
Aitken Spence PLC takes over the management of two major ports in Fiji
Sri Lankan blue-chip conglomerate, Aitken Spence PLC has taken over the management of two major ports in Fiji, a media release issued by the Fiji government revealed. The move is aimed at bringing about efficiency and productivity in both the Suva and Lautoka ports in Fiji. A Private Public Partnership agreement signed on Tuesday allows [...]
Business Times
WTO; Future of multilateral trade, the Bali round and a new Director-General
By Feizal Samath (Geneva) – In the halls of the World Trade Conference (WTO) headquarters in Geneva, Switzerland, discussion and often gossip is centred on the future of multilateral trade and this body. The ‘chatter’ over the election of a new Director General (DG) in September to replace Pascal Lamy, who has served two terms [...]
Business Times
Sinhaputhra Finance installs first car/goods lift outside Colombo
The covered roof top at the 5th level of Sinhaputhra Finance PLC head office at No.11, Hill Street, Kandy is now a multipurpose car park and entertainment venue for both Sinhaputhra customers and outside hires. The 4,500 square foot roof top venue affords panoramic views of the city of Kandy. During the day the hills [...]
Business Times
Lighthouse Hotel PLC profit at over Rs. 100 mln
Correction The Business Times erred last week in the headline and first paragraph of the story which appeared under the headline “Lighthouse Hotel PLC profits at over Rs 1 billion.” The correct headline should read as “Lighthouse Hotel PLC profit at over Rs. 100 mln” while the first paragraph should have read as “over Rs. [...]
Business Times
Treasury struggles with Fiscal Position Report
The Finance Ministry is grappling to finalise the mid-year 2013 Fiscal Position Report in the face of an unexpected increase in state expenditure and a shortfall in tax revenues. The Treasury has no alternative other than pruning capital expenditure on social infrastructure, especially in health and education to achieve the budget deficit target of at [...]
Business Times
Fits Aviation to upgrade fleet amidst flat revenues
By Sunimalee The former Expo Air-now-Fits Aviation is looking at selling its current fleet and leasing or buying new planes in a market where revenue is likely to be flat this year, the company said. Expo Air changed name to Fits Aviation following a management decision to keep it apart from the rest of the [...]
Business Times
DMS Electronics and HP help local business to maximise benefits, minimise risks, and propel business
DMS Electronics (DMSE), together with Hewlett-Packard recently hosted a gathering of senior managers in Colombo to a session on cloud solutions under the theme ‘Transforming the Datacentre’. The thought-leadership session explored problems with the current approach to cloud computing faced by organisations and highlighted the importance of choosing the best cloud solution, according to a [...]
Business Times
Only rent income, no more drugs at Colombo Pharmacy
Colombo Pharmacy Company has abandoned its old pharmaceutical business and will rely on rent income in future under a new name – Colombo Holding Company, officials said. This came on the back of an announcement on Thursday by the company to the Colombo Stock Exchange saying that it plans to discontinue the loss making pharmaceutical [...]
Business Times
Affno celebrates 1st anniversary of its Middle Eastern operations
Internationally award-winning software company Affno celebrated the first anniversary of its subsidiary Affno Middle East WLL by showcasing its latest innovations at the Bahrain International eGovernment Forum 2013. The Forum, which provides a platform to highlight the latest technological trends and practices, was held at the Ritz Carlton Hotel in Manama from 8th to 10th [...]
Business Times
Foreigners purchasing land in Sri Lanka
Open letter to the BOI I get different answers from different institutions on the issue of foreigners purchasing land in Sri Lanka. I shall be thankful if the Board of Investment (BOI) could clarify the following: 1. Who is a foreigner? Is he an individual or an institution or both? Could our expatriates living abroad [...]
Business Times
Fitch says Sri Lankan economy strong, deficit to improve
Fitch Ratings on Tuesday said Sri Lanka’s economy is strong and its deficit is improving and announced that it has affirmed Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BB-’. The outlooks on the ratings are stable. The announcement came two days before IMF Resident Representative Dr. Koshy Mathai gave a news [...]
Business Times
Market research thro’ face-to-face interviews getting obsolete
By Quintus Perera Traditional methods of undertaking market research through face-to-face interviews would soon be out of vogue as the world moves towards mobile communication methods, noted a top market research expert. Ravi Bamunusinghe, President,Market Research Society of Sri Lanka and founder of the Research Consultancy Bureau(RCB) said that the present method of paper and [...]
Business Times
Sri Lanka automates revenue administration
By Bandula Sirimanna The Ministry of Finance is moving towards the automation of its core activities in a bid to improve efficiency, transparency and financial flexibility in a government saddled by dwindling revenue, Ministry sources said. The ministry will be introducing an Integrated Treasury Management Information System (ITMIS) to automate its key departments and cut [...]
Business Times
SAP secures 50th customer in Sri Lanka, cementing long partnership with Maharaja Organisation
SAP’s Sri Lanka partner of 10 years, The Capital Maharaja Organization (TCMOL), this week announced that it will implement SAP ERP, Business Intelligence (BI), and Business Planning and Consolidation (BPC) solutions across its companies. This implementation comes in parallel with SAP establishing a stronger footprint in the market with TCMOL becoming its distinctive 50th customer [...]
Business Times
Kelani Cables PLC and Browns Batteries to jointly manufacture jumper cables
A MOU was signed between cable manufacturer Kelani Cables PLC and Brown and Company (BG) PLC to manufacture international standard jumper cables under the BG brand which is currently manufactured by Kelani Cables. The MOU was signed by Mahinda Saranapala, CEO of Kelani Cables and Panduka Weerasingha, Senior Vice President – Agriculture, Battery, Porcelain and [...]
Business Times
MTI Corporate Finance takes an equity stake in Copyline
Sri Lanka’s Annual Report Specialist – Copyline (Pvt) Ltd – has announced a share purchase agreement and the formation of a strategic alliance with MTI Corporate Finance. This includes MTI initially taking a minority equity stake in Copyline, with a time bound plan to scale the investment up to 35 per cent, over a 2-3 [...]
Business Times
Pakistan eases tariffs on three Lankan commodities
Pakistan has eased tariffs on three commodities it imports from Sri Lanka, the Commerce Ministry said this week. “On behalf of Economic Development Minister Basil Rajapaksa, I thank the government of Pakistan for honouring Minister Basil Rajapaksa’s requests and reducing tariff on three Lankan export items. This is a step in the right direction as [...]
Business Times
Business value of good corporate governance
The success of a company is often directly connected to the character and the relationship of the directors and the top management of the company, and in addition, when directors don’t put self-interest and self-preservation ahead of their stake holder interest. Good governance in general gives the company the protection to operate effectively, the ability [...]
Business Times
Electricity is not just Arithmetic, Sir!
By Chandrasena Maliyadde, Former Secretary, Ministry of Plan Implementation There were several articles on electricity in the newspapers recently. They were mainly focused on electricity costs and prices. Most of these articles were authored by experts on electricity. I am not an expert in any sense and only a consumer of electricity. Yet, I am [...]
Business Times
Springs of hot water in the hills
Sri Lanka’s next lost attraction is the hot springs found in Wahawa from which one could even have a hot shower from the water that shoots high into the air. Situated in the pastoral village of Wahawa in Padiyatalawa, are 18 hot water springs scattered all around the village with tanks built around to store [...]
Business Times
Tourist arrivals March 2012 – February 2013
Tourist arrivals topped 93, 232 in February this year, an 11.6 per cent increase compared to the same period in 2012. While UK up by 26.1 per cent, France just marginally by 4 per cent and Germany grew by 8 per cent they continued to dominate in terms of increased arrivals during this period; whereas [...]
Business Times
Sri Lanka posing a challenge to Kerala ayurveda
Kerala, April 28 (IANS) — Its decades long ethnic conflict over, Sri Lanka is steadily emerging as a major competitor to Kerala’s ayurvedic system of medicine, a leading industry expert says. But officials are quick to point out that as long as Kerala sticks to its pristine form of ayurveda school, no challenge from anywhere [...]
Business Times
SriLankan Airlines gets new payment gateway on Wirecard
Wirecard AG, provider of a globally accepted payment gateway with a worldwide customer base, is partnering SriLankan Airlines, the national carrier, to take over its payment services for credit card processing and risk management, the airline stated in a media release. SriLankan Airlines has a global flight network of 64 destinations in 34 countries and [...]
Business Times
Tourists enjoy Avurudu Sri Lankan style
Sri Lanka Tourism celebrated Sinhala and Hindu New year (Avurudu) at Negombo beach (opposite Hotel Camelot) based on the theme “Sri Lanka Hospitality 2013”, rich with local rituals, exclusively found in Sri Lanka, a media release issued by the state tourism agency stated. Sri Lanka Tourism Promotion Bureau (SLTPB) has already taken steps to provide [...]
Business Times
Austrian travel magazine features Sri Lanka
Urlaub!, a travel magazine launched by MME Austria Ltd, a public relations and media firm based in Vienna, features Sri Lanka in its cover page with a caption ‘A couple of pieces of paradise’, a media release issued by the Sri Lanka Embassy in Vienna stated. The magazine priced at Euro 3 per copy is [...]
Business Times
‘Sancharaka Udawa’ exhibition in June with overseas hotel suppliers
Sri Lanka’s inbound tourism operations exhibition this year has for the first time included a number of overseas suppliers in addition to the 350 local participants. The exhibition titled “Sancharaka Udawa” will be held on June 14 and 15 at the BMICH in Colombo and conducted for the third consecutive year organised by the Sri [...]
Business Times
China leaps to top as biggest tourism spender
By Lakshman Ratnapala PATA Emeritus President & CEO China has leaped to first place as the biggest spender in world tourism with Chinese tourists spending a record US$ 102 billion in 2012, surpassing the hitherto top spender Germany and the second largest spender, the USA, both of whom spent close to $84 billion last year, [...]
Business Times
Dialog connects Sri Lanka to High Speed Submarine Gateway
Dialog Axiata PLC (Dialog), Sri Lanka’s premier connectivity provider, this week entered into an agreement with the Bay of Bengal Gateway (BBG) Consortium to operate a high capacity submarine cable at a Cable Landing Station in Colombo. Dialog’s investment in the new high speed submarine cable will trigger the single largest infusion of International Bandwidth [...]
Business Times
Union Bank says mergers and acquisitions the future for Sri Lanka
The Union Bank (UBC), just as the future in the Sri Lankan banking sector is seen in consolidation or merger of the smaller banks to survive and stay competitive, has spoken of mergers and acquisition as the way forward. “Mergers and acquisitions would be the astute path to tread if Sri Lanka is to become [...]
Business Times
Some disgruntled GK depositors oppose CB bail-out plan
By Bandula Sirimanna Several disgruntled depositors of the failed Golden Key Credit Card Company (GK), in an emotional move on Wednesday, signed a petition against the Central Bank (CB)’s action plan for repayment. These depositors met opposite the former GK head office at Duplication road, Bambalapitiya to launch a signature campaign urging the Supreme Court [...]
Business Times
Eden Resort and Spa gets an upgrade
The LOLC leisure Management has announced an upgrade for Eden Resort and Spa during the coming months. The hotel will close operations for two months beginning May 1 2013, the hotel company said. With this major refurbishment, 103 rooms of the hotel will be upgraded to the Superior category, while an additional 10 rooms will [...]
Business Times
Seylan Bank reports 26 per cent growth in post-tax profits for Q1-2013
Seylan Bank, which celebrated its 25th year anniversary in March, says post-tax profits for the 2013 first quarter rose by 26.7 per cent to Rs. 505 million. “Despite lower than expected credit demand and industry wide pressure on interest margins, net interest income increased by 5.8 per cent to Rs. 2.16 billion for the 3 [...]
Business Times
SEC: Three more probes to complete
Three more probes of alleged violations are pending at the Securities and Exchange Commission (SEC), SEC sources said. The regulator had 20 probes pending at the time the new Chairman, Dr Nalaka Godahewa took office. Meanwhile the regulator plans to fill the vacancies of three directors, adding that SEC recently advertised for a new position, [...]
Business Times
Colombo port’s July opening in time for mega vessels
By Sunimalee Dias Sri Lanka’s plans for the Colombo port’s opening in July of another terminal would be in time with the arrival of the world’s large triple E ships set to sail on the high seas, a shipping expert said at a ports and shipping conference last Thursday. The second Sri Lanka Ports, Trade [...]
Business Times
Long-term solutions needed for power crisis
Sri Lanka’s electricity crisis has in recent days, gripped the attention of the public with the Ceylon Electricity Board’s (CEB) decision to dramatically raise electricity tariffs, triggering a public outcry. On Wednesday President Mahinda Rajapaksa, during a May Day rally, announced concessions for lower end users of power. The current power crisis climate is surprisingly [...]
Business Times
IMF stresses need to grow FDIs
Sri Lanka should focus on increasing Foreign Direct Investment (FDI) in the face of declining export revenue, an International Monetary Fund (IMF) official said this week. The country’s exports fell 7.4 percent to US$9.7 billion in 2012 from a year earlier and imports fell 5.8 percent to $19 billion, shrinking the trade gap 4.1 percent [...]
Business Times
Dilmah opens its first t-Bar in India
Dilmah Tea has opened its first t-Bar in India at the Radisson Blu Plaza Hotel in Hyderabad. This new initiative was launched by Dilmah founder Merrill J. Fernando, considered the world’s most experienced teamaker, and his younger son, Dilhan C. Fernando. “At Radisson Blu Plaza Hotel, we identify every opportunity to deliver a memorable guest [...]
Business Times
GSK launches locally developed antihistamine ‘Histaban’
A non-sedative, antihistamine syrup Histaban (loratadine) has been launched in Sri Lanka by GlaxoSmithKline Pharmaceuticals (GSK) as a prescription medication for allergic conditions. The syrup intended for paediatric use, is manufactured in Sri Lanka at the Glaxo Wellcome Ceylon plant, which has been in operation for more than 50 years, the company said in a [...]
Business Times
Dabur Lanka’s state-of-art fruit beverage plant opens
Dabur Lanka (Pvt.) Ltd, a wholly-owned subsidiary of India’s leading consumer goods maker Dabur India Ltd, on Friday opened a state-of-the-art packaged fruit-based beverage manufacturing facility at Mirigama, Sri Lanka. The new facility was inaugurated by Minister of Economic Development Basil Rajapaksa at a ceremony attended by many dignitaries including Indian High Commissioner Ashok K. [...]
