Beware … big brother is watching
A policeman monitors traffic at the office where Sri Lanka’s largest Closed Circuit Television (CCTV) surveillance system has been installed. There are 107 cameras at 30 junctions in Colombo city and the suburbs where traffic and driver behaviour is monitored from this control room.
Apparel factories move to labour-surplus villages
Sri Lanka’s apparel industry, in a major shift from the late 1970s Free Trade Zone (FTZ) model of growth, is seeking state approval to move out factories in the zones to labour-surplus villages. The plan is slightly similar to the 1990s model by former President Ranasinghe Premadasa who set up the 200-factories programme aimed at [...]
Dhammika has near 50% stake in Hayleys
Dhammika Perera, Sri Lanka biggest entrepreneur/businessman, has 48.4 per cent control of conglomerate, Hayleys Group through direct and indirect stakes. According to the latest 2012/13 annual report of the group, Mr. Perera – also Transport Ministry Secretary – owns directly and indirectly 36.3 million shares out of a total shareholding of 75 million shares. Of [...]
Bureaucracy, weak opportunities drive power producers to East Africa
Bureaucracy and lack of opportunities have pushed some local power producers to set up projects in East Africa. Power producers say that Tanzania, Kenya, Uganda, Rwanda and Burundi which comprise East Africa present ample opportunities in this sector. “Development work in Sri Lanka is getting increasingly difficult due to bureaucracy and inconsistency,” an official from [...]
Browns’ MD Murali resigning
Murali Prakash, Group Managing Director at Browns PLC is moving out in August. He told the Business Times that he is taking a 3- month break from work to attend to personal matters in Australia and that this is a long time to be away from his job. “It’s important that I need to be [...]
Pressure on banks to lend to Govt.
Sri Lanka’s commercial banks are under increasing pressure to lend to the Government for its development activities, a move that has affected lending to the private sector, official sources said. At a recent meeting between senior Treasury officials and representatives of some banks, it was revealed that the banks have already lent around Rs. 60 [...]
Sri Lanka’s highway nightmare
The Colombo Municipal Council (CMC) with the help of the UDA (Urban Development Authority) should undertake Local Area Traffic Management Schemes (LATMS) to improve traffic conditions and road safety in local streets. These schemes consider what traffic treatments should be introduced to help improve local traffic conditions. They can look at issues such as traffic [...]
Jayasundera – juggling the country’s finances
Decision-making on the country’s finances is either bizarre, plain stupid, indifferent or just arrogant. At a time when Sri Lanka’s coffers are bone dry, the Government offers duty free cars for former provincial councillors. Earlier this month cabinet approval was given, according to media reports, to a proposal to give duty free permits to former [...]
Millions falling into poverty in recession-racked Italy – report
(Reuters) -Millions of Italians cannot afford to heat their homes properly or eat meat as their country is racked by recession and soaring unemployment, said a report which found the number of people considered seriously deprived had doubled in the past two years. The findings from national statistics institute ISTAT underline the scale of the [...]
Sri Lanka needs to become efficient financial market
The global economy is currently in unchartered territory and to assist the country Sri Lanka needs to help the financial sector become an ideal and efficient financial market, according to Felix Stephen, Head of Strategy and Research at the Australian Advanced Asset Management (AAM) company. Speaking at recent fund management forum in Colombo organized by [...]
flydubai begins flights to Mattala
flydubai, Dubai’s low-cost airline, began flights to Mattala Rajapaksa international Airport at Mattala on Wednesday officials of Jetwing Air, Sri Lankan general salesagent of flydubai ,said. flydubai operates flights to Mattala three-times a week on Monday, Wednesday and Friday from May 22 and daily from June 3, General Manager of Jetwing Air J.D.Wieman told the [...]
Sri Lanka online search up as much as 25 times : Google
Online search queries in Sri Lanka for all categories, from beauty to automotive to telecom, have gone 12 to 25 times, according to Anand Tilak, Google South East Asia’s Regional Manager for Agency Relations and Sales Development. Speaking at the LBO LBR Summit on “Building Resilient Brands” in Colombo this week, Mr. Tilak also revealed [...]
Employees’ share option scheme at Hemas
Hemas Holdings iss introducing an Employee Share Purchase scheme (ESPS) for senior management of the company to purchase ordinary shares of the group, according to a May 22 decision made by its board of directors. The total number of new shares proposed to be issued by the company under this scheme is 10 million (ordinary [...]
Singer debenture issue at oversubscribed 14.50 % rate
Singer (Sri Lanka) PLC’s three-year Listed Unsecured Redeemable Debenture Issue opened on Tuesday and was oversubscribed almost immediately, the company said. The initial Issue was aimed at raising Rs. 1 billion, with an option to increase this amount by a further Rs. 500 million, at the discretion of Singer, in the event of an oversubscription. [...]
Commercial Bank felicitated by CMC as ‘exemplary corporate citizen’
Commercial Bank has been felicitated once again as a top corporate citizen, this time by the Colombo Municipal Council (CMC) for being the most punctual taxpayer in Colombo for the past five years, consecutively. For this reason, Commercial Bank’s Assistant General Manager – Properties and Services Noel Wickremasinghe was invited to hoist the national flag [...]
Virtusa revenues up 20% in 2012/13, forecasts $ 60 mln 2014 revenue bump
US-based Virtusa recently issued a statement highlighting its full year financials, for its fiscal year ending March 31, 2013; wherein it reported an increase in revenue of 20 per cent to US$333.2 million, up from $277.8 million, which was its revenue for the fiscal year ended March 31, 2012. Additionally, the company also recorded fourth [...]
Eswaran Brothers honoured at UK’s Environmental and Energy awards
Eswaran Brothers Exports, one of Sri Lanka’s leading tea exporters, has been highly commended as a Sustainable Business of the Year at the UK’s prestigious Environment and Energy Awards 2013. The company said this year’s award ceremony was held on April 16th at the ‘Sustainability Live Show’ in Birmingham, UK. The Environment and Energy awards [...]
IT/Communication segment grows at Singer in 1Q 2013
Last year’s drought, coupled with consumer fears of an increase in electricity tariffs, had a negative impact on the overall business environment, leading to almost flat revenue growth in the first quarter, according to consumer goods company – Singer. The first quarter saw the company’s gross sales revenue increase by just two per cent. However, [...]
NDB Capital Holdings profit zooms in 1Q 2013
NDB Capital Holdings PLC (NCAP) has reported increased profitability in first quarter 2013 with revenues also up sharply at Rs. 320 million against Rs. 64 million in the same January-March 2012 quarter. “This increased revenue translated to a profit of almost Rs. 297 million at company level for the quarter, an over 6.5 fold growth [...]
Dipped Products Group crosses Rs. 2 bln PBT in 2012/2013
Dipped Products PLC, the Hayleys Group subsidiary involved in the global non-medical rubber glove market, saw its pre-tax profit (PBT) cross Rs 2 billion in the 2012/13 financial year. The company reported a growth in turnover at Rs. 23.7 billion. The group’s Hand Protection sector crossed the Rs. 1 billion PBT threshold for the second [...]
Hayleys does ‘exceptionally” well in plantations
Hayleys has reported an ‘exceptional performance from the Plantations Sector’ in financial year 2012/13 at a time when tea firms are struggling with rising costs and increasing wages. The agriculture sector also posted commendable results despite adverse climatic conditions, the group said releasing its annual results for the just-completed financial year. The conglomerate reported a [...]
Emirates increasing flights to Colombo from June 30
Emirates, following rising demand, is increasing seat capacity to Colombo from June 30 with the addition of three more flights per week, the airline announced on Wednesday. The addition of three more services, which will operate between Dubai and Colombo on Mondays, Thursdays and Sundays, will increase the number of flights between the two cities [...]
Emission testing companies ensure Sri Lanka’s air quality is pure
CleanCo Lanka Ltd, a subsidiary of Akbar Brothers operating under the brand ‘DriveGreen’, – one of the two companies that provide emission testing, last week announced the advantages of emission testing. Rajeev De Alwis, Director/GM, CleanCo Lanka – on the sidelines of the press briefing, asked about the fraudulent activities said to be perpetrated by [...]
Nestlé Lanka reports 7% growth in 1Q 2013 performance
Nestlé Lanka posted revenues of Rs 7.7 billion for the first quarter of the year, saying the company operated in challenging market conditions. Net profit was Rs 914 million benefitting from stable raw material costs and favourable currency in the current year, whilst currency depreciation significantly impacted the comparative period, the company said in a [...]
Cajoling marketers and admen to use social media
The Sri Lanka Institute of Marketing (SLIM), realising that most Sri Lankan marketers are still caught up in the traditional media and are yet to realise the full potential of social media, is hosting an evening with author of business communication specalist Angelo Fernando on June 18 at the Kingsbury Hotel. This will be followed [...]
Motorists beware – you are on CCTV at key junctions in Colombo
Sri Lanka Telecom has successfully connected the country’s first and largest Closed Circuit Television (CCTV) surveillance system through its advanced Fibre optic based Metro Ethernet Network (MEN) infrastructure. This is to improve road safety and national security by providing facilities to authorities of the Sri Lanka Police Department to carry out real-time video monitoring, control [...]
Union Bank further consolidates its SME focus
Union Bank has reported a reported a post-tax profit of Rs.62.9 million for the first three months of 2013 amidst what it calls “challenges in the banking sector”. In a media statement, the bank said it has seen progress in its core banking operations recording growth in its loans and advances of nine per cent [...]
CILT Sri Lanka to host CILT’s Global Convention next month
The Chartered Institute of Logistics and Transport (CILT), the top global professional body associated with the logistics and transport industry, will hold its global Convention and the AGM in Colombo from June 2 to 7. The CILT Annual Convention and conference, generally alternates between the UK and a different territory or branch location each year. [...]
SLIC launches Motor Plus loyalty rewards
“Loyal customers don’t just tell friends to do business with you, they insist that they do business with you,” asserted Ainsley Alles, Chief Officer (General Insurance) of Sri Lanka Insurance Corporation (SLIC) at the launch of SLIC’s Motor Plus Loyalty Rewards scheme held recently in Colombo. The scheme, officials said, is a tribute to the [...]
Nature’s Secrets new formula perfume for ‘male executive officers’
Nature’s Secrets unit, Nature’s Beauty Creations (NBC) has launched three perfumes for male executive officers under the brand name ‘NS Black’. The perfume variants of NS Black are of global standard yet affordable to Sri Lankans. The company said that the idea came from top bureaucrat Lalith Weeratunga, Secretary to the President who has in [...]
Ceylon Oxygen launches largest air separation plant in Sri Lanka
Ceylon Oxygen’s recently established Air Separation Unit (ASU) in Colombo is the company’s second and the largest air separation plant in Sri Lanka further reinforcing Ceylon Oxygen’s position as the leading industrial and medical gases player in the country, according to Niran Pieris, Chief Executive of Ceylon Oxygen Ltd (COL). Speaking at a recent media [...]
Reasons for and against Devolution via the 13th Amendment
Recently an article by former diplomat Nanda Godage supporting the devolution of power to the North under the 13th Amendment appeared in another daily. My article is an endorsement of Mr; Godage’s suggestion as it is also an attempt towards peace and reconciliation. But there is a seemingly controversial aspect to my point of view [...]
Sri Lankan group among winners in South Asian competition on ‘Youth Solutions’
Four innovative Youth Solutions were selected winners at the Regional Grant Competition, jointly organized by The World Bank, Microsoft Sri Lanka and Sarvodaya Fusion! The competition titled ‘Youth Solutions! Technology for Skills and Employment’ was held at the Cinnamon Grand, Colombo on Tuesday, with youth-led NGOs from Bangladesh, Nepal, Maldives and Sri Lanka participating. Shilpa [...]
CBSL’s Sixth International Research Conference 2013 on Dec 12
A ‘call for papers’ recently went out for the Central Bank’s Sixth International Research Conference 2013, which will be held on December 12, 2013. It was also highlighted that the abstract submissions deadline, for 500-word abstracts, to be accompanied by a Curriculum Vitae (CV), was June 7. Speaking to the Business Times, Ms. S. Gunaratne, [...]
Growing use of GIS technology in Sri Lanka
Geographic Information Systems (GIS) is fast becoming the platform of collaboration between organizations and the public, responding to the needs of all stakeholders and in the case of governments to enhance development, essentially rural development. This was stated to the Business Times (BT) by Dave Byers, Regional Manager, Asia Pacific, ESRI (Environmental Systems Research Institute), [...]
Sri Lanka’s first budget, no-frills hotel opens in Negombo courtesy Jetwing
Jetwing Hotels has opened Hotel J, a no-frills accommodation brand offering select service accommodation made to cater for the budget traveller. No frills hotels are focused on ensuring that clients receive simple products with universally appealing services at extremely competitive rates. The first of its concept, Hotel J will have 35 rooms and one suite, [...]
Post-tax profits drop accompanies Sanasa Bank’s decision to go public
Post-tax profits of Sanasa Development Bank, a leading microfinance and cooperative institution in Sri Lanka, fell by 18 per cent to Rs 311 million in 2012, the first year the company was listed on the Colombo Stock Exchange. The dip in profits reflects the generally pessimistic outlook for the banking sector in 2012 with the [...]
Cyber-crime discussion at ST Business Club
The Sunday Times Business Club (STBC) is hosting a panel discussion on the “Cyber Security Landscape in Sri Lanka” on Monday, May 27 at 6.30 pm at the Cinnamon Lakeside – Colombo. The panellists are Sujit Christy – Risk and Compliance Professional and Director at Layers-7 Seguro Consultoria (Pvt) Ltd, Chaturanga Perera, Attorney-at-Law, Senior Partner [...]
SKÅL Asia holds 42nd annual SKÅL Congress in Sri Lanka
SKÅL International, an international association of Travel and Tourism Professionals, will be holding its 42nd Congress of the Asian SKÅL Clubs on May 30 to June 2 in Negombo, Sri Lanka. Over 150 Skalleagues (as members of this grouping are known) from around the world would be meeting to renew old acquaintances and make new [...]
From small beginnings, Mediafactory’s entrepreneurship pays off
From a tiny 4-member operation down Sellamuttu avenue in Kollupitiya to a current 95+ communication group, the Mediafactory has pulled out all the stops in its 9-year journey to reach the top. Launched by two young Sri Lankan entrepreneurs, Prashanth Supramaniam and Kapila Vidanagamage – owners and joint Managing Directors of the Mediafactory group of [...]
Top grade for Cinnamon Lakeside at City Food Safety High Achievers Award ceremony
Cinnamon City Hotels won plaudits at the City Food Safety High Achievers Awards Ceremony with Cinnamon Lakeside Colombo scoring an A+ Grade at the award ceremony held recently with the participation of Minister of Economic Development, Basil Rajapaksa. Chief Medical Officer of Colombo, Dr. Pradeep Kariyawasam, speaking at the event, said that the Public Health [...]
MTI Forum to provide answers to why fewer HR specialists become CEOs
MTI HRM Solutions is holding its MTI HRM Forum 2013 – based on a study of 100 top Heads of HR and 50 CEOs in Sri Lanka – on June 5 in Colombo. “Many HR Forums tend to focus on transplanting text book HR concepts to Sri Lanka and are highly opinionated. Further, some of [...]
Biz class upgrades on SriLankan Airlines thro’ auction
National carrier, SriLankan Airlines is offering (payment-based Business Class upgrades from Economy class through an online auction system designated “Upgra‘d e-auction”. Upgra‘d is an extremely user-friendly online procedure, where an Economy Class ticket holder booked on a SriLankan flight operating to any SriLankan online destination can place a bid for an upgrade by filling in [...]
Janashakthi tops insurance sector in dividend returns to shareholders
Janashakthi Insurance PLC said this week that it is offering the highest dividend yield among other local insurance. For the year ended March 31, 2013, the company paid out an annual dividend yield of 9.52 per cent, the highest among insurers, the company announced. “We always look to maximise returns to our shareholders, who have [...]
Ceylon Income Fund declares 14% tax free dividend
Ceylon Income Fund, which says it is the only Corporate Debt Fund in Sri Lanka rated A-(lk) by Fitch Ratings, has announced a dividend of Rs. 1.40 per Unit to its investors. The Fund reported an annualised return of 16.61% (after tax), over the 1st quarter of 2013. The Ceylon Income Fund invests only in [...]
MTD Walkers expands into marine sector
MTD Walkers PLC (MTD) the infrastructure development company, is planning through its subsidiary – Colombo Engineering, to expand into the marine sector and engage in dry-dock operations, officials says. It is a US$ 30 million project that will start in end-2013. “This was one of the few fields that we weren’t in. We see a [...]
SL’s fertilizer companies restrict imports
Sri Lanka’s fertilizer importing companies have restricted imports as they are facing serious liquidity problems due to the government’s failure to reimburse accumulated subsidy payments running up to Rs. 16 billion, importers said. There was shortage of fertilizer in several plantation areas in the island as a result of the restriction of imports. The Treasury [...]
Lankan furniture and wood-based product exports on the rise
Sri Lanka’s furniture and wood based product exports are rising due to growing potential in this business, Wood-Based Industrialists Association (WBIA) President Lakshman Wanniatchi said. He noted that Sri Lanka has good softwood and hardwood timber, particularly teak and mahogany, while its craftsmen come from families with experience in woodcraft for generations. There is great [...]
