NSB chairman sacked for ignoring PBJ order
National Savings Bank (NSB), Sri Lanka’s main state-owned savings bank, is going ahead with a controversial US$1billion bond through HSBC Bank, after its chairman Sunil Sirisena was sacked for failing to heed a directive by the Treasury Secretary Dr. P.B. Jayasundera to expedite the process.In a surprise move, the services of Mr. Sirisena, a reputed [...]
250-member Indian crew to shoot “Bombay Velvet” in Sri Lanka
A 250-strong Indian film crew led by talented actor Ranbir Kapoor will spend millions of rupees and use some 11,000 room nights between July-September to shoot an ambitious movie in Sri Lanka. Indian film director Anurag Kashyap is using Sri Lanka as a location for the movie “Bombay Velvet” to be shot at Serendib Studio [...]
Southern beaches sizzle on hotels’ price war
Hotels in the south are in the throes of a price war in the wake of a drop in summer arrivals this year. “We are all the time looking at pricing to suit market conditions,” Aitken Spence Head of Hotels Malin Hapugoda said adding that “the price war is on the beach and to a [...]
CIC eyes Kenya, Ethiopia and Uganda for agri investments
CIC Holdings PLC is in the process of finalising joint venture partners in Africa to invest in agricultural farming, officials said. “We’re planning to go to Kenya, Ethiopia and Uganda with horticulture and rice production through our partners in the Middle East,” Samantha Ranatunga Managing Director/CEO CIC told the Business Times. He said this is [...]
People’s Leasing in negotiations with ME banks to raise US$ 50 million
People’s Leasing and Finance Plc (PLF) is in negotiation with Middle Eastern banks to raise US$ 50 million, officials said. “We recently raised US$10 million from the Middle East under the External Commercial Borrowing Scheme introduced in the government’s 2013 Budget. This is a similar attempt,” a PLC official told the Business Times. He said [...]
Kingslake helps mid-sized businesses to realise their full potential
COLOMBO -The 30-year old ethnic conflict in Sri Lanka deterred many expatriate Tamils from returning to their roots; not S. Dharmavasan. Born and schooled in Sri Lanka, the youngster migrated to the UK in 1975, studied at the University of London and then taught applied mechanics before setting up his own IT company with three [...]
Fundamental principles of governance: Solution to peace and prosperity
To the Most Venerable Madulawawe Sobitha Himiyani; It is with great admiration that I write this complement on your mission for a new constitution to Sri Lanka. What is striking is your commitment to an advisory role, and not a political role as some other monks have done in the past and have effectively failed. [...]
NSB: Hear no evil, see no evil, speak no evil!
More than a year after the share deal fiasco at the National Savings Bank (NSB), another ‘crisis’ surfaced at the bank. This time it is over a US$1 billion bond issue the bank wants to float; not for its own use, but for the state. The simple fact is that state coffers are empty and [...]
More promotion for SL capital markets needed in Middle East
Sri Lanka needs to do a lot more in terms of marketing and promoting its capital markets in the Middle East and be on its radar, according to a capital markets expert. “We need to do a lot more in terms of promoting this country in the Middle East. The road show to Dubai is [...]
High-powered panel to discuss ‘Citizen Rights’ at STBC meeting
A high-powered panel will discuss issues relating to “Public litigation, rights & obligations of ordinary Sri Lankan citizens” at this month’s meeting of the Sunday Times Business Club (STBC). The session on Monday, June 17 at the Cinnamon Lakeside hotel will see panellists – Rosy Senanayake, MP, Chrishmal Warnasuriya, lawyer, and a third speaker to [...]
Sri Lanka examines constraints in doing business in Colombo
President Mahinda Rajapaksa is currently in discussion with relevant authorities on investor related issues pertaining to re-considering the minimum amount on BOI investments and land ownership by overseas nationals for business in Sri Lanka. Currently, authorities were in discussion with the President on re-considering the minimum amount foreign investors need to invest in the country, [...]
LAUGFS’ Wega ready to supercharge growth
Having pioneered the auto gas industry, set up a chain of Laugfs fuel stations and supermarkets along with a string of new businesses, the founder of LAUGFS Holdings, says his dream is to alter local people’s lifestyles. W.H.K. Wegapitiya says this is why he got into the leisure business in the first instance, responding to [...]
Amãna Takaful holds 14th AGM of shareholders
Amãna Takaful, said to be one of Sri Lanka’s fastest growing composite insurers, recently held its 14th Annual General Meeting (AGM) with the participation of the directors, shareholders and staff members in Colombo. The company said it has secured consolidated revenue of Rs 463.4 million, up 15 per cent from last year while posting a [...]
Piramal Glass plans to expand export foothold this year
Piramal Glass plans to increase its export markets this year, officials said. “We are exploring new markets and will further diversify revenue streams,” Sanjay Tiwari, CEO Piramal Glass told the Business Times. He said they expect to expand to high margin yielding coloured bottles segment. Piramal is the only manufacturer of glass bottles in the [...]
Caltex provides medical facilities to the 3-Wheeler driver’s union
Chevron Lubricants Lanka recently stepped forward to provide free medical care to the All Island Three Wheeler Driver’s Union membership as an initiative to help social development of the industry. A health camp was conducted in partnership with the All-Island Three Wheeler Driver’s Union where hundreds of three wheeler and budget taxi drivers were given [...]
Ceylinco Healthcare cutting costs of health screening
Ceylinco Healthcare Services Ltd (CHSL) is cutting the cost of general health screening by nearly 60 per cent this month to promote the concept of periodic health checks as a routine. The company said in a media release that it will offer eight tests, two consultations with a doctor — one before and the other [...]
Clarification
Referring to the story headlined “Distilleries’ strategy of top end, flavoured arrack could trigger imitations by other players: Analysts” which appeared in the Business Times on June 2, John Keells Stock Brokers says that the article has emphasized only a small part of its report that is “not very significant to the overall theme and [...]
W.A. Nalani assumes duties as new NSB Chairperson
W. A. Nalani, a veteran banker, on Tuesday assumed duties as the new Chairperson of National Savings Bank (NSB). She is the first female to head the bank in its 41 year-old history. Ms. Nalani is graduate of the University of Colombo, with a Bachelor of Arts Degree in Economics (Hons) and Bachelor of Philosophy [...]
Study on civilian casualties near end of Lankan conflict says estimates grossly exaggerated
A study on civilian casualties during the last stages of the 30-year long ethnic conflict was discussed at a recent seminar hosted by the Marga Institute in Colombo. It was part of a continuing series of seminars on “Truth and Accountability and Post War Reconciliation” by the Institute. The seminar titled “The Numbers Game – [...]
Colombo’s key exterminator reaches 15
When Marlon Ferreira, Managing Director of the pest-control company Exterminators Ltd steps into his office each morning, he is plagued by calls quite unusual for your average businessman – anxious customers complaining of rats, termites and cockroaches. Not perturbed by this, Mr. Ferreira with equipment and pesticides in hand jumps into his exterminator mini-van and [...]
Post-war Sri Lanka at an exciting stage of development –top ad executive says
COLOMBO – When Jarek Ziebinski, a top advertising executive, arrived in Sri Lanka a week ago, he was hoping that the optimism and enthusiasm he saw on his last visit, four years back soon after the war ended, would have transformed into growth and development. “Oh, it has happened! I was smiling as I saw [...]
Cinnamon Lakeside leading the way in anti-food waste programmes
The Cinnamon Lakeside hotel, for over two years, has been conducting anti food waste programmes, encouraging staff to consume responsibly. By collecting and weighing wasted food at the employee cafeteria, the hotel has been able to educate associates on the collective impact of their actions, resulting in a 49 per cent reduction in food wastage [...]
Business of Growing Old
I was pleasantly surprised by veteran journalist Kusal Perera’s (KP) article titled as above in your esteemed journal’s “Business Times” of Sunday May 12. It is a review of two extremely interesting volumes called “Medicine in the Elderly”, edited by Prof. Colvin Goonaratna and two senior Consultant Physicians, Drs. Achala Balasuriya and Piyusha Atapattu. Let [...]
Profits fall for Cargills group as VAT affects ‘Food City’ retail sales
The Cargills Group, operating the biggest supermarket chain in Sri Lanka, has reported below-par results for the 2012/13 financial year saying the retail sector peak sales period was heavily impacted by the Value Added Tax (VAT). Post-tax profit fell by nearly half (45.6 per cent) from last year to Rs 594.8 million with the steep [...]
Expolanka Holdings posts Rs. 1.67 bln pre-tax profit
Expolanka Group reached an annual turnover of Rs. 50 billion for the first time, recording a 41 per cent year-on-year growth (for 2012/13) helped by a 64 per cent spurt in the Freight and Logistics sector. The company sustained its consolidated pre-tax profit at Rs. 1.28 billion and a consolidated pre-tax profit at Rs. 1.67 [...]
Sri Lanka seeks foreign investment in tourism infrastructure
Sri Lanka which had just a few international hotel brands like Hilton, Ramada and Taj, has now seen the emergence of brands like Shangrila, Sheraton, Movenpick, Hyatt, Marriot and Accor Hotels, a Sri Lankan industry expert told an international tourism gathering last week. “Our industry, thus, is well on its way towards prosperity and there [...]
Sanctuary of the sacred tooth relic
In the village of Kuruwita is a temple, which was conferred the responsibility of sheltering the sacred tooth relic of Lord Buddha during the dark years of Sri Lankan history. For 40 years Delagamuwa Raja Maha Viharaya protected the sacred relic from many parties including the invading Portugeese, who were not only seeking to destroy [...]
Training hotel staff imperative in post conflict era
The Sri Lanka tourism industry believes that there needs to be more focus on training the local workforce for the sector alongside the new degree offering institutions coming up lately. An industry veteran, Srilal Miththapala speaking with the Business Times said that this was going to be an issue as most of the institutions were [...]
SL Heritance Hotels secures ISO 50001 certification
Heritance Hotels, Sri Lanka’s leading chain of resorts, has secured the ISO 50001 certification for energy management systems which have been effectively implemented at each resort. It is the first resort to get this certification, the company said. ISO 50001 specifies the requirements for establishing, implementing, maintaining and improving an energy management system. The purpose [...]
Marine Drive gets new hotel, department store at US$40 M
Sri Lanka’s tourism industry is bracing itself for a US$40 million, new 270 room luxury hotel and department store in Colombo on the Marine Drive by furniture manufacturer Damro. Located in the Colombo city at Kollupitiya on one-and-a-half acres of land, Marino Sands would be in a 12-storey building comprising three basements for parking and [...]
More Sri Lankans travel East this season
With Sri Lanka’s East coast season picking up the domestic traveller segment that has turned out significantly has contributed to at least 50-60 per cent of the occupancies. Local tourism industry continues to take interest in catering to the domestic market that currently looks “extremely positive,” with about 50-60 per cent from this segment that [...]
Richard Pieris Arpico Finance launched as newest finance firm
Richard Pieris Group last week launched its newest venture, Richard Pieris Arpico Finance Ltd (RPAF). The group with an asset base exceeding Rs.25 billion says it enjoys local market leadership in traditional sectors of plantations, rubber, tires, plastics, retail and distribution, financial services, construction and logistics The finance company CEO is K.M.M. Jabir, a top [...]
New company awarded visa outsourcing contract by Indian High Commission
IVS Global Pvt Ltd has been awarded the contract to issue Indian visas in Sri Lanka. P. Kumaran, acting High Commissioner representing the High Commission of India in Sri Lanka, signed the contract for visa outsourcing with IVS Global Pvt. Ltd, representd by its Chief Executive Officer, Venku Murthi, a media release issued by the [...]
Economic benefits yet to trickle down to the masses – Senior Minister D.E.W. Gunasekera
Expressing concern over the state of the government revenue, Senior Minister and Communist Party leader D.E.W. Gunasekera told a packed audience of members of diplomatic corps, foreign donor agencies senior officials business community and the media that the impressive economic data of the country presented by Lankan authorities and foreign agencies does not reflect in [...]
LAUGFS expands into renewable energy business
LAUGFS has launched a joint venture with the Sri Lanka Institute of Nanotechnology to add value to Ilmenite and produce nano titanium dioxide – base material for products such as paints. “We’re also looking at value addition to local mineral resources. In this regard we have already started a joint venture with the Nanotechnology Institute [...]
New Sri Lankan head for Grey group ad agency
Ad agency, the Grey Group has appointed Rachita Dutta, as its new country head for its Sri Lanka operations. In this role, Ms. Dutta will be responsible for developing and executing strategies to expand Grey’s client base and capitalize on the business opportunities arising as a result of digital media and a shift towards the [...]
