Radical new boat ‘will significantly boost Sri Lanka’s tuna exports’
Negombo – A radical new, locally built high-speed catamaran fishing boat is poised to significantly boost the number of top-price tuna available for export from Sri Lanka to markets in Japan, China and the Middle East. It will also help ensure tuna sustainability in Sri Lankan waters by reducing by up 70 per cent the [...]
Quality of leadership matters for a country’s governance, equities expert says
For a country to grow inspite of the form of governance whether it is democratic or authoritarian, it is the quality of leadership of the country that matters, according to Ruchir Sharma, Morgan Stanley Investment Management USA, Managing Director for Emrging Market Equities and Global Macro. “By looking at 100 countries which have grown by [...]
DFCC’s Annual Report clinches grand award for ‘Best of Sri Lanka’ NY event
DFCC Bank did Sri Lanka proud at the International ARC awards 2013 in New York, sweeping away six awards — Gold, Silver, three Bronzes and one Honours’, whilst topping it all with the GRAND AWARD for the Best of Country Report at the World’s largest annual report competition conducted in New York, USA recently. The [...]
Searching for a hotel? Find it fast on Rainbow Pages
Pioneer directory publisher in Sri Lanka, SLT Rainbow Pages which is a wholly-owned subsidiary of Sri Lanka Telecom PLC has come up with many cutting-edge technology-based directory products, enabling the customers to continuously link with product and srvice suppliers across the island round the clock. “Recently, SLT RAINBOW PAGES introduced yet another product using cutting-edge [...]
Lionel elected President of Sri Lanka Forex Association
P.A. Lionel, Senior Deputy General Manager of the Bank of Ceylon has been unanimously elected as the President of Sri Lanka Forex Association. All members of Treasury related activities of 22 banks in Sri Lanka are members of this Association which is the apex body of treasury and dealing activities. Out of his career span [...]
People’s Leasing devises a revival plan for CIFL
The People’s Leasing & Finance PLC as the Managing Agent of Central Investments and Finance PLC (CIFL) has prepared a revival plan to rescue the ailing finance company with the approval of the Central Bank (CB) Monetary Board, Sanjeewa Bandaranayake, Deputy General Manager of PLC told the Business Times. It has been suggested to the [...]
Partnerships from China with love
While China is sending the biggest-ever business delegation for the Commonwealth Leaders Summit in November, a more significant development is the creation of ‘strategic cooperation partnerships’ between the two countries to boost trade and investment. Upping current China-Sri Lanka ties to a new level, the new partnership plan implies that Beijing accords very high priority [...]
Internet and economic growth
Ann Lavin-Director, Policy and Government Affairs, Greater China and Asian Growth Markets, Google (second from left) was one of the panellists at a recent discussion in Colombo on Internet and economic growth. Other panellists in the picture taken by M.A. Pushpa Kumara are (from left): Jayantha Fernando- Programme Director / Legal Advisor- Information and Communications [...]
British university branch replaces Chinese Special Economic Zone in Mirigama
A British university branch is to be built on a 120 acre land at the Mirigama Export Processing Zone which was earlier given to China Huicheng Investment Holdings Ltd to establish a dedicated Chinese Special Economic Zone (SEZ), officials said. Britain’s Prince Charles will lay the foundation stone for the new university when he visits [...]
Tea brewed to perfection
Like to enjoy a nice cuppa of steaming hot tea brewed to perfection? Then await the ‘Tea Café’ to be launched next month by an industry veteran who is simultaneously organising what is seen as Sri Lanka’s first training course in ‘tea tasting’. “When we were having a family discussion on the tea café concept, [...]
Drugs cost more in luxury hospital rooms
Are private hospitals fleecing their customers? At a recent public discussion on the quality of private medical care, an administrator at one hospital unabashedly said the hospital increases the price of drugs based on the quality of the room. “The price of drugs increases by 10 per cent if the patient uses a deluxe room [...]
CB rules on secret foreign accounts being finalised
The Central Bank (CB) has drafted regulations to relax rules for Sri Lankans owning secret overseas accounts allowing a ‘no questions asked’ policy of bringing back US$5 million and plans to present these proposals to the CB governor next week, sources close to the CB said. Currently, if someone brings money into the country that [...]
EZY moves into mobile phones, tablets : Local chief
Mobile phones and tablets are the next big sector for EZY, a computer brand launched locally, with much hype in 2009, according to Shafraz Hamzadeen, the Chief Executive of the Sri Lanka unit of EZY InfoTech. Speaking to the Business Times, Mr. Hamzadeen, who is responsible for the company’s branded computers arm EZY, as well [...]
Re-examining Colombo-Beijing ties
After years of debate, it has taken one Sri Lankan economist to present a clear perspective of Sri Lanka’s ties with China in all areas of trade, commerce, investment and politics. The China card vis-à-vis Sri Lanka’s relations with other key trading and political parties like India and the United States has drawn a lot [...]
Is history repeating for State Banks?
The fate of State Banks in Sri Lanka has once again become a widely discussed subject focusing on new reforms. The Government and the authorities have denied such a move but the various explanations given lead to conjectures due to a suppression of factual information. In such a context it is relevant to recall a [...]
Remembering Chrisantha Cooray on his 70th Birth Anniversary
September 4, 2013 was the 70th birth anniversary of the late Chrisantha Cooray, who was the Chairman of Hatton National Bank and the Browns group of companies, when on March 11, 2004, he quite unexpectedly passed away, on the eve of the General Elections in April 2004, which he was looking forward to. I associated [...]
Four arrested with counterfeit printing supplies of the HP brand in Sri Lanka
HP this week announced the seizure of 190 counterfeit supplies in Colombo in Sri Lanka. The raid was conducted by local police teams in Colombo recently with authorities seizing 116 counterfeit ink cartridges and 74 counterfeit toner cartridges. Four individuals were arrested and will be subject to criminal prosecution, the company said in a media [...]
Adam Investments says PCH Holdings entry in line with core businesses
Adam Investments Ltd owner, Dr. Ali Asger Shabbir Gulamhusein who bought 20.8 per cent in PCH Holdings Plc (PCHH) recently, says that it is a sound business in line with his existing businesses. “I feel that PCHH holds a lot of value in line with my present business which are in garment manufacturing and FMCG,” [...]
LankaClear revenues up 10%
LankaClear said this week that the company’s net revenue for the financial year ending 31st March 2013 grew by 10 per cent whilst post-tax profit grew by 50 per cent to Rs 189 million compared to the previous financial year. The company recorded revenues of Rs. 428 million. The company reported that the volume of [...]
Singapore Airlines launches new brand campaign
Singapore Airlines (SIA) this week launched a new brand campaign titled “The Lengths We Go To”, showcasing what it called ‘the airline’s unwavering commitment to putting the customer at the heart of everything it does, in all classes of travel’. The global campaign, which will run on television, print and digital platforms, turns the spotlight [...]
LAHES Professional Diploma in Business Administration showing the way
LAHES – the Corporate Campus – of the LAUGFS Group is paving the way for school leavers to gain knowledge in a multitude of subject areas as well as obtain the much needed work experience. The students who completed the 2012/2013 programme were awarded their Diplomas recently. Furthermore, the best students of the programme were [...]
CPM annual conference next week
The Institute of Certified Professional Managers (CPM), a management body in Sri Lanka, is organising its annual conference on the very practical and constructive theme of “Managing Enterprises: Challenges and Opportunities”. This year’s conference will be held in collaboration with the Association of Management Development Institutes of South Asia (AMDISA). This body includes management institutes [...]
Microsoft to acquire Nokia for EUR 5.44 bln
US-based Microsoft will be purchasing “substantially all” of the ‘Devices and Services’ unit, including licensing of patents and mapping services, of the formerly dominant Nokia of Finland, in a EUR 5.44 billion all cash deal set to “close in the first quarter of 2014″, it was announced by both companies this week. The announcement said [...]
New EXCO for Sunday Times Business Club
A new executive committee of the Sunday Times Business Club (STBC) was elected at the recent annual general meeting of this premier Colombo club. The meeting followed by refreshments and camaraderie accompanied by vibrant baila music was held on ‘8th on the lake’, the Cinnamon Lakeside’s floating venue by the side of the Beira. The [...]
Hemas to set up 5-star hotel in Tangalle with Thailand’s Minor Group
Hemas Holdings PLC together with Minor Hotel Group of Thailand has finalised plans to construct and operate a luxury 5-star resort in Tangalle in the Hambantota district. The investment agreement was signed recently with the Board of Investment of Sri Lanka by Abbas Esufally, Group Director of Hemas Holdings and Ranil de Silva, Managing Director [...]
3M organises regional campaign to promote worker safety
The Personal Safety Division of global innovation giant 3M, recently held a full day workshop in, Badulla on occupational safety and health with the support of the Industrial Safety Division of the Department of Labour, Sri Lanka. 3M conducted the workshp as part of its corporate social responsibility (CSR) project to raise awareness on occupational [...]
Galle Face Hotel under major restoration project
Sri Lanka’s iconic Galle Face Hotel has embarked on a restoration project of its Classic Wing, originally built in 1864. The restoration is designed to preserve the grandeur and romance of the magnificent property while upgrading and modernising the quality of guest facilities, amenities and services. The Classic Wing is scheduled to reopen to guests [...]
Indian contractor has successful trial run of rail track to Kilinochchi
A trial run was recently conducted on the completed new railway track between Omanthai and Kilinochchi covering a distance of 63 km by Indian contractor, Ircon International Ltd, personally overseen by company Chairman and Managing Director Mohan Tiwari and other Sri Lankan and Indian officials. The trial run began from Omanthai station and ended at [...]
Most client interactions at Hayleys via website :CIO
Most interactions with customers at Sri Lankan diversified conglomerate Hayleys, take place via the group’s websites, according to a recent announcement quoting Ajith Dandeniya, the organisation’s Chief Information Officer. Announcing the signing of an agreement between the group and locally-based IT company eCybersec, to “reinforce the safety of its websites”, the statement also went on [...]
US-food chain Burger King soon in Colombo
US-based Burger King will soon add to a fast food chains gradually adorning the Colombo landscape. According to a notification to the Colombo Stock Exchange this week, the Softlogic Group said it has won the franchise to open three Burger King restaurants in ‘coming’ months under a new subsidiary – Softlogic Restaurants Pvt Ltd. Burger [...]
Seminar on Arbitration as an ADR Mechanism
The Institute for the Development of Commercial Law and Practice in collaboration with the Engineering Design Centre of the Faculty of Engineering of University of Peradeniya has scheduled a seminar on the theme ‘Arbitration as an ADR Mechanism’ on 14th September at Hotel Tourmaline, Kandy. K. Kanag-Isvaran PC, Justice Saleem Marsoof PC, Deputy Solicitor General [...]
Wavenet powers Millicom international Cellular S.A. operations in Africa
Wavenet, the region’s leading Value Added Service Platform (VAS) company based in Sri Lanka, recently engaged with Millicom international Cellular S.A. to power the transformation of the service delivery capability of their mobile networks in Africa to a next generation, all IP architecture. The transformation is based on Wavenet’s core technology around its Spark IPMS [...]
NTB launches new debit Master Card
The Nations Trust Bank which has been pioneering customer benefits like extended banking hours, 365 day banking and offering banking services at the door step of the customer has now introduced to its customer, the first Shopping Debit Master Card to Sri Lanka. The launch of the Master Card took place last week in Colombo [...]
Sampath in fact-finding mission to Myanmar to start branch
Sampath Bank is currently undertaking a fact finding exercise in Myanmar to start a branch there, according to officials. “We have been doing these studies for about two months. There’s still no final decision, but we’d like to have a presence in Myanmar,” Aravinda Perera, Managing Director, Sampath Bank told the Business Times. This has [...]
Sinhala and Tamil soon from Google Translate
A web-based translation algorithm offered by Translate will soon be available in Sinhala and Tamil, according to Ann Lavin, Google Asia Pacific’s Director of Public Policy and Government Affairs for Southeast Asia and Greater China. The keynote speaker at this week’s SLASSCOM CXO Breakfast Briefing in Colombo, one of the main themes put forward by [...]
New hi-tech product range launched at food fair
Starline Enterprises, Ratmalana, a local industry known for its pioneering several new technologies in the manufacture of disposable packaging in Sri Lanka, launched a new product range at the recently concluded Pro-Food/Pro-Pack Exhibition held in Colombo. The new ‘Yellow-Line Range’ enables the manufacturer to produce disposable packages including yoghurt cups, drinking cups, bowls, trays, plates [...]
Strong ‘negative list’ key for proposed Sino-Lanka FTA : Top economist
A strong ‘negative list’ will be vital should a free trade agreement (FTA) be entered into between China and Sri Lanka, according to Dr. Saman Kelegama, a top economist and Executive Director of the locally-based Institute of Policy Studies. He also added that, while this FTA could be good for local exporters, as China was [...]
Sri Lanka shines in Beijing through ‘out of the box’ thinking
Chinese travellers spend more on international tourism than any other country and Sri Lanka is cashing in by implementing a mega promotional campaign to cater to their growing appetite for travel. China is the world’s largest and fastest growing outbound tourism market and its travellers spent a record US$102 billion last year, up 37 per [...]
Are finance companies safe for investments?
I would like to pose the question whether finance companies in Sri Lanka are safe places for the public to repose trust and place monies in deposits. My own experience with finance companies points to the fact that they are not safe at all to place deposits. As a senior citizen retired from the private [...]
Union Bank customers can now withdraw cash from BOC ATMs
Union Bank customers can now withdraw cash from any Bank of Ceylon Automated Teller Machine (ATM) and vice versa with effect from Thursday. This is possible due to the Common ATM Switch that was launched in July with Bank of Ceylon and People’s Bank linking over 900 ATMs of those two banks, with Union Bank [...]
New breed of Lankan entrepreneurs emerge under Sri Jayawardenepura University initiative
A new breed of educated entrepreneurs is emerging in Sri Lanka with the launch of the B.Sc Entrepreneurship (special) degree programme at the Sri Jayawardenepura University’s Faculty of Management Studies and Commerce – Department of Entrepreneurship. The course requires the students to start their own business at the end of their third year and the [...]
Am I a Sri Lankan? What Went Wrong…?
My birth certificate indicates that I am a citizen of Sri Lanka by descent. Therefore, I have a right to claim the fundamental rights in Chapter III in the 1978 Democratic Socialist Republican Constitution of Sri Lanka. Under fundamental rights, I have the right to express, associate with members of Sri Lankan state and free [...]
‘Greening Hotels’ project draws to a close
The EU-sponsored Greening Sri Lanka Hotels Project (GSLH) will be winding up its activities by the end of October after 4 years of operations. During this period, the project signed up over 350 hotels of all categories (large medium and small) and engagd with them in promoting sustainable consumption practices in Sri Lankan hotels, the [...]
Inflation levels mixed in August, Central Bank says
Inflation, as measured by the Colombo Consumers’ Price Index (CCPI), fell to 8 per cent in August from 8.3 per cent in the previous month, the Central Bank (CB) said last week. However it pointed out that inflation rate on a year-on-year (YoY) basis increased to 6.3 per cent from 6.1 per cent in July. [...]
Management women professionals working to protect rights of women
‘Aiyo aunty, magai me loku badda gediya ahakkaralaa dendako berida, matta aayeth natanna oonai’ (Please aunty, can’t you get rid of my big tummy, I want to dance again). This heart-rending appeal of a 12 year-old girl rape victim in 2011 whose desperate plea was to return to a normal life, was quoted by Sulochana [...]
