Two heads of Touchwood resign amidst attempts to resurrect the firm
Two heads of Touchwood Investments, the troubled forestry management company have tendered their resignations on Friday in the wake of attempts by new investors to resurrect the company . In a stock market disclosure,Touchwood Investments announced that its Chairman Roscoe Meloney and Vice Chairman / CEO Swarna Maloney have resigned from the positions they were [...]
High level probe into contract of specially-designed brooches for CHOGM first ladies
A high level government probe is now underway into the contract awarded to the Sri Lanka National Gem and Jewellery Authority to make specially-designed distinct brooches for spouses of heads of governments attending the Commonwealth Heads of Government Meeting (CHOGM) in Sri Lanka following allegations of corruption, informed sources said. A craftsman in Buttala had [...]
JKH shops for foreign funds for Beira casino-related project
John Keells Holdings (JKH) have held meetings with international fund managers over the past month in a bid to raise funds for its mega US$820 million integrated development project on the Beira waterfront bordering its former headquarters. The project undertaken by Waterfront Properties (Pvt) Ltd which includes a hotel, casino and other developments was approved [...]
Motorists bemused by Southern Expressway speed limits, rules
Motorists have been bemused by speed limits and road rules to be followed when driving on Sri Lanka’s first toll road- the Southern Expressway. Several owners of brand new motor vehicles told the Business Times they found it difficult to adhere to the maximum speed limit of 100 km per hour because the road is [...]
CSE on a merry chase to pin stock firm for inquiry
It looks like the Colombo Stock Exchange (CSE) is on a wild goose chase but unable to pin down firms even in the pursuit of preliminary investigations on complaints. After missing appointments to face the CSE on two occasions, LOLC Stockbrokers is to meet the CSE on Wednesday on a complaint made by PC Pharma [...]
Second Intake for CA Sri Lanka’s BSc. Degree in Applied Accounting commences
The second intake for the Bachelor of Science Degree in Applied Accounting offered by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) commenced recently. The BSc. in Applied Accounting which has been approved by the University Grants Commission, is open for students with three passes (in any subject stream) at the GCE [...]
Central Bank hits back on ‘unfair’ Finance Co. mishandling claims
Sri Lanka’s embattled Central Bank this week hit back, in big way, against critics who claim the body has mishandled issues pertaining to the local Non-Bank Financial Institution (NBFI) sector, resulting in a string of high profile (near) collapses with the most recent being the ongoing crisis at CIFL, a finance company registered under the [...]
Courage, guts and gumption
Urgently wanted: An organisation to groom budding company directors with good values, ethics, governance, accountability and also common sense. Qualification for entry? Courage, guts and gumption! The recent brouhaha over the appointment of directors and also the conduct of directors in some listed companies in the Colombo Stock Exchange and non-listed companies raises questions as [...]
Chelliah Loganathan – a colossus in the Lankan banking sector (General Manager – Bank of Ceylon from 1953 to1969)
I was called upon to write a tribute to Mr Loganathan on the 25th anniversary of his death which fell on 4th May 2006. As the birth centenary of Chelliah Loganathan falls on 19th September 2013, I was requested to write about him, this time by his eldest son presently domiciled in Malaysia. Is it [...]
Labour-hit plantations mul out- grower system model
Sri Lanka’s struggle with plantations after nationalisation took a new turn after privatisation and its success is due to the untiring efforts of private sector planters. Anura Ekanayake, a former Chairman of the Ceylon Chamber of Commerce and a person who has experience in the plantations sector where he was involved in the nationalisation as [...]
ST Business Club discusses impact of CHOGM 2013
As Sri Lanka prepares for the second largest gathering of world leaders in November, the Sunday Times Business Club (STBC) is organising an exciting discussion and debate on the impact of CHOGM 2013. A group of eminent personalities – former Foreign Secretary and Ambassador H.M.G.S. Palihakkara, UNP Parliamentarian and former banker Eran Wickramaratne and International [...]
Lankan women’s groups dismayed by restrictive rule for female migrant workers
Women’s rights groups have expressed concern over a new circular by the Ministry of Foreign Employment Promotion and Welfare requiring prospective women migrants to provide information on their family background and evidence of adequate childcare arrangements as a condition for leaving for employment overseas. The Colombo-based Women and Media Collective (WMC) said this is an [...]
McCann Worldgroup Asia-Pacific named ‘Network of the Year’
McCann Worldgroup Asia-Pacific was named “Network of the Year” and McCann Melbourne was named “Agency of the Year” at the 2013 Spikes Asia Festival of Creativity held recently in Singapore. Spikes Asia is the equivalent of the Cannes Lions Festival for the entire Asia-Pacific region. McCann Worldgroup agencies dominated the show and won 8 Grand [...]
Asian Paints to support national project to promote Sri Lanka’s nature sites
A state initiative to promote awareness and conservation of 50 significant nature sites in Sri Lanka has received funding support from Asian Paints, the India-headquartered multinational coatings company. Asian Paints Lanka Ltd has confirmed exclusive sponsorship of the National Corporate Social Responsibility Management Project (NCSRMP) of the Ministry of Social Welfare, under which 50 hoardings [...]
MBSL Insurance and Informatics provide general insurance solutions
MBSL Insurance recently linked up with a General Insurance software solution- InfoIns provided by Informatics International Ltd. MBSL Insurance, a subsidiary of the Merchant Bank of Sri Lanka, will now be able to connect its 64 branches located island-wide to provide clients with not only a more efficient system but also a significantly larger end-to-end [...]
Former tea plantation worker wins car in People’s Bank’s competition
The People’s Bank Jaya Sri monthly draw held at the People’s Bank head office saw V. Karuppaiah, a former tea worker, and his son K. Prabaharan walking away with a Suzuki Alto for the month of August. Happy with his win, Mr. Karuppaiah said, “My wife and I used to work at a tea estate. [...]
Disappointment with finance companies
I am deeply disappointed with the country’s financial institutions, where one needs to carefully consider before investing. We see so many articles appearing in the papers about the issue and companies are closing are down almost every month without the public being notified. I am a person who has got caught to one of them [...]
Amãna Bank records over Rs. 2.6 bln in deposits this year
Amãna Bank, Sri Lanka’s only licensed commercial bank operating entirely on a non-interest based model has made significant progress in business growth and market impact since its launch in August 2011. In a statement looking at its growth since inception, the bank said it has recorded 188 per cent growth in customer advances and 70 [...]
Dialog introduces Lanka’s first-ever NFC-Enabled Smart Sticker
Dialog Axiata PLC has launched Sri Lanka’s first NFC (Near Field Communication) technology enabled Smart Sticker, which would allow its users to make transactions, exchange digital content, and connect electronic devices with a simple touch. The NFC sticker is an evolvement of the present NFC technology card system is offering greater convenience and practicality to [...]
Emirates is rewarding online booking
Emirates is rewarding online booking with 3-month promotion in Sri Lanka. A total of 300,000 Emirates Skywards Miles is on offer to Emirates passengers who book and purchase their tickets online for travel originating in Sri Lanka, the airline said. Until 15th December five lucky passengers who have booked their flights via www.emirates.com/lk
Economic Association annual sessions open for registration
The Sri Lanka Economic Association Annual Sessions will be held on 25-26th October and registration for participation has begun, the organisers said. The theme of this year’s meeting is “The Way Forward for Sustained Growth” with Jayantha Dhanapala former Under-Secretary General of the UN, being the chief guest. Former central banker and economist, Dr. G. [...]
Lankan economy on track for 7.5 per cent growth, says CB
The Central Bank (CB) has said Sri Lanka’s economy is on track for targeted 7.5 per cent by end 2013 following two successful quarters. In a review of the economy, the CB said in a statement that the economy grew by 6.8 per cent in the second quarter of 2013 according to the GDP estimates [...]
Today’s Sri Lankan professionals lack human values, says OPA chief
The money oriented, competitive educational system, though it produces excellent professionals, is quite incomplete because it is found that most of these professionals in this country lack human values such as love and compassion that are essential for them to serve the people and this is a cause for concern among top professionals in Sri [...]
Corporate governance essential for economic growth, SEC Chief Godahewa says
Good corporate governance plays a critical role in ensuring not only corporate success but also promoting Sri Lanka’s economic growth, according to Nalaka Godahewa, Chairman of the Securities and Exchange Commission (SEC). He said that at a time when Sri Lanka is striving to achieve medium and long term economic growth above 8 per cent, [...]
Microsoft appoints Imran Vilcassim as Country Manager for Sri Lanka and the Maldives
Microsoft announced Imran Vilcassim as the new Country Manager for Sri Lanka and the Maldives, at its local Partner Awards held last week, taking over from Sriyan de S. Wijeratne. Mr. Vilcassim will be responsible for leading the company’s commercial and consumer product portfolio, service offerings, corporate reputation, company performance, customer & partner experience as [...]
Commercial Credit announces dividend of Rs. 119 mln
Commercial Credit & Finance PLC has announced the payment of an Interim Dividend of Rs. 0.50 per share for the financial year 2013/14 amounting to a total of Rs. 119 million. It is scheduled to be paid on 10 October 2013. This follows the capitalisation of reserves effected by the company in March 2013 on [...]
Ceylon Chamber’s ‘corporate citizen’ award celebrates a decade of sustainability
The Best Corporate Citizen Sustainability Award 2013 organised by the Ceylon Chamber of Commerce (CCC) will be celebrating 10 years of ‘Corporate Citizenship’ in November this year. The award evaluates its applicants’ interactions with its stakeholders, environment, employees, customers, suppliers, community, government and shareholders, the chamber said. Besides the main awards, three sector awards for [...]
Kelani Cables PLC sponsors North Central Province “Construction awards”
Kelani Cables PLC provided the main sponsorship for the National Construction Association of Sri Lanka’s ‘Construction awards – 2013’ annual event held in the North Central Province recently. The mega summit and construction awards ceremony was held at the Miridiya Hotel’, Anuradhapura and attended by around 150 contractors in the construction sphere. Speaking at the [...]
Building a sustainable future – ‘Greener buildings, better places, healthier people’
As awareness of climate change, diminishing natural resources and energy costs increases, the demand for sustainable design and construction is increasing. We are in a very important time where new, fundamental changes in design and construction are being made that has an impact on our future success. Studies show that the building sector accounts for [...]
Kelani Cables PLC sponsors North Central Province “Construction awards”
Kelani Cables PLC provided the main sponsorship for the National Construction Association of Sri Lanka’s ‘Construction awards – 2013’ annual event held in the North Central Province recently. The mega summit and construction awards ceremony was held at the Miridiya Hotel’, Anuradhapura and attended by around 150 contractors in the construction sphere. Speaking at the [...]
$75 mln ADB loan for better road connections to southern expressway
The Asian Development Bank’s (ADB) Board of Directors has approved a $75 million loan to the Sri Lankan government for its Southern Road Connectivity Project which will enable a smoother flow of people and freight between the southern region and the commercial capital of Colombo. “This will contribute to an integrated road network that will [...]
Motor traders urge consistent tax policy on vehicle imports
Sri Lanka’s vehicle importers have fallen from the frying pan to the fire with the introduction of a 100 per cent margin deposits for opening a Letter of Credit (LC) and the recent tax hike on small Lorries and commercial trucks used for goods transportation, Tilak Gunasekera, President of Ceylon Motor Traders’ Association (CMTA), who [...]
A road development tax from new vehicles
Vehicle Importers Association of Lanka (Vial ) has proposed to the government to introduce a road development tax equivalent to a percentage of the import value of vehicle at the time of its registration with the Department of Motor Traffic. With a view of restricting the imports of vehicles , the association has suggested to [...]
All-new Land Rover to hit Lankan roads soon
Land Rover sales in Sri Lanka are to record a new high of 500 units this year as SML Frontier Auto motive’s partnership with Sathosa Motors yielded positive results, company officials said. The Land Rover brand was strongly committed to maintain its position as the most prestigious European brand in Sri Lanka, said Sheran Fernando, [...]
Government to ban old vehicles plying on roads
The government is gearing up to remove 10 to 15 year-old un-roadworthy vehicles from the streets as such vehicles have also been one of the major causes for road traffic accidents and air pollution, official sources said. The Motor Traffic Department will devise legislation providing regulations to prohibit the plying of old vehicles on roads [...]
Maruti Suzuki India to take a final decision soon on Sri Lanka assembly unit
Maruti Suzuki India is to take a final decision on setting up an assembly unit in Sri Lanka to commission the first facility for the small car giant outside India, Motor industry sources said. The aim is the assemble Maruti Suzuki cars in the island with certain value addition. A delegation from Maruti Suzuki of [...]
MLH to introduce countrywide mobile vehicle repair service
Hiring and identifying professionals for vehicle maintenance in a proper manner become a daunting task in the country at present due to mushrooming of garages and service centres in every nook and corner with unqualified persons handling vehicle repairs and maintenance services. Maintenance requirements differ from vehicle to vehicle especially of new models and motorists [...]
