King of the Road!
Elephants were part of the festivities associated with the unofficial opening this week of the Katunayake Expressway which takes just 20 minutes to reach either end. The road will be officially opened today by President Mahinda Rajapaksa. Pic by Indika Handuwala
Uproar over super-rich tax plan
A ‘super-rich tax’ proposal being considered for inclusion in next month’s budget has triggered a wave of concern and anxiety among those who would be affected. The proposed wealth tax was exclusively reported in the Sunday Times last week. As concern grew, the government began weighing the pros and cons towards finalising the tax threshold [...]
Rs. 50bn raised, another Rs. 10bn debentures investments in the pipeline
More than Rs. 50 billion has been raised through locally-offered debentures in the past 12 months with about Rs. 10 billion more to be raised before the year end, according to market analysts who say the appetite for these investments are in the rise. “Mostly finance companies are raising money through debentures,” an analyst said. [...]
Krrish square saga plods on
The government is considering an option of handing over the land allocated to the delayed Krrish project in Fort to another investor, authoritative sources revealed. The process, being studied, would involve the new investor paying the rental upfront and that money being used to return the money Krrish has already paid as part of the [...]
CIFL revival with Rs.1 bln capital infusion
People’s Leasing Company (PLC), Managing Agent of Central Investment and Finance Company PLC (CIFL), is looking for new investors willing to part with Rs.1 billion under the Business Restructuring Plan (BRP), informed sources said. Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an [...]
SLIC Managing Director and top managers to be removed
Unions at the Sri Lanka Insurance Corporation (SLIC) have been, for the second time in two weeks, assured that SLIC top management including the managing director would be removed due to alleged corruption and mismanagement. This assurance was given by Treasury Secretary Dr. P.B. Jayasundera during a 90-minute meeting with the Sri Lanka Insurance Corporation [...]
CIFL ran like a Ponzi scheme, CB audit in 2011says
The Central Bank, in a 2011 July on-site audit of the accounts and affairs of crisis-hit finance company, Central Investments and Finance Ltd (CIFL), made a scathing attack on the management and the way the company was run. “Currently with no earnings from 61.4 per cent assets concentrated in real estate, CIFL is dependent on [...]
CIFL-When the chicken flew the coop
The Business Times today publishes two interesting reports – both dealing with the role of directors, their behaviour, ethics, values and good governance. The first is an audit carried by the Central Bank in 2011 of the crisis-hit CIFL finance company while the second is a voluntary code of ethics and best practices for corporates [...]
Bad news: No more ‘playing’ truant for Lankan schoolchildren
The good old days of ‘playing truant’ from school (in common parlance known as ‘cutting’ school) are over for the modern-day school kid. On Thursday, the Ministry of Education in collaboration with mobile service provider, Mobitel, introduced a clock-in scheme under an ‘iCard’ project starting with Royal College. The scheme will be introduced in Colombo [...]
SLT connects CHOGM 2013
National telecom company, Sri Lanka Telecom (SLT), has been picked at the ICT Solutions provider for the 2013 Commonwealth Heads of Government Meeting (CHOGM) to be held in Colombo next month. “The entire SLT team considers it a privilege to have been chosen the total telecommunications service provider to this prestigious highest-level meeting of the [...]
Vipula’s ‘Pointers to Enlightenment’ book launch on Tuesday
‘Pointers to Enlightenment’, a book written by tourism industry veteran Vipula Wanigasekera will be launched on Tuesday at the Ramada Colombo. His career spanned many fields in Sri Lanka’s state and private sector from trading, shipping, marketing, tourism to diplomacy. Prof. Carlo Fonseka will deliver the keynote speech at the event. The book apart from [...]
Kollupitiya’s Liberty Plaza opens Liberty Arcade with novel features
The Liberty Plaza, a well-known landmark in the heart of Kollupitiya, has now been transformed into an international style shopping centre on par with some of the best malls in the world. “Liberty Arcade, an extension of the mall, promises to be a haven for avid shoppers, while also serving as a trendy hangout spot [...]
Domestic sales drop, profits fall at Piramal Glass Ceylon
Domestic sales fell by 6 per cent while profits also dropped at Piramal Glass Ceylon (PGC) during the first half of the year ending March 2014, the company said this week. But the company saw a sharp growth in new markets. The sales drop was attributed to a decline of 11 per cent in the [...]
Saffron Foods to launch healthy and balanced foods options
Saffron Foods, 15 years after starting off as a small kitchen to cater to meals for employers of parent company Expolanka Holdings, is now preparing to launch a range of specially prepared, well balanced meals to promote healthy living. A 24 hour, 7 days a week meal solution for corporates and individuals is also in [...]
Forum on new automated Customs’ imports and exports system
The Joint Apparel Association Forum (JAAF) in association with the Shippers’ Academy Colombo (SAC) has organised a major forum on new automated import and export systems to be introduced by the Customs next month. The event will be held on November 4 at the Kingsbury hotel in Colombo. The SAC in a statement said that [...]
Occupational safety regulations need to be implemented, says expert
Sri Lanka needs to implement strict regulations on occupational safety equipments, says Shayan Appuhamy, Professional Service Engineer Critical and Chronic Care Solutions Infection Prevention and Personal Safety Division, 3M Sri Lanka. Speaking at a media round table discussion on ‘Occupational Safety’ at 3M Lanka in Dharmapala Mawatha last week, he said in Sri Lanka most [...]
People’s Bank offers attractive loan for SME
The People’s Bank, in an effort to help the government programme of promoting small and medium scale entrepreneurs, has opened separate service centres especially for the convenience of these entrepreneurs. Special units have been set up in every district, one unit per district, especially for the benefit of the small and medium scale entrepreneurs. In [...]
Commercial Bank launches on-line banking in Bangladesh
The Commercial Bank of Ceylon has launched Internet banking in Bangladesh, where it operates a network of 18 branches and service points. The on-line banking platform offered to the bank’s customers in Bangladesh is identical to the upgraded on-line banking facility that was launched in Sri Lanka in the third quarter of 2012. It is [...]
Amãna Bank supports Serendib Educational Foundation’s Scholarship scheme
Amãna Bank recently made a generous contribution to the Serendib Educational Foundation (SEF) in carrying out its primary programme of providing financial assistance to the students who are capable of pursuing their studies but unable to do so due to financial constraints. The SEF provided scholarships for more than 300 needy and talented students at [...]
Call for better financial management to curb malpractices across the world : ACCA CEO
Public sector financial management is a huge issue all over the world and many of the economic problems of the world could be addressed through better financial management in the public sector, adopting governance and standards and best practices in the state sector, in accordance with the laid down international standards. These comments were made [...]
McFoil Colombo awareness programme held, more to come
Sri Lankan manufacturer Macbertan recently held an awareness programme in Colombo on its McFoil thermo-reflective insulation product range, to restrict the adoption of “fake products which are cheap in quality”, according to a statement by the company. The company also signalled that its recent awareness programme was part of a number of programmes planned island-wide [...]
Japan’s JETRO to expand investments in SL
Japan External Trade Organisation (JETRO) says Sri Lanka’s skilled workforce is strong while the infrastructure is advantageous to foreign investors. These comments were made by JETRO Executive Vice President Soichi Yoshimura during a meeting with Economic Development Minister Basil Rajapaksa at the Ministry office recently to discuss Japanese investments in Sri Lanka. Mr. Yoshimura was [...]
DFCC’s Annual Report wins ‘Best of Sri Lanka’ grand award at US event
DFCC Bank’s annual report received six awards – a Gold, a Silver, three Bronzes and one Honours, and topped it all with the grand award for the ‘Best of Country Report’ at the World’s largest annual report competition held in New York, USA recently. DFCC Bank’s Annual Report, produced by SMART Media and supplemented with [...]
Lankan firms at Pakistan Expo 2013
4Ever Skin Naturals were among select few Sri Lankan companies that participated at a prestigious exhibition in Karachi Pakistan, recently. The annual ‘Pakistan Expo’, the biggest trade fair in Pakistan, displayed the largest collection of Pakistan export merchandise and services together with exhibitors of neighbouring foreign countries. “The Sri Lankan company’s participation with nine other [...]
New Rajagiriya super luxury apartment complex opens for residents by June 2014
The super structure of ICONIC, 110 Parliament Road is 100 per cent complete with the finishing touches of the apartments going smoothly, the owners said in a media statement this week. Rohan Parikh, Director of ANPG Group said, “We’ve experienced fantastic sales success at this development and the community created is really growing and thriving. [...]
Advanced cancer treatment facility opened by Ceylinco
The incidence of cancer in Sri Lanka has now reached the same level as heart attacks, according to statistics collected by Ceylinco Insurance, the holding company of Ceylinco Healthcare Services Ltd. Ceylinco Healthcare Chairman R. Reganathan, told a media briefing this week to announce the opening of the first Tomo Therapy centre in Sri Lanka, [...]
Many firms in talks with funding agencies
Many Sri Lankan listed firms – especially finance companies – are in discussion with international funding agencies for funding lines, company sources said. They said that the Netherlands Development Finance Company (FMO), International Finance Corporation (IFC) and DEG (German Investment Corporation) are bullish on Sri Lanka. “These agencies are in discussion with local firms to [...]
JKH rights issue oversubscribed
Sri Lanka’s John Keells Holdings said its 40 billion-rupee worth rights issue was ‘substantially’ oversubscribed when the offer closed on Friday. The group offered 132 million shares at a price of Rs 175 each with attached warrants. The money is being raised for the group’s new integrated development project on its former headquarters property at [...]
Textured Jersey collaborates with IBM to boost IT efficiency
IBM is collaborating with Textured Jersey Lanka PLC, a leading manufacturer of weft knit fabrics in Sri Lanka, to provide advanced technology solutions to the company for scaling up their business operations for improved efficiency. Textured Jersey is a public limited liability company, with the backing of two major players in the Textile Industry – [...]
INFOTEL 2013 to run until Sunday
Popular IT exhibition INFOTEL 2013 kicked off at the Sri Lanka Exhibition and Convention Centre last week, with the event scheduled to end Sunday evening. Early crowds at the event were drawn to stalls set up by the Ministry of Defence, which provided visitors the ability to try their hands at simulation type exercises, including [...]
Profit vs. cash – The difference
Although a key reason for business failure can be attributed to running out of cash, many investors and businesses do not give due attention to this. It is critical to understand that profit does not equal cash flow in a business. They are not the same. It really does not matter if sales, profits and [...]
Individual units cast their own spell on Mediafactory’s Magic
The Mediafactory Group, from modest beginnings nearly 10 years ago, a single minded vision, combined with the potent mix of unshakable commitment, sheer grit and toil, has trod thus far unexplored territory in Sri Lanka. Founders – joint directors, Prashanth Supramaniam and Kapila Vithanagamage, defy convention and thrive on questioning existing practices. The vision of [...]
Then: Ogilvy Action Sri Lanka. NOW: Geometry Global
The Phoenix Ogilvy Group, probably Sri Lanka’s largest advertising groups and among the oldest agencies, has announced that Ogilvy Action, its pioneering activation agency, will be named Geometry Global. This follows a recent global merger of two key WPP companies – Ogilvy Action and G2. Geometry Global will combine the complementary expertise of the merging [...]
Maruti Suzuki to build a vehicle assembly unit
Maruti Suzuki India Ltd is in discussions with the Sri Lankan government to build a vehicle assembly operation in Hambantota, officials said. “The plant will likely be at Hambantota,” an official told the Business Times on the on the sidelines of a media conference on Thursday. He said that the proceedings in this regard are [...]
Britain forms largest foreign business delegation at CBF
Britain forms the largest foreign business delegation among the 450 business delegates of 65 countries attending the upcoming Commonwealth Business Forum (CBF) to be held at the Cinnamon Grand hotel in Colombo from 12 to 14 November, Deputy Minister of Freign Affairs Neomal Perera told a media conference on Tuesday. India’s Rahul Bajaj, renowned Chairman [...]
Sri Lanka grows as a MICE destination
Sri Lanka is growing as a MICE (Meetings, Incentives, Conferences and Events) destination and local authorities are pushing ahead with a mega promotion drive to profile centres outside Colombo like Negombo for instance as a MICE destination. With this in mind, SriLankan Airlines through its units -SriLankan Holidays and SriLankan MICE – jointly organised a [...]
Leisure golfers from 16 countries tee-off at SriLankan Golf Classic
Over 170 amateur golfers from 15 countries, responding to SriLankan Airlines’ consistent overseas promotional drive to promote leisure golf combined with family holidays, this week flew to the island to participate at the 14th SriLankan Airlines’ Golf Classic on the Victoria Golf and Country Resort course in Kandy from 23rd – 27th October. The international [...]
Sri Lanka opens new flight path to Africa via Seychelles
Sri Lanka is opening a route to Africa, for the first time, with budget carrier Mihin Lanka launching twice-weekly flights to the tourism destination of Seychelles. Nishantha Wickremasinghe, Chairman of both SriLankan Airlines and Mihin Lanka, said this will not only connect Sri Lanka to the Seychelles but to the vast African Continent which both [...]
Colombo Courtyard launches ‘Amber’ Spa for CHOGM
The Colombo Courtyard, an exclusive boutique hotel located on Duplication Road, is making its own special contribution to serve delegates attending next month’s Commonwealth Summit in Colombo – with the opening of a state-of-the-art spa. The hotel, in a media statement, said it is an oasis for relaxation and bespoke treatment in addition to its [...]
Sri Lanka ‘s tourism target tumbling off target
Sri Lanka’s unprecedented growth in international tourist arrivals over the last three years was no marketing magic, rather the gushing release of pent up demand that had been kept bottled for 30 long years of the war on Tamil Tiger terrorism. The end of the war in 2009 was the release of the genie. The [...]
“We are changing the plans”, Krrish says
To find out what the status of the Krrish project in Fort, I made a beeline to their World Trade Centre office on 35th floor on Wednesday morning around 10.30 am. As I entered the office I saw an open area with an empty board room onto the left and on the other side a [...]
Lessons from Maruti: Profit isn’t a dirty word
Historically, the concept of socialism creates in people a belief that anybody who is a capitalist exploits workers, according to a top Indian industrialist. “For a long time, profit was a ‘dirty’ word in India. This is because most people don’t understand how businesses function. They don’t understand how businesses become successful. This is because [...]
Doctors mesmerised by Touchwood voodoo
Six top specialist doctors in Sri Lanka are among those who were attracted into investing in crisis-hit Touchwood Investments PLC and are now ‘running all over’ trying to recover their huge pile of cash. One of the doctors, who declined to be named, told the Business Times that just like other investors they had invested [...]
Forbes Tea Brokers sells at record prices
Six lines of tea sold through Forbes and Walker Tea Brokers (Pvt) Ltd at this week’s tea auctions established record prices. The ‘marks’ which established all time record prices were Craighead 3 lines, Imboolpitiya 1 line, Dombagastalawa 1 line, Mount Vernon 1 line whilst 1 line of tea from Srathdon equalled all time record price. [...]
General / industry training to be a requirement for directors
A new report has proposed a series of measures to police the actions of local corporates, particularly those pertaining to the conduct of the chairman and board of directors of listed companies. Entitled the “Code of Best Practice on Corporate Governance 2013″, this document recommends that the board of directors “ensure the availability within it [...]
