Politicians, media blamed for ‘unrealistic’ expectations
Politicians and the media have helped to unrealistically lift the expectations of people and the corporate sector in a budget. “These are false expectations and not do-able,” said Anura Ekanayake, a former Chairman of the Ceylon Chamber of Commerce (CCC). Speaking at a post-budget, in-house panel discussion organized by the Business Times at the Wijeya [...]
Central Bank encourages NDB-DFCC merger
The Central Bank (CB) is preparing guidelines to encourage a merger of the two development banks – NDB and DFCC – in line with the recent budget proposal, a top official said.“The two development banks could now take a cue from the budget proposals and commence discussions as to how they could carry out a [...]
Lankan barbers come together
Small-time barbers across the country are banding together to form a potent force and fight for their rights, a spokesperson of a new association said. The Sri Lanka Barbers Association will be launched at the BMICH on Monday with some 200-300 barbers attending with discussions on ways of looking after the interests of some 60,000 [...]
Milco launches new products after import tax on dairy items
Just days after the imposition of import taxes on cheese, curd and increasing special commodity levy on yoghurt, butter, and margarine in the 2014 budget, Sri Lanka’s state-owned dairy Milco (Pvt) Ltd has launched four new dairy products. They are processed cheese, spiced processed cheese, cheese spread and cooking milk while a 150 ML sachet [...]
Whale of a time
A whale seen clearly from the air from a 6-seater plane operated by domestic charter airliner, Simplifly off Koggala in southern Sri Lanka. The company operates 9 flights per week on whale watching tours off the Koggala coast. More on this exclusive sightseeing tour by the Business Times next week. Pic by Indika Handuwala
Spa Ceylon to tie up with top multinational brand
Spa Ceylon, the luxury Ayurveda personal care and lifestyle brand, is working on breaking into the EU region and hoping to tie up with a big multinational personal care brand to invest in them, officials said. “We’re discussing with international funds on infusing private equity into Spa Ceylon by getting a ‘big’ multinational personal care [...]
Post CHOGM biz foothold in SL
A letter of intent has been given for a manufacturing project worth US$80 million, as a result of the Commonwealth Heads of Government Meeting (CHOGM) Business Forum held last month, a foreign direct investment facilitator says. “This is an edible vegetable plant in a 25 acre extent in Gampaha district,” Sherman Gunatillake, Managing Director and [...]
Import substitution not in Sri Lanka’s best interests, says IMF Rep.
Import substitution as an ideology is a total failure and that is being proved in country after country for the last half century. It’s not a matter of a billion or a matter of IMF doctrine it’s simply a matter of fact, according to International Monetary Fund (IMF) Resident Representative Koshy Mathai. “The country has [...]
Celebrating differences
It was a Christmas celebration with a difference showcasing the talents, skills and resources of a group of young, differently-abled persons and from an underprivileged background. The talents and skills were so exceptional that it moved Merril J. Fernando, the pioneering Ceylon Tea specialist, to tears even though he is a regular visitor to the [...]
Manufacturing for export could contribute much to growth, why are we lagging behind?
Sri Lanka (SL) could export a significant volume of manufactured products like the South Eastern and East Asian nations, which have made it the major plank to achieve spectacular success in economic growth and create well paid jobs; but does not; why is the question. This article attempts to answer this puzzle especially by analysing [...]
Energy cost swallow World Trade Centre in Fort
The normal energy cost of the World Trade Centre (WTC) in Colombo amounts to Rs. 48 million, 80 per cent of the total cost of running the WTC. The balance 20 per cent – only Rs. 11 million – is spent on maintenance, staff salaries and bonuses. At a media round-table, held this week in [...]
Kotelawala controlled company has 22% stake in Ceylinco Insurance
When the Golden Key Credit Card Co (GK) depositors’ Fundamental Rights case was taken up before the Supreme Court this week, court was informed that a Lalith Kotelawala-controlled company has a 22 per cent stake in Ceylinco Insurance, a successful insurace company. The court made several orders pertaining to the seizure of assets belonging to [...]
Brandix shines at 2013 Best Corporate Citizen Awards
The Brandix Group was the apparel sector’s standard bearer at the 2013 Best Corporate Citizen awards, winning sector and category awards for ‘Environmental Sustainability’ and ‘Environmental Integration’ and adjudged one of Sri Lanka’s 10 best corporate citizens. Brandix was the only apparel manufacturer and the only privately owned business group in the Top 10 at [...]
Lanka ORIX Finance introduces Product Extensions and Benefits via Speed Draft
Lanka ORIX Finance PLC (LOFC), understanding the immediate, short-term cash needs of consumers, has introduced an innovative and revolutionary range of product extensions and epic benefits via the Speed Draft finance facility, which are aimed at fulfillig people’s specific finance needs, according to a company media release. “This one-of-a-kind speedy finance facility allows individual customers [...]
Euro 90 mln European Investment Bank loan for SL’s public-private sector support
The European Investment Bank has signed a EUR 90 million loan agreement with the Government of Sri Lanka aimed at supporting both private and public industries and the services sector. A media release from the European Union (EU)’s Colombo office said that the money is to be used on projects across the country that contribute [...]
Importers as important as exporters to the SL economy, official says
Importers, as much as exporters, are important to the Sri Lankan economy and their interests too need to be considered, a senior Commerce Department official said. Speaking at the annual general meeting of the Import Section of the Chamber of Commerce held in Colombo recently, Director General of Commerce R.D.S. Kumararatne told the gathering that [...]
Union Assurance partners with the Colts Cricket Club
Union Assurance (UA), one of the country’s insurance service providers, has taken steps to support the Colts Cricket Club (CCC), one of the oldest cricket clubs in the country. The partnership agreement took place last week at the UA head office in Colombo. Addressing the gathering, CCC President and Sri Lanka Cricket Secretary, Nishantha Ranatunga [...]
First-ever security exhibition to be held next year
Plans are underway to organise a security exhibition at the BMICH in Colombo next year, the first of its kind, where members can exhibit their services and products. Major Tissa Aluwihare, Country President of Bren and Securitas Sri Lanka who was last week unanimously elected as President of the Sri Lanka Security Service Providers Association [...]
Emirates launches flights to Afghanistan
Emirates has launched flights to Kabul, the capital of Afghanistan. The Emirates flight EK 640 touched down in Kabul International Khwaja Rawash Airport at 13.15 hours on December 4. Kabul is the 138th destination on the Emirates route network, and Afghanistan is the 78th country it serves. “Emirates always strives to connect people,” said Adel [...]
Aluview opens new office complex
Aluview (Pvt) Ltd, one of Sri Lanka’s leading Aluminum fabricating and constructing companies, recently commissioned its new office complex at Boralesgamuwa with Wimal Weerawansa, Minister of Construction, and Engineering Services, Housing and Common Amenities doing the honours as chief guest. Aluview provides services for over 100 companies in the SME sector in this country. The [...]
Sri Lanka’s external sector strong, says Central Bank
Sri Lanka’s external sector strengthened further with the trade deficit contracting sharply in October, the Central Bank (CB) said this week. Earnings from exports increased to record levels, reflecting the ongoing recovery in the global economy, while expenditure on imports declined. The contraction of the trade deficit, higher inflows to the services account and an [...]
CB Governor in Seychelles
Central Bank Governor Ajith Nivard Cabraal recently delivered a lecture at the 35th Anniversary celebrations of the Central Bank of Seychelles held in the Seychelles.
Anchor Newdale, in new PR exercise, opens doors to Lankan consumers
Anchor Newdale, which went through some tough times in the first half of 2013 with the contamination scare over its imported milk, is undertaking a powerful public relations exercise by opening its doors to consumers and the general public in Sri Lanka as it launches the Anchor Newdale “Apeyma Kiri Chaarikawa” from December 1. The [...]
Soon: a mobile app from Orange that will automatically switch on and switch off lights
Orange Electric Company, a progressive Sri Lankan company that is developing business and products outside, is to soon launch a mobile phone app that would automatically switch on or switch off lights as you walk in and out of a room. The company, well known for its highly advanced CFL bulbs, is fast developing connectivity [...]
Multi Finance appoints experienced banker as CEO
Multi Finance PLC (MFPLC) – one of the long-standing finance companies in Sri Lanka – says it has revived its growth plans with the appointment of Pushpike Jayasundara as the new Chief Executive Officer. Mr. Jayasundera, with nearly 20 years’ experience in the banking and finance sector, is planning to re-structure the company, whilst introducing [...]
Sri Lanka committed to bring together labour-sending countries to deal with common issues
Sri Lanka which recently assumed the Chairmanship of the Colombo Process – the Regional Consultative Process on migration, will do its best to share its experience and bring together the 11 countries and nine observer countries of this group to address common interests. Foreign Employment Promotion & Welfare Minister Dilan Perera, speaking at the 103rd [...]
No technology transfers in major SL construction projects, top engineer says
Sri Lanka is lacking in the transfer of technology in several projects carried out here with mostly foreign personnel being involved, according to a top engineer. Malith Mendis, Senior Civil Engineer who was involved in the Mahaweli dams projects, Accident Emergency Unit at National Hospital, Development of Blended Cements and in the Colombo South and [...]
CINEC to develop Maritime School of Fiji
CINEC Maritime Campus, said to be the largest maritime training institute in South Asia, signed an agreement last month with the Government of Fiji and the Fiji National University, to manage the Maritime School of the Fiji National University (FNU) in Suva. Fiji Minister of Public Enterprises and Attorney General Aiyaz Sayed-Khaiyum signed the agreement [...]
Hotel Dolphin reopens at Waikkal after Rs.1 bln refurbishment
In a period of three years, Hemas Serendib Leisure Management Ltd has spent around Rs 1 billion to completely overhaul Club Hotel Dolphin located on the beach front in Waikkal, about 6 km off Negombo. Dolphin consists of 100 rooms in the blocks and another 50 chalets. In 2010 the chalets were refurbished at a [...]
SL e-waste levels not serious yet, careful management required
While electronic waste, or e-waste, is a concern for Sri Lanka, this country has not yet been impacted as badly as highly industrialised countries, where the levels of e-waste are considerably higher. As such, local e-waste should be managed carefully, epecially since the chemicals and other materials associated with e-waste are of significant detriment to [...]
SIA integrates online bookings with Google Now
A new initiative by Singapore Airlines (SIA) has led to its website bookings being integrated with Google Now, according to an international announcement by Singapore’s national air carrier. Elaborating further, the announcement also revealed; “Google Now will show you what the weather will be like at your travel destination even before your flight departure. This [...]
Transcend portable video recorder to launch locally in Jan 2014
Sri Lankans can expect Transcend motion cameras, also known as video recorders, to be launched locally in January 2014, according to Shafraz Hamzadeen, Group Managing Director / Chief Executive of EZY Holdings, which owns eSys Technologies, a leading locl computer hardware distributor. Further, he noted that this product is all set to revolutionise the local [...]
What are the telltale signs of a hacker controlling your smartphone?
Mobility is proving essential for everyone especially for senior managers and professionals who spend much of their time out of their office, either attending meetings or traveling on business. Mobile devices and connectivity has transformed the way work is done efficiently, using light, hand held smartphones and tablets as opposed to computers. They view mobility [...]
Dialog extends NFC Corporate Fuel Card to 100 fuel stations
The enterprise arm of top local celco Dialog has extended the reach of its Near Field Communication (NFC) product, the “Touch Corporate Fuel Card”, to 100 fuel stations, with 100 local corporates now signed up, according to a statement. Further, it was also indicated that this product is “an option of a virtually paperless system [...]
Mobitel picks SAP for international LTE roaming
The Sri Lankan unit of Germany’s SAP recently announced that local celco Mobitel had picked its IPX services, from the global software company’s Mobile Services arm, to roam within other, international mobile networks. Further, according to SAP; “Through this agreement, Mobitel can interconnect with other mobile service providers around the globe to deliver an enhanced [...]
Sri Lanka, chair of G-15, calls for early conclusion of Doha trade round
G15 (a group of developing countries), currently chaired by Sri Lanka, has called for a fresh impetus at the ongoing ninth Ministerial Council in Indonesia for an early conclusion of the Doha with a “development” oriented outcome. Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka , expressed these views while addressing the 9th [...]
Krrish still to complete Transworks land deal
The Krrish square mixed development project is still to make the full payment of US$449 million (Rs. 4.99 billion) to finalise the Transworks House land lease with the Urban Development Authority, a senior government minister said Although the Delhi-based Krrish group took more than one year from the scheduled date to complete the deal, the [...]
BOI aims $8.8 bln as export income in 2016
Sri Lanka’s Board of Investment (BOI) has embarked on an ambitious export promotion plan to contribute its share towards achieving the national target of US$18 billion worth of exports by 2016. The BOI plans to earn $8.8 billion worth of exports by 2016 under this initiative. The performance of BOI registered companies will be enhanced [...]
Cinnamon Air launches flights to Sigiriya
Cinnamon Air, Sri Lanka’s premier domestic airline, added a sixth inland destination – Sigiriya – to its network of scheduled services from the Bandaranaike International Airport, on Friday. Cinnamon Air will operate the latest addition to its fleet, a Cessna 208B Grand Caravan aircraft in a luxurious Executive configuration that will carry up to eight [...]
Belgian companies keen to invest in Sri Lanka
Several leading Belgian companies have shown interest in investing in joint ventures with Sri Lanka as there is a vast potential in the island with rapid improvement in infrastructure facilities countrywide especially in Colombo and Hambantota, Belgian oficials said. Trade between Sri Lanka and the Brussels-Capital Region is marginal and there is yet unrealised potential [...]
Spa Ceylon: Pure herbs, ancient wisdom emerge as new growth frontier
In the old days, people were aware that lifestyle played an essential role in health and beauty which is the reason why ancient Royalty used Ayurveda as personal care to real beauty and radiance. According to the Ayurvedic practice, which is one of the oldest systems of medicine in the world, the mind and body [...]
