Education dilemma
Schoolchildren and parents peruse brochures with a sales assistant, with one question on their minds: “Can we afford this?” This was a scene at the EDEX education exhibition now underway in Colombo. It closes today. Pic by Hasitha Kulasekera
Sri Lankans seen earning more than other Australians
Sri Lankan-born Australians had a median individual weekly income of AU$ 686 compared with AU$ 538 for all overseas-born and AU$ 597 for all Australia-born, as well as AU$ 577 for the total Australian population, according to a 2011 Australian census. These details are contained in a recent report issued by the Community Relations Section [...]
Strictly no prostitution, only gaming and other activity at Crown Complex
The Sri Lankan government is compelled to permit the Colombo Crown complex with a casino as a mixed development project at D.R. Wijewardena Mawatha under the aegis of the Rank Group as a massive US $350 million investment commitment has been made, the Chief of the Rank Group says, strongly rejecting concerns that the project [...]
Foreigners-only island off Hambantota
Sri Lanka has commenced construction of an exclusive entertainment island , only for foreigners, off the southern Hambantota coast in the home town of the President, an official said on Thursday. A man-made island with an extent of about 48 hectares would be established in Hambantota in close proximity to the Magam Ruhunupura Mahinda Rajapaksa [...]
Govt. mulls another $500 mln bond
Sri Lanka will float another US$500 million long term international sovereign bond to finance counterpart funds required for various development projects and to maintain cash flows if the (earlier) $1 billion bond raised by the Central Bank is fully exhausted on ongoing projects. Official sources revealed that the 2014 budget has provisions for this purpose [...]
Fresh efforts to revive cash-strapped Chamber Federation
The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), which moved its headquarters to Grandpass from Slave Isand as a cost –cutting measure, has prepared an action plan aimed at reviving the cash-strapped premier chamber body. FCCISL President Ajith Wattuhewa told the Business Times that a finance committee will be appointed in [...]
Skills Sri Lanka needs to rev up
We all know that a skilled workforce is essential for growth and innovation. Then unlike before the Internet unlocks new models to access knowledge, increasing the supply of skills in the global labour market, and also knowledge is everywhere and connected. The Government’s knowledge hub concept is aimed at ensuring the education system is better [...]
SLT’s 2014 calendar focuses on medicinal plants in Sri Lanka
Sri Lanka Telecom (SLT) has focused on medicinal plants in Sri Lanka in its latest 2014 calendar. The calendar has drawings of 12 varieties of medicinal plants that have been widely used for medicinal purposes for over thousands of years. “SLT has been continuously promoting and advocating the preservation of the rich heritage of our [...]
Long-term development path
When the conflict between armed LTTE militants and Government forces ended in May 2009, there was euphoria, joy and a realization that finally Sri Lanka will reach economic stardom. The hope was that many people would be lifted from poverty. The country’s development path, at a time when (former Finance Minister) Ronnie de Mel was [...]
IBSL confers Fellow Membership on 6 senior People’s Bank officials
The Institute of Bankers of Sri Lanka (IBSL), the apex body that represent the country’s banking sector, conferred Fellow Membership on six veteran banking professionals of the People’s Bank at the Institute’s Annual Graduation Ceremony held at the BMICH recently. Six senior officials (seen here) of the People’s Bank, namely, Ms. N. S. Thilakarathna (Chief [...]
Commercial Bank installs ‘forex ATM’ at Crescat
The Commercial Bank of Ceylon has installed an automated teller machine (ATM) that converts foreign currency into Sri Lanka Rupees at Crescat Boulevard, one of Colombo’s leading shopping malls and can be used by anyone. Located on the walkway between Crescat Boulevard and the Cinnamon Grand hotel, the ATM accepts US Dollar and Euro currency [...]
CB calls for ‘wish list’ on proposed DFCC-NDB merger
The Central Bank (CB) has requested DFCC and NDB for their input on the impending merger of the two entities, a DFCC official said. “They’ve been very accommodative and has asked for a sort of a wish list from the banks,” Arjun Fernando, CEO DFCC told the Business times. He added that CB guidelines aren’t [...]
All Norwegians become crown millionaires, in oil saving landmark
OSLO (Reuters) – Everyone in Norway became a theoretical crown millionaire on Wednesday (January in a milestone for the world’s biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices. Set up in 1990, the fund owns around 1 per cent of the world’s stocks, as well as bonds and real [...]
Mobitel offers Rs. 150 million worth of cash prizes in 2014
Sri Lanka Telecom Mobitel is aiming to make history this year by becoming the first mobile service provider in Sri Lanka to reward cash prizes worth a staggering Rs. 150 million to its customers through the grand Mobitel Cash Bonanza draw this year. Cash Bonanza, which initially began in October 2010 with the launch of [...]
TVS Jupiter to revolutionise the Sri Lankan scooter market
TVS LankaPLC which has the widest range of motor cycles and scooters in Sri Lanka, has added another classy product to its fleet of scooters – the TVS Jupiter. “TVS, a household name in the scooter market with three previously established models, namely Scooty Pep, Scooty Steak and Wego, is looking to revolutionise the scooter [...]
plantERM by Aitken Spence Powers Elpitiya Plantations
plantERM, a high-performance Enterprise Resource Manager (ERM) for the Plantations sector developed by Aitken Spence Technologies has been successfully implemented at Elpitiya Plantations PLC, covering its head office, and over a dozen tea, rubber and pam oil estates and factories. plantERM is designed, developed and implemented by Aitken Spence Technologies (AST) to suit the requirements [...]
Janashakthi uplifts Aranayake Community with Maha Oya Water project
Aranayake turned lush green recently when local schoolchildren, principals, district office-bearers and monks alike knelt together to plant 1500 trees in the area, in a bid to combat soil erosion, a private insurer said in a statement. The trees selected were carefully hand-picked by Janashakthi Insurance, who donated trees which were endemic to the area, [...]
Renowned ‘Chef Sudu’ appointed Executive Assistant Manager of Citrus Waskaduwa
Citrus Leisure PLC has announced the appointment of veteran and renowned “Chef Sudu” as the Executive Assistant Manager of its five-star Citrus Waskaduwa Hotel. The appointment comes on the heels of the group’s decision to commence operations early this year, the company said. Sudusinghe Chandrasena, fondly known as “Chef Sudu” is a well known figure [...]
Commercial Bank’s e-Exchange presents exercise books to a 1000 children
Some 1000 children received exercise books for their new school term from Commercial Bank in a promotion condicted by the bank recently for its e-Exchange’ money transfer recipients. The presentation took place at the auditorium of Commercial Bank where children living in distant areas were given the opportunity to collect their books from the Commercial [...]
Holcim Lanka’s Sanstha Cement re-launched with new campaign
Holcim Lanka is embarking on a new multimedia campaign with the re-launch of its “Sanstha Cement” product. The brand was re-launched last week.Nalin Karunaratne – Vice President Marketing and Sales speaking at the event said, “In developing this campaign, the company followed a very scientific approach to identify key consumer insights. Further, the entire campaign [...]
Etisalat CEO Dumindra Ratnayaka to retire in March
Etisalat Lanka (Pvt) Ltd CEO Dumindra Ratnayaka retiring in March, the company said this week. Currently serving as the Director/ Chief Executive Officer of Etisalat Lanka (Pvt) Ltd, Mr. Ratnayaka will retire effective March 31, 2014. Etisalat Lanka achieved many successes under his leadership, including being the first telecommunications company in South Asia to launch [...]
Seminar on Private Equity Funding
Jupiter Capital Partners (Jupiter), a Sri Lankan Private Equity Advisory firm, has organised a seminar on Private Equity Funding relevant to SMEs on Wednesday at the Taj Samudra Hotel. Dr. Indrajit Coomaraswamy, Senior Economist and former Director at the Commonwealth Secretariat will deliver the keynote address on the “Role of Private Equity to develop SME [...]
$1bln bond sale to repay foreign borrowings, says Harsha
Given the IMF restrictions on tapping the market in 2013 and the failure of the plan to push DFCC and NDB to borrow 10 year money totalling US$ 500 million, the Government had no choice but to raise $1 billion from a new bond to meet increasing foreign curency repayments, Economic expert and UNP Parliamentarian [...]
Night races, casinos inevitable in SL development but are these priorities?
Mixed views were expressed on current issues like casinos, night races and inflation when the Sunday Times Business Club (STBC) organised an unusual ‘members forum’ at its last meeting at the Cinnamon Lakeside Hotel. At the December monthly meeting, instead of the traditional event where a presenter or a panel of eminent persons would discuss [...]
SL firms should embrace technology
Corporates embracing technology are winning the race globally, but this phenomenon isn’t prevalent in Sri Lankan firms, according to a top CEO. Eight of the top 10 global brands are in IT business, but the country’s recently elected top 100 companies (by a corporate magazine) in the country doesn’t have a single IT brand in [...]
Dankotuwa to acquire international porcelain brand
Lanka Century Investments LCI (formerly ERI), the holding company of tableware manufacturer, Dankotuwa Porcelain PLC plans to acquire an old established European porcelain brand, LCI’s Deputy Chairman, Eric Wikramanayake said. “We’re trying to grow DPL beyond Sri Lanka and make it a holding company. We’re identifying some distressed porcelain companies in Europe which want to [...]
Manhattan Fish Market Sri Lanka bags top global awards
The local franchisee of global restaurant chain Manhattan Fish Market (MFM) has won an international award having only recently opened in Colombo. The local restaurant was awarded as ‘The Excellent Service Franchisee’ and ‘The Most Promising Franchisee’ at the MFM Global Business Convention 2013 held in Malaysia. The convention held annually for all current and [...]
SL current account deficit funded by high govt. debt, low FDI: Fitch
Sri Lanka’s current account deficit is funded by the country’s high government debt and low foreign direct investment, according to ratings agency Fitch. In its recent “Asia Pacific Sovereign Credit Overview”, issued internationally by Fitch, Sri Lanka’s long-term Foreign Currency and Local Currency Issuer Default Ratings (IDR) were both maintained at “BB-” with a “Stable” [...]
NDBIB raises Rs. 42 bln in 2013
NDB Investment Bank (NDBIB) raised Rs. 42 billion of funds in 2013 concluding its most successful year to date, the bank said. During the past four years, NDBIB has raised over Rs. 115 billion through both debt and equity on behalf of its clients, maintaining the undisputed leadership position amongst the investment banks in the [...]
SL firms should embrace technology
Corporates embracing technology are winning the race globally, but this phenomenon isn’t prevalent in Sri Lankan firms, according to a top CEO. Eight of the top 10 global brands are in IT business, but the country’s recently elected top 100 companies (by a corporate magazine) in the country doesn’t have a single IT brand in [...]
TUI targets long term travel to Colombo
TUI, the world’s largest travel firm, is eyeing the possibility of flying in tourists on their 787 Dreamliner to Colombo once its 500-room hotel in Ahungalla is completed. In this respect, they hope to fly in their tourists to Sri Lanka based on the availability of adequate room capacity due to which they would not [...]
SLS Bank aims to raise Rs. 1 bln in deposits
The Sri Lanka Savings Bank, in business for the last seven years, is coming up with a new advertising plan and a new logo “SLS Bank” aimed at raising Rs. 1 billion in deposits in addition to increasing the customer base by 50 per cent. At a media briefing held last week in Colombo, Kapila [...]
Sri Lanka’s Nihal Kularatna named New Zealand ‘Innovator of the Year’
Electrical Engineering Senior Lecturer Nihal Kularatna has been named New Zealand Innovator of the Year at the New Zealand Engineering Excellence Awards held last November. “The award recognises Nihal’s work in the field of electronic engineering during his career which spans 35 years,” New Zealand’s University of Waikato, where Mr. Kularatne works, said in a [...]
Colombo Port city on reclaimed land
Looking up at the skyline would never be the same since this time it’s 100 stories high in a new city redefining Colombo’s skyline and adding to its landscape a shopping destination of the likes of Singapore’s Orchard Road. Colombo’s new port city set to be established within the next 10 years on reclaimed land [...]
South Asia Textiles will go public
Lanka Century Investments LCI (formerly ERI-LCI) is planning to sell its subsidiary, South Asia Textiles better known as ‘Pugoda Textiles’ through the stock market. LCI’s Deputy Chairman, Eric Wikramanayake said this company’s order books are full and some enhancements to the production facility will be done in a bid to better meet the order requirements. [...]
SL has huge business opportunities, says Nippon Paint Japan COO
Sri Lankans are well educated, work hard, respect each other and prepare delicious food. Currently the country remarkably denotes the highest GDP growth rate in Asia and has huge business opportunities, according to Fujita Tetsuro, Nippon Paint Japan, Chief Operating Officer. He made these statements at the launch of the two brand new products 3 [...]
Job Fair for the first time ever at EDEX exhibition
The EDEX Expo education exhibition this year includes a new section called the Job Fair. This section comprises more than 40 stalls of 25 leading companies in Sri Lanka. Those who are willing to begin their career in any of the leading firms in Sri Lanka could enroll in those companies. Also the Job Fair [...]
No better venue than Colombo for arts festival in Sri Lanka
Colombo is the best venue for a 3-day arts festival starting end January, according to the organisers of Standard Chartered Colomboscope 2014. This was the response to a question by the Business Times to the organisers, during a media conference on the event at the Goethe Institute on Thursday, as to why the festival is [...]
Real estate market overview: commercial property segment
Recent trends Starting with the capital, the demand for office space at the heart of the Colombo city centre has been at the frontline of commercial real estate development over the years. However, during the long years of conflict, demand for office space in Colombowas stifled due to security considerations. Frequently exploding bombs, the erection [...]
Lankan financial institutions not concerned about wellbeing of conflict-affected societies
The flood of financial institutions to Sri Lanka’s conflict-affected areas offering large loans on interest to the poor affected at the grassroots-level has turned the latter into debtors, rather than supporting them to lift their lives off the ground Dr. D.D. David, General Secretary, Batticaloa YMCA, sharing his experiences involved in service oriented microfinance continuing [...]
Delhi to train citizens in sting ops
(Wall Street Journal), DELHI – The next time a corrupt official solicits a bribe to process a ration card or investigate a police complaint, Delhiites need not worry. Instead, they can turn into investigative reporters or, as the state’s chief minister intends, anti-corruption cops. Arvind Kejriwal last week asked residents of the national capital to [...]
