High tech for low wage worker
A cycle repair man watches a movie on a portable CD player while at work on a pavement at Dharmapala Mawatha, Colombo. Pic by Athula Devapriya
TFC to strike merger deal with a state bank
Battling in a difficult financial and negative net-worth situation, the Finance Company Plc (TFC) is close to striking a merger deal with a state bank in accordance with new Central Bank (CB) rules aimed at consolidating the non-banking financial sector, official sources said. TFC is the very first Non Banking Financial Institution (NBFI) to identify [...]
Construction chaos on Galle and Duplication roads
Current traffic congestion on Galle and Duplication roads would revert to its previous position with no serious improvement upon completion of road work within 10 months, a top government official said on Thursday. Though motorists expect some sort of improvement to everyday traffic, Colombo Municipal Council (CMC) Director Traffic and Project Manager Nihal Wickramaratne however [...]
CB warns banks against misleading, unethical ads
Commercial and specialised banks have been warned by the Central Bank (CB) against what the regulator termed as “misleading and unethical advertisements”. In a recent circular to CEOs of commercial and specialised banks, the CB urged all these institutions to “refrain from publishing misleading and unethical advertisements” and to ensure that all important information is [...]
Motorbikes, the new family vehicle – Nielsen survey shows
A January 2014 presentation charting Sri Lanka’s consumer trends, by researcher Nielsen, has unearthed a number of new developments changing the landscape of local consumer behaviour, first amongst which was the fact that the motorbike had replaced all private motor vehicles as the new family vehicle. According to the “Nielsen Annual Review 2013 Sri Lanka: [...]
Migrant workers win big with Saudi pact
Amidst the buzz over doubtful economic data, mergers involving banks and finance companies, attacks on Christian churches, etc … a landmark labour pact between Sri Lanka and Saudi Arabia didn’t get the public attention it deserved. The country’s economy runs virtually on the sweat and tears of Sri Lanka’s overseas migrant workers but this segment [...]
Central Bank’s Road Map 2014 versus underlying macroeconomic vulnerabilities
The Road Map 2014 presented by the Governor of the Central Bank early this month is the eighth consecutive policy announcement in the series commenced in 2007. The presentation is filled with more than 160 colourful slides illustrating impressive economic achievements. Almost everything in the economy is fine, and nothing has gone wrong, according to [...]
Public interest seminar on debacle of finance companies on Jan. 31
The failure of Sri Lanka’s Central Bank to prevent the failure of finance companies and the evolving crisis are among a host of issues that would be discussed at a provocative public interest seminar on Friday, January 31. To be held at the Winchester Hall, Kingsbury Hotel from 3 pm onwards, the event will feature [...]
Awareness programme on Industrial Safety Management
The Colombo District office of the Industrial Development Board of Ceylon (IDB) with a view to ensure the occupational safety in SME sector has organised an awareness programme on Industrial Safety Management next month. During this programme, an introduction to Workers Compensation Ordinance, methods of ensuring industrial safety and minimizing industrial hazards and accidents will [...]
RAM upgrades Janashakthi Insurance PLC’s ratings
RAM Ratings Lanka has upgraded Janashakthi Insurance PLC’s long- and short-term claims-paying ability ratings to A and P2, respectively from A- and P2. The outlook on the long term rating is stable. The upgrade reflects the continued improvement in the company’s life segment where it now compares well against its higher rated peers, the rating [...]
JASTECA ‘’Postharvest Technology Programme’’ in Thailand to benefit agriculture sector
The Japan Sri Lanka Technical Cultural Association (JASTECA) in collaboration with ABK & AOTS Alumni Association (Thailand) has organised a seminar/study-tour titled ‘’Postharvest Technology Programme’’ in Thailand to enhance knowledge and practical skills of planters about latest technologies involved in harvesting, planting, packing, and delivery methods associated with agriculture, the organisation said. Applications have been [...]
Conferences and MICE market strengthen in Sri Lanka
Conferences and conventions’ business in Sri Lanka grew last year while 2014 is expected to be an even better year, industry officials said. At least 40 conferences were held in 2013 against 28 international conferences in the previous year, according to officials at the Sri Lanka Conventions Bureau (SLCB). However Imran Hassan, a MICE specialist, [...]
Is import substitution all that bad?
I am always hesitant to comment on the Budget. This is for two reasons. Firstly, preparation of the Budget is a time consuming strenuous task which involves meticulous planning, patience, consultation, compromise and consensus. At the end of a lengthy process the Treasury is expected to present an appealing, balanced budget.I equate this process to [...]
ADB Vice President visits Sri Lanka
Asian Development Bank (ADB) Vice President Wencai Zhang on Tuesday ended a two-day visit to Sri Lanka during which he met with government officials and visited ADB-funded flagship projects including Colombo Port, the Southern Expressway, and a school in Galle district. During the visit, high-level meetings were conducted with key government officials including Basil Rajapaksa, [...]
Sound pollution, horns, law and police
Is the horn the culprit? No. It is the user. If the Commissioner of Motor Traffic and the Inspector General Police get down from their sealed air-conditioned vehicles that they travel in and stand beside any bus stop and if their hearing is good they will find out who the culprits are. A horn is [...]
Investments in Touchwood
I invested Rs. 6 million as debentures in Touchwood (Pvt) Ltd in October 2012. I am supposed to get my return in September 2015 at 33.33 per cent interest on maturity. But I heard recently that some doctors also invested in the debentures for monthly interest and were not getting the interest payments. Is this [...]
Central Bank says economic data accurate; rejects media reports on ‘dubious data’
Sri Lanka’s Central Bank (CB) has strongly rejected accusations of dubious data and statistics on growth and inflation saying these claims “seem to be made to achieve politically motivated agendas”. In a statement on Tuesday, the CB assured all stakeholders that all necessary efforts are being taken to “ensure high quality data dissemination”, and accordingly [...]
‘Skills for Success at Job Interviews – a Guide for the Interviewee and the Interviewer’
Author: Dorothy Abeywickrama, Consultant in Management and Career Development Reviewed by Eric J. de Silva (former Secretary, Ministry of Education and UNDP, UNESCO, ESCAP Consultant) Publisher : Kandy Books. Available for sale at Sarasavi Bookshops, Nugegoda and Kandy. Price: Rs. 450 It was indeed a great pleasure for me to read the recent publication ‘Skills [...]
Continued monetary accommodation by SL a ‘dangerous strategy’ : Deutsche Bank report
The Sri Lankan Central Bank’s continued monetary accommodation, or the economic policy by which interest rates are kept low, is a “dangerous strategy and could sow the seeds for future potential imbalances”, according to a recently released report by Deutsche Bank. It added that; “Most market participants however agreed during our discussions that Sri Lanka [...]
NVQ certificate awarding ceremony at AYS Gnanam Construction Training Academy
Tokyo Cement recently concluded the second consecutive National Vocational Qualification (NVQ) Certificate Awarding ceremony at the AYS Gnanam Construction Training Academy, Dambulla for 121 Construction Craftsmen (Masonry). This was based on the results of tests conducted by the National Apprentices & Industrial Training Authority (NAITA), the company said. The academy is accredited by the Tertiary [...]
Lanka Hospitals introduces new heart surgeries to Sri Lanka
Lanka Hospitals said this week it is now capable of performing heart lung transplant surgeries and minimally invasive (keyhole) cardiac surgeries, and is the only hospital in Sri Lanka that offers these surgeries to patients. In order to perform the heart lung transplant surgery for the first time in Sri Lanka, the centre was equipped [...]
Ethnic harmony, peace pre-requisite for foreign investments in post-conflict nations
Taking a cue from the international experience to attract foreign investments (FDI), ethnic harmony, peace and tranquility in a country play an important role as shown by countries like Mozambique which have emerged out of conflict and which have very efective investment promotion programmes and manage FDIs successfully. In an analytical exposure, this was revealed [...]
Hemas Piyawara showcases artistic talents of differently-abled children
Hemas recently celebrated the New Year in a different manner by hosting – ‘Ape Sihinaya’ – a novel exhibition of paintings and handicrafts by the 46 differently-abled children from the ‘Ape Patawnta Piyawarak’ Pre-School in Alokapura, Hambantota. Hosted by the Hemas Outreach Foundation (HOF), this exhibition was held at Hemas House in Braybrooke Place, Colombo. [...]
Oculus Rift Virtual Reality gaming system most talked about once more at CES
The 2014 edition of the International Consumer Electronic Show (CES), the world’s largest consumer electronics event, wrapped up recently in Las Vegas, USA. And the product that created the most buzz, once again, was the Oculus Rift virtual reality (VR) gaming system, which, in its newest ‘Crystal Cove’ incarnation, included features such as an updated [...]
Virtusa expands European presence with TradeTech acquisition
US-based IT company Virtusa, which has a development centre in Sri Lanka, recently announced that it has paid US$20 million in cash for outstanding shares of Swedish financial outsourcing consultancy TradeTech, and its subsidiaries, to immediately extend Virtusa’s presence within Europe. According to Virtusa’s announcement; “Under the terms of the share purchase agreement, Virtusa acquired [...]
Goals for the Year 2014
This is not new to us; at the dawn of every year we wish we could reach a greater height, be more focused at work or studies, be more conscious about what we eat, lose weight, save more and spend less, find more time for our loved ones. and so the list ges. Despite our [...]
SL depositors more aware than before : CB Deputy Governor
Sri Lankan investors are more savvy and aware of the investment options now as opposed to two years ago, according to a senior Central Bank (CB) official. “Two years ago, the local banks’ deposit mix was 40 per cent in savings deposits and 60 per cent fixed deposits. Now it’s changed to 30 and 70 [...]
Germany’s G Data to offer more secure AV service to SL
A new entrant in the highly saturated Sri Lankan antivirus (AV) space, G Data, is promoting its German roots as its key competitive advantage, claiming that since it is 100 per cent developed within Germany, which is known for its strict privacy laws, itis more secure than other AV providers, particularly US-based AV companies which [...]
CSE performance positive for 2014 with low interest rates
Colombo’s share market is likely to go through a boom this year mainly owing to low interest rates, analysts say. “The Colombo Stock Exchange (CSE) will be bullish this year with the interest rates down and the general indications are that it will be better than last year,” Deshan Pushparajah, Head of Investment Banking, Capital [...]
Retirement schemes from Ceylinco Life starting at Rs.1,000 per month
Ceylinco Life, Sri Lanka’s leading life insurer, has launched an on-line retirement scheme at Rs. 1,000 per month. The fast, secure and user-friendly web facility allows the visitor to choose his or her retirement age, how much is to be set aside monthly, calculate the fund balance on the basis of the investment and payment [...]
Firms revise targets on the back of ‘doubtful’ government data
While most firms don’t rely on government data, those who do believe them are revising their growth projection forecasts on the back of fresh allegations against state departments ‘cooking’ data, according to some top company officials. “Most companies have always been sceptical on data dished out by state authorities. We do our own projections and [...]
Ceylinco Insurance premium income sharply up
Ceylinco Insurance ended the year 2013 recording a premium income of Rs.22.7 billion, as at 31st December 2013, the company said this week noting that a majority of the shares of the company are owned by the employees. “It is a noteworthy and a commendable factor, the tremendous support extended by the staff, who rally [...]
Hameedia Bros to the fore during spirited event
`Sri Lanka’s leading menswear specialist Hameedia kicked off the New Year by celebrating with its employees “The Hameedia’s Colours Night”. The event showcased the many diverse talents of their staff and also recognising the outstanding achievers of 2013, was organised by the company’s welfare society and held at the Musaeus College Auditorium. At the event, [...]
CSE attracts large crowds at EDEX career and job fair
The Colombo Stock Exchange (CSE) saw a large number of registrations for their educational workshops at the EDEX Expo Education and Career fair, with over 800 persons registering to be contacted for investor education programmes, conducted by the education arm of the CSE, a media release said. “Over 2000 persons visited the stand to gather [...]
SEC attempts to get Colombo bourse on track with new rules
The Securities and Exchange Commission (SEC) with its new guidelines on Related Party Transactions (RPT) and other compliances have advocated transparency in securities transactions, Ayanthi Abeywickrama, Director Legal SEC said, addressing an eminent gathering at a regulatory compliance symposium on “Minimum Public holding as a continuous listing requirement for public listed companies” recently. This was [...]
Orient Express Lines dedicates a vessel to Sri Lanka
Dubai-based Orient Express Lines this week renamed one of their vessels as M.V.’OEL COLOMBO’ at a ceremony held on the ship in Colombo. Minister Port & Highways Rohitha Abeygunawardena who was the Chief Guest unveiled the curtain on the bow of the ship showing her new name as ‘OEL COLOMBO’, the company said. Among the [...]
Sadaharitha advocates regulating forestry investments sector
Sadaharitha Plantations Ltd has urged the Central Bank (CB) to regulate the forestry investment firms in the country in a bid to advocate better practices into this industry, officials said. “We approached CB about a year ago and they were quite interested,” H. Rohana, CEO Sadaharitha told the Business Times on the sidelines of a [...]
Intertek opens Textile Testing Lab in Sri Lanka
Intertek, a company listed on the London Stock Exchange and a leading provider of quality and safety services to a wide range of industries around the world, has opened a apparel and textiles testing laboratory in Battaramulla to support the growing textle and garment industry in Sri Lanka. “Sri Lanka’s textile and apparel industry accounts [...]
Dutch-Sri Lankan business partners win the Embassy Award
Dutch Minister for Foreign Trade and Development Cooperation, Ms. LiliannePloumen recently presented the prestigious Embassy Award to the Dutch-Sri Lankan company ‘Van der Knaap-Growrite substrates’ at a large network reception in Ede, the Netherlands. Each year in January, Dutch Ambassadors from around the world present an award to an outstanding Dutch company in a foreign [...]
JEVIC-Japan approved by SL to carry pre-export inspection of used vehicles
The Sri Lankan Government has given approval to the Japan Export Vehicle Inspection Centre Company Ltd. (JEVIC) to inspect vehicles and issue certification prior to export of used vehicles from Japan, the company said this week. JEVIC is a vehicle pre- shipment inspection specialist and is represented in Sri Lanka by Premium Trading and Logistics [...]
SLT Broadband broadens reach via fixed 4G/LTE technology
Sri Lanka Telecom (SLT) recently, successfully demonstrated its 4G LTE fixed broadband technology at a ceremony held at the Dr. N. M. Perera Memorial Hall in Ruwanwella, Kegalle. SLT’s 4G LTE speeds and access capabilities were demonstrated to Ranjith Siyambalapitiya, Minister of Telecommunications and Information Technology and Athauda Seneviratne, Senior Minister Rural Affairs in the [...]
Trainer Kalapuge’s ‘Lead To Serve’ event next week
Dhammika Kalapuge, said to be one of Sri Lanka’s best-known customer service and inspirational trainers, is presenting another one-day programme in the series titled ‘Lead To Serve’, to lead teams to set the service culture right in organisations, on 30 January at The Kingsbury Hotel, Colombo. Mr. Kalapuge has during the last decade and half [...]
LankaClear opens doors to Senkadagala Finance with Electronic Fund Transfer Solution
Senkadagala Finance PLC is the newest participant of the Sri Lanka Interbank Payment System (SLIPS), joining hands with LankaClear – the national payment infrastructure solution provider. SLIPS is a Electronic Fund Transfer system which facilitates the movement of funds from one account to another without the necessity of corresponding papers. “With this partnership, Senkadagala Finance [...]
Construction industry has strong future, says industry veteran
NEM Construction recently renewed a 33-year long association with the pioneer construction equipment supplier in Sri Lanka, United Tractor and Equipment (Pvt) Ltd (UTE) by purchasing a Cat paver from them. “NEM Construction regularly purchases new machinery due to our tight schedules. With more than 800 units of construction machinery and trucks, we have one [...]
GVR Lanka reception to introduce Dynasty Residence in Kandy
GVR Lanka (Pvt) Ltd recently hosted cocktails at the Cinnamon Grand in Colombo to introduce the first mixed development real estate project to be built in Kandy. Construction of Phase 1 – Dynasty Residence began in early December 2013 and is scheduled to be completed by October 2015, the project promoters said in a media [...]
Census and Statistics Department defends credibility of its economic data
Defending the credibility of the country’s economic data by the Department of Census and Statistics (DCS), its top bureaucrat says that the proper statistical procedure has been followed in computing these data. The relevant details and information to compute the GDP, economic growth rate and inflation are collected and compiled through scientifically designed surveys, census, [...]
Business bigwigs sad about the “state of affairs” – MTI/CIMA survey
Sri Lanka’s business community looks unhappy with almost everything from regulations to human rights violations allegations and shrinking consumer demand but interestingly remained confident of economic stability this year, a joint survey by MTI and CIMA has said. Around 24 per cent of Chief Executives of local companies have expressed concern over government regulation and [...]
New electric car seen leading shift to ‘green’ cars in Sri Lanka
Sri Lanka’s future automobile sector is seen shifting towards a green-focused market with the entry of automotive companies headed by young entrepreneurs with a passion for environmental conservation. One such company, e Lanka Automotive, a newly launched automobile company located on Cotta Road Colombo 6, is keen on popularising vehicles that run on clean renewable [...]
CIFL depositors vow to launch a fast- unto-death campaign
Close on the heels of the Central Bank’s action to merge finance companies to consolidate the industry, disgruntled depositors of failed Central Investment and Finance Company PLC (CIFL) during the week continued their sathyagraha campaign launched on Monday to find some redress to their grievances. They vowed to launch a fast-unto-death campaign if the authorities [...]
Dialog to launch enterprise M2M self-service solution with Ericsson in Sri Lanka
Dialog is to soon implement the Ericsson Device Connection Platform, delivered as a service by Ericsson. The solution will provide Dialog and its customers with everything they need to deploy, manage and monetize millions of machine-to-machine (M2M) connections. Dialog has been at the forefront of innovation in the telecommunications industry and is the firt in [...]
New qualification by CA to recognise BPO as a profession
The Institute of Chartered Accountants of Sri Lanka, in a bid to address both issues of demand for more people and the high attrition rate in the Business Process Outsourcing (BPO) sector, is gearing to launch a new professional qualification for the BO Industry, according to eminent Chartered Accountant, Arjuna Herath who was inducted as [...]
