Easing their work load
Sri Lankan tea pluckers with the new baskets specially designed to ease back load. (Picture courtesy Planters Association)
UN Rapporteur on Migrants to visit SL in May
The UN Special Rapporteur on the Human Rights of Migrants is planning a week-long visit to Sri Lanka on 19-26 May 2014 to assess the situation pertaining to migrant workers, according to the UNHRC. In his first visit to Sri Lanka, François Crépeau, a Canadian-based right academic, will focus on a number of issues. They [...]
Spot fine payments through mobile phones
Spot fine payments through mobile phones will soon be a reality by June, the Police Media Spokesperson said this week. SSP Ajith Rohana told a panel discussion on “Home security and preventing crime” on Wednesday organized by the Sunday Times Business Club (STBC) that the moment a police station has been alerted that the fine [...]
Chinese company wins Colombo Port City Project twice
Almost three years after the government abruptly cancelled a contract awarded to a Chinese company without calling for tenders for the Colombo Port City project, the same company, China Communication Construction Company (CCCC) has been offered the deal contract – this time drawing criticism from the opposition United National Party (UNP). CCCC is incorporated as [...]
Top SL investor in SEC probe
The Securities and Exchange Commission has called for explanations from a high networth investor on his recent share market transactions, SEC sources said. “We wrote to him recently pertaining to some suspect share transactions,” one SEC official told the Business Times. According to industry sources the investor has decided to maintain a low profile. “He [...]
SL Economic Council meets after 4 years
The dormant National Council for Economic Development of Sri Lanka (NCED) was revived two weeks back after an absence of nearly four years with a meeting called by President Mahinda Rajapaksa. Sources at the President’s Office said that there was an exchange of views between member-economists, officials and the president on the state of the [...]
Due diligence underway for all SL finance firms
The Central Bank (CB) has employed nine audit firms to carry out due diligence and valuations of the 58 finance companies, CB officials said. “Once this is done, any firm who wishes to purchase a company/companies can sign a Non Disclosure Agreement (NDA) with CB to obtain a due diligence document of a company which [...]
BOI Board on the Colombo Stock Exchange up in 6 months
A new board on the Colombo Stock Exchange (CSE) for Board of Investment (BoI) companies in an effort to attract foreign investment and enhance the stock market’s liquidity will be a reality within six months, Dr. Lakshman Jayaweera, Chairman BoI says. “A separate board called the BoI Board will be introduced in addition to the [...]
EU maintains 110 million Euro financial aid to Sri Lanka
Despite concerns on human rights, good governance, and ethical industrial practices, European Union’s (EU) financial assistance to Sri Lanka will continue at the same level without any change from the previous six year period, the new EU delegation head in Sri Lanka said. The EU financial assistance will remain at Euros 110 million for the [...]
If not for Lanka’s suffering women …
If not for Sri Lanka’s hard working women, where would the country’s economy be? Where would the foreign exchange needed to pay for our imports, for the rich and famous to run in BMWs and Mercs come from? Where would foreign exchange to send Sri Lankan students abroad come from? Consider these numbers. The country’s [...]
History and values of Takaful Islamic Insurance
Due to the rapid progress in the field of international trade and commerce, insurance has globally come to play a vital and significant role in the day to day lives of the people. It may be helpful to analyse the background of Takaful as we embark upon a discussion of the system itself. The Takaful [...]
NHDA purchases private land for housing development
Sri Lanka’s National Housing Development Authority (NHDA), faced with a scarcity of land and strict land market restrictions, is purchasing developed and undeveloped private land in rural and urban areas, for housing development to meet the shelter needs of middle income families. The authority intends to buy vacant private lands ranging from over 40 perches [...]
SL needs to promote food products to the export market
Sri Lanka being a developing country, without focusing only on the domestic sector, should also consider and promote food products for the export market, says Anura Siriwardena, Secretary of Ministry of Industry and Commerce. He made this comment at the launch of the Pro Food/Pro Pack and AgBiz 2014 Exhibition held at the Cinnamon Lakeside [...]
NDB helps Sri Lankan company’s regional expansion
LTL Holdings group (LTL), one of Sri Lanka’s leading engineering conglomerates, which commissioned its first thermal power plant ‘Raj Lanka Power Company Limited’ in Bangladesh last month also involved the NDB Group’s entry into financing a Sri Lankan project overseas. It was handled by the bank’s Project & Infrastructure Financing Department and Investment Banking units. [...]
China-Sri Lanka FTA would boost China-India friendship, officials say
The China-Sri Lanka Free Trade Agreement (FTA), expected to be signed this year, paves the way for China to strengthen its friendship with India, said Ananda Goonatilleka, President of Sri Lanka China Friendship Association (SLCFA). He made this comment to the Business Times on the sidelines of the Colombo-Zhongshan Trade and Investment forum held at [...]
Rainforest Alliance for Watawala Tea
Watawala Plantations PLC has been given the Rainforest Alliance Certification by the Rainforest Alliance, a Global Network which works to conserve biodiversity. Watawala’s Tea will now carry the mark “RA” on its packaging signifying the commitment to envronmental conservation and protection and uplifting occupational health and safety, the company said. Waltrim, Dickoya, Kenilworth, Lippakelle and [...]
Some 13 firms to go public this year
Around 13 Sri Lankan private companies are preparing to go public this year, Colombo Stock Exchange (CSE) officials say. “These are in many different sectors and they will list on the CSE in a few months,” a CSE official told the Business Times on the sidelines of an issuer relations forum held recently in Colombo [...]
Brandix launches $1 mln venture to mentor, inspire start-ups
Sri Lanka’s Brandix Group is investing up to US$ 1 million over three years on a new venture aimed at fast-tracking the country’s evolution into a knowledge and innovation hub for the apparel, textile and fashion accessories sectors. The new venture ‘Disrupt Unlimited’ will run a seed accelerator that will inspire, mentor and fund start-ups [...]
ESET warns Mac OS X users of Bitcoin-stealing trojan
Users of the Mac operating system (OS) X are being targetted by a Bitcoin-stealing malware (virus) spread by way of pirated applications (apps), according to a recent blog post by Graham Cluley, a security researcher at antivirus developer ESET. Quoted in a statement, the blog post stated; “The hackers behind the CoinThief trojan are trying [...]
Economists to discuss ‘persuasive merging of financial institutions’
The strategy of the Central Bank to merge financial institutions and its impact on the economy is to be discussed at a seminar to be held at the OPA Auditorium on March 13commencing at 5.00 pm. It is organised by the Sri Lanka Economic Association (SLEA) to provide a forum for a dialogue on the [...]
Veteran trainer Deepal presents ‘Triple Balance’ programme
Deepal Sooriyaarachchi, one of the Sri Lanka’s most versatile management development consultants, is launching a unique one day programme titled “Triple Balance- the triple bottom line” for success targeting business leaders, and senior managers who are responsible for delivering bottom line results. The programme gives useful practical tips on ‘How to Innovate the business, be [...]
Top Chinese bank official meets Cabraal
The Executive President of China Development Bank Corporation Zhao Ziaoyu (seen here) paid a courtesy call on Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal during the former’s recent visit to Sri Lanka in “early March”, the Central Bank said without any further details. China is a big spender and major donor of Sri Lankan [...]
Lankans, Indians to prop up Malaysian tourist arrivals
Malaysia’s Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz is visiting Sri Lanka next week in a bid to popularise the Visit Malaysia Year (VMY) 2014 programme and promote a sales mission in this regard. The visiting minister is reportedly also expected to visit India as well as part of their programme to [...]
John Keells powered Zhara enters hotel industry booking systems
The Zhara team at John Keells Computer Services (JKCS) recently launched the hotel industry’s Internet booking engine, “Zhara Gateway,” led by the senior management and representatives from 12 leading hotels in the country, a media release issued by the company stated. As a comprehensive yet easy-to-use Internet Booking Engine integrated to a hotel’s website the [...]
Singapore must upgrade tourism offerings to remain attractive: PM Lee
(TTG Asia e-Daily), Singapore – Singapore must continue to “enhance the tourism experience and upgrade the tourism sector” to remain an attractive tourist destination, said Singapore Prime Minister Lee Hsien Loong. Speaking at the official opening of river-themed wildlife park River Safari on Friday last week, Lee said: “Travellers are becoming increasingly spoilt for choice. [...]
Sigiriya is to get new luxury hotel in 2016
Boutique hotel “Sigiriya Villa” commenced construction with the laying of the foundation stone in Indigaswewa, Sigiriya recently, a media release issued by the company stated. Fully owned and managed by Future Hotels, the hotel is stated to be an eco-friendly project that would provide luxury holiday environment to its guests. The project would consist of [...]
First ever skydiving venture to be launched
Sky Club Ltd, Sri Lanka’s first institution for sky sports, will launch ‘Tandem Parachuting’ which allows ‘adrenalin’ and adventure seeker enthusiasts to experience the thrill of freefall skydiving. “We plan to launch this in two months,” Suren De Silva, Founder and Director of Sky Club told the Business Times. Skydiving as a sport is available [...]
Sri Lanka Tourism stall had best decor at Indian travel mart
Sri Lanka Tourism stall was awarded the “Best Decoration Award” at India’s biggest international travel show, OTM- held in Mumbai from February 7-9 and in New Delhi from February 13-15, a media release issued by the organisation stated. Sri Lanka Tourism stall stood elegant at the exhibition had a décor of water sports, Colombo city, [...]
Bearwell & Nuwara Eliya Estates receive Rainforest Alliance Certification
Nuwara Eliya and Bearwell Estates, managed by the Hayley’s Group, have received the the Rainforest Alliance Sustainable Agriculture Certification. The Rainforest Alliance (RA) is an international NGO created in 1987 with the objective of conserving biodiversity and ensuring sustainable livelihoods by transforming land usage business practices and consumer behavior. The RA Standard is focused on [...]
Every SL household must have an emergency response plan, security expert says
The magnitude of crimes committed in Sri Lanka is double the figures quoted as unreported cases are higher than the reported cases, according to a top police officer. This was stated by Ajith Rohana, Senior Police Superintendent and Police Media Spokesman, one of the panelists at a discussion on ‘Home Security issues’ conducted at the [...]
SriLankan Airlines to join ‘oneworld’ in May
SriLankan Airlines will become a full member of oneworld®, offering the alliance’s complete range of services and benefits with effect from May 1, the first carrier from the Indian subcontinent to become part of any global airline groups. “The national airline of Sri Lanka received clearance to board oneworld, the world’s leading quality airline alliance, [...]
“Sri Lanka’s construction sector beset with corruption”
Jayasiri Samaratunga, a veteran in the construction sector, has sent in a letter about an interview that he gave the newspaper under the above headline last week which he says has some inaccuracies. He said he did not say what has been reflected in the headline of the story. “In the entire procurement system, regulations [...]
Sri Lanka intensifies awareness campaigns on safe handling of social media
In the wake of increasing incidents of suicides and abuses connected to the use of online social networks, Sri Lankan authorities are to intensify current awareness campaigns on safe use of social media like Facebook and Twitter. Secretary to the Mass Media and Information Ministry Dr. Charitha Herath told the Business Times that social media [...]
Lankan fishermen ‘guarding my islands in the sun’
KALPITIYA – Goats, donkeys, men, women and school children roaming about freely in Kalpitiya, off Puttalam on Sri Lanka’s northwest coast, set the mood for a laid-back lifestyle with the newest addition being the construction of the road leading upto Palavi that is landscaped with coconut lands, and other plantations including the ocean and salterns [...]
‘Ricela’ Rice Bran Oil for the first time in Sri Lanka
“Ricela” Rice Bran Oil is a new product to be launched by Citihealth Imports Pvt. Ltd soon. Rice Bran oil, known as the world’s healthiest edible oil, contains vitamins, antioxidants, nutrients and trans-fat free. “It’s not just delicate and flavourful, it can help lower cholesterol, fight diseases, enhance the immune system, fight free radicals and [...]
EFC in-house consultancy at Standard Chartered Bank
The Employers’ Federation of Ceylon ( EFC), as part of its efforts to be more customer focused, this week signed a Memorandum of Understanding with Standard Chartered Bank, to have one of its Industrial Relations Advisors based at the bank premises offering employment relations services. “In addition to obtaining day to day advice from the [...]
Sri Lanka to popularise Mathematical Modeling
Sri Lanka is taking its first step towards popularisng Mathematical Modelling as a tool to solve certain real life problems. The Department of Mathematics, University of Colombo will implement a programme to share its knowledge on this subject among graduate and undergraduate students as well as young researchers. The aim is to create awareness and [...]
Four Corners Lanka re-invents the online face of telecom services in Sri Lanka
Four Corners Lanka, an award-winning benchmark in web design, development, and applications provider, is bringing Sri Lanka’s largest telecommunications service provider in its 200- strong network of globe-spanning clients. Winner of Sri Lanka’s national award for recognizing digital excellence, ‘e-Swabhimani Awards’, Four Corners Lanka designed and developed the recently launched corporate site of Sri Lanka [...]
Need for convergence between banks
The results of Sri Lankan banks reveal that 2013 has been a very, very difficult year. Many of them have had one of the most difficult years with non-performing loans having a field day. Gold loans have messed up all the banks. It would be interesting to see how the two state banks have fared [...]
US-based foreign fund interested in Union Bank
Foreign fund TPG Asia VI. LP has expressed interest in acquiring Sri Lanka’s Union Bank, the local bank announced to the Colombo Stock Exchange. In a ‘technically-worded’ statement, the bank said that further to a previous statement on October 23, 2013, “we wish to inform you that the Union Bank of Colombo PLC has received [...]
Former planters of Maskeliya/Upcot District on memory lane visit
Ex planters of the Maskeliya/Upcot district calling themselves ‘The Mascots” revisited their former plantation homes in a memorable visit on February 22-23. After “morning muster” at Lanka Commodity Brokers in Rajagiriya, a group of 42 members and their wives departed on this journey. “While Manik Pereira, Ravi Wickramasingha, Lucky Ratnaweera, Gnana Samaratunga, Sarath Sirisena, Chandana [...]
CMA Colombo workshop provides new insights into contemporary management practices
The Institute of Certified Management Accountants of Australia (ICMA), 2014 Annual Workshop was held last month in Colombo for a group of 60 senior MBA, corporate executives. The programme has helped to contribute new insights to contemporary management accounting practices, according to an ICMA statement. The first module focused on Strategic Cost Management covering cost [...]
‘Ricela’ Rice Bran Oil for the first time in Sri Lanka
“Ricela” Rice Bran Oil is a new product to be launched by Citihealth Imports Pvt. Ltd soon. Rice Bran oil, known as the world’s healthiest edible oil, contains vitamins, antioxidants, nutrients and trans-fat free. “It’s not just delicate and flavourful, it can help lower cholesterol, fight diseases, enhance the immune system, fight free radicals and [...]
EFC in-house consultancy at Standard Chartered Bank
The Employers’ Federation of Ceylon ( EFC), as part of its efforts to be more customer focused, this week signed a Memorandum of Understanding with Standard Chartered Bank, to have one of its Industrial Relations Advisors based at the bank premises offering employment relations services. “In addition to obtaining day to day advice from the [...]
Kandy’s Sinhaputhra Finance completes 35 years in business
Sinhaputhra Finance plc, one of the best known finance companies not only in its headquarters at Kandy but also across the island, commemorated its 35th year of service last month with religious ceremonies and other events. The company began its humble beginnings on the 14th of February 1979 and was founded by the late Tissa [...]
