Nature’s Beauty Creations steps in to preserve deteriorating soil conditions
Nature’s Beauty Creations Ltd, a natural herbal cosmetics company, is now coming up with a novel type of bio fertiliser aimed at reviving deteriorating soil conditions in Sri Lankan plantations due to application of chemical fertiliser and agro chemicals, a top official of the company said. It has formed Lanka Bio Fertilisers (Pvt) Ltd as [...]
Crisis at Sri Lanka’s industrial estates
Inconsistent policies on taxes, labour issues, high electricity tariff, lack of export orders, and high production costs are compelling many industrialists to close down their factories at Sri Lankan industrial estates countrywide, the Regional Industriaists Association (RIA) warned. Managements have begun to shut the factories and fire thousands of workers, blaming the government’s action to [...]
Husein steps down as Hemas CEO after hard-working spell
Hemas Holdings Chairman Husein Esufally addresses invitees at a reception this week in Colombo to welcome Steven Enderby, the group’s new CEO. Mr. Esufally relinquished duties after a long spell as CEO to take over as non-executive chairman. Pic by Ranjit Perera.
EU-Sri Lanka trade talks after 5 years
The European Union (EU) has kick-started discussions with Sri Lanka five years after the former withdrew key trade concessions and now wants a “strong reconciliation process” in place. The EU Delegation head in Colombo David Daly remarked on Wednesday that the discussions between the two sides kicked off in December last year after a lapse [...]
Lankan unions propose national minimum wage for private sector
Sri Lanka’s trade unions are proposing a national minimum wage for private sector employees and to implement an unemployment benefit insurance scheme as well as a pension scheme for Employees Provident Fund members and a social security scheme for the informal sector. They have also proposed to set up a national wages commission for the [...]
Sri Lankan capital market May road show in London
The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission are launching a joint road show in association with the London Stock Exchange (LSE) in London next month, the CSE said. The Business Times reported this event last November in an interview with Ibukun Adebayo, Co-Head Emerging Markets, Primary Markets – LSE. He was [...]
GK in efforts to raise Rs.530 million amidst growing frustration
As the Golden Key Credit Card (GK) depositors frustration grew by the day, the GK Special Purpose Vehicle (SPV) is now in the process of raising its cash flow by around Rs.530 million by selling five major assets within the next two months, GK SPV Officials said. These assets are the property and half built [...]
Doubts about Touchwood links in Sri Lanka, Thailand
Disillusioned Touchwood depositors, at what was probably the first depositors’ meeting on Wednesday, says there is no clear connection with Touchwood Investment PLC (TWI) and its Thailand-based companies, according to participants. “There were nine depositors who participated and four depositors based out of Colombo were excused. We will meet again tomorrow (Monday) at Deans Road, [...]
Universities, research and public good
A must-read for our readers keen on seeing the country develop sans politicisation and a corrupt system, is the feature on this page on universities by a retired public servant. Consider his point: “Sri Lanka has failed to keep pace with global trends and challenges, and be responsive to local needs. The nation has invested [...]
Once you log in, it’s hard to leave……..
Social networking sites (SNS) are virtual communities where users can create their own public profiles, interact with real-life friends, and meet other people based on shared interests. Social networking sites are defined by ‘Journal of computer mediated communication’ as web based services that allows individuals to construct with public or semi-public profile within a bounded [...]
Universities: A vitally important but untapped potential in Sri Lanka
I have never ever had any political clout in my life. The only politician known to me as a child was one ”Girigoris” who always contested from the SLFP ticket for the Village Council (Gam Sabhawa) and he was always the loser. When I was in public service I was always identified as a sympathiser [...]
Central Bank sets maximum deposit interest rates for finance companies
The Central Bank (CB) this week announced maximum deposit rates at between 7.5 per cent and 12 per cent depending on the tenure of the deposit. These rates are being revised with effect from April 1. The rates are as follows: a. The maximum interest rate that could be offered for savings deposits accepted or [...]
Colombo Port gets advanced vehicle traffic management system
The Colombo Port has received the latest Vessel Traffic Management System (VTMS) from Queens Group, pioneers in the field of Marine Electronics since 1956. This specialised VTMS is the first and only one of its kind in the country from Signalis of France an Airbus Defence & Space company; owners of Airbus Industries of France [...]
Persuasive merging of financial institutions
Sri Lanka’s financial sector is expected to undergo a substantial transformation in the next two years with the proposed policy for financial consolidation through a persuasive merging, economists say. Some are of the view that this transformation initiative is positive, much needed and is in fact long overdue. Others take the view that a persuasive [...]
Dialog to focus on new submarine cable and IDC, expanding coverage
The corporate arm of locally dominant celco Dialog recently signalled that, over the next few years, its key focus areas would include projects such as a new submarine cable system for Sri Lanka, a new tier-3 level IDC (Internet Data Centre) infrastructure facility, and expanding its fibre optics as well as its 3G and 4G [...]
Nearly 50 % of SL companies pay EPF online, CB official says
Nearly 40 to 50 per cent of companies who are involved in paying EPF have already registered with the online system. Firms, who have more than 50 employees, should start sending EPF payment via online, according to P.W.D.N. Rodrigo, the Superintendent of EPF at the Central Bank (CB). He was speaking at a recent seminar [...]
Commercial Bank AGM well conducted
March 31st as usual was full of AGMs and I was forced to attend over four AGMs on the same day. The Commercial Bank AGM held at 2.00 pm was well attended and was conducted very professionally. The bank had made a special effort to highlight the efforts of the bank for the financial year. [...]
State biogas ventures have failed compared with huge strides by Sri Lanka’s private sector
The deliberations and revelations at a workshop on ‘Up-scaling Biogas Technology for Sustainable Development and Climate Change Mitigation in Sri Lanka’ (UBTSDCCMSL) point to the failure of state sponsored programmes on biogas. The workshop was held at the BMICH, this week. Srimal Tissera, MD/Consultant/Environmentalist, Fagor-Export and Import (Pvt) Ltd, told the forum that this type [...]
Some consolidations between banks and finance companies approved by CB
Several banks and finance and leasing companies (NBFIs) have shortlisted potential merger/acquisition counterparts and are carrying out internal evaluations on such companies, the Central Bank (CB) said this week in a progress report on the planned mergers and acquisitions of banks and finance companies. The statement said the Bank has also approved in principle, certain [...]
CEAT to open new Rs 600 million radial plant in Sri Lanka
CEAT Kelani Holdings, the company that manufactures half of Sri Lanka’s tyre requirements, has announced a new investment of Rs 600 million on a new tyre plant to produce high-end radial tyres. The new plant is integrated with the sprawling CEAT Kelani manufacturing complex at Kelaniya, enabling it to seamlessly augment production of CEAT branded [...]
JAMPHOTO launches online service for photobook design
Sri Lanka’s first online photobook creation service has been launched by JAMPHOTO (Pvt) Ltd., the country’s pioneer photobook producer, offering enthusiasts a facility to design and order their photobooks via www.jamphotobooks.com One year after the company’s launch, JAMPHOTO,an associate company of Papyrus Papers (Pvt) Ltd, has deployed the world’s leading photo gift software platform on [...]
Kelsey Homes launches Templer’s Square in Mount Lavinia
Kelsey Homes recently launched its two billion rupee housing development, Templer’s Square. The soft launch of the project was conducted onsite in Mount Lavinia enabling selected invitees to familiarise themselves with the project which is scheduled to begin construction shortly, according to a company media release. Invitees at the launch were provided with a 3D [...]
Sri Lankan entrepreneurs explore rapidly growing business opportunities in Myanmar
A group of Sri Lankan entrepreneurs is exploring rapidly growing business opportunities in Myanmar particularly for companies that find it difficult to start new enterprises here. With the aim of setting up of joint ventures in Myanmar, the Sri Lanka Myanmar Economic Cooperation Council (SLMECC) was recently formed by several prominent members of Sri Lankan [...]
Commercial air travel safer today, says IATA
Global aviation has seen a drastic reduction in the number of commercial aviation accidents from 414 in 2012 to 210 fatalities last year, a report released by the international aviation body, the International Air Transport Association (IATA), said this week. It was found that there was one accident for every 2.4 million flights last year, [...]
SL ‘touches’ 450,000 in 2013 smartphones sales : Report
Smartphone sales in terms of units shipped to Sri Lanka “touched” 120,000 in the fourth quarter of 2013, and 450,000 cumulatively, over 2013, according to a report dated March 27, issued by CyberMedia Research. Additionally, the publication also noted that “[during] 4Q 2013 Samsung emerged as the leader in the smartphones segment with a 21.2 [...]
Fixed Deposits and loans via Commercial Bank’s online banking
Online Banking customers of Commercial Bank of Ceylon can now apply for Fixed Deposits, Personal Loans and Housing Loans using Online Banking via www.combank.lk When combined with the existing features of the Bank’s online platform such as being able to invest in Treasury Bills and effect payments for share trading, this is a milestone for [...]
Early warning systems on agricultural droughts being developed in SL
A Specialised Training Workshop to enhance the national capacity of Sri Lanka on the use of space technology derived data and tools for agricultural drought monitoring and Early Warning was held last month at the Arthur C Clarke Institute for Modern Techologies (ACCIMT) in Moratuwa. An effective action plan for implementation of a pilot project [...]
IFC aiming to raise $250 mln to help Lankan companies
Having structured a US$125 million financing package to Sri Lanka’s National Development Bank PLC (NDB), the IFC, a member of the World Bank Group is aiming to disburse a total of $250 million (about Rs 30 billion) to Sri Lankan corporates this year, offcials said. This is through a structure of its own funding and [...]
Sharp drop in interest rates to spur earnings growth
A slow and gradual pickup in Sri Lanka’s economy stemming from a sharp drop in interest rates has been seen in the last few months and analysts say that as a result they expect a considerable growth in market earnings during the rest of the financial year. “Banking, energy and manufacturing sector earnings are likely [...]
CSE Announcements
Changing Directors Hemas Holdings PLC, in an announcement to the Colombo Stock Exchange (CSE) said that Husein Esufally has relinquished the office of CEO on 31st March, 2014 and assumed non executive directorship status. “Mr. Steven Enderby – Deputy CEO was elevated to the status of Group CEO as at date,” the announcement said. The [...]
Spence Hotels’ revenue grows 16% for 3Q2014
Aitken Spence Hotel Holdings (AHUN), Sri Lanka’s biggest hotel operator here and abroad, saw its revenue grew by nearly 16 per cent year on year (YoY) to Rs 3.4 billion in the third quarter of 2013/14. “The South Asian sector, mainly consisting of the Maldivian properties shouldering 70 per cent of the quarterly turnover grew [...]
Smart phones spur record demand for mobile broadband services, says SLT Chairman
The advent of smart phones has caused an unprecedented increase in the global demand for mobile broadband services, growing exponentially by 45 per cent year on year for the past four years, with demand for multi-faceted mobile broadband subscriptions compelling modern telecommunications service providers to continuously augment their offerings to the market, Sri Lankan Telecom [...]
Exploring the Complexity of the Informal Economy
(“The Dilemma of the Informal Economy”, Employers Federation of Ceylon, Rajagiriya, By Sriyan de Silva) The contribution of the informal economy is much too often underestimated, its nature misunderstood and its role in the economy misinterpreted. Attitudes towards it range from animosity to benevolence. It is in this context that Sriyan de Silva’s “The Dilemma [...]
Sri Lanka to switch off all counterfeit and uncertified mobile phones
Sri Lanka is to prohibit the use and trade in all counterfeit and uncertified mobile phones in the country in an effort to curb security threat and halt the illegal trade violating manufacturers’ intellectual property rights, officials said. Sri Lankan mobile phone vendors and telecom service providers recently held discussions with Sri Lanka Telecommunication Regulatory [...]
SL to open ‘Advanced Electronics Design Centre’ : University of Moratuwa don
Sri Lanka is on the verge of starting its first “Advanced Electronics Design Centre”, according to Dr. Ajith Pasqual, Head of the Department of Electronics and Telecommunication Engineering at the University of Moratuwa. In a statement he was quoted as saying that, “Electronic manufacturing facilities at factories we have in Sri Lanka are at international [...]
EU invites SL businesses to Europe
The European Union Sri Lanka Business Council (EUSLBC) would be conducting a series of visits to the EU bloc for local businesses in a bid to attract new investments into Sri Lanka. As part of the first of a series of visits that would be taking place on a sectoral basis, the EU has invited [...]
SriLankan looks for more flights to Australia
SriLankan Airlines will be looking at increasing flight frequencies through codeshare arrangements on the Sri Lanka – Australia route, officials at the national carrier said on Tuesday. In a bid to improve connectivity SriLankan Airlines will be looking at a codeshare option to increase flights to Australia from Colombo, the carrier’s Chief Marketing Officer G.T. [...]
Lankan investment promotion in Thailand
Board of Investment Sri Lanka (BOI) Chairman Lakshman Jayaweera recently briefed leading Thai businessmen of the Federation of Thai Industries at the Investment Promotion Seminar held at Sirikit Convention Hall in Bangkok, of the opportunities to invest in Sri Lanka. He was assisted by Manoj Casseer, Assistant Director (Investment) of the BOI, according to BOI [...]
Sri Lankan capital market May road show in London
The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission are launching a joint road show in association with the London Stock Exchange (LSE) in London next month, the CSE said. The Business Times reported this event last November in an interview with Ibukun Adebayo, Co-Head Emerging Markets, Primary Markets – LSE. He was [...]
Tellida receives ISO-27001 certification
Tellida, a boutique outsourcing services provider, has been certified as ISO27001 Information Security Management Systems compliant for all its operations and support services. The ISO27001 certification provides a framework for assessing aspects of information security related to security policy, management of information assets, human resource security, physical & environmental security, communications & operations management access [...]
Police seize fake Microsoft goods in raids
Sri Lankan Police has successfully conducted several raids against distributors, re-sellers and importers of counterfeit Microsoft certificates of authenticity (‘COA’). Based on results secured during the raid against the re-seller, the CID conducted a follow on subsequent raids against a main supplier and importer/local source of the fake COA stickers. M/s Sudath Perera Associates acted [...]
Inaugural Vishwa start-up competition launched
The inaugural Vishwa Innovator Project start-up competition was launched in Colombo recently, offering local start-ups a new avenue for commercialising unique ideas. For the winning project, this includes not only funding, but also access to a developer eam as well as market promotion and business support in the US, Europe, Australia, etc. In return, the [...]
Delinking Geneva from maritime silk route
Bertrand Russell, the British Philosopher was once quoted as saying; “The whole problem of the world is that fools are always so certain of themselves and wiser people so full of doubts.” India has become so wiser and abstained from voting at the ‘US Resolution’ which has been passed on Sri Lanka’s human rights record [...]
