GK depositors say Kotelawala must pull them out of the brink
Disgruntled Golden Key (GK) depositors on Thursday urged President Mahinda Rajapaksa to intervene in persuading former Ceylinco Chief Lalith Kotelawala, the main culprit in the drama, to make a full commitment towards repaying their hard earned money, 64 months after the company crashed. Around 600 depositors passed a resolution unanimously at a meeting at the [...]
EPF resorts to public disclosure
In an apparent public relations exercise, the Employees Provident Fund (EPF) on Thursday took out newspapers advertisements to provide some aspects of the 2013 accounts before the presentation of audited financial statements in parliament. The preparation of the audited statement by the Auditor General (AG) will take some time as it is a complex procedure, [...]
Japanese firm eyes 51% stake in Expolanka
SG Holdings, a Japanese-based Asian freight and logistics company and part of the Sagawa Group, on Friday bought a 30 per cent stake in Expolanka Holdings and is aiming to raise that to 51 per cent by making a mandatory offer. The shares were sold at a price of Rs.10.70 each. The Japanese firm has [...]
Packer’s casino plans hit by election jitters
The government’s decision to ban casinos in three new integrated luxury resorts including Australian billionaire James Packer’s Crown Colombo Casino was influenced by possible elections plans this year, informed sources said. They said there was concern that there could be eve of election protests both from constituent parties and the opposition which would create a [...]
Mobitel- Hutch deal to clear a price hurdle
Regulatory clearance for the Mobitel- Hutch deal has still not been given due to disagreement by top authorities in the purchase price although the transaction has been finalised, official sources revealed. Mobitel (Pvt) Ltd, the fully-owned subsidiary of Sri Lanka Telecom (SLT), had completed due diligence to buy Hutchison Telecommunication Lanka to further expand its [...]
Rapid increase in FDI flows in recent years
Dr. Nimal Sanderatne, in his regular column in The Sunday Times of 4th May 2014 has dealt with the economic consequences and challenges of the Geneva resolution, last week. Sadly, that article appears to be based on incorrect facts and figures, while the technical analysis too seems to be quite unsound, biased, and illogical. In [...]
Ethics of Govt. servants
When a high profile public servant was recently appointed as a director of a listed company, it hardly raised any questions in the area of conflict of interests. Dr. Sunil Navaratne, Secretary of the Ministry of Higher Education, was appointed to a subsidiary of the Hayleys Group in which Dhammika Perera, another Secretary to a [...]
Messy Lankan labour laws inhibit growth
Messy labour laws in Sri Lanka are affecting growth and making it difficult for existing businesses to grow while discouraging new ones from being set up, a labour law conference in Colombo was told last week. Shyamali Ranaraja, Attorney-at-Law, speaking at the National Labour Law Symposium 2014, held at Water’s Edge on May 3-4, also [...]
Oral treatment for kidney cancer now in SL
Sri Lanka is the latest country to benefit from a once-daily, oral medication treating advanced renal cell carcinoma, the most common type of kidney cancer that presents nine out of 10 times. Votrient, featuring active ingredient pazopanob, was first appoved by the US-based Food and Drug Administration (FDA) in October 2009, and is available in [...]
CA Sri Lanka to host high-level accounting conference
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will host a high-level Conference on Financial Reporting for Economic Development this month, which will convene some 150 high-profile regulators, policy makers, business leaders, academics and professionals from across Asia, the institute said. The conference, to be held from May 19 to 21, is [...]
Credibility of Sri Lankan data questioned due to lack of transparency
Data on inflation, GDP and per capita income would be credible only if Sri Lanka’s Department of Census and Statistics (DCS) operates independent of political interference, two top statisticians have said. S.S. Colombage and Dr. Anila Dias Bandaranaike, who both served as Director of the Central Bank’s Statistics Department before retiring at a higher level, [...]
SriLankan Airlines starts charter flights to Chongqing, China
SriLankan Airlines, the newest member of the oneworld alliance, in a move to meet the increasing demands for air services between China and Sri Lanka will soon be operating scheduled charter flights to Sichuan province, China. Starting from July 1, 2014, SriLankan will be operating a weekly flight to Chongqing from Colombo, returning via Bangkok [...]
Forget politics: EU is Sri Lanka’s crucial development partner
Sri Lanka has built an enabling environment for international business which paves the way forward to identify the potential markets in the European Union (EU). The EU has not only been a promising market for Sri Lanka but also a development partner, said Rishad Bathiudeen, Minister of Industry and Commerce at the EU – Sri [...]
New Zealand pursues options for supporting Sri Lanka’s dairy sector
The New Zealand Government is pursuing options to support the development of Sri Lanka’s dairy sector, on the back of the negative impact its biggest dairy company Fonterra encountered here and abroad last year over contamination issues. Recently a delegation from the New Zealand government visited the Ceylon Chamber of Commerce for discussion and options [...]
SL leaders should build orgs. that their children and grandchildren would be proud of, says HR guru Dave Ulrich
‘True’ business leaders in Sri Lanka should hire people who are smarter than themselves and build organisations (with values and a caring workplace culture) that their children and grandchildren would be proud of, according to one of the world’s foremost thinkers. Dave Ulrich, Professor at the Ross School of Business, University of Michigan and considered [...]
Etihad Airways A380 and B787 showcase unparalleled luxury, comfort and service
Etihad Airways, the national airline of the United Arab Emirates, has unveiled the new product and service offering on its Airbus A380 and Boeing B787 Dreamliner aircraft, including The Residence by EtihadT, the world’s most luxurious living space in the air, available only on the airline’s A380 aircraft. In a statement the airline said, the [...]
“Don’t use our money to pay GK depositors,” Ceylinco Insurance employees say
Unions representing employees at Ceylinco Insurance (General) and Ceylinco Insurance (Life) have expressed concern over efforts to use the money of employees to settle Golden Key (GK) depositors. In an ‘open letter’ signed by Imesh Abeywickrema and Asanga Wijewardena, Presidents of the two unions, employees say efforts are being made to drag the Ceylinco Insurance [...]
Maaz Enterprises role as sole agency/sole distributor of Wren Bird brand locks extended for another 5 years
Maaz Enterprises, sole agent and distributor of Wren Bird brand locks in Sri Lanka, was recently awarded with an appreciation award, for its dedication in completing five years as the agent and distributor for Sri Lanka. The award ceremony was held in Hong Kong recently. Maaz Enterprises Managing Partner Aslam Mashoor received the award from [...]
Stress, anxiety higher as technology advances in SL
Increasingly, in Sri Lanka, as technology advances, and companies demand more from their employees, there are higher levels of anxiety and stress, emotional disengagement, grossly imbalanced lives with a tendency for quick fixes, affecting health and loved ones, and leading to high rates of divorce, abuse and conflict in families and communities, according to certified [...]
Sri Lanka considers global online retailer Rakuten for e-commerce entry
Sri Lanka is considering a strategic, fast-track entry to one of the most coveted online markets in the world-Japan. “Japan is the second biggest retail market in the world. Japanese are also heavy internet users with a large e-commerce base. Using a top Japanese online giant like Rakuten could give Lankan exporters a wide-coverage and [...]
John Keells –Colombo University’s Human Genetics Unit setting up SL’s first Synthetic Biology Research Programme
John Keells Research (JKR), the research arm of Sri Lanka’s top conglomerate, signed a multi-million rupee research partnership agreement with the Human Genetics Unit (HGU) of the Faculty of Medicine, University of Colombo on Tuesday to establish Sri Lanka’s first Synthetic Biology research programme aimed at new product development. Synthetic biology is the design and [...]
SL first to adopt British Council’s ‘Aptis for Teachers’
The British Council has locally introduced a new English language assessment tool for companies and education institutions to evaluate the level of proficiency of employees, job seekers, students and even teachers. In addition, it also helps to identify areas requiring training for improvement. This tool, Aptis, developed and owned by the British Council, has been [...]
Galle Face Hotel South Wing remains open during the revitalising transformation
The Galle Face Hotel is nearing completion of a restoration project of its North Wing, originally built in 1864, a media release issued by the hotel management stated. The ambitious project was designed to preserve the grandeur and romance of the magnificent property while upgrading and modernising the quality of guest facilities, amenities and services, [...]
Dhanapala steps down from Dialog board
Jayantha Dhanapala, retired international diplomat and independent director at Dialog Axiata, is to retire from the Dialog directorate citing personal reasons. “… he will retire at the conclusion of the forthcoming AGM on June 10,” the company said in a statement on Friday. The announcement came months after a controversy over the alleged blockage of [...]
Touchwood investors meet again
The Touchwood Stakeholders Association at a meeting last Friday were scheduled to discuss key issues including the Interpol warrant for the Maloney’s and attempt to manage their own properties collectively. The meeting came ahead of the May 21 winding up case on the Touchwood Investments in the Commercial High Court. During the late-evening meeting, the [...]
Minimum wage necessary for Sri Lankan workers, says union grouping
The National Trade Union Federation has stressed the need for a minimum wage, urged a halt to outsourcing or contract labour and backed calls for a pension scheme for the private sector. These comments have been made through proposals submitted to the National Pay Commission by federation President K. Velayudam. The federation comprises the Lanka [...]
Northern Expressway BOT agreement to be signed in July
A Build-Operate-and-Transfer (BOT) agreement for a proposed expressway linking Colombo to Sri Lanka’s North, which will also tie in the nation’s hill country, is likely to be signed in July 2014, according to Treasury Secretary Dr. P.B. Jayasundera. Speaking at this week’s lecture on “Key Economic Themes in Asia and their implications for Sri Lanka”, [...]
Intel announces APAC partners for Education 2-in-1 devices
Tablets, 2-in-1s, “re-imagined” desktops and servers, and the Internet of Things (IoT) are growth areas for Intel’s channel partners over the next 12 months, according to comments made at last week’s 2014 Intel Solutions Summit (ISS), the fourth in this year’s five leg ISS roadshow. Comprising about 500 Intel Technology Partners from Asia Pacific and [...]
Adfactors PR expands Asia operations to Sri Lanka
Adfactors PR, named by the Holmes Report as the ‘Asia-Pacific Financial Consultancy of the Year’ in 2013 and India’s largest public relations firm by revenue, has set up its Sri Lanka office in Colombo, the agency said this week. This is Adfactors PR’s third office in Asia outside India, after Dubai and Singapore. The new [...]
Tea production drops by 10 per cent in 1Q
Sri Lanka’s tea crop has fallen by 10 per cent in the first quarter this year compared to the same period in 2013. The Sri Lanka Tea Board has officially confirmed March 2014 tea crop at 25.6 million kg which is lower by about 22 per cent on the 32.7 million kg of last year. [...]
Janashakthi sponsors “The Music Project”, to build communities between North and South
Over 200 children came together to bridge communal divides through music, powered by Janashakthi Insurance in a special concert held on May 4 at the Maliyadeva Girls school hall. Schoolchildren from two schools in Mullaitivu and three schools in Kurunegala came together for “Unite 2014″ a classical music concert organised by the Music Project. The [...]
Thai media delegation visits Mlesna in SL
A 10-person Thai delegation representing all segments of that country’s media visited Sri Lanka recently. The visit was on the invitation of locally based tea exporter Mlesna, which has entered Thailand by way of a partnership with Swiss company Baurs, which has its own offices and distribution network in several ASEAN countries. According to the [...]
Correction
“Nation” instead of “National” In the story headlined “National Lanka Finance moves to Oracle E-Business Suite 12.1’ in last week’s edition, an error has crept in. The word ‘National” should have been ‘Nation”. The error is regretted.
Conflicts of interest still affect stock market confidence, governance advocate says
Conflicts of interest continue to erode Sri Lanka’s stock market, a well-known advocate of governance and transparency has said. Investor K.C. Vignarajah, who has repeatedly frowned on irregular share dealings and companies ignoring the rights of IMS (Independent Minority Shareholders) and raised these issues in the media, in a recent letter to Sri Lanka’s Securities [...]
DPL profits hit by Rathupaswala shake-up
Hayleys Group subsidiary, Dipped Products, recorded a consolidated turnover of Rs.23 billion in the financial year ending March 31, 2014 but group profits dropped by 29 per cent for the period. In a filing to the Colombo Stock Exchange, DPL’s Hand Protection sector reported a 9 per cent reduction in turnover to Rs.13.4 billion from [...]
Colombo stock market ends strong with Expolanka developments
Trading at the Colombo Stock Exchange (CSE) was notably heavy on Friday with the 30 per cent stake in Expolanka Holdings sold to a Japanese logistics firm. The Expolanka Holdings family shifted its stake in the company by selling 30 per cent to S.G. Holdings Ltd, a holding company of a Japanese freight company Sagawa [...]
SL more interesting than India for German investors
Sri Lanka, economy-wise, is looking much better than India (at the moment) and it’s far more ‘fun’ to do business here than in India, a visiting German trade official said. Peter Deubet, Indo (Indian)-German Chamber of Commerce Deputy Director General, also said that Sri Lanka is becoming an interesting place for German investments given the [...]
Sri Lanka Insurance posts pre-tax profit of Rs.6.35 bln
Sri Lanka Insurance Corporation Limited (SLI) disclosed its financial performance for the year 2013 highlighting that the insurance firm had recorded profits amounting to Rs.6.35 billion before tax, a media release issued by the company stated. SLI said it recorded a 10 per cent growth in Profit before Taxation reaching a Profit before Taxation of [...]
Nations Trust Bank on PAT at Rs.550 M in 1Q
Nations Trust Bank (NTB) closed the first quarter ending 31st March 2014 with a post-tax profit of Rs. 550 million, a growth of 10 per cent over the corresponding period in 2013, the bank stated in an announcement to Colombo Stock Exchange. First quarter achievement was driven by good growth in top line revenue which [...]
TKS Securities appoints veteran Ralph Wijesinghe to top post
TKS Securities (Pvt) Ltd, a leading player in Sri Lanka’s capital market space, this week announced the appointment of Ralph Wijesinghe as its acting CEO with effect from 07 May, 2014. Mr. Wijesinghe counts close to 25 years’ experience in Sri Lanka’s capital market. Joining TKS Securities in 2010, Mr. Wijesinghe has been instrumental in [...]
