Tata’s unusual deal with UDA; free 8-acre land with trade-offs
In an unconventional deal, India’s Tata Housing, the real estate arm of the Tata Group and a wholly-owned subsidiary of Tata Sons this week launched a US$ 400 million mixed development project in Slave Island Colombo, The project is in collaboration with the Urban Development Authority (UDA) as a major township rejuvenation initiative, at the [...]
All 54 CHOGM Mercs’ cars sold
All 54 Super Luxury Mercedes Benz S 400 class Hybrid cars imported for the Commonwealth Heads of Government Meeting (CHOGM) 2013 in Colombo have been sold, the head of Diesel and Motor Engineering PLC (DIMO) which acted as the indenting agent for the import of these cars, revealed. DIMO has sold all these cars to [...]
Pathirage’s property on Horton Place up for sale
The premises housing a section of the army hospital located on Horton Place would be up for sale once it is cleared by the Sri Lanka Army (SLA) that was currently shifting to its spanking, new hospital at Narahenpita. Softlogic Holdings Chairman and owner of the property Ashok Pathirage said he would be considering disposing [...]
Touchwood depositors to file complaint at CID
The Touchwood Stakeholders Association (TSA) plan to file a complaint with the Crime Investigation Department (CID) on Tuesday against the organisation and its former owners Roscoe and Swarna Maloney of cheating depositors. TSA Co-ordinator lawyer Lakshan Dias speaking with the Business Times said on Friday at least 20 depositors would be lodging a complaint with [...]
14 companies to manage electronic waste
Sri Lanka is to implement a countrywide “Electronic Waste Management” project with the active participation of the private sector electrical and electronic equipment companies. The Central Environmental Authority (CEA) will sign a Memorandum of Understanding (MOU) with 14 companies on May 26 to properly and effectively manage Waste Electrical and Electronic Equipment (WEEE), CEA Waste [...]
Liquidity crisis for fertiliser importers
The Treasury recently paid Rs.3.5 billion to settle last year’s arrears of fertiliser subsidy re-imbursements but still owes at least Rs. 10 billion to importers A. Baur & Co, CIC Agri Business, Hayleys Agro Fertilisers, AgStar Fertilisers Ltd and McLarens International, a senior official of the National Fertilizer Secretariat (NFS) said. A spokesperson for one [...]
South Asian mayors discuss rapid urbanisation issues and transformation of cities
Local legislators from South Asia last week discussed a range of issues on rapid urbanization with the views focusing on common challenges like informal settlements, deteriorating levels of urban infrastructure among other issues. The two-day workshop of the South Asian Mayors’ Forum on ‘Urban Transformation’ held in Kandy organised by the World Bank (WB), also [...]
“Tribe willing; leader missing”
During the Tunisian people’s revolt that eventually ousted president Zine al-Abidine Ben Ali, an anonymous Tunisian youth wrote in the comment section of Britain’s Guardian newspaper that, “…we love our country and we want things to change but there is no organized movement; the tribe is willing but the leader is missing”. Five years after [...]
Security in private banks and financial institutions is appalling
Consider the following robberies that have been committed in and around Colombo in recent times: 1) A private bank at Malabe (robbed of about Rs. 1.3 million). 2) A private bank at Kohuwela (about Rs. 2 million). 3) A private bank at Seeduwa (Rs. 1.4 million). 4) Finance company at Matugama (Rs. 5 million). The [...]
Banking reforms: Merging parties must have similar cultures, values
A forum held on Tuesday discussed the ways to perform mergers and acquisitions successfully, and served as a guide for companies, especially those to be affected by the restructuring of the banking sector. Organized by the Institute of Chartered Accountants of Sri Lanka (CA) and the Institute of Personal Management (IPM), the CEOs’ Breakfast Forum [...]
Sampath Cards forms strategic alliance with Visa cards, service provider
Sampath Bank and Visa cards are teaming up with Infinia Services and Solutions and offering a world-class loyalty programme. Based in the UAE, Infinia Services and Solutions is one of the largest international loyalty platforms offering an online rewards platform with real-time redemptions across flights on over 900 airlines, search and booking for over 200,000 [...]
Nestlé posts 11% growth in Q1 2014
Nestlé Lanka PLC delivered a revenue of Rs.8.6 billion with a YoY growth of 11.0 per cent for the first quarter ending 31 March 2014. This double digit increase was largely benefitted by strong growth in the company’s exports of Maggi Coconut Milk Powder. Nestlé also posted a profit after tax of Rs. 1.1 billion, [...]
Orient Garments stitches up Rs.113 mln profits in 4Q
Orient Garments Plc (OGL), now owned by Adam Investments Ltd, says it recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13. According to unaudited statements filed on the Colombo Stock Exchange’s website, even though turnover was lower than the previous year, the company squeezed out a higher [...]
Only four inbound flights at MRIA daily
More than a year after the Mattala Rajapaksa International Airport (MRIA) in Hambantota opened an average of only four flights have been arriving daily, airport sources said. It’s mostly SriLankan Airlines and Mihin Lanka flights that fly to MRIA.Rotana Jet, Fly Dubai and Air Arabia also fly to MRIA but on-and-off. When the Business Times [...]
UB profits drop sharply in 1Q
Union Bank’s pre-tax profit fell sharply by 94 per cent to Rs.5.7 million in the first quarter of this year compared to last year’s gain of Rs.105 million. No reason was given for the sharp drop. Profit for the period was accounted for at Rs.7. 6 million compared to Rs. 63 million, which was a [...]
EPF accounts after 2010 should be published immediately, says Harsha
Annual accounts of the Employees Provident Fund (EPF) after 2010 should be published immediately and made available to the public, particularly to EPF contributing members, an opposition parliamentarian said this week. “We demand that these accounts be published immediately so that examinations can begin on the various allegations of fraud with the objective of bringing [...]
CA Sri Lanka, SEC to jointly launch Corporate Directors Programme
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with the Securities and Exchange Commission (SEC) will jointly launch the Corporate Directors Programme on Tuesday May 20 which will help corporate directors enhance their existig competencies and gear themselves to grapple with new regulations and challenges. The inauguration ceremony of this Corporate [...]
Seminar on brand building rules
Senior corporates leaders and marketing professionals from Sri Lanka and the region meet at a one day conference in Colombo on May 21 “to share their expertise and experience as disruptive digital technologies change rules of brand building”. Digital technologies are influencing the tastes and preferences of consumers, and are fast re-shaping consumer behaviors as [...]
SUV segment, one of the best for Kia in Sri Lanka
Kia is one of the most popular automobile brands in Sri Lanka today, particularly in the Sports Utility Vehicle (SUV) segment, according to a statement by the South Korean auto maker, which also revealed its’ unveiling of two electric bicycle prototypes at the recent Geneva Motor Show held in Switzerland. Kia said; “Powered by a [...]
CB programme on ‘Aging Gracefully’
The Central Bank is organising a one-day programme on “Aging Gracefully” aimed at planning for a successful retirement life, on 7th July at the Centre for Banking Studies Central Bank of Sri Lanka, Sri Jayawardanapura Mawatha, Rajagiriya. The Bank said the workshop is useful for employees of the Central Bank, financial /non-financial institutions and government/private [...]
SL association working on attracting Chinese tourists
The Sri Lanka-China Friendship Association and the Chinese Association for International Understanding discussed the potential for more ties between Sri Lanka and China at a conference on Thursday. The conference was organized by the Sri Lanka-China Friendship Association (SLCFA) on May 8th at the Sri Lanka Foundation Institute. Its purpose was to present the history [...]
Smart phones No. 1 mobile attack vector, up to 40% of apps infected
Smart phones today are the number one mobile attack vectors, with 20 to 40 per cent of apps being infected because of a lack of vetting, according to Sujit Christy, Director at Layers-7 Seguro Consultoria. Further, apps represent the “perfect storm” of scurity, namely billions of intelligent devices, an inherently insecure infrastructure and smart bad [...]
Food, home and personal care, potential SL growth areas for Unilever
There is still “huge potential” for Unilever’s future growth in Sri Lanka, especially in categories such as food, home care, with toilet cleaners, and personal care, encompassing skincare and deodorants, according to the company’s newly minted South Asia Executive Vice President Sanjiv Mehta. Just six months in the job, Mr. Mehta, who is also the [...]
Asian brokerage buys 25 % stake in CT Smith
Liquidity and good corporate governance were key factors that investors would want to identify with when investing in frontier markets like Sri Lanka, a leading international stock brokering firm official said this week. Credit Lyonnais Securities Asia (CLSA), Asia’s leading and longest-running independent brokerage and investment group’s Singapore office CLSA Singapore Holdings Pte Ltd signed [...]
Newly-emerged class including tuition masters and beauticians enthralled by Mercs’ cars
Pursuing its ‘75th year of strategy’ in creating benchmark in modern motoring technology, Diesel and Motor Engineering PLC (DIMO) this week inaugurated Sri Lanka’s largest Mercedes-Benz Centre with an investment of Rs. 2.5 billion at Sirimavo Bandaranaike Mawatha in Colombo 14. The Centre has been designed and constructed with an emphasis on minimising the impact [...]
Management of the EPF
I was pleased to read the response (in a recent newspaper) of Nihal Rodrigo, Superintendent of the EPF to the matters that have been raised by various persons in relation to the management of the EPF. What is striking is that the EPF portfolio had an unrealised gain of Rs.18 billion in December 2010, although [...]
Janashakthi’s Full Option Centre completes 10 years
Janashakthi Insurance’s Full Option Centre recently completed 10 years of service, having grown to about 330 staff, from its beginnings with just seven personnel working there. Further, the insurer’s call centre, which operates 24 hours a day and 365 days a year, has graduated to now answering 2,000 calls a day, with around 250 claims [...]
Sierra discovers Rs.172 mln discrepancy in accounts, CSE suspends trading
Trading in Sierra Cables stocks was suspended on Tuesday at the Colombo Stock Exchange (CSE) on a company request due to significant “misstatements”in its financial statements for several years with the discrepancy amounting to approximately Rs.172 million. ‘Misstatements’ in the financial statements of the company were said to be found for the years 2010/2011, 2011/2012, [...]
Indian trade exhibition in Colombo on May 19
A 3-day conference, Exhibition and Buyer-Seller Meet will be held from May 19 to 21 at the BMICH. A business session on “Investment Opportunities in the Construction Sector of Sri Lanka” will be held on Tuesday May 20 from 11 am to 5 pm at the same premises. The conference is organised by the Indian [...]
Sampath Bank’s net profit grows by 22.7% in 1stQ 2014
Sampath Bank ‘proved its resilience to external factors’ by recording a strong quarterly growth with a profit before tax of Rs 1.66 billion, up 18.8 per cent from the previous year’s first quarter pre-tax profit. In a media statement, the bank said the first quarter profit after tax stood at Rs. 1.2 billion, which is [...]
Monday’s Colombo-based Asian Financial Reporting conference to be addressed by IFAC chief
The Chief Executive of the International Federation of Accountants (IFAC), Fayez Choudhury, will address an Institute of Chartered Accountants of Sri Lanka-hosted conference that will kick off outside Colombo tomorrow. The Conference on Financial Reporting for Economic Development, organised by the Confederation of Asian and Pacific Accountants, IFAC, and the World Bank, is being held [...]
Eastern tourism grows amidst noise and dust
East coast bound travellers would be able to have the holiday they deserve but construction on ongoing hotel projects have become a burden on the resorts in the area, particularly Pasikudah, a veteran hotelier said. Chandra Wickremesinghe, Chairman of Theme Resorts & Spas (Pvt) which owns Maalu Maalu Resort and Spa in Pasikudah, was of [...]
High rates in Sri Lanka hurt tourist sentiment
Sri Lanka has many price options on a range of hotels and guesthouses on offer to the foreign traveller and those of Sri Lanka origin but there is growing criticism that the rates are too high. In one comment on Tripadvisor, a visitor has criticised the ongoing rates meant to attract the high spenders. He [...]
Abercrombie and Kent travel with high end tourists to Sri Lanka
In a bid to bring down upmarket tourists to the country, United Holidays has signed up with Abercrombie and Kent, a leading global travel company, to generate increased arrivals to the country. Sri Lanka is positioned to also be the location for the company’s next set of luxury camping units as well in the country [...]
Dining through pre-ordered meals, mobile payments
The future for restaurants could include guests ordering meals before arriving to dine, and even paying via mobile phones, according to John Brennan, the Head of Mobility at Silicon Valley-based Leapset, which has a development centre in Sri Lanka. He also added “there has been some discussion of restaurants moving away from reservations because of [...]
New Sharia Law – a serious threat to Brunei and ASEAN Travel and Tourism?
Brunei is to become the first East Asian country to adopt the Sharia law as the Sultan confirmed the Islamic penal code recently. The move sparked broad concern over the rights of women and minorities, according to eTN, a foreign travel news agency. eTN asked Brunei Tourism about the effect Sharia law will have on [...]
Ceylinco Insurance PAT at Rs.367 million
Ceylinco Insurance has recorded marginal decreases in consolidated profits for the first quarter of this year from Rs.391 million in 2013 to Rs.367 million this year, the company stated releasing its interim financial report for 2014. Profit before tax was recorded at 404 million this year a drop by 10 per cent compared to Rs.447 [...]
NDB Group posts strong profits in the first quarter of 2014
National Development Bank PLC (NDB) and its group companies said this week that it’s Profit Before Tax (PBT) was Rs. 1.5 billion and a Profit Attributable to Shareholders (PAS) was Rs. 1.2 billion for the first quarter ended 31 March 2014, signifying a robust beginning for the year. In a media statement, Rajendra Theagarajah, the [...]
Environmental standards needed for SL construction sector
While the field of construction has regulations for architectural, engineering, etc, now with even ISO 14001 environmental and ISO 50001 energy savings standards being applicable, lacking are local codes and practices taking into account domestic values nd concerns, noted Technology, Research and Atomic Energy Minister Patali Champika Ranawaka. Further, Mr. Ranawaka also commented that a [...]
Government violates constitution and fundamental rights by transferring pension gratuity payments to banks
The government has violated the constitution and infringed the fundamental rights of the public sector employees by handing over its liability of paying gratuity to pensioners to state-owned commercial banks, a 4-member expert panel alleged at a public discussion in Colombo this week. By Pension Circular No. 04/2014, the Government has introduced a very unfair [...]
3M ‘uniquely’ poised for SL growth : Country Head
3M, which is presently in a number of key industries, is “uniquely” poised to take advantage of this country’s growth, said Suren Rajanathan, the company’s Country Head for Sri Lanka. This observation was made in commemoration of the 20th anniversary of 3M kicking off operations locally. Additionally, it was also noted; “Fundamentally, a diversified technology [...]
First shipment from Expo Global Distribution Centre leaves Colombo Port under Free Port regulations
The first shipment from the Expo Global Distribution Centre (EGDC), a value added bonded warehousing facility under the free-port regulations at the Katunayake Export Processing Zone, has left Sri Lanka, the Board of Investment (BOI) said in a media relese. EGDC is a BOI company registered under the new Finance Act – commercial Hub regulation [...]
Haycarb post-tax profit falls in 2013/14
Haycarb PLC post-tax profit fell to Rs. 892 million in the year 2013/14 (end March) from Rs. 1,035 million while revenue was up at Rs. 10.3 billion against Rs. 10.1 billion in the previous year. Pre-tax profit was also slightly lower at Rs. 1,033 million, compared to Rs.1,228 million in earlier year. Nevertheless Haycarb and [...]
BoC brings Wesak to Seychelles
The Seychelles branch of state-owned Bank of Ceylon (BoC) has hosted a Wesak Festival on May 14 and 15 on request of the Buddhist community of this African island nation. This international branch, the bank’s fourth such branch, is situated in the country’s capital city of Victoria. “For the first time in history four Buddhist [...]
HNB posts group PBT of Rs 1.57 bln for Q1 2014
Hatton National Bank (HNB)’s profit after tax dipped in the first quarter of this year to Rs.1.0 billion compared to Rs.1.1 billion for the same period last year, the bank stated in a media release this week. The challenging conditions encountered by the banking and financial services sector in 2013, continued in to 2014, with [...]
