Aney … ekkak maddhi de?
A midwife tucks into a creamy ice cream cone while clutching another one, most probably for a colleague, at a Poson ‘dansala’ at the National Hospital Colombo. Ice cream has become the fashionable food for many companies too who have acquired the social custom of feeding weary travellers on Vesak or Poson sightseeing tours. The [...]
Cargills mulls beer business
The Cargills Group is mulling the future of its beer business with a possible exit as one of the options, stock market sources said. Three Coins Beer, which the company bought three years ago for Rs. 1.43 billion is marketed by Cargills through its subsidiary Millers Brewery. The sources said that various options are being [...]
Distilleries vying for stockbroking licence
Contrary to popular belief that stockbroking firms are in the doldrums, many Sri Lankan companies with deep pockets are eyeing broking licences, according to industry sources. One such entity is the Distilleries Company of Sri Lanka (DCSL) who is said to be in negotiations with a high networth individual (HNWI) owning a stockbroking firm, sources [...]
Colombo Stock Exchange silent on Touchwood winding up
The Colombo Stock Exchange (CSE) is yet to be officially informed either from Touchwood Investments PLC or the Securities and Exchange Commission (SEC) of a court directive, a week ago, to liquidate the forestry management company. The Commercial High Court order was made on June 5 but there has been no stock exchange filing – [...]
AIG must submit detailed plan before withdrawing, says IBSL Chairperson
AIG Insurance will not be allowed to withdraw from Sri Lanka until it submits a detailed plan of action of closure on issues that will apparently crop up after exiting, Insurance Board of Sri Lanka (IBSL) Chairperson Indrani Sugathadasa said. She told the Business Times that the AIG should submit a written notice and an [...]
ADB President visiting Sri Lanka next week
Asian Development Board (ADB) President Takehiko Nakao will arrive in Sri Lanka on Tuesday and during the June 17-19 stay will meet President Mahinda Rajapaksa and visit places of interest to the organisation. This announcement was made on Wednesday by Suree Widowati, ADB Sri Lanka Country Director, during a media cocktail at the Cinnamon Grand [...]
Enigma of interest rates
A judicious mix of interest rates is what makes an economy tick and that is one of the main challenges of the Central Bank (CB). For an economy, savings is important to mobilise funds from the market which in turn could be lent to increase economic activity, create more jobs and put more money in [...]
Colombo’s real estate market still targets top -end clientele and premium customers
Colombo’s real estate market still mainly focuses on residential properties in the upper-income and premium sectors, due to investments being more speculative in nature, with 50 per cent “pure profits” on off plan, or under construction, disposals being common, according to Sri Lanka-based Vox and Co. (Vox), a strategy consultancy operating in multiple sectors locally. [...]
Leading Sri Lankan mobile operators launch GSMA mobile connect trial
Shanghai – The GSMA, a group association of mobile telephone operators, this week announced that leading Sri Lankan operators Dialog Axiata and Mobitel will launch a beta trial of the GSMA Mobile Connect service that will allow consumers to conveniently,securely and consistently access a wide array of digital services by using their smartphones and feature [...]
What happened to Rajapaksa’s 1995 Workers Charter, asks Bala Tampoe
The rights of workers have deteriorated to such an extent that it is now a violation of human rights equivalent to crimes against humanity, and this accusation came from no less a person than Bala Tampoe, Sri Lanka’s iconic and most venerated trade unionist who recently celebrated his 92nd birthday. Mr. Tampoe, still the General [...]
Sri Lanka’s 15 best companies to work in
99X Technology Ltd, AIA Insurance Lanka, Akzo Nobel Paints Lanka, Ceylon Tobacco Company, Classic Travel, DIMO, GlaxoSmithKline, IFS R&D International, JKH, Mercantile Investments and Finance, Oxford College of Business, Printcare, Singer (Sri Lanka), Taj Samudra and Union Assurance have been picked by the Great Place to Work Institute, Sri Lanka (GPTW) as the top 15 [...]
CFA awards 2014 focus: Creating a sustainable financial ecosystem
CFA Sri Lanka, the local Chapter of the US-based CFA Institute based in Charlottesville, USA will be holding its Annual Capital Markets Awards Night and Forecast Dinner on June 19. The Awards Night will focus on recognising the achievements and efforts of those who have made contributions to advancement and the integrity of local capital [...]
Access Engineering PLC completes first phase of Polduwa Bridge
Access Engineering PLC has completed phase one of the replacement of the 36 metre bridge at Polduwa Junction at Sri Jayawardanapura and near Sri Lanka’s Parliament, the company said this week. Construction began on August 10, 2013 for the replacement of the existing bridge. The first phase of the project which is the South Bridge [...]
On Touchwood stories last week
Ajith S. Ratnayake, former Director General and Founder of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB), has sent in the following letter in response to last week’s reports on the Touchwood saga: “I refer to the articles and the timeline relating to Touchwood Investments Plc last week. One of the articles stated [...]
Hutch and Janashakthi launch accident and life cover for as low as Rs.50 per month
Hutch said this week it has entered into a partnership with Sri Lankan insurer Janashakthi Insurance to provide more affordable and convenient insurance cover for their subscribers for as low as Rs. 50 a month. The Hutch subscriber base (both pre-paid and post paid) can now simply dial *235# and enroll for one of the [...]
IDB and SEA in joint effort to boost SMIs
The Industrial Development Board (IDB) and the Sri Lanka Sustainable Energy Authority (SEA) signed a Memorandum of Understanding (MOU) on Monday to jointly promote and develop small and medium scale industries (SMIs). IDB Chairman Nawaz Rajabdeen said the two organisations plan to carry out projects on industrial symbiosis with a view to introducing advanced technology [...]
State telecom operator has invested over Rs. 57 bln in past 7 years
Sri Lanka Telecom (SLT), the flagship national ICT solutions provider and the national backbone network (NBN) operator, said this week that Sri Lanka is heading towards achieving the country’s ICT objectives, to accelerate economic development.The company said in a statement that the overall investment the group has made throughout its entire 150 year span is [...]
Golden Key to seize and sell company assets
The Golden Key Credit Card Company Special Purpose Vehicle (GKSPV) is to seize and sell the assets of the company, its subsidiaries and former directors to make the repayments for depositors as soon as possible, Directors of GKSPV revealed. 1845 more GK depositors will be paid Rs. 100,000 each under Phase 3 of the repayment [...]
Hotel Show propels Lankan hospitality to world stage
Sri Lanka’s hospitality and partner industries have converged at the BMICH for the 9th edition of the Hotel Show, the largest trade exhibition of its kind in South Asia, which ends today. “This year the Hotel Show Committee had set a more interactive tone to the event with the introduction of a barista and pizza [...]
Millennium Flight Academy to offer private, commercial pilot licences and float plane ratings
Sri Lankan helicopter and aircraft charter operator, Simplifly has expanded its operations to flight training with the launch of the Millennium Flight Academy (MFA), the domestic airline said in a media statement. The MFA has already commenced pilot training in April this year with two Cessna aircraft. Simplifly marks its 10th anniversary in July this [...]
Batticaloa welcomes new SriLankan Airlines office
SriLankan Airlines has opened a new passenger sales office in Batticaloa in an effort to garner a larger share of the eastern region market. The airline said this is SriLankan’s eighth passenger sales office including Trincomalee, outside the capital Colombo, The branch office will facilitate travel procedures to a large clientele in the Batticaloa district [...]
Janashakthi and Think Green mark World Environment Day through E-Waste disposal project
Janashakthi, to mark World Environment day which fell on June 5, and Think Green made arrangements to collect E-waste through various drop off points in Colombo. The Think Green team was present at all these locations with banners in order to provide education on e-waste, collect e-waste and distribute leaflets. Think Green also conducted an [...]
Trainer Deepal to repeat ‘Triple Balance’ workshop in Colombo and Kandy
Well known Sri Lankan trainer and marketer Deepal Sooriyaarachchi, will be presenting his Triple Balance one day workshop in Colombo on July 16 and July 22 in Kandy. The programme in Kandy will be predominantly in Sinhala considering the target audience from the central province. “I strongly believe in the importance of taking a holistic [...]
National Safety Awards for businesses in October
Sri Lanka has stringent laws to ensure occupational safety and the health of the working population in this country and to further this cause the Government in 2009 established the National Institute of Occupational Safety and Health (NIOSH) under the Ministry of Labour and Labour Relations Since the establishment of the NIOSH in addition to [...]
CEAT Kelani commissions state-of-the-art radial plant
CEAT Kelani this week opened a new hi-tech production facility for radial tyres for passenger cars and Sports Utility Vehicles (SUVs). Economic Development Minister Basil Rajapaksa was among several government ministers present at the event, the company said. Since 2009, the CEAT Kelani joint venture has invested Rs. 2.5 billion in enhancing capacity, modernising its [...]
GRIP introduces remote controlled bulb holder
Have you ever wondered if you can use any remote (a TV remote, for example) to switch on and off any bulb in your home? Well, now you can, with the use of a bulb holder now being manufactured by a newly formed Sri Lankan company Global Resources International (Pvt) Ltd (GRIP), according to Shiranka [...]
LOLC Group companies recognised in Islamic Finance field
Lanka ORIX Finance PLC (LOFC) together with LOLC Technologies Ltd was recognised for its contribution to the Islamic Finance industry, at the recently concluded Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards held at the Galadari Hotel, Coombo. LOLC Technologies was awarded the Gold Award for “Best Islamic Finance IT Solutions Provider” whilst Al-Falaah, [...]
Galle Face Hotel spearheaded by new executive team
A brand new executive team is spearheading the business, marketing and communication of the iconic Galle Face Hotel in Colombo which is continuing with its restoration project “to reinstate the persona of the world heritage site to its glory days”.The hotel company said in a media release that the team is led by 30-year veteran [...]
Kalhari Group wins top plastics and rubber prize in SME awards
The Kalhari Group was placed first in the Rubber and Plastic Based Products category in the recent competition SMIDEX 2014 held to endorse successful Small and Medium Scale Enterprises and the Self-Employed in the Industrial Sector. In a media statement, Kalhari, a pioneering Sri Lankan company which has come forward to ensure the safe and [...]
Melsta Regal Finance infuses new capital, complies with CB rules
Melsta Regal Finance Ltd recently enahanced its stated capital to Rs. 1.3 billion through an additional capital infusion of Rs. 650 million in the form of a rights issue. Through this capital infusion by Melstacorp Ltd, Melsta Regal Finance complies with the core capital requirement, under the new regulations enforced by the Central Bank of [...]
Cornel’s 16-year-long battle against Colombo Hilton ends
A 16-year-old case filed by Cornel Perera and Co, who introduced the Colombo Hilton hotel in the early 1980s, against the hotel’s owning company and others, was dismissed by the Colombo District Court on May 26. The case was filed in March 1998 by Cornel & Co Ltd seeking an injunction to prevent the implementation [...]
Lanka Hospitals joins Kapruka.com to offer health voucher gift from overseas Sri Lankans
Lanka Hospitals has joined up with Sri Lanka’s online shopping store, Kapruka.com to offer a ‘unique way to care for their loved ones’ back home with a health voucher introduced on the kapruka.com website, the hospital company said. The offer targets the two million plus Sri Lankans living abroad.The vouchers offer denominations of Rs. 2,500 [...]
Commercial Credit growth continues as profits reach Rs. 1 bln
Commercial Credit and Finance PLC has announced a 48 per cent surge in net profit to Rs. 1 billion for the year ending 31 March 2014. “The year under review will go down in the annals of the history of our company as the year during which we first recorded Rs.1 billion in profits. This [...]
Colombo stock market betters 2013 performance in first 5 months
The Colombo Stock Exchange (CSE) said on Monday that in the first five months of 2014, the market has outperformed its major indicators from the same 2013 period. The All Share Price Index (ASPI) closed at 6,263.46 on May 30, a 5.9 per cent rise while the S&P SL 20 closed at 3,454.61 on the [...]
Adam Investments in lacklustre entry
The lacklustre approach to the Initial Public Offering (IPO) by Adam Investments from the market was indicative of the lack of interest by the public, analysts observed. The company started trading on Tuesday with its offer getting oversubscribed as stated in a stock exchange filing. The Adam Investments Public Offer for subscription of 133,333,500 ordinary [...]
Hayleys to expand in fibre sector and join air cargo markets
Hayleys PLC has announced plans to increase its plant capacity in the fibre sector, looking at overcoming challenges in the purification sector and aiming for an entry into new air cargo markets. In the company’s Annual Report 2013/14 it was stated that Hayleys would be adding plant capacity for the next financial year 2014/15 to [...]
Doctors appointments’ web changing stakes
Senior Marketing Systems Asia has made a mandatory offer to purchase all of the ordinary and voting shares of E-channelling the previous week. The second largest shareholder at present is Trading Partners with a 28 per cent stake in the doctor appointment and channelling company. SMS Asia is a Singapore-based company and has been working [...]
Weak response by Central Bank to regulate forestry firms
The Central Bank (CB) seems to be unfazed by the drama at the under-fire-forestry management company Touchwood Investments Ltd, ignoring calls to regulate the forestry firms in the country, industry officials say. Sadaharitha Plantations Ltd, also a forestry management firm, says it hasn’t still heard from the regulator after numerous telephone calls and letters with [...]
Customs to recover Rs. 9 bln in dues
Sri Lanka Customs has been directed to take immediate action to recover an astounding sum of Rs. 9 billion in import duty arrears accumulated during a 5-year period, official sources said. The Treasury has instructed the Customs Department to streamline and expedite the revenue collection as the country is cash strapped. Customs is planning to [...]
Multi Finance goes from loss to profit by end March 2014
Multi Finance PLC has reported a turnaround of its results for the fourth quarter ended 31 March 2014, recording a net profit of Rs.18.6 million against a Rs.54.7 million loss year on year (YoY) in 2012-2013. In a media release, the finance company said that during the quarter under review, net income from operations reached [...]
Sri Lanka to encourage manufacture of vehicle spare parts
The Sri Lankan government is to encourage the manufacture of vehicle spare parts by providing incentives similar to those available in India where this is a vibrant small and cottage industry, Transport Minister Kumara Welgama said at the inauguration of the Sri Lanka International Auto Show in Colombo on Friday. He reiterated that the government [...]
Venture Engine 2014 submissions close with record entries
Entrepreneurial spirit continued to gather momentum after the third successive Venture Engine competition opened for entries in April 2014, the organisers said. The programme attracted over 100 applications from budding entrepreneurs eager to capitalise on the mentoring, funding and exposure made available by Blue Ocean Ventures, Indian Angel Network and Lankan Angel Network through Venture [...]
Sri Lanka’s economy in 2013 in positive rebalancing mode:Report
Despite a strong headline Gross Domestic Product (GDP) growth in 2013, many Sri Lanka businesses serving domestic consumers experienced very subdued business conditions during the year. The reason as to why strong economic growth failed to translate into better business opportunities can simply be explained using a different approach in calculating the GDP GDP, simply [...]
Holcim Lanka expands capacity, eyes new product launch
Holcim Lanka, the cement manufacturer with nearly 40 per cent market share, is currently expanding to the North and East in addition to capacity enhancements through its Galle factory and new product launch by the end of this year. With a current demand of five million tonnes in the country the company forecasted that over [...]
Aitken Spence Group acquires Indian hotel
Aitken Spence Hotel Managements (South India) Pvt. Ltd has purchased a 143-room, 5-star hotel in India’s southern city of Chennai at a purchase price of US$25 million. The company is owned by the Sri Lanka-based group’s hotel subsidiary which owns and manages several properties in Sri Lanka, the Maldives, India, the Middle East and some [...]
Dulan de Silva’s life of socialism and poverty-consciousness
As a youth, Dulan de Silva dreamt of being a socialist and even getting into robes. Notwithstanding these beliefs, he loved pop music and Elvis (Presley). But his passion appeared to be one of involvement in social activity. His father backed him to the hilt but had one word of advice: “You could do anything [...]
