Most common productivity killers in the workplace
What are the most common productivity kilers in the workplace? Data recently released by Pulp PR broke it down to four main things that today’s offices are unfortunately too full of. At Frontier Research we too have found ourselves grappling with these issues as we try to manage our resources in the most effective manner. [...]
Sri Lankan banks moving towards severe debt trap, Senior Minister says
State and private banks are getting caught up in a severe debt trap by raising loans in international financial markets with the consent of the Central Bank, a Senior Minister has warned. This trend is likely to continue under the capitalist free economic system as the country is not receiving concessionary low interest financing and [...]
Delft island attracts Rs.600 mln resort
Mercantile Merchant Bank Ltd through its Pathfinder venture would be investing nearly Rs.600 million in a 40 acre hotel resort project on the Delft island off Sri Lanka’s northern shore, an official of the organisation said. Currently the organisation was seeking approval from the Northern Province Land Commission in addition to other relevant authorities in [...]
Touchwood in hide-and-seek drama
Touchwood Investments management went missing when the liquidator visited its premises at Battaramulla on Friday. The liquidator Sudath Kumar speaking with the Business Times while visiting the office said there was no responsible person present nor were there any records of assets available at the company’s office. He was informed that Lanka Kiwlegedera, Chairman and [...]
From ‘Chuun paan’ to ‘Reload man’
Sri Lankans more familiar with the ‘chuun paan’ bakery guy will soon see a similar, ingenious marketing strategy: The ‘reload man’ with the same tickle! The ‘reload man’ dressed in an orange glittering outfit will be at public locations including the main bus stands and railway stations and identified easily making a sound akin to [...]
AIG to prepare detailed closure plan
The troubled American International Group (AIG) has to provide a detailed closure plan to tackle issues that would crop up after halting its operations, according to Insurance Board of Sri Lanka (IBSL) Chairperson Indrani Sugathadasa. Ms. Sugathadsa told the Business Times that AIG’s Regional Director gave an assurance in a telephone conversation to submit this [...]
Staffing crisis in leisure sector
In another section of the Business Times today is a report on a staffing crisis in the hotel industry. Industry officials point out that not only is there a problem of a lack of professional staff but the issues are surmounting with the right kind of staff that is required in the post-war development of [...]
Ultimate battle with ego and arrogance
We may have come across people who are obstinate, arrogant and self-righteous; people who may think ‘my way or no way’. We may have tried to change them and make them realise. One of the main problems in dealing with such people is that they simply do not want to see the bigger picture from [...]
Sri Lanka motor traders angry and perturbed over new vehicle valuation system
Sri Lankan motor traders are urging the Treasury to review the new valuation system now being implemented by the Customs as most of them are struggling to clear vehicles from the port, officials of the Ceylon Motor Traders’ Association (CMTA) said. According to Finance Ministry guidelines issued recently, Customs authorities have been empowered to assess [...]
RCB moves to better premises
Research Consultancy Bureau PVT Ltd. (RCB), now in its 12th year of service, recently moved into a new office premises in Nawala in the light of expanding both quantitative and qualitative research departments in the organisation. Having established the organisation in 2002, RCB has been successfully offering quantitative, qualitative and observational research insights to Sri [...]
Sri Lanka’s Construction Chamber to set up $200 mln fund to infrastructure projects
Sri Lanka’s Chamber of Construction Industry (CCI) is discussing with other agencies the setting up of an infrastructure development fund with an initial capital of US$200 million to support the work of its members, a top official has said. CCI President Surath Wickramasinghe said that it is not feasible for the government to continue to [...]
Commercial Bank rushes flood relief to affected areas
The Commercial Bank of Ceylon rushed emergency relief to people affected by floods in some of the worst-hit areas of the country. Teams from the bank were deployed in areas such as Horana, Bandaragama, Elpitiya and Matugama since 4th June to distribute dry rations, clothing, drinking water and stationery in a relief operation similar to [...]
Hemas ‘Abhimana’ makes sustainability a lifestyle
Hemas Holdings PLC recently launched its ‘Abhimana’ initiative to make sustainability a lifestyle throughout the company, a media release issued by the company stated. Incorporating responsibility and sustainability into every action, Hemas spearheaded this corporate responsibility project to encourage in every employee a deep and intrinsic sense of dignity and pride that can only arise [...]
Ministry of Crab partners with zMessenger to enhance customer experience
zMessenger Ltd, an integrated mobile media company, has created a mobile-based communication platform for the ‘Ministry of Crab’ (MOC) restaurant in Colombo, enabling them to adopt an effective communication platform with their customers via SMS. “For a restaurant like Ministry of Crab that handles a lot of overseas visitors, we need to be sophisticated and [...]
Tyre manufacturer CEAT leads in motorcycle segment
CEAT Kelani Holdings, which says it produces half of Sri Lanka’s tyre requirements, has reported strong sales of motorcycle tyres since last December enabling the company to end the financial year with a market share of 20 per cent in this segment. The company has added six new sizes of motorcycle tyres to its portfolio [...]
Appeal Court dismisses case by CIFL depositors opposing Central Bank recovery plan
Depositors of the failed Central Investment and Finance Ltd (CIFL), who are fighting a tough battle to recover their deposits, received a major blow on Tuesday when the Appeal Court ordered the vacation of a Stay Order imposed against the Central Bank (CB) and CIFL, and dismissed the case. As a result of the ruling, [...]
Honorary Tea Ambassador for Ceylon Tea appointed in the UK
The Sri Lanka Tea Board has appointed Mike Bunston OBE, an eminent personality in the international tea trade with over 56 years of experience as the Honorary Tea Ambassador for Sri Lanka in the United Kingdom. Mr. Bunston is a goodwill ambassador of tea. He has served as Honorary Chairman of the International Tea Committee [...]
Traditional thinking to enterprise farmers: new approach offered by former UN/FAO expert
Supporting the local farmer community through a microcredit and microfinance has now conceptualised to becoming a new way of thinking as identified by the former UN/FAO Marketing Economist Duraisamy Kumaran Thangarajah in his new book titled “Traditional Agricultural Micro-Knowledge Entrepreneurship for Rapid Livelihood Development.” Mr. Thangarajah believes that the concept of traditional thinking or traditional [...]
HNB Assurance moves over to Oracle E-Business Suite
HNB Assurance (HNBA) has completed its deployment of the Oracle E-Business Suite, according to a recent statement by the IT company, which also noted that MillenniumIT had been awarded this contract in October 2013, and completed implementation of the solution by January 2014. Elaborating further, the statement also indicated that, “[prior] to deploying Oracle E-Business [...]
India’s Cipla Group buys majority stake in JV with local drug importer, Citihealth
India’s top drug producer, the Cipla Group is taking a 60 per cent stake in a new Sri Lankan-based joint venture with local drug importer, Citihealth who would hold the balance 40 per cent, it was announced this week. Cipla’s stake is coming through Cipla (Mauritius) Ltd, a wholly owned subsidiary of Cipla Ltd and [...]
Fonterra Programme helps increase milk production amongst farmers in Hanwella
Dairy farmers taking part in the Fonterra Farmer Education and Training Programme have seen an average 42 per cent increase in milk production in just 12 months, leading to a 55 per cent average growth in farmers’ dairy income. Fonterra Operations Director, Satish Karunakaran said the programme was developed using Fonterra’s generations of dairy expertise [...]
Lanka BPO Academy training for Seenigama
Locally-based Lanka BPO Academy recently completed a training programme for rural outsourcing company Seenigama BPO, which included topics such as “BPO fundamentals, email etiquette, data processing, KPIs and customer service as well as sales processes for BPOs”, according to a statement. At the same time, it was also signalled that this training programme was “bound [...]
Up Stream tops 1,500 on Facebook
Just over six months after its launch, Sri Lankan social enterprise Up Stream already boasts access to more than 1,500 individuals via its Facebook page. A programme, which taps volunteers to train local national university students, making them more empoyable, Up Stream was first introduced in January 2014, with eight volunteers from a total of [...]
Subdued credit growth seen improving in second half 2014, CB says
Credit growth which has been subdued in the past few months despite lowering interest rates is seen picking in the second half of the year, the Central Bank (CB) said on Wednesday. ” . with the realisation of the effects of the eased monetary policy stance, a turnaround in credit growth could be expected in [...]
ADB Chief urges Sri Lankan Government to have a clear vision and strategy for development
The Asian Development Bank (ADB) has urged the Sri Lankan government to have a clear vision and strategy for development and share it with the people while focusing more attention on raising revenue. Making a presentation under the ‘eminent speaker’s series’ at the Miloda – Academy of Financial Studies training institute of the Finance and [...]
First Intel Channel Symposium for 2014 hosted in Sri Lanka
Intel in Sri Lanka recently hosted the first Intel Channel Symposium (ICS) for 2014 in Colombo. The company showcased the latest range of desktops, mobile devices, servers, devices enabling Internet of Things and security devices based on Intel processors at the symposium in addition to conducting training sessions for its Intel Technology Provider (ITP), according [...]
Lankan environment positive to launch pension schemes
Low inflation, a stable economy and interest rates provides a long-term platform for the implementation of many vibrant pension schemes in Sri Lanka, according to Central Bank Governor Ajith Nivard Cabraal. Speaking at a ‘Pension Forum’ in Colombo on Tuesday organised by Citi Investor Services – part of Citi Bank-, he said Sri Lankans were [...]
“Recovery of Golden Key deposits”
I read the article submitted in the Business Times of 20th April on the above topic with much interest. After reading a series of articles sent by affected depositors, the public has come to the conclusion, that there are still undisclosed assets belonging to some directors of the defunct Golden Key Company. It is a [...]
German Visa Application Centre opens in Jaffna
The German Embassy is now issuing Schengen visas through the newly set-up VFS Visa Application Centre located at 89, Brown Road, Jaffna. In a media release, Head of the Embassy’s Legal and Consular Section Michael Grimm said that that this allows visa applicants in the North to save time and money by avoiding travel to [...]
Pership Group builds SL’s first container conversion, multipurpose building
Exotic Asian Living, owned by the Pership Group, in an effort to revolutionise living and work space, has built Sri Lanka’s first 3-storey commercial building constructed primarily using containers, adjacent to the main Katugastota road in Kandy. J. V Edwards, Deputy Chairman/Managing Director Pership Group, explaining the concept, said that, “Container conversion based construction projects [...]
New appointments at E-Channelling
New appointments were made with the recent changes at E-Channelling, which was taken over by Senior Marketing Systems (SMS) Asia Pte Ltd, a stock exchange filing by the company said on Tuesday. The change in management was taken over with representation from the SMS officials with the new Executive Director and Chief Executive Officer named [...]
“Plastic card debt trap”
Having read your news item under the above heading in the ‘Sunday Times’ BT Section of 15th instant, one can only sympathise with the card-holders who have embarked on spending sprees without giving a thought to the consequences awaiting them when the day of reckoning arrives. The plastic card facility is a trap that one [...]
SAFA President and VP meet Maldivian President
The Maldivian Government is keen to set up an accountancy institute to ensure accountants in Maldives comply with international standards. Maldivian President Abdulla Yameen Abdul Gayoom, during a meeting, said they would welcome the establishment of such an institute. He was speaking during a meeting with South Asian Federation of Accountants (SAFA)President Subodh Kumar Agarwal [...]
Final phase begins in Brandix funded MIT-Global Start-up Labs Challenge 2014
Five months after embarking on a mission to identify, develop and commercialise successful tech enterprises, a group of young Sri Lankans began the third and final phase of the Brandix-funded MIT Global Start-up Labs (MIT-GSL) Sri Lanka 2014 challenge on June 16 at the University of Colombo’s School of Computing. Eight possible start-ups that will [...]
TV viewing measurement meter showing results, LMRB says
Lanka Market Research Bureau (LMRB), among the top market research agencies in Sri Lanka, says the Kantar RapidMeter, introduced earlier this year as its latest TV audience measurement system has been ‘a great success’. Himalee Madurasinghe, CEO, LMRB Sri Lanka, said the company has seen a rapid expansion in the media industry during the past [...]
Kelani river to get a marina for boating operations
The MMBL Pathfinder group is developing two leisure-related ventures – a boat ride on the Kelani river and a tourist residential facility in the Knuckles mountain range, company officials said. The boat project, aimed at encouraging locals and visitors to explore Sri Lanka’s waterways will be undertaken in collaboration with an experienced Nordic company. The [...]
Staffing professionals for Lankan hotels hits crisis
The lack of a new professional breed of specially trained hotel staff has become a growing concern among Sri Lankan hoteliers as most are found to be moving out faster than they get in. The industry in the post-war era is currently looking at serving 2.5 million visitors by 2016 but retaining staff has become [...]
Hotel Show 2014 gets interactive
The hospitality and partner industries participated at the recently concluded Hotel Show 2014 held at the BMICH in Colombo that had a more interactive tone to the event with the introduction of a barista and pizza making competition, a media release issud by Sri Lanka Tourism stated. Hotel Show was organised by the Ceylon Hotel [...]
Tourism industry requires new thinking, says former Sri Lanka Tourism chief
Sri Lanka Tourism requires a full year seasonal travel plan with adequate promotions and increased number of related activities to cater to the growing demand of the discerning holidaymaker to the island. Retired diplomat and Director of the MMBL Pathfinder organisation Bernard Goonetilleke in an interview with the Business Times said last week that with [...]
Cinnamon Air expands operations to Nuwara Eliya, Kalpitiya
Cinnamon Air has decided to increase its flights to Nuwara Eliya and Kalpitiya in a bid to increase on the traffic flying to these destinations. The carrier would be adding seasonal flights by end of July/August for Nuwara Eliya and aim at having daily flights to the destination, Cinnamon Air CEO Romesh David said. He [...]
Insurance industry doubts ability of NITF to settle riot claims
Sri Lanka’s insurance industry has expressed doubts over the ability of the National Insurance Trust Fund (NITF) to meet claims which is likely to arise following the attacks on Muslim shops and property in southern Aluthgama last week, due to the relatively lower returns from its investment portfolio amid receding interest rate scenario. The NITF, [...]
China’s shadow banking sector clouds economy
China has seen warning signs in the horizon in view of the growing shadow banking sector that could have a ripple effect on the economies with a great exposure to Asia’s largest market, Fitch Ratings asserted on Wednesday in Colombo. Although it was believed that a financial crisis was unlikely from China the current situation [...]
SME seminar for financial community in Batticaloa
The Sri Lanka Accounting Standard for Small and Medium Sized Entities (SLFRS for SMEs) seminar organized in Batticaloa by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) in association with the GIZ received an overwhelming response with a large number of business leaders, accountants and auditors from the Eastern Province participating in [...]
Holcim seeks to foster a more sustainable built environment
Sustainability can only be achieved through an integrated approach and since 1990 Holcim has risen to the challenge of improving energy efficiency and reducing CO2 emissions, according to Michael Scharpf, Head of Sustainable Construction, Holcim – Switzerland. He said the company is deeply committed to these initiatives, three decades on. During a recent visit to [...]
E-tel displaces top brands, move to No 3 in overall mobile phone market
E-tel has become the third highest-selling brand in Sri Lanka’s mobile phone market in the first quarter of 2014, while retaining its position as third biggest player in the smartphone segment, according to the latest report of market intelligence and advisory firm CyberMedia Research (CMR). This makes E-tel the only brand present in the top [...]
Nature’s Secrets funds research projects at Peradeniya Uni
Nature’s Beauty Creations Ltd (NBC), touted as Sri Lanka’s top herbal cosmetics brand ‘Nature’s Secrets’, is allocating a part of its funds for research studies. The ‘Nature’s Secrets Research Award’ is a concept that is aligned with the company’s commitment to promote applied research that would be beneficial to the country. “Although local universities produce [...]
Commercial Bank joins British Council to train English teachers in Kandy
The Commercial Bank’s CSR Trust in collaboration with the British Council in Kandy conducted a training programme in Kandy recently to enhance the skills of 200 English language teachers in the district. Teachers were selected from 153 schools from four educational zones for this programme, conducted at Kingswood College, Kandy. The programme in the form [...]
Agriculture hit by drought, tea and paddy in 1stQ 2014
The total economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the first quarter of 2014 (January-March) reached Rs. 857.5 billion compared to the first quarter of 2013 which was reported as Rs. 797.8 billion, up 7.6 per cent overlast year’s 3-month growth, the Ministry of Finance and Planning said on [...]
Dell launches new storage array in SL
Computer maker Dell recently launched the SC4020 storage array in Sri Lanka, which it described as “2U, 24-drive storage area network (SAN) based on Dell Compellent Storage Center software. The arrays are designed to offer the same advanced capabilities s larger SANs in a solution sized and priced for mid-sized deployments”. Additionally, comprising “fibre channel [...]
Lion Brewery buys 3Coins beer
Lion Brewery on Friday said that it is buying the beer business of the Cargills Group at a price of Rs. 5.15 billion. In an announcement in the Colombo Stock Exchange, the Carsons Group said its subsidiary Lion Brewery (Ceylon) and Pearl Springs (part of Lion) have entered a Sale and Purchase Agreement with Cargills [...]
