Free-for-all: Chinese tourists turned traders
Two Chinese women, ostensibly on tourist visas, are seen here selling gold-plated chains and bracelets to residents in Chilaw town, using a calculator to indicate the price because of the language barrier. Many residents were seen buying these chains and bracelets which look like pure gold at a price ranging from Rs.400 to 800. Pic [...]
Residential businesses on verge of collapse
Residences converted into business premises in local government authorities of Colombo and outside are on the verge of closing down amidst high service charges and commercial tax being levied by the authorities, businessmen complained. Charges range from Rs. 150,000 to Rs. 500,000 per annum, they said. They alleged that the Urban Development Authority (UDA) is [...]
Facing the music for ‘booming sounds’ inside vehicles
In a recent move to mitigate community noise pollution, the city Traffic Police is to implement the law against private passenger transport buses, three wheelers and motorists emanating ear- splitting music and booming noise from vehicle stereos, sound systems, radios and loud speakers causing a disturbance to the public. Police Headquarters has issued instructions in [...]
Sri Lanka to set up a carbon nano-tube factory
Sri Lanka is to change the age-old practice of exporting raw graphite with the innovation of a value added graphite product using nano technology, a senior government minister disclosed. Senior Minister for Scientific Affairs Prof. Tissa Vitharana told Business Times that the Sri Lanka Institute of Nano Technology (SLINTEC) has carried out extensive research relating [...]
First regular weekly charter on Tuesday
The first-ever regular, weekly charter flight by SriLankan Airlines under agreement with travel agents in Sri Lanka and China arrives on July 1. The 140-seater aircraft will carry passengers from Chongqing in south-west China. This the first ever regular charter flight by SriLankan Airlines under an arrangement with Walkers Tours, the tour operating company of [...]
Sri Lankan authorities to crack down on vehicle assembly rackets
Sri Lankan authorities are to crack down on vehicle assembly rackets being carried out by businessmen who operate automobile assembly plants after importing parts from countries like Japan and China, official sources revealed. These assembled vehicles are sold in the local market at a price lower than the actual price with taxes, a government official [...]
How strong is your middle management?
The ‘weak middle’ is what I like to call the Sri Lankan leadership crisis. And I am not talking about politics, even though you may draw parallels if you wish. I am talking about business–small, medium and large businesses of Sri Lanka. I am not ignoring good business leaders; there are some, but surely less [...]
Buying condos in Colombo
At a seminar on condominiums in Colombo last week, a speaker drew surprise, worry and concern from participants when he showed pictures of some reputed apartment complexes in the city with badly maintained pipelines, power generators and poor construction.“Do you know that these are from well known complexes in the city?” asked engineer Upula Dharmawardena, [...]
Exposing debt trap: Prof. Vitharana does laudable service
Last week many readers were drawn to a statement made by Senior Minister Tissa Vitharana in the Business Times article captioned “Sri Lankan banks moving towards severe debt trap”. The Minister has made his comments at a media conference held by the LSSP, a constituent party of the ruling government. Our past experience in coalition [...]
Wisdom of ‘Wonder of Asia’ tourism slogan questioned by renowned Lankan economist
The availability of good, accurate data is one of the key challenges facing the tourism sector in Sri Lanka, according to Saman Kelegama, Executive Director of the Institute of Policy Studies (IPS) of Sri Lanka, highlighting shortcomings in the data collection process. Delivering the keynote address at the AGM of the Institute of Hospitality – [...]
IPM Lifetime Gold Award for Dr. Ajantha Dharmasiri
Dr. Ajantha Dharmasiri became the recipient of the prestigious IPM Lifetime Gold Award 2014, presented to an HR professional for outstanding achievements in the field of HR. This honour was bestowed upon him at the inauguration of the National HR Conferece (NHRC) 2014 with the theme “redefining HR for boosting performance”. In the citation, read [...]
International course on conference organisation in Colombo
Sri Lanka Professional Conference, Exhibition and Events Organisers (SLAPCEO) together with Sri Lanka Convention Bureau (SLCB) have been successful in bringing the International Association of Professional Conference Organisers Certificate course to Sri anka. This gives Sri Lankans an opportunity of obtaining a prestigious certificate without having to travel to Switzerland at a heavy cost, the [...]
CIFL: Depositors plan to appeal against recent court ruling
The CIFL (Central Investment and Finance Ltd) depositors are restlessly awaiting a copy of last week’s Appeal Court decision dismissing their case against the CIFL and the Central Bank (CB) as they want to file an appeal in the Supreme Court (SC). The dismissal of the appeal paves the way for the CB to go [...]
No more family problems with Nippon’s new online colour selection
In most Sri Lankan houses disputes between the husband and wife begins out of an ordinary situation. One such instance is when it comes to paint colour matches between the two parties. The husband would not like the colour the wife likes or vice versa and it’s the same in the case of painting a [...]
EZY Racing to run Asia Pacific Rally Championship
Sri Lanka’s leading motor racing team EZY Racing is preparing to put the island on the world map of motor racing by taking part in the Asia Pacific Rally Championship. The event is an official FIA championship that is held in a diverse range of countries, climates, and cultures, with a huge population base of [...]
CIB promotes research and understanding on construction and society
- The construction industry in Sri Lanka is proving to be very competitive when compared to other countries with the Ceylon Institute of Builders (CIOB) being able to host the World Construction Symposium for the third time in Sri Lanka. The 3-day ‘The Third World Construction Symposium – 2014′ was held last week in Colombo [...]
Ceylinco Shriram settles 60% of outstanding cash to 88% of the depositors
Ceylinco Shriram said this week it has successfully managed to make payments in cash to 5,084 of its investors, representing 87.7 per cent of the total 5,796 or over 60 per cent of their deposits, as at April 2014. “This was achieved with the seventh tranche of the repayment process, which was completed in April [...]
Actuarial science, a growing sector in Sri Lanka
After 30 years of civil war, Sri Lanka is at the dawn of development and moving very fast towards the development in the Asian region. The financial sector in the country has to play a vital role in this situation and at this juncture the specialist knowledge of an Actuary in many ways is important [...]
Demand for Lankan workers in ME cleaning sector
With the demand for Sri Lankan workers in the cleaning industry rising in the Middle East, the local unit of a Kuwait-based cleaning service has launched a training centre for this category of workers. Tanzifco opened its internationally certified training centre on June 17 at Dutugemunu Street, Dehiwala. The firm is ranked as the leading [...]
StarcomMediaVest Group named Media Network of the Year at Cannes Lions
Cannes, France – StarcomMediaVest Group was awarded Media Network of the Year at the 61st Cannes Lions International Festival of Creativity, the company said on Tuesday. Three days into the annual festival, SMG’s total across all categories included 34 wins and 120 shortlists. The Media Network of the Year win comes as a result of [...]
Ashok Leyland to supply 2,200 more buses to state transport
Sri Lanka’s state-run bus service is to be revitalised by strengthening the bus fleet, adding 2,200 more buses, officials said. The Sri Lankan government has ordered these buses from India’s Ashok Leyland under a cabinet approval in March this year. According to the contract, the Indian company will supply 800 two-door, 42-seat buses at the [...]
Porsche again climbs to top position in US market research rating
Many Sri Lankans who used to drive Porsche vehicles abroad have been provided a chance to enjoy the Porsche driving experience on Sri Lankan roads with the launching of new variant of the Panamera model range in Colombo. Eurocars Ltd, a subsidiary of the IWS Holdings Group and the official Porsche importer in Sri Lanka, [...]
‘Hyundai Eon’ targets middle income earners, first time buyers
The wraps were off the Hyundai Eon, a small car especially affordable for Sri Lankan middle income earners at a special event held in ‘Apegama’ Laksala in Battaramulla recently. Eon conceived, designed and produced exclusively for the South Asian market will enter the Sri Lankan roads at a starting price of Rs. 2 million, affordable [...]
Ford Motor Company renews focus on the Sri Lanka market
US-based Ford Motor Company is making a renewed focus in the growing Sri Lanka market with the opening recently of the new showroom, sales and service facility all under one roof in Battaramulla. The 6,000 square feet showroom has the capacity to display 12 vehicles, while the full-service facility has a 14 vehicle capacity to [...]
Bridgestone’s RFT enables Sri Lankan motorists to run even after a tyre puncture
Sri Lankan motorists have now been able proceed along a busy highway after a tyre puncture with the introduction of Bridgestone’s Run-flat Tyres (RFT) by the Autodrome PLC, a media release issued by the company revealed. Run Flat tyres are designed specifically for the purpose of remaining functional, for a limited amount of time, with [...]
Autogas on the rise as world’s preferred alternative fuel
Autogas is the most commonly used and widely accepted alternative to conventional oil-based transport fuels, petrol and diesel due to the impressive environmental benefits it offers and its practical and cost advantages. Autogas is the third most popularautomotive fuel in the world, with approximately 23 million vehicles in use around the world and over 57,000 [...]
CFA Awards 2014 recognises best capital market professionals
The Annual Capital Market Awards Night and Forecast Dinner held by CFA Sri Lanka in Colombo recently opened a new chapter in the annals of the Sri Lanka’s capital markets. Awards were made in three categories; Best Equity Research Report, Best Investor Relations and the Best Stockbroker Research Team recognising the efforts of those who [...]
TNT Express life saving medical equipment to Ministry of Health from Australia
TNT Express recently shipped vital kidney dialysis machines from Sydney in Australia to Sri Lanka’s Ministry of Health in Colombo. An official ceremony was held at the Ministry of health to recognise TNT’s accomplishment and was attended by many officials and directors, the company said. Sri Lanka is one of the few countries that offer [...]
UAE Exchange registers remittance worth US$290 million to Sri Lanka
UAE Exchange, the leading remittance and foreign exchange brand, transferred US$290 million, from across the globe, to Sri Lanka in 2013, contributing to 5 per cent of the total remittance inflows to the country. The company registered a growth rate of 15 per cent over the previous year. Global remittances to Sri Lanka in 2013, [...]
Re-elected CCC Chairman Shah says new plan to promote peace and harmony
Ceylon Chamber of Commerce (CCC) Chairman Suresh Shah, re-elected for a second year during the institution’s historic 175th AGM, on Thursday announced a chamber programme to help build “Peace and Harmony” in the country. Addressing members at the chamber premises, Mr. Shah said the proposed programme will focus on gaining the support of the local [...]
SriLankan Cares hopes for empowered future generation with the opening of Child Psychiatric Unit at LRH
The first state-of-the-art multi-disciplinary Child Psychiatric Unit in Sri Lanka, funded by SriLankan Cares, the community development arm of SriLankan Airlines, was declared open by First Lady Shiranthi Rajapaksa on Tuesday at the Lady Ridgeway Hospita (LRH), Colombo. Making a commitment to the betterment of children, SriLankan Cares last year signed a Memorandum of Understanding [...]
IFC loan to NDB would help entrepreneurs to the next level
Funds released by the International Financial Corporation (IFC) along with other financial giants including some of the European Union countries are being used for development projects of the small and medium scale entrepreneurs in Sri Lanka in the hope of pushing them up to the next level. These comments were made by Rajendra Theagarajah, CEO, [...]
Laugfs expands operations, increase asset base profits up at Rs.1.3 bln
Laugfs Gas PLC has enjoyed a good year with further expansions in the leisure and energy sectors that contributed to more costs however. The group recorded a 25 per cent growth to top Rs. 1.3 billion in profits for the year. In its Annual Report 2014, the company stated that the group’s revenue moved up [...]
Good leadership from MBSL Chairman M.R. Shah
MBSL Chairman M.R. Shah’s leadership in creating a healthy alliance of independent shareholders, management, staff and the regulator is an exemplary one which enhances the company’s value and infuses investor confidence. This contrasts starkly with the mollycoddling and appeasing of corporate crooks by other boards acting under the purview of indifferent regulators where honesty and [...]
Touchwood: A case of deception and confusion
Touchwood Investments PLC has filed an appeal in the Supreme Court against the Commercial High Court order issued to wind up the company. The company was issued the winding up order on June 5 and liquidator Mr. Sudath Kumar was appointed as well. However, in a stock exchange filing the company stated that they had [...]
75% of Sri Lanka’s economy run by SMEs
According to recent statistics more than 75 per cent of Sri Lanka’s economy is run by the Small and Medium Enterprises (SMEs), says Anil Amarasuriya, Director and CEO of Union Bank of Colombo PLC. He made this comment speaking at a media conference held at the Union Bank head office in Colombo this week. He [...]
New Indian Prime Minister overtakes White House in Twitter followers
Geneva – Since his election in late May, India’s new Prime Minister NarendraModi (@NarendraModi) has become the fourth-most followed world leader on Twitter, with 4,981,777 followers. He surpassed the United States White House account, @WhiteHouse (4,980,207), this week and is using Twitter as a power tool to broadcast his messages, according to Twiplomacy, an annual [...]
