EPF pulls back on some benefits for private sector workers
The Employees Provident Fund (EPF) is to pull back some EPF benefits for private sector employees since the fund anticipates a negative cash flow due to increasing withdrawals by retirees. The 30 per cent EPF loan facility, one of the benefits granted for private sector employees before they reach retirement age of 55 years for [...]
Dheerasinghe’s conflict of interests at Commercial bank
Just as Dinesh Weerakkody steps down tomorrow as chairman of Commercial Bank, a well-managed institution, conflicts of interest of his natural successor, Dharma Dheerasinghe are surfacing once again, three years later. Dr. Dheerasinghe retired from the Central Bank (CB) in late 2011 as Deputy Governor and soon after was appointed to the Commercial Bank as [...]
Maalu Maalu goes to Kalpitiya
A bigger version of the existing Maalu Maalu Pasikudah property would be established in Kalpitiya and marketed as a beach resort. The 4+star resort, named Maalu Maalu Kalpitiya, would be constructed at a cost of Rs.1.8 billion, officials said. It is to comprise 82 rooms with a state-of-the-art conference facility and located next to the [...]
Touchwood Kiwlegedera on the run
While courts are trying to track down former Touchwood Investments chief Lanka Kiwlegedera, the Liquidator is now seeking ways to prevent the reported felling of trees on lands owned by the company last week. Summons were issued on Mr. Kiwlegedera to appear before courts on July 31 as he had failed to submit the assets [...]
Printcare boss operates from Chicago
Printcare CEO K.R. Ravindran has taken over as Rotary International President from July 1 and will be based in Chicago for the next two years. In the light of these developments, Krishnamoorthi Rajabather Ravindran, son of Mr. Ravindran was appointed Alternate Director to the CEO, a stock exchange filing stated. Currently, Printcare responsibilities held under [...]
Moods and emotions at work
You know it too well; feelings, emotions, moods and mood swings; anger, desk rage and road rage. If you have never experienced such boisterous responses to stress, you may at least know someone who has, and you know that it is not funny when it occurs. I once had the privilege of working for a [...]
Cracks in the administration
When the Ceylon Chamber of Commerce (CCC) holds its much-looked forward to economic summit next month, issues of governance, law and order, rule of law, corruption and accountability will invariably spring up. To what extent, one can easily hazard a guess: On the surface! While the theme of the meeting is “Sri Lanka 2020: Towards [...]
AAI introduces invaluable insurance innovation for state pensioners
Sri Lankan state pensioners will be brought under the fold of a new insurance scheme in a new initiative launched by Asian Alliance Insurance, together with the Department of Pensions along with the intermediation and involvement of Colombo RE Insurance Brokers, officials said in Colombo on Thursday. The insurance cover was introduced with the objective [...]
Reciprocal investments by Sri Lanka and India’s central banks
The Central Bank of Sri Lanka (CB) and India’s Reserve Bank (RBI) on Thursday agreed to reciprocal investments in each others’ markets. Under the bilateral agreement signed today (Thursday) on the sidelines of a meetingsof South Asian Governors of Central Banks, the CB will further diversify its reserves management activities into Indian rupee denominated assets [...]
Beedi, cheaper alternative for the ‘poor man’
Customs statistics indicate that beedi volumes have risen from 1.1.billion sticks in 2007 to 3.2 billion sticks in 2013, a growth of almost 200 per cent over the past six years. Interestingly the data also depicts a 13 per cent decline in the cigarette volumes during the same period of time – 4.6 billion sticks [...]
Two new, innovative initiatives by SLIM for ‘People’s Awards’ 2015
The Sri Lanka Institute of Marketing (SLIM) and its 2015 Project Committee is gearing for the hallmark award show – ‘SLIM-Nielsen Peoples Awards’, which recognises brands and personalities that SLIM says “have made a profound impression in the minds of the people of Sri Lanka”. For the 9th year, the SLIM-Nielsen Peoples Awards will be [...]
Emirates resumes full schedule of 34 flights a week from Colombo
Emirates has resumed all its daily flights from Colombo to Singapore, following the completion of a comprehensive runway upgrade project at Dubai International Airport which resulted in a temporary suspension of these flights. On Tuesday, the Colombo – Singapore service returned to the previous schedule of 34 Emirates flights a week from Colombo — 27 [...]
Two Pakistani and Sri Lankan ICT firms link up to solve social issues leveraging technology and sports
A Dubai based ICT provider in Pakistan Interactive Group has joined hands with Sri Lanka’s EZY Group of Companies to solve pressing social issues in both countries by leveraging technology and face challenges of the 21st century. In an interview with the Business Times, Shahid Mahmud, Chairman of the Interactive Group noted that their partnership [...]
Commercial Credit aims higher – retains MTI for strategising
Commercial Credit, which announced a profit after tax of Rs. 1 billion for 2013-14, has signed up MTI Consulting to develop its Corporate Plan, consecutively for the second time after the successful implementation of the organisation’s three year Corporate Plan that was developed with MTI’s expertise and inputs in 2011. “The Corporate Plan we developed [...]
Amãna Takaful celebrates 15 years of operations
Amãna Takaful PLC (ATPLC) the only fully-fledged Takaful operator in the country, this year commemorated 15 years of spearheading the Takaful concept in Sri Lanka. The insurer company celebrated the occasion with a gala dinner for long standing Life and General customers, key strategic partners, the company’s Board of Directors and staff. A company statement [...]
Sri Lanka’s high, sophisticated individuals now into coffee drinking
Sri Lanka being a fast growing Asian country has plenty of young, urbane, high sophisticated individuals who travel abroad and have got used to the coffee culture. Professionals between the age 20 and 35 are the ones who mostly drink coffee without even looking at its price. Calamander Group Chairman Roman Scott made this statement [...]
Indian CEO forum organises health check camp in Western Province
The Indian CEO Forum (ICF) which completed one year since its formation in July 2013, has announced plans to provide free medical aid to all sectors of society through a health check camp focusing on Diabetes and High Blood Pressure. The first such camp will be held today at the ‘Lama Horuwa Pre School’, Aramangolla, [...]
Nihal meets China’s Prosecutor General of China and head of anti-corruption bureau
Sri Lanka’s anti-corruption activist Nihal Sri Ameresekere recently attended a high level meeting of the International Association of Anti-Corruption Authorities held in Beijing and may have raised the burning issue of unsolicited proposals from China. According to news reports from there, he also met the Prosecutor General of China Prof. Cao Jianming and ‘had a [...]
‘Same day delivery’ from happiness.lk
Locally-based website Happiness.lk recently started offering same day delivery for orders in Colombo and its suburbs however only if the order is placed before 1 p.m., a service it claims is first of its kind in Sri Lanka, according to a statement. Further, the statement also noted that there were more than 5,000 products available [...]
Combank chairman Dinesh Weerakkody steps down tomorrow
Dinesh Weerakkody, Chairman of Commercial Bank of Ceylon, steps down tomorrow in line with the Banking Act after completing nine years with the top bank, the maximum one can serve on a bank board. Mr. Weerakkody joined Commercial Bank of Ceylon as a DFCC Bank nominee in July 2005 and became an Independent Director in [...]
Fears of El Nino hitting agriculture, Sri Lankan communities this year
An ongoing drought in several dry zone districts in Sri Lanka and predictions of an El Nino year paint a grim scenario for an island that has had continuous issues of flooding, drought and landslides in the past five years, a UN official said this week. Razina Bilgrami, Resident Representative, UNDP Colombo, speaking at Tuesday’s [...]
Maldives premier hospitality exhibition hailed by Maldives Govt
The food, beverage and hospitality industry is gearing up in the Maldives for the most anticipated event “Hotel Asia Exhibition and International Culinary Challenge” to be held from September 8-10 in Male. Hotel Asia, the Maldives largest annual food and hospitality event, is presenting its biggest ever show in 2014, welcoming more than 200 international [...]
Lankem’s Acquashield enhances woodwork at Colombo’s newest mall
Lankem Robbialac’s Acquashield water-based wood care range was utilised to enhance the woodwork and wooden surfaces of the newly restored Arcade – Independence Square, the company said this week. Director Lankem Ceylon PLC Ruwan T. Weerasinghe said, “We are proud to have been chosen to be the official paints supplier for the rich woodwork and [...]
Over 200 business leaders sign up for Economic Summit
So far over 200 senior business leaders have registered for the upcoming August 5-6 Sri Lanka Economic Summit organised by the Ceylon Chamber of Commerce (CCC). “There has been wide interest from Chairmen, Managing Directors and CEOs of the local corporate sector to attend the annual forum,” the chamber said in a statement to the [...]
Sri Lanka’s importers urge further simplification of tax system
Sri Lanka’s importers have urged the government to further simplify the tax system without imposing taxes in an ad-hoc manner and facilitate a free and fair trading environment for both goods and services enabling them to compete in the markets, contributing to the national economic growth. Tariff structures in Sri Lanka should be in line [...]
Rainco to sell licensee options for cartoon characters – Ben 10, The Powerpuff Girls
US-based Cartoon Network Enterprises (CNE) has appointed Rainco, a leading brand for rainwear in South Asia with a presence in India, Maldives and Sri Lanka, to sell licensee options for the Ben 10, The Powerpuff Girls and Music, Art and Dance (M.A.D.) franchises. “As official representatives of CNE, Rainco will be responsible for acquiring and [...]
New phase in Sri Lanka’s digital printing arena
With the advancement in technology, the quality of printing has reached milestones in today’s context compared to where it was many years ago. Printing started off some decades ago with offset printing machines globally whereas the term ‘offset’ has started to fade away with digital printing coming into the market. The competition is now between [...]
Tokyo Cement Quiz enhances knowledge of school children
Tokyo Cement said this week that through its ‘Tokyo Cement All Island Quiz Programme’ launched last year in partnership with Swarnawahini and the Ministry of Education, it’s committed to enhancing the knowledge of school children in Sri Lanka. In a media release, the company said it believes the quiz has increased the alertness and knowledge [...]
New SL Rupee currency option from BOC
Bank of Ceylon(BOC) which celebrates 75 years of service to the country has introduced its first structured derivative product through the launch of Sri Lankan Rupee Currency Options. “Introducing the LKR currency option is another step in the right direction, encouraging clients to think beyond traditional foreign exchange risk hedging mechanisms. Currency options structured in-house, [...]
Exporters’ testing standards for discussion at Colombo seminar
Sri Lanka is now in the process of negotiating a Free Trade pact with China with apparel and footwear being the key sectors expected to benefit from such an arrangement, a media release issued by the Sri Lanka Apparel Exporters Association (SLAEA) stated. One area of concern to the exporter is the stringent testing standards [...]
Bravia Sony’s fastest moving TV in Sri Lanka
To keep up with new demand and the thirst for new products, Sony recently launched its latest innovations. The Bravia Sony range included the Bravia 4K and the full HD TV series. 4K technology guarantees to deliver four times more high definition and is stated to incorporate a new “Wedge” structure giving viewers beautiful visuals [...]
Subway sandwich chain seeking more SL partners
An international fast food chain, Subway which opened its first restaurant at Duplication Road is currently on the search for franchises in Sri Lanka. Ready to take the country by storm as the chain proclaimed, Subway officials along with Ataraxia Capital Partners announced its entry into the Sri Lankan market with a media conference at [...]
Over 74,000 people employed in SL’s IT/BPM sector, report says
Total employment in Sri Lanka’s IT/BPM industry has grown to an estimated 74,100 in 2013, up by 123 per cent from 33,700 in 2007, a new report says.The country’s first IT/BPM review released this week by SLASSCOM says that the number of companies in the industry also grew to over 225 last year from 171 [...]
Treasury mulls granting incentives for poultry exports
Request for export incentives by poultry producers has received a favourable response from the Treasury at the 2015 pre-budgetary meeting held recently, official sources said. The Treasury is considering a proposal made by poultry producers to grant them with some concessions to export chicken and eggs, so that the excess supplies in the market can [...]
Sri Lanka should take a cue from Bangladesh on dealing with NGOs
While Sri Lanka appears to be mortally frightened about NGOs, its authorities could take a cue from Bangladesh which has effectively used NGOs to reach the farming community, one of the most vulnerable and marginalised groups. At an interactive session with Atiur Rahman, Governor Bangladesh Bank (Central Bank) on “Macroeconomic situation and Investment Opportunities in [...]
1.5 mln visitors to enjoy Sri Lankan hospitality in 2014
The tourism industry is gearing for a high growth target at 1.5 million in line with expectations as holidaymakers to Sri Lanka continue to rise. Sri Lanka experienced a sizable growth of 24.6 per cent during the first six months with arrivals topping 727, 353. January saw a surge in arrivals compared to 2013, up [...]
JK hotels gets new management structure
John Keells Hotels would be changing its hotel management structure to create greater efficiency at its hotels, a key official of the group said on Wednesday. JKH Deputy Chairman Ajith Gunawardena speaking with the Business Times said that the change in the structure of the hotels was an ongoing process to create greater efficiency. Under [...]
Ramada closed for renovations
The Ramada Hotel in Colombo has been closed for the past one month due to renovations underway for its new-look lobby costing Rs.250 million. Due to modernisation plans for the lobby currently underway accessibility to the guest rooms was not possible as a result the hotel was shut down for renovations for about a month, [...]
Dilmah opens Cape Weligama in October
Dilmah’s leisure arm, Resplendent Ceylon will be opening its beach resort, Cape Weligama situated 30 minutes east of Galle and costing Rs.3 billion, in October, the company stated. The resort would comprise 40 villas and suites overlooking the Indian Ocean with a unique view from a cliff top due to its location. The company said [...]
Miss China finalists here next month
Cinnamon Hotels & Resorts (John Keells Group) is hosting the Miss Universe China finalists in end August in an event that would further profile Sri Lanka as a must-visit destination, company officials said. This week pageant officials, on a pre-tour visit, met the media along with Cinnamon officials. Seen here is John Keells Deputy Chairman [...]
Colombo Courtyard – first carbon neutral hotel
Blogger Josh Cahill found a “calm oasis in the middle of the city” when walking into the Colombo Courtyard during his visit to Sri Lanka. Here are excerpts from his blog post released by Colombo Courtyard: “Having spent the previous three weeks travelling around Sri Lanka’s beaches and countryside, I arrived at Colombo after a [...]
Minister Champika Ranawaka blasts Sri Lanka’s Lamborghini economy
Sri Lanka currently implements an economic system showing Lamborghinis to people surrounded by poverty, said the Minister of Technology, Research and Atomic Energy Patali Champika Ranawaka at the Sri Lanka Science Foundation in Colombo this week. The country cannot escape from the middle income status trap by promoting the service economy based on entertainment, he [...]
Lankan industrialist honoured for contribution to country’s Polymer industry
Kaushal Rajapaksa, Chairman / Managing Director, Kalhari Group of Companies, was recently presented with the Plastics and Rubber Institute’s prestigious Merit Award for his significant contribution towards the development and growth of Sri Lanka’s Polymer industry. Mr. Rajapaksa is a former Vice President of the institute.
Ceylon Chamber publishes index on the ‘Legislative Enactments of Sri Lanka’
The Ceylon Chamber of Commerce has published an index listing all the legislative enactments in Sri Lanka. The Index, titled as, “An Index to the Legislative Enactments of Sri Lanka,” has incorporated Acts and Amendments enacted to the existing Laws of Sri Lanka, up to June, 2014. It is arranged in alphabetical order by Title, [...]
100s of kites fly for national unity
A recent ‘national unity’ initiative has resulted in multiple gatherings of people flying, in unison, hundreds of kites encompassing different shapes, colours and sizes as a symbol of the equality, diversity and unity deserved by all Sri Lankan citizens.Spanning seven coastal areas, in Colombo, Batticaloa, Galle, Hambantota, Jaffna, Mullaithivu and Mannar, this National Kite Festival [...]
Aravinda, Ravi and Thushara get PIMA Platinum Honours
Platinum Honours 2013/14 conferred by the PIM Alumni (PIMA) has gone to business and professionals, Aravinda Perera, Ravi Jayawardana and Thushara Perera, the organization said this week. PIMA is the association of professionals who have completed the Master’s and Doctoral level degree programmes at the Postgraduate Institute of Management (PIM), affiliated to the University of [...]
Special People’s bank loan Scheme for External Undergraduates of the University of Kelaniya
People’s Bank has launched a special loan scheme for undergraduates who register for degree courses conducted by the Centre of Distance and Continuing Education of the University of Kelaniya. The memorandum of understanding regarding this venture was signed between the Kelaniya University and People’s Bank at the Vice-chancellors Office of Kelaniya University recently, the bank [...]
