Sri Lanka’s 10 rupee notes no more
Sri Lanka’s 10 rupee notes are going out of circulation following the Central Bank’s (CB) decision to stop printing this lower denomination currency replacing it with 10 rupee coins, officials said. Most of these notes are disfigured and the Central Bank is now issuing coins to all banks replacing the old notes, a senior official [...]
LAUGFS mulling LPG storage terminal,pharma factory on the cards
LAUGFS Holdings is to invest in a LPG storage terminal expected to be commissioned in two years, while their third resort in Pasikudah will be launched in December with Waskaduwa resort on the cards. The company is also mulling a pharmaceutical manufactuing plant industry, sources said “Feasibility studies are in progress in order to decide [...]
Sri Lanka’s business-like army moves into dairy farming
The Sri Lankan army, involved in business and economic activity since the May 2009 end of the conflict, is aiming to be one of the country’s largest milk producers. As it expands its contribution to GDP growth – not through salaries, wages and expenditure on military hardware but real economic activity, the army has established [...]
More rice imports to meet shortage
The Government has instructed the CWE to import more quantities of rice from India or Pakistan to meet a shortage caused by the drought. Rice imports were allowed due to the shortage but the quantities were found to be insufficient, Government officials said. The Finance Ministry forecasts that 15 per cent of the paddy harvest [...]
CB to allow above-normal investments in banks
The Central Bank (CB) will in future sanction large investments by single entities as it did in the case of TPG, the USA-based global private investment firm that is taking a 70 per cent stake in Union Bank (UB), a top CB official said. “Anyone going beyond 10 per cent (investing above 10 per cent [...]
Global tea promotion to get state “fast-tracking” push
In the wake of recent turmoil in key tea exporting markets globally, the Government is currently looking at fast-tracking the much-awaited global promotional campaign having shortlisted two advertising agencies. The tea promotion fund established in 2012 following an initiative by Plantation Minister Mahinda Samarasinghe has accumulated about Rs.4 billion, Plantation Industries Ministry Secretary Dr. Damitha [...]
Why Sri Lanka should allow the exchange rate to strengthen
Sri Lanka’s bank credit is now weak and with other people’s savings no longer being spent by borrowers, external outflows are less than total inflows, which is putting upward pressure on the exchange rate. The central bank however is not allowing the rupee to appreciate and is capturing the net savings as foreign reserves. This [...]
When a national crisis needs support
A severe drought that has hit several parts of the country is seriously affecting Sri Lanka’s crop harvests particularly paddy in nine districts. According to Government estimates at least 15 per cent of the rice harvest will be lost this year while rice imports have been allowed to cover the shortfall. The Treasury in the [...]
Japan commends Sri Lankan Lal De Alwis’ promotion of bilateral ties
Lal De Alwis, Japan Sri Lanka Technical Cultural Association (JASTECA) Vice Patron has been commended by the Japanese government for his contribution to the promotion of bilateral ties between the two countries, a media release issued by the Japanese embassy in Colombo stated. His name was announced on July 24 when the Japanese Foreign Ministry [...]
Impressive performance from HDFC Bank as branch expansion takes shape
Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has recorded a massive Rs. 310.6 million profit before tax in 1H 2014, up 240 per cent against Rs. 91.4 million in the corresponding period in 2013, and is now preparing to roll out a omprehensive growth plan this year including expanding branches. In a [...]
CB considers JKH request to retain NTB stake above minimum 10% threshold
The Central Bank (CB) is considering an application by John Keells Holdings PLC (JKH) to retain its 30 per cent stake in Nations Trust Bank PLC (NTB), industry sources said. Currently a single investor or group cannot hold more than 10 per cent in a bank and needs to have CB approval for a higher [...]
Sri Lanka’s poultry industry survives amidst a dip in demand
Sri Lankan demand for chicken has fallen down during the second quarter of this year unexpectedly with the prices of both broiler and day-old- chicks (DOC) declining to a considerable level while the cost of production is rising rapidly, poultry producers complained. Poultry Producers Forum’s joint co-coordinator Yakooth Naleem, who is also the Bairaha Group [...]
Five Sri Lankan women awarded prestigious schols
Five young Sri Lankan women were recognised as national winners under the prestigious Jane M. Klausman (JMK) scholarship programme awarded by Zonta International, at the official awards ceremony held in Colombo recently. Awanthika Sandamala Mahawatha from the University of Sri Jayawardenapura; Sabrina Ghouse from Harvard University (USA); Shehani Natalie Rajendra from Achievers Lanka Business School [...]
First-ever Hospitality trade fair by CDC Events in Seychelles
Sri Lanka’s CDC Events and Travels Ltd, in a bid to explore the virgin business market in Seychelles, is hosting Food and Hotel Seychelles 2014 (FHS), the first-ever international food and hotel supplies exhibition in Seychelles in the first week of November. The main objective of FHS is to facilitate trade between the exhibitors from [...]
Modern version of legendary MINI to attract trendy Sri Lankan Youth
The modern versions of the legendary MINI Cooper, the dream car of the youth in 1960s and 70s, comes to Sri Lanka again in the form of new-generation MINI as well as the MINI Countryman. Prestige Automobile Pvt. Ltd and MINI Asia recently launched these two models of new MINI in Sri Lanka to attract [...]
Sri Lankan – Dutch Business Partner Growrite Substrates wins Embassy Award
Dutch Minister for Foreign Trade and Development Cooperation, Ms. Lilianne Ploumen recently honoured Dutch – Sri Lankan company ‘Growrite Substrates Pvt. Ltd’ – the Sri Lankan joint venture of the Van der Knaap Group, with the prestigious Embassy Award at a large network reception in Ede, The Netherlands. In a follow-up ceremony, and in felicitation [...]
Dilemma of the rural university student on learning English
One of the familiar words that roll down the aisles of school and university students in Sri Lanka is the word ‘kadda’ (earlier Kadduwa). It is an acronym used by the students to name ‘English’ which is widely used in Sri Lanka (in trade and commerce and now the web) where the national languages are [...]
Amendments to DFCC Act passed by Cabinet to pave way for NDB merger
Amendments allowing DFCC Bank’s impending merger with NDB has been passed by the Cabinet, industry sources said. “These amendments will facilitate DFCC to become a company, thereby aiding the merger with NDB,” an industry source told the Business Times. He added that this will be similar to the parliamentary approval which was sought to enable [...]
Weak pharma market hurts Hemas Group profits
The pharmaceuticals business at the Hemas Group faced weak market conditions during the quarter ending June 2014 impacting sales and resulting in low growth, company CEO Steven Enderby said this week. In his review of the group’s performance of this quarter, he said despite these difficult trading conditions the company retained its industry leadership position [...]
First Capital helped by lower interest rates, higher volumes in 1Q 2015
First Capital Holdings PLC has recorded a consolidated net profit after tax of Rs. 218 million in the first quarter of 2014-15, benefitting from lower interest rates and higher trading volumes, the company said. Group turnover was Rs. 577 million for the three months ending 30th June 2014, up 17 per cent over the corresponding [...]
Challenges to Post-War Development in Asia and Africa
Countries recuperating from conflict situations face both unique and common challenges that require a shift from narrow conceptions of development to those that cover multiple dimensions. Reflecting on and learning from the development experiences and stategies of countries in Asia and Africa, regions that have experienced some of the worst conflicts in recent years, is [...]
LST forum on development issues titled “Sri Lanka’s Road to Sustainable Development”
The Colombo-based Law and Society Trust (LST) is organising a forum titled “Sri Lanka’s Road to Sustainable Development” next week aimed at addressing several important issues pertaining to post war development in Sri Lanka. The August 22 forum in Colombo at the International Centre for Ethnic Studies will address issues related to urban development, land [...]
Laws and the constitution blatantly violated with impunity
(Excerpts of a comprehensive presentation made by Dr. Deepika Udagama, Head, Department of Law, University of Peradeniya recently at the Prof. Nandadasa Kodagoda 17th memorial oration held in Colombo. The title of the presentation was “We the People”: Reflections on Governance and Civic Engagement in Sri Lanka”.) Civic Engagement For far too long, we have [...]
From colourful batiks to creating value added garments
In early days there used to be a saying ‘Behind every man’s success, there is always a woman’ but what could there be behind every woman’s success in today’s context is a fascinating thought. The world has changed from women being in the family background to standing on their own feet. Yolanda Aluwihare Holm, Designer [...]
Sri Lanka apparel exporters discuss Chinese market quality rules
The Sri Lanka Apparel Exporters Association recently organised a seminar in Colombo to enhance the knowledge and quality awareness on supervisory regulations and mandatory testing requirement of textile and apparel market of China. Dr. Jane Jiang, SGS Global Director for Softline (textile and apparel industry) was the guest speaker, assisted by Joey Zou of SGS [...]
CMA Workshop on EMA guidelines
The Institute of Certified Management Accountants of Sri Lanka (CMA) has organised a workshop on “Adopting Environmental Management Accounting (EMA)” on Tuesday, 26th August at the Distance Learning Centre, 28/10, Malalasekara Mawatha, Colombo -7. “The environment has become an important consideration for businesses as well as for all the professionals including accountants. Increasing costs, natural [...]
Sri Lanka’s biggest online store marks 3rd anniversary
Digital Commerce (Pvt) Ltd, a company that owns and operates the WoW.lk ecommerce site – Sri Lanka’s largest and most visited online store, recently celebrated its third year in existence, registering a record sale of Rs. 6 million on its birthday, the company said this week. The company had its beginnings in 2011 originally starting [...]
SLID holds second successful Board Leadership Programme
The Sri Lanka Institute of Directors (SLID) recently organised a two-day programme supported by the Securities and Exchange Commission of Sri Lanka to sustain and support corporate governance in Sri Lanka. “This is through reinforcing the board member’s function as an agent of change and providing a refresher course on the structures and processes required [...]
CCC book on Sri Lanka’s trade regulations
Local importers and exporters can now have access to a book, which consists of all the regulations governing the country’s imports and exports. The new book, published under the title of “Sri Lanka Trade Regulations – Index of Regulations relating to Imports and Exports” was compiled by Verite Research, Sri Lanka and promoted by the [...]
WNS is CMA training partner
CMA has signed a MOU with WNS Global Services (Pvt.) Ltd as an accredited Practical Training Partner. WNS, in Sri Lanka for the past 10 years, is the largest BPO provider in the country, with key clients in the insurance, legal, and travel related industries. The MOU will provide CMA students an opportunity to obtain [...]
TKS Group completes merger exercise
The TKS Group recently announced that it had completed the integration of two of its finance sector holdings, TKS Finance Ltd and Asian Finance Ltd. In a media statement, the organisation said that the merger was initiated with the approval of the Boards of Directors and shareholders of both companies and the Central Bank of [...]
PIM training for JKH mid-managers
The third batch of participants from John Keels Holdings (JKH) PLC for the middle management development programme conducted by the Postgraduate Institute of Management (PIM) commenced their studies on Saturday, July 31 “JKH has chosen to tread on a continued path of staff training to attune its middle management for leadership roles. Ms. Priyanthi Silva, [...]
People’s Bank joins CBSL-backed Guarantee Scheme for Pawning Advances
People’s Bank has joined the guarantee scheme initiated by the Central Bank of Sri Lanka (CBSL) for pawning advances, the state bank said on Monday. The agreement in this regard was signed between the two institutions at the Regional Development Department of the Central Bank of Sri Lanka. The guarantee scheme covering pawning advances would [...]
Hayleys to venture into instant tea
Hayleys PLC, through its subsidiary Kelani Valley Plantations PLC is to venture into the instant tea market, officials said. Hayleys subsidiary Dipped Products PLC in its quarterly financial statements earlier this month announced that Kelani Valley Plantations has set up a new company, Hayleys Global Beverages Ltd (HGBL) to process and manufacture Ready to Drink [...]
‘Holistic’ SL leaders enhance business performance
When local leaders start accepting a “holistic leadership framework”, they will become more effective at enhancing business performance, according to Jayantha Fernando, the Founder / Chief Executive Officer at TAS Coaching and Consulting Sri Lanka. Making this comment on the occasion of the local launch of the ‘Leadership Circle’ range of assessment and workshop services, [...]
Former MP Samson Silva’s property to be auctioned
Former UNP MP and millionaire businessman M. Samson Silva’s company property mortgaged to Hatton National Bank (HNB) is to be sold in a public auction in a bid to recover loans taken by the company between December 1992 and February 2007 period. The HNB has decided to recover a sum of over US$ 4.54 million [...]
SLT 1st half Group net profit up 28% to Rs. 3 bln
Sri Lanka Telecom PLC (SLT) said revenue of the group and subsidiaries totalled Rs.31.39 billion for the first six months of the year, up 8 per cent from the same period last year. All the operational segments of the group contributed to this growth – fixed telephony, mobile and others, SLT said in an announcement [...]
Sinhaputhra Finance PLC – creating human capital in the Central Province
In Sri Lanka’s hill country, gaining head-office experience for young people seeking a career in the finance industry is not easy due to the paucity of good, reputed firms . Sinhaputhra, the Kandy-based finance company, has been first door on which to knock for budding professionals. “It has provided either a career path or stepping [...]
CCC steps in to help drought-stricken areas
The Ceylon Chamber of Commerce (CCC) said on Thursday it was taking steps to muster the support of the local business community to help over a million people affected by severe drought conditions that has hit the regions of North-Western, North-Central,North, Eastern, Southern and Uva provinces. The CCC said it has made a request to [...]
SEC steps up directives on Adam Investments
The Securities and Exchange Commission (SEC) on Thursday issued three directives to Adam Investments Plc (AINV) subsequent to recent incidents which included the original sale of its stake in PC Pharma and subsequent reversal and its mandatory offers including on PCH Holdings. At their meeting held earlier this week, SEC Commissioners had deliberated on the [...]
Commercial Bank says 6-month PBT surpasses Rs. 6 bln mark
Commercial Bank of Ceylon PLC said this week it posted profit before tax of Rs 6.474 billion and net profit after tax of Rs 4.479 billion for the first half of 2014, ‘despite shrinking margins’. In a media release, the bank reported a 9.39 per cent improvement in its total operating income of Rs 17.698 [...]
Sri Lanka needs manufactured exports and innovation
The contribution of manufactured exports in 2013 was disappointing, declining to 20 per cent of total exports from 24 per cent in 2005 (EDB figures). This decline could be attributed mainly to the food, beverages and tobacco sector which fell by 23 per cent in 2013. A notable feature of manufactured exports was that only [...]
