Coconut land for housing?
With large scale development across the country, many coconut estates are up for grabs and partitioned into small blocks mostly for housing purposes as this picture taken in Kurunegala shows, with bank finance easily available. There are strict rules against the sale of coconut land in the ‘coconut triangle’ which includes Kurunegala, without prior approvals. [...]
Post-CHOGM: New supplementary estimates to cover spending
The government is grappling with overspending for Commonwealth Heads of Governments Meeting (CHOGM) held in Colombo on November 15–17, 2013. According to a second supplementary estimate, a sum of Rs.353,562 908 (Rs. 353.5 million) has been sought from the Treasury to settle CHOGM expenses in addition to earlier allocations made for summit expenses. The first [...]
SL-China trade pact under negotiations
Sri Lanka and China would soon commence negotiations on the proposed joint Free Trade Agreement (FTA) between the two countries but no date for the signing of the pact has been scheduled, an official said. The two countries would be conducting negotiations that was expected to commence at the earliest having concluded the joint feasibility [...]
Construction work upto 90 metres of 350 metre ‘Lotus Tower’ completed
The 350 metre high, 11-storied tower called ‘Lotus Tower’ is now under construction in a rapid pace with the strict supervision of the Telecommunication Regulatory Commission (TRC), a top official said. TRC Director-General Anusha Pelpita told the Business Times that construction work upto 90 metres of the tower has been completed with the whole structure [...]
Lanka Walltiles enters Oman, eyes the Gulf
Lanka Walltiles PLC (LWL) has secured 100,000 square metres of wall tile orders in Oman, and is looking to expand into that region with similar orders, officials said. “We now have a firm foothold in Oman and will scout for more such market in the Gulf region,” an official told the Business Times. The tile [...]
Japanese investment trickles in Sri Lankan stocks, other projects
More and more Japanese are eyeing stocks in Sri Lankan business and setting up fresh businesses, industry analysts said “A Japanese firm is trying to buy a finance company,” a stockbroker told the Business Times, adding that they are desperate to find such a firm which hasn’t signed a memorandum of understanding with another entity [...]
When the buck stops…
“However much the lids are off the scandalous growth in corruption at the hands of our politicians and bureaucrats and at the cost of tax payers’ money, the continued emergence of corrupt deals both in public and private sectors has not been arrested or mitigated” – words of Wijeyadasa Rajapakshe, an opposition legislator. This was [...]
Asia’s rise: Undoubted but not unimpeded
If there is one defining feature of the tectonic shifts in economics, geopolitics and society taking place today, it is the rise of Asia. Asian economies – particularly those in East and South East Asia as well as India – are at the heart of the changes that are underway in the global economy. Asia [...]
Multi Finance’s hybrid car promotion
Sri Lanka’s Multi Finance said this week it was offering finance on the purchase of a range of hybrid cars in the market – Toyota Prius, Toyota Axio Hybrid, Toyota Aqua, Honda FIT and Honda Vezel. The company said that the comprehensive package with benefits include: Attractive interest rates where no other company could match; [...]
Hayleys group donates Reverse Osmosis plant for CKD affected villages in North Central region
Puritas (Pvt.) Ltd, a fully owned subsidiary of Haycarb PLC, recently commissioned its Reverse Osmosis (RO) plant in D10 Maithreepura, Padaviya. The RO plant will provide purified potable water to mitigate the spread of Chronic Kidney Disease (CKD) in the North Central Province, and uplift the socio-economic conditions of the people of the region, the [...]
Transworks prime property becomes money spinner for the government
The Sri Lanka government is earning money with ease from the idle 4-acre Fort Transworks land as the Krrish group, the lessee of the property continues paying an interest plus some part payments for delaying the final payment of Rs. 640 million of the total lease payment of Rs.4.9 billion, Minister of Investment Promotion Lakshman [...]
Nothing is free, even a packet of rice which used to be!!!
In a developing country like Sri Lanka, certain people have a mindset that everything and anything could be obtained and achieved free-of-charge. There were days where an afternoon meal was given free though someone else had to pay for it. Those thoughts and wishes have not changed among some individuals who still believe that there [...]
Sri Lanka’s top software solution company announces new garment sector tool
ExcelSoft, a Sri Lankan enterprise solutions software company, recently announced the launch of Foresight – performance optimised graphical production planning and scheduling tool, designed specifically to maximise the usage of available, finite capacity and to improve on time delivery in high volume production environments. Launched recently at Trend Setters, a long standing ExcelSoft partner, the [...]
War-ravaged and abandoned Atchchuveli Industrial Zone reopens in Jaffna on Wednesday
The once-abandoned Atchchuveli Industrial Estate in Jaffna, the north’s biggest industrial zone at one time until the war ruined all hopes, reopens on Wednesday after a massive overhaul and infusion of capital that is set to finally stimulate small and medium scale businesses in the post-war era. The rehabilitated and modernised Small and Medium Industrial [...]
CP Women’s Chamber launches South Asia Women’s Entrepreneurship Development Project
The Central Province Women’s Chamber of Small Industries and Commerce (CPWCIC) recently won a grant from the Asia Foundation to conduct a one year project on Entrepreneurship Development in women of South Asia. The ceremonial launch of the project took place recently at the Hotel Suisse Kandy in the presence of a distinguished gathering including [...]
Sri Lankan and Singapore universities collaborate in Clean Kandy City project
Two universities in Sri Lanka and Singapore recently collaborated on a project to manage waste in the hill country capital of Kandy. “Production of waste and sewage often accompany the quick growth of a city. If not managed properly, the city’s sustainability and its people’s wellbeing may be compromised. The same applies for Kandy City,” [...]
National Craft Council and Colombo Fashion Week present ‘CRAFTALIVE’
In a continuous effort to develop fashion designers who bring design innovations to crafts, the National Craft Council (NCC) in partnership with Colombo Fashion Week (CFW) recently announced the unique ‘CRAFTALIVE’ initiative, a media release stated. NCC and CFW will host their first ‘CRAFTALIVE’ show on August 28 against the backdrop of the Independence Square. [...]
Link Natural hires MTI to help go international
Link Natural Products, one of Sri Lanka’s iconic R&D based herbal health care brands, has hired MTI Consulting’s international network of Associates to aid in its process of internationalisation. “Our fast growing product range includes generic Ayurvedic pharmaceuticals, herbal healthcare and personal care products . With a range of over 200 products in the local [...]
365 days of ‘Ganu Denu’ with MasterCard
Marking 25 years of enabling world-class, secure payments in Sri Lanka, MasterCard this week launched ‘MasterCard Ganu Denu’ for all MasterCard and Maestro cardholders in the country. The ‘Ganu Denu’ initiative looks to thank cardholders, and reward them, for transactions made through MasterCard. A media release from the organisation said that MasterCard is offering 400 [...]
Mobitel installs NFC technology at Jaffna Municipal Council
Mobitel has partnered with the Jaffna Municipal Council in developing the council’s fuel allowance processes into Mobitel’s ‘One Fuel Card’ NFC based technological solution. This is the first municipal council in the country to upgrade its fuel allowance disbursement system to a NFC technology-based fuel management method, according to a Mobitel media release. In 2012, [...]
Commercial Bank partners with DIMO to offer special leasing packages
The Commercial Bank of Ceylon is joining up with Diesel and Motor Engineering PLC (DIMO) to offer attractive leasing options for TATA commercial vehicles in a 6-month promotion commencing August 2014. Under the agreement, DIMO will provide substantial discounts to Commercial Bank customers to lease TATA vehicles. The bank will provide low interest rates and [...]
Revenue is not our focus; it’s customer service, says ikman.lk head
While celebrating two years of performance in Sri Lanka, ikman.lk, the country’s largest online classified business website has long term business plans in the country. Within the course of two years ikman.lk never focused on revenue, but on the customer service and now plans to move forward, said Alexander Lowback, head of ikman.lk. He made [...]
Foreign remittances, the main economic driver, drying up in the north
Foreign remittances to the northern city of Jaffna are drying up now compared to earlier when the city was built on this input, according to a Jaffna chamber official. This view was expressed by K. Poornachandran, President, Chamber of Commerce and Industries of Yarlpanam speaking at the launch of the 6th Jaffna International Trade Fair [...]
Softlogic Finance debenture issue oversubscribed
Softlogic Finance PLC debenture issue of Rs.1.4 billion was oversubscribed, a stock exchange filing stated on Thursday. The company stated that it would be laundering an issue for 14 million debentures at Rs.100 each that would be opened on August 21 but was oversubscribed and was scheduled to close at 4.30 pm on the same [...]
Cinnamon Hotels goes Red
Cinnamon Red, the newest three-star 240 room hotel in Colombo, will be opening in September aimed at attracting the traveller wanting to wind down for a short stay during a visit to the capital. The hotel’s official website splashed in red some of the unique features of the hotel with a display of its exotic [...]
Credit demand in banks to rise by first quarter of next year
In the current low interest rate environment, Sri Lanka’s credit demand would pick-up in the second half of this year and gather momentum in the first quarter of next year, according to industry analysts. “Despite the low interest rates and competition in the industry banks would maintain Net Interest May (NIMs) of about 4 per [...]
LRA event sponsor of annual reports competition
The golden jubilee anniversary of the Annual Report Awards competition organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) received renewed support for a third year straight from Lanka Ratings Agency Limited (LRA). LRA, formerly known as RAM Ratings (Lanka) Ltd will be the event sponsor once again at this year’s [...]
Risk management is more than compliance and box-ticking
Risk management is high on the agenda of boards of directors (and should also apply to Sri Lanka) but boards may be blind to some key risks or do not understand them as deeply as perhaps they should. This was the central discussion at the CIMA CFO Forum held in Colombo recently. “There has been [...]
CT Holdings’ losses mount to Rs.191 mln
CT Holdings releasing its second quarter financial results stated it had recorded a group loss of Rs. 191 million compared to profits made during the same period last year. Group losses were recorded at Rs.191.3 million compared to a profit of Rs.144 million in the same period last year, the company stated. The group recorded [...]
Burger King business model ‘easy’ – Pathirage says
Ashok Pathirage, Chairman Softlogic Holdings says that the success of the famous Quick Service Restaurant (QSR) business model was ‘easy’ where consumer response has been very encouraging promising strong contribution in the upcoming periods accelerating the venture’s payback. “Burger King (also) opened an outlet in Kandy City Centre. The latest outlet is at the Arcade,” [...]
Strong private sector initiative led by CCC to boost small businesses
The Ceylon Chamber of Commerce (CCC), through its newly set up arm – CCC Solutions (Pvt) Ltd (CCCSL), is to undertake a long forgotten segment in the country’s economy – the empowerment of the Small and Medium Enterprises (SME) of Sri Lanka. Chamber officials said the new unit is poised to invigorate, revamp and empower [...]
Ceylon Chamber hosts seminar on ‘Value Addition through Irradiation’
The Ceylon Chamber of Commerce in association with the Sri Lanka Gamma Centre is organising a presentation on ‘Value Addition through Irradiation’ on September 4 at the chamber auditorium. The seminar will focus on explaining the role of the Sri Lanka Gamma Centre (SLGC), what is irradiation, Benefits of Irradiation for manufacturers/exporters, facilities available and [...]
IFC looks to support tourism, SMEs, renewable energy and agribusiness
IFC, a member of the World Bank Group, having invested US$273 million in nine projects in fiscal year 2014, is gearing to support the growth of tourism, small and medium enterprises, renewable energy and agribusiness in FY2015, officials said. “Last year we invested to promote innovation, boost job creation, support small businesses and foster inclusive [...]
Lack of focus by SL businesses in investing in China
China has huge investments in Sri Lanka in infrastructure development while tourist arrivals are also rising.However there is limited interest by Sri Lankan businesses to venture there. Navindra Abeysekara, President of the Sri Lanka China Business Council made this comment to the Business Times on the sidelines of the Annual General Meeting of the council [...]
NDB Capital Holdings PLC PAT at Rs.207 million
NDB Capital Holdings PLC recorded in the second quarter of 2014 a consolidated quarterly income of Rs. 321 million, which translated to a consolidated PAT of Rs. 207 million, a media release issued by the bank stated. At company level, the quarterly Income and PAT stood at Rs. 173 million and Rs. 153 million respectively, [...]
German Embassy supports ‘fair and free’ elections-related project
The German Embassy in Colombo is supporting a ‘fair and free’ elections-related project through the provision of NICs and birth certificates in Sri Lanka’s plantation sector. The project, the embassy said in an announcement on Tuesday, is aimed at promoting the development of a culture of democracy by and for Sri Lankans through civic engagement [...]
BOI to be re-organised, re-branded and re-positioned
The Board of Investment (BOI), Sri Lanka’s premier investment promotion agency, is to be re-organised, re-branded and re-positioned to make the country the most preferred investment destination in the South Asian region, BOI officials said. The new look BOI for which a blueprint has already been drawn up, would be more pro-active, focused, devoid of [...]
Sri Lanka’s coasts, agriculture under threat from climate change, ADB report says
Widespread degradation of Sri Lanka’s coastal and agricultural resources due to climate change could cost the economy more than 6 per cent of its gross domestic product (GDP) by the end of this century, according to a new Asian Development Bank (ADB) climate and economics report for South Asia. “A significant number of Sri Lankans [...]
SL-New Zealand association keen to enhance bi-lateral trade
The recent 19th Annual General Meeting of the Sri Lanka – Australia – New Zealand Business Council (SLANZBC) of the Ceylon Chamber of Commerce held in Colombo recently focused on ways of improving trade and investment between the two countries. Addressing the members, association President Lionel D. C. Silva (Chairman, Lidechsi Group of Companies) who [...]
ICRA Lanka affirms credit rating for LOLC and its subsidiaries
ICRA Lanka Ltd, a Moody’s Investors Service-linked rating agency, has in its annual credit review affirmed the “(SL) A-“ credit ratings for Lanka ORIX Leasing Company PLC (LOLC) and its key financial services subsidiaries Lanka ORIX Finance PLC (LOFC) and Commercial Leasing and Finance PLC (CLC) with a stable outlook. Kapila Jayawardena, the Group Managing [...]
Accelerating economic growth and enhancing prosperity for Sri Lankans
The Pathfinder Foundation (PF) has embarked upon a process to develop a ‘Blueprint’ for accelerating economic growth and development through a coherent strategy and reform programme. The primary rationale is to bring to the attention of politicians the need for introducing a reform agenda in their forthcoming Presidential and Parliamentary election Manifestos. In this connection, [...]
