New land restriction laws for foreigners jolt Lankan companies
Sri Lankan companies have been thrown into disarray and confusion over a new Land (Restrictions on Alienation) Bill presented in parliament this week which affects land and property if foreign shareholding in a company exceeds the 50 per cent limit.Several company heads told the Business Times that they were shocked after they came to learn [...]
Treasury bails out crisis-hit development lottery
The Treasury has bailed out the development lottery after a financial crisis that crippled transactions including the payment of Rs. 10,000 and above cash prices for the winners of the lottery when its bank accounts were frozen by the Inland Revenue Department (IRD) last week, officials said. The IRD has, on several occasions, reminded the [...]
Unthinkable: ODEL without Otara: Otara without ODEL
While customers and some employees expressed shock and disbelief after Otara Gunewardena, iconic founder of fashion house Odel, sold her entire stock in the company on Thursday, new owners Softlogic with their biggest acquisition were preparing to take control with plans for another giant mall coming up at its flagship store premises. “Odel without Otara [...]
Calamander to bring in another F&B franchise by 1Q next year
The Calamander Group Inc, a Singapore based investment holding company which recently announced expansion plans for its Coffee Bean & Tea Leaf franchise in Sri Lanka is poised to introduce another ‘brand name’ franchise, Roman Scott, its Founder and Chairman says. “We had discussions with the management of this new chain and by first quarter [...]
Touchwood investors, creditors to meet liquidator on Oct 3
Touchwood PLC Liquidator Sudath Kumar is planning to meet investors and creditors next month to work out plans towards managing their plantations and paying off debts. Mr. Kumar pointed out that he would be convening a meeting of the ‘creditors and customers’ on October 3 at 5.00pm at the YMBA, Borella for which a newspaper [...]
Poverty free Sri Lanka by 2015 – is it a dream or a reality?
“Mahinda Chintana (Vision for the Future)” reiterates that Sri Lanka aspires to become a “poverty-free” middle income country by 2016 with US$ 4,000 per capita income. What is the true picture of poverty, its depth and breadth? The intention of this brief article is to revisit selected government statistics on peoples’ income and assess how [...]
Black money politics and finance companies
In the last update of the financial consolidation policy of the Central Bank (CB) issued last month, the regulator said that a total of 29 proposals from seven banks and 22 non banking financial institutions (NBFIs – finance and leasing companies) have ben approved. The announcement said that consolidation plans of seven more NBFIs and [...]
HNB finances Softlogic’s strategic investment in ODEL
Hatton National Bank PLC this week financed Softlogic Group’s strategic investment in fashion house ODEL, enabling the conglomerate to further strengthen its presence in the apparel and fashion accessories market. Softlogic purchased the shareholdings of Otara Gunawardene, and brothers Ajith and Ruchi Gunawardene in ODEL in a groundbreaking transaction, which gives the group 45 per [...]
Worldchefs to select most sustainable restaurant in the world in 2015
Global chefs, who rarely venture out of the kitchen, are finally coming out to speak globally on an issue that they are responsible for: wasting food in the kitchen. “We want to cut down on kitchen waste. We want to encourage people to use smaller plates. It has been estimated that 30 per cent of [...]
Study tour for SL farmers on intensive vegetable production and marketing in Israel
MASHAV – Israel’s Agency for International Development Cooperation and CINADCO – The Centre for International Agricultural Development Cooperation in cooperation with the Sri Lanka Export Development Board are organising a study tour on Intensive Vegetable Production and Marketing for advanced farmers from Sri Lanka from 9-16 September in CINADCO’s International Training Centre, Kibbutz Shefayim, Israel. [...]
SL- Seychelles to enter trade pact, access to African continent
Sri Lanka would be entering into a Joint Committee established with the Seychelles government following the recent signing of a Memorandum of Understanding (MOU) in a bid to commence trade ties between the two countries. Sri Lanka is looking at establishing trade ties with a view to entering the South African continent, officials at the [...]
Sri Lanka Army to produce its own steel needs
The Sri Lanka Army recently began its own manufacture of barrack equipment, machinery tools and all steel accessories at the main workshop of the Sri Lanka Electrical and Mechanical Engineers (SLEME) at the former Plywoods Corporation complex at Kosgama,just beyond Homagama. The project, initiated by Army Commander Lieutenant General Daya Ratnayake, would sharply cut costs [...]
Buying other finance companies in CB plan
The Commercial Bank of Ceylon has purchased Indra Finance, an unheard of private finance company, as per Central Bank consolidation plans for a whopping Rs. 870 million, according to a company media release. This company is not even heard of in the market. What is the market share? What an investment from the best bank! [...]
Better managing companies through proper direction from the boardroom
The board of directors, their role and proper leadership from the boardroom was the subject of a panel discussion organised recently by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with the Securities and Exchange Commission of Sri Lanka. During the discussion titled ‘Fine-tune your Performance in the Boardroom’ at the [...]
Senkadagala Finance acquires Newest Capital Ltd for Rs. 300 mln
Senkadagala Finance PLC, under the Financial Sector Consolidation Scheme of the Central Bank (CB) has been given approval to buy Newest Capital Ltd, a specialised leasing company, at purchase price of Rs 300 million. “Accordingly, Senkadagala Finance entered into a Share Purchase Agreement recently with the shareholders of Newest Capital Ltd to acquire 100 per [...]
‘LankaClear’ records 8.2% growth in 2013/14
Sri Lanka’s national payment infrastructure provider, LankaClear (Pvt) Ltd recorded 8.2 per cent growth in revenue while achieving revenue of Rs.463 million for the FY 2013/14, a media release issued by the company said. The company is jointly owned by the Central Bank of Sri Lanka and all licensed commercial banks operating in the country. [...]
Top labour migration expert to deliver Prof. H.A. de S. Gunasekera Memorial Oration
The Prof. H.A. de S. Gunasekera Memorial Oration 2014 will be delivered by Dr. Piyasiri Wickramasekara, Vice President, Global Migration Policy Associates, Geneva, Switzerland, on the topic, “International Migration and Development: Myths and Facts” on Thursday, September 18 at 4 p.m. at the Senate Room of the University of Peradeniya, Kandy. Prof. De S. Gunasekera [...]
JAT Holdings helps drought-stricken areas with water storage tanks
JAT Holdings, as part of its ongoing CSR activities, recently donated 1000 and 200 litre plastic containers to the people of the North Central Province for water storage purposes. “According to Health Minister (Maithripala Sirisena), the people of the North Central Province are undergoing severe hardship as a result of the prevailing drought and though [...]
NGOs finally meet Gotabaya to discuss conflicts and ways of resolving issues
The Centre for Policy Alternatives (CPA) and the National Peace Council (NPC), often blasted by government agencies as international propagandists, were among several NGOs which met Defence Secretary Gotabaya Rajapaksa last week to discuss a range of issues confronting the non formal sector. According to a statement to the media released by the NPC, the [...]
Ceylon Chamber publishes a book on ‘apparel sector’
The Ceylon Chamber of Commerce has published a book outlining key insights of the global apparel sector, including the local apparel sector’s current status. Titled, “Apparel Sector 2013”, the publication contains vital information, which will help industry players and interested stakeholders become aware of important details of the sector, including current trends. Among the contents [...]
DEG provides $15 million for CLC’s SME Portfolio Development
Germany’s DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH) recently provided a US$15 million credit facility on a 5 year term period to Commercial Leasing and Finance PLC (CLC), a member of the LOLC Group, for the development of its SME portfolo. An official signing ceremony was held at the LOLC Head Office premises last week with [...]
Strong Chinese business presence at Facets, Sri Lanka’s annual gem and jewellery exhibition
An 80-member strong Chinese business presence and interests dominated ‘Facets 2014’, the Sri Lanka International Gem and Jewellery Exhibition (SLGJE) held over three days last week at the BMICH. As indicated by the highly globalised SLGJE held for the 24th consecutive year, the gem and jewellery industry in Sri Lanka has been one of the [...]
Shipping agencies generate US$300 mln in forex earnings
Sri Lankan shipping agencies generate US$300 million plus per annum contributing significantly to the country’s foreign exchange earnings, the Ceylon Association of Ships’ Agents (CASA) newly elected Chairman Capt. Ajith Peiris said. During his speech as the newly elected Chairman at the CASA AGM held in Colombo recently, Capt. Peiris noted that there were many [...]
Top Sri Lankan hotel groups vie for honours at Maldives travel awards
Sri Lanka’s top hotel chains – John Keells Holdings (JKH) and Aitken Spence Hotels (ASH) – are vying for top honours at a key travel awards event in the Maldives, where both operators have resorts. ASH has three nominees from its Adaaran brand in the running while JKH has two properties in its Chaaya brand. [...]
Central Bank appoints four new Assistant Governors
The Central Bank’s Monetary Board this week appointed four new Assistant Governors to the top banking regulator – D. Wasantha, C. P. A. Karunathilake and H. A. Karunaratne. In addition, S.R. Attygalle who is presently functioning as the Deputy Secretary to the Treasury has also been appointed as an Assistant Governor. These promotions have been [...]
OpenArc to partner local banks to go abroad
OpenArc Systems Management (Pvt) Ltd, a leading Sri Lanka software company established in 1991, is gearing to partner with a local bank in its journey to venture abroad, officials said. “We primarily offer software solutions to banking and finance, security trading and enterprise resource planning (ERP) and with core banking solutions we plan to join [...]
Sri Lanka’s ExcelSoft signs on for first ERP implementation in India
Local IT firm ExcelSoft announced recently that it had signed an agreement to implement an Enterprise-wide Resource Planning (ERP) solution for Quantum Clothing India, the subsidiary of a UK firm that employs a 2,100 staff out of a 11.32 acre facility in Andhra Pradesh established in 2010. This also follows the IT firm’s domestic deployment [...]
New committee at SLASSCOM
A new committee has been appointed at SLASSCOM, Sri Lanka’s main IT body. Seated (from left): Virendra Perera – Treasurer (Senior Vice President of Accenture Lanka (Pvt) Ltd), Mano Sekaram – Vice Chairman (Chief Executive Officer of 99X Technology), Jayntha De Silva – Chairman (President/CEO IFS Sri Lanka), Madu Ratnayake- Chairman Emeritus (Senior VP & [...]
WSO2 Hackathon to foster open source cloud development
WSO2, with cloud computing becoming increasingly popular as the preferred platform for developing and hosting applications, is hosting the first coding social of its kind, WSO2 Hackathon 2014 on September 26 – 28 at the WSO2 Colombo office premises at Palm Grove, Colombo 3. The Hackathon, a 48-hour non-stop event which also includes a great [...]
Responding to and recovering from a Cyber-attack
Hackers grabbed gigabytes of data from JP Morgan and other US banks recently. Hackers are slipping in through phishing emails and other means; the tools are so efficient and cheap that hackers can afford to attack anyone and everyone around the clock. Every organisation with an Internet connection is a potential victim. Even the smallest [...]
International probe to locate defaulting BOI investors who fled Sri Lanka
The Sri Lankan government is to launch an international investigation to locate foreign investors in Board of Investment (BOI) factories who fled the country without paying bank loans and dues to state institutions, official sources said. Several factories have closed down in Export Processing Zones after their investors fled in an increasing trend that reflects [...]
SLEA Journal 2014 – journal to launch on Sept 16
The Sri Lanka Economics Association (SLEA) will soon launch its annual journal for 2014, in addition to a publication on its 2013 annual sessions. Scheduled for September 16, at 5.00 p.m., at the Department of Economics auditorium at the Unviersity of Colombo, the launch will feature a review of the SLEA Journal by Prof. Dr. [...]
Banker boards Taj hotels’ management team
TAj Hotels has got on board former NDB Group CEO Russell De Mel as a non executive independent director from August, a release issued by the company said. A chartered accountant by profession Mr. De Mel had previously served as a Director/CEO of the NDB and Group CEO from March 2010 to August last year. [...]
Convertainers debuts ‘Social!’ at CONSTRUCT 2014
A 1,350-cubic foot converted container that can be used as a restaurant, cafe, mobile food stall, etc. was recently showcased at the CONSTRUCT 2014 exhibition. Called “Social!”, it is the newest offering by Hayleys Advantis-subsidiary Logiventures, brandowner of Convertainers, the pioneer in commercially converting containers into living and working spaces locally. According to a company [...]
Ceylon Tea under pressure in Russia, Ukraine markets
Sri Lanka’s tea sales to Russia and Ukraine have come under pressure with exporters worried over delayed payments and a possible drop in pre-winter buying. Asia Siyaka Commodities CEO Anil Cooke explained that “currently the tea market conditions were not reflective of the vibrancy association with the markets as we go into the colder higher [...]
DFCC Vardhana Bank official bank for Non-Immigrant US Visas
The US Embassy in Colombo recently issued an official statement saying that applicants for non-immigrant US visas in Sri Lanka should make their payments through branches of the DFCC Vardhana Bank. The embassy said it was transitioning to a new online visa process which is designed to be more convenient and user-friendly. After applicants complete [...]
Lankan business leaders discuss biodiversity concerns through Ceylon Chamber initiative
Close to 80 business leaders and senior corporate executives gathered at a Colombo hotel on Wednesday to discuss a crucial challenge for business: protection of Sri Lanka’s biodiversity and environmental degradation It was the inaugural members meeting of the Sri Lanka Business and Biodiversity Platform (SLBBP) of the Ceylon Chamber of Commerce titled “There is [...]
Negombo plays host to HSBC Colombo Fashion Week Resort Show 2014
The third edition of the HSBC Colombo Fashion Week (CFW) Resort Show will be held from 1 to 4 October in Negombo. “CFW has proved to be the backbone of the Sri Lankan fashion design industry, celebrating its 11th year with the launch of its third annual show focusing on a collection of resort wear [...]
Kurunegala Plantations bags gold award at Agribusiness Awards
Kurunegala Plantations Ltd was awarded the All Island Gold Award in Agribusiness for the third consecutive year at the National Agribusiness Awards ceremony 2014 held at the Bandaranaike Memorial International Conference Hall (BMICH) recently where Agriculture Minister Mahinda Yapa Abeywardena distributed the awards, a media release issued by the company stated. The company also bagged [...]
Culprits at large in India’s billion-dollar black money
In a June 27 issue of India’s Frontline magazine titled cover story “Black money and Grey areas”, the report deals at length on an issue that has dogged the economies of India and many others including Sri Lanka. The trail is so murky that in the words of Indian Prof. Arun Kumar, an expert on [...]
Indrajit, new CEO at Union Bank
Indrajit Wickramasinghe has been appointed CEO designate of Union Bank with effect from October 15, 2014, the bank announced on Friday. Mr. Wickramasinghe, currently Chief Operating Officer at NDB, has over 25 years management experience and will take over from November 15th, it said. He has served in various other positions at the NDB including [...]
Unrealised profits from EPF’s share portfolio pass Rs.10 bln mark, Central Bank says
The net unrealised profits of the EPF share portfolio passed the Rs 10 billion mark on September 11, the Central Bank (CB) said on Friday, in another counter to growing criticism over its management of these funds. In a media release, it said realised capital gains and dividends have amounted to Rs. 3.4 billion so [...]
Trade unions call for political action to protect EPF
While calling for political action to protect the Employees Provident Fund (EPF), 16 trade unions have joined hands to demand the government to establish a tripartite consultative committee ensuring the proper management of the fund. ”The time has come for trade unions to take to the streets and rally round masses creating awareness on the [...]
