Behavioural Finance: Force behind Capital Market Behaviour
Across the wide spectrum of the capital markets participants from stock brokers to accredited investors, the belief or what is been made to believe is that the capital markets is an efficient market, leading to “Efficient Market Hypothesis”: the stock market is efficient, and at all times the securities price reflects a sum total of [...]
Twist and turns in Sri Lanka’s coal tender
Sri Lanka’s tender procedure for the procurement of coal to operate the Norochcholai power plant has taken a dubious turn with the cancellation of bids for the second time in eight months. The previous tender was cancelled in December 2013 The decision to cancel the bids called through a newspaper advertisement on 17-04-2014 for the [...]
Sri Lanka raises another US$250 mln through NSB
Sri Lanka raised another US$250 million long term international bond through National Savings Bank (NSB) to finance counterpart funds required for infrastructure projects and other projects as well as to maintain cash flows and general corporate purposes as the earlier $750 million raised by the bank is almost exhausted, official sources said. The Central Bank [...]
IRD’s internal crisis slows tax collection
Tax collection by the Inland Revenue Department (IRD) has slowed down due to the lethargy of tax collection officials as a result of administrative issues and politicisation of the department, employees alleged. Changes in the higher administration structure including the appointment of an Acting Commissioner General in an ad hoc manner keeping the top post [...]
Parkson Retail Asia Ltd undecided on Odel offer
A week after Softlogic Holdings offered a full buyout of Odel after taking a 45 per cent stake, majority shareholder Parkson Retail Asia Ltd said it was undecided whether to sell or not. The leading Southeast Asia-based department store operator, in an e-mail to the Business Times said that its management will decide in due [...]
Russia, Ukraine crisis hits SL visitor arrivals
Hoteliers are expecting a good winter season with increased arrivals this year but this is likely to be dampened by a drop in Russian and Ukrainian travellers. “We are concerned about the situation in Russia and Ukraine because the Russian Rouble is depreciating and destinations that operate in dollars might go to short haul locations,” [...]
Welcome China, welcome debt-based growth
During the 1950s, 1960s and, to some extent in the 1970s, lining up the roads waving flags to greet a world leader was a spontaneous reaction by Ceylonese (now Sri Lankans) as a show of respect ,affection and an acknowledgement by all that it is a plus for the country. Local leaders at that point [...]
IT-BPO Board at the Colombo bourse under serious discussion
The Colombo Stock Exchange (CSE) is gearing itself to attract as many firms as possible and this time the focus and target is on companies in an industry-wise context. The CSE together with the Securities and Exchange Commission (SEC) is deliberating the creation of a new IT-BPO board. “This is under discussion by stake holders [...]
Japan’s investment appetite for Sri Lanka escalates
There is a Japanese proverb that says ‘if something has happened twice, it will happen a third time’. Maybe it should be changed to ‘if something has happened twice, it will happen a few more times’, judging by the amount of Japanese investments surging into Sri Lanka. The Japanese seem to be interested in Sri [...]
Brandix-led Disrupt taps three start-ups for funding
Three start-up firms have received pledges for “financial support, mentoring, workspace and potential client matching” from Apparel industry start-up incubator Disrupt Unlimited, which is funded by Brandix, according to a statement by the apparel maker. Additionally, the start-ups were also identified as “Generation Epsilon”, which is “redesigning the sample approval process in bra production to [...]
Spark Electric Vehicles launches World Ozone Day offer
Local electric automobiles importer Spark Electric Vehicles (SEV) recently launched two initatives in line with September 16′s World Ozone Day. The first was a customer promotion, in partnership with Orient Finance, whereby potential customers are offered the chance to trade-in their cars for a part amount that goes towards the purchase value of a Nissan [...]
Unicorn enters retreading market with two new retreading plants
Unicorn Tyre Retreads (Pvt) Ltd is the newest player in tyre retreading market in Sri Lanka, commissioning two state-of-the-art tyre retreading plants recently at the industrial zone in Panaluwa, Watareka. Unicorn Tyre Retreads (Pvt) Ltd Managing Director Asanga Ratnayake and many distinguished guests graced the occasion, the company said in a media release. The two [...]
UK papers see surge in circulation figures
Monthly circulation numbers for newspapers in the United Kingdom have seen an across the board jump in the latest Audit Bureau of Circulations report, according to media reports reaching Colombo Fifteen of the 24 major national daily and Sunday newspapers saw a month-on-month increase in sales figures in January, with several also reporting a boost [...]
Ceylon Planter’s Society celebrates 78th anniversary
The Ceylon Planter’s Society will be holding its 78th AGM and social at the “Water’s Edge” on September 27. In a media release, the society said that it was on November 22, 1936 that the largest gathering of European planters and their wives and a sprinkling of Ceylonese planters assembled at the Queens Hotel, Kandy [...]
LOLC looks to Laos, rest of Mekong Region for microfinance expansion
Having acquired a 60 per cent in Thaneakea Phum Cambodia (TPC), for US$ 20.3 million, the LOLC Group is eyeing to go to Laos and the greater Mekong Region of Southeast Asia, officials said. “We are setting our sights on Laos,” one official told the Business Times, adding that in time to come they aim [...]
Ceylon Tea under pressure in Russian, 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 associated with the markets as we go into the colder higher [...]
Lafarge partners with Lankan contractor on international projects
Lafarge, a world leader in building materials, is growing its partnership with Dynamic Technologies, a Sri Lankan contractor, to develop a 4,000 ton cement silo in the Seychelles. This would be the seventh international project collaborated jointly by the two organisations, the cement company said. Dynamic Technologies is no stranger to Lafarge Mahaweli Cement. Asoka [...]
Faster issue of patents will speed up Lanka’s development, young inventor says
The National Intellectual Property Office of Sri Lanka, the authority that grants patents for new inventions, appears to be a stumbling block for inventors to commercialise their inventions. The first electric car in Sri Lanka branded ‘Elca’, developed by young Nilanga Senevirathne, is still in limbo for the last three years as he is waiting [...]
Hilton Colombo profits drop, plans for high market revenues 2015/16
Hilton Colombo has been experiencing a sharp dip in profits by 63 per cent owing to the US$35 million refurbishment drive that caused a shutdown of some of the hotel’s rooms resulting in low occupancies. The drop in occupancy due to the decision taken to close the hotel in December 2013, which also resulted in [...]
Sri Lankan footwear exports double in 2013, CCC study shows
Sri Lankan manufactured ‘Footwear’ exports have doubled during the year 2013, compared to what was exported in 2012, a new study conducted by the Ceylon Chamber has found, while the trend is expected to continue during 2014, as well, the study reveals. A media release from the chamber said that according to the study, titled [...]
Plantations were the lifeblood of the nation for many years, says PA chairman
The ‘honeymoon’ of the plantation industry in Sri Lanka appears to have been over, long ago, as the government has thrown it to the back-seat of the country’s economy, now . Reflecting this attitude, Dr, P B Jayasundara, Secretary to the Ministry of Finance and Treasury said that in the 1950s the plantation industry was [...]
Entrust Securities earnings up 1,239%, to Rs. 81.9 mln
Entrust Securities announced that it has recorded a sharp 1,239 per cent earnings increase for its first quarter ended 30th June 2014, to Rs. 81.9 million. This is in comparison with Rs. 6.1 million earned during the corresponding period of the previous year, and based on recently issued unaudited accounts for the first quarter of [...]
Balance of payments, foreign reserves boost from CB
The Central Bank (CB), which regularly exudes a lot of confidence over Sri Lanka’s economic growth curve and regularly counters opposition criticism on these issues, said this week the balance of payments (BOP) recorded a surplus while international reserves had also grown. During the period of January to July 2014 the BOP is estimated to [...]
Sarath, the humanist, fought for farmers and peasants
I can’t remember when I first met Sarath (Fernando – who was laid to rest last week along with another great son of the soil, Bala Tampoe) but it was probably around the time in the late 1990s when I began writing on development issues. It was an interesting period – the new regime (Chandrika [...]
Elders’ home for retired workers opens next month courtesy Elpitiya Plantations
Elpitiya Plantations PLC has taken a gratifying step towards opening next month an elders home for retired workers of its Dunsinane, Sheen, Fernlands, Meddecombra, New Peacock and Nayapane Estates. The home, complete with all amenities and built at a cost of over Rs. 25 million, will be opened in October at Meddecombra Estate. It is [...]
Virtusa’s approach to engaging Millennials
It’s very likely that the next client or colleague you work with is a Millennial which is described as someone who was born between the early 1980s and the early 2000s. Someone from Gen Y. The fact that the United Nations (UN) has selected ‘Invest in Young Persons’ as the global theme to mark this [...]
CB to select Consultant to establish Central Counterparty by month end
The Central Bank (CB) is to select a Consultant cum Project Manager to set up a Central Counterparty (CCP) and implement a Clearing and Settlement System for facilitating the transactions in the domestic financial markets within the next few weeks, official sources said. The CB together with the Securities and Exchange Commission (SEC), Colombo Stock [...]
Bank of Ceylon debenture raises Rs. 8 bln on the opening day itself
Bank of Ceylon, Sri Lanka’s biggest bank on its 75th year, on Tuesday opened its 6th listed rupee debenture issue for subscription and found it oversubscribed (Rs. 4 billion plus an option of another Rs.4 billion) on the opening day itself. “The first listed debenture issue of the bank was offered to the public in [...]
Pilots’ Guild and SriLankan management sign new deal
A new agreement was signed between the management of SriLankan Airlines and the Pilots’ Guild on September 12 for the period September 2014 to September 2017. This agreement mutually recognises the importance of enhancing productivity and contributing to business priorities whilst addressing the needs of the flight crew in keeping with industry trends and employee [...]
Central Bank swap deal with People’s Bank of China
The Central Bank of Sri Lanka (CB) and the People’s Bank of China (PBOC) this week entered into a bilateral Currency Swap agreement which provides an opportunity to exchange the Sri Lankan Rupee (LKR) with the Chinese national currency (CNY) for trade related activities and other purposes agreed upon by both parties. The swap deal, [...]
Harsha Purasinghe selected as Eisenhower Fellow 2014
Harsha Purasinghe, CEO and Founder of Microimage has been selected as a 2014 Eisenhower Fellow, a prestigious award given annually by the Eisenhower Foundation. Mr. Purasinghe, who was selected from a pool of international applicants, will travel to the US later this month to participate in the 2014 Eisenhower Innovation Programme. On fellowship, he will [...]
CA Sri Lanka honours 91-year old founding member
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently paid tribute to one of its founding members, Sinnappu Ramasamy who has been a member since the institute was founded in 1959. Mr. Ramasamy, who is 91 years old and lives in Perth, Australia, has served in various corporate positions across South East [...]
“UDA in mega land-lease deals”
Nimal Perera, Chairman of the Urban Development Authority (UDA) has sent the following response to last week’s report in the Business Times under the above heading: “The criticism in the above article against the UDA of not following proper tender procedure in alienating lands is a misconception of the correct picture. We believe that the [...]
Top HSBC official visiting Sri Lanka
Jayant Rikhye, HSBC’s Head of International Asia Pacific, will arrive in Sri Lanka tomorrow on a 2-day visit during which he will meet the Central Bank Governor, customers and employees of the HSBC. As Head of International Asia Pacific, Mr. Rikhye has direct responsibility over 12 markets in Asia, comprising Bangladesh, Brunei, Indonesia, Japan, Korea, [...]
Leo Burnett completes Second Masterclass Programme for industry interns
Leo Burnett Solutions Inc (LBSI), the local office of the global advertising network Leo Burnett Worldwide, recently completed the second Leo Burnett Masterclass programme which is designed to provide young undergraduates with an opportunity to gain exposure into the marketing communications industry. “At present, the marketing communications industry is challenged to attract fresh talent into [...]
Kiwlegedera not needed in court; 10 Touchwood Directors identified in new submission
The Colombo Commercial High Court has decided that the presence in court of former Touchwood Investments Chairman/CEO Lanka Kiwlegedera was not required while the petitioner in the winding up case has submitted a motion summoning all other directors of the company to be held liable. The Touchwood winding up case lawyer for the petitioner Avindra [...]
