Tax consultants’ mafia troubles acting Tax Chief
Mafias appear to emerge in every nook and cranny in Sri Lanka with the latest entry being the tax consultants’ mafia, causing headaches to the Inland Revenue Department (IRD). In a bid to tackle this problem, the department is offering free tax consultancy services and at the same time promoting voluntary compliance, the acting tax [...]
CB in talks with 3 parties willing to bail out CIFL
The Central Bank (CB) is in talks with three foreign investors in a bid to restructure the failed CIFL (Central Investments and Finance Ltd), CB sources said. “We’re in the process of restructuring CIFL under the Financial Sector Consolidation programme,” a CB source told the Business Times. He added that CIFL Depositors Association had withdrawn [...]
GK company repayment plan runs into stormy waters
The Golden Key Credit Card Company Ltd (GK) plan to complete the payment of Rs. 7,233 million which is 41 per cent of the capital of disgruntled depositors has run into stormy waters due to the activities of a group of saboteurs, Dushanthi Hapugoda, Director of the company alleged She noted that these payments were [...]
CB says no favouritism in the financial sector consolidation process
The Central Bank has denied claims of favouritism in the implementation of the financial sector consolidation process stating that no finance company will be allowed to continue without merger or absorption. Assistant Governor of Central Bank C.J.P. Siriwardena told the Business Times that they will stick to the master plan on consolidation of the financial [...]
Fund Manager’s Conference to see more regional investors
The Global Fund Manager’s Conference to be held in Colombo on October 9 will see more regional businessmen taking part, officials said. The Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission (SEC) have sent invitations to global fund managers to participate at Sri Lanka’s second international fund managers forum at the [...]
Influential ME-based Lankan invests in Pulmoddai project
Nandana Lokuwithana, an influential Sri Lanka businessman based in the Middle East, is making a major entry into the mineral sands deposits of Pulmoddai in northeast Sri Lanka, known as the ‘black gold of Sri Lanka’. An apparel industry magnet, Mr. Lokuwithana, who is the owner of Sri Lanka’sSteel Corporation and the Marriott Al Jaddaf [...]
SLFP unbroken for 20 years, will it give way?
“Macho, the Government didn’t do well at the Uva polls no!” says Panchi Singho, sipping a cup of plain tea at the ‘Thay Kade’ in Timbuktoo village. “Adey, don’t say that ‘Masina’, Rajapaksa’s party won no, even though with a slender margin,” counters Sakvithi, the carpenter, adding “however they need to provide some goodies to [...]
New Land Bill: Is it a ‘no – investment’ in Sri Lanka
The Land (Restrictions on Alienation) Bill which was recently placed before parliament for debate appears to have gone beyond its initial mandate and intentions. It will be recalled that President Mahinda Rajapaksa, proposed, during his Budget Speech in November 2011, that “foreigners” will not be allowed to purchase state land on a freehold basis. This [...]
Sri Lanka’s CSR to be directed towards national priority needs
In a farsighted move to direct corporate social responsibility (CSR) projects towards national priority needs, CSR Lanka has taken an initiative to bring private sector firms under one umbrella organisation for the benefit of the society.CSR Lanka will provide knowhow and expertise for its membership of over 40 private sector corporate entities spending around Rs. [...]
China entry in a big way in solar power generation
The newest Chinese involvement in Sri Lanka is providing solar power. At present the energy consumption in Sri Lanka is analysed as hydro-electricity 41.39 per cent; fossil fuel power 53.37 per cent and non-traditional recycled and renewable energy 8.24 per cent. To explain the Chinese involvement in providing solar energy to Sri Lanka, a seminar [...]
CCI proposes a steering committee to implement ‘smart city’ projects
Sri Lanka’s Chamber of Construction Industry (CCI) has proposed the appointment of a public/private steering committee to implement projects aimed at transforming the country’s major cities to smart cities. The members of the committee should be Chairman/DG, Board of Investment (BOI), Urban Development Authority (UDA), Road Development Authority (RDA), Tourism Authority, Chairmen of the private [...]
Over 120 schools and 100,000 students benefit from Fashion Bug career guidance programme
Fashion Bug, one of Sri Lanka’s leading retail clothing stores with over 17 outlets island-wide, who launched their CSR programme, Career Guidance, under its educational CSR platform ‘Sisu Dirimaga’; has now completed 14 schools with 2700 students benefciaries. “We launched this programme in February this year with the intention of helping school leavers who need [...]
Modi pledges to make India a global manufacturing hub
India is to be transformed to a global manufacturing hub providing jobs for young men and women under the age of 35 who constitute 65 per cent of the country’s population and improve the purchasing power of the people. Prime Minister Narendra Modi made this disclosure when he launched the ‘Make in India’ initiative pledging [...]
Sri Lanka’s Swap Line with China will boost external liquidity and trade, Moody’s says
The start of negotiations between China and Sri Lanka on a Free Trade Agreement and Sri Lanka’s commitment to join the Maritime Silk Road, which will link China with Africa and the Middle East via South Asia, are likely to support further trade and invesment inflows, according to a report by Moody’s Rating agency. Overall [...]
Employers also played a key role in ensuring a decent wage for workers
Much was written recently about the late Bala Tampoe who was indeed a colossus and made a mighty contribution to keeping workers’ rights in the forefront of political discussions and debates for over 60 years. Bala was very articulate and forceful and therefore able to win many battles albeit at the cost of antagonising many [...]
Local GDP figures inaccurate, says Lankan Professor
The grave dangers facing the world due to climate change, deaths due to widespread hunger and malnutrition and spiraling poverty now prevalent in the world and the unreliability of the statistics on these matters were revealed at the inauguration of the 7th Annual Conference of the Organization of Professional Association of Sri Lanka (OPA) held [...]
19th AGM of the Sunday Times Business Club(STBC)
The annual general meeting of the Sunday Times Business Club (STBC) for the year 2014/15 was held recently at the Cinnamon Lakeside, Colombo, the club’s host hotel. At the election, senior member and former Vice President Amal Fernando was elected as President, taking over from Chaturanga Perera who had served two terms as President. Sampath [...]
Failed Japanese unit helps husband-and-wife team launch thriving artificial flowers’ business
The bankruptcy of a Japanese artificial flower manufacturing company has turned out to be a fortune for a Sri Lanka entrepreneur, not because the latter took over the manufacturing, but he made use of the knowledge and experience he obtained while working in the factory. It is the success story for that matter. Now the [...]
Truecaller launches app with more than 75 mln users to track spam, fraudulent calls
Truecaller, the world’s largest verified mobile phone community announced its foray in Sri Lanka, as a strategic entrance to one of its key emerging markets. Truecaller is a Swedish company that has currently over 75 million users across the world and growing. It is a huge opportunity for Truecaller to further extend this service to [...]
Sathosa lorries beat the cost of living
With the cost of goods rising, Sathosa lorries have fanned out to the countryside selling rice, canned fish and other items at reasonable rates. In these pictures taken by photographer Athula Devapriya, crowds gather at a Sathosa lorry.
SL knowledge services ‘successful but relatively unknown’ – A.T. Kearney
Local private sector IT body SLASSCOM recently announced that Sri Lanka has moved up five places, to its current 16th position, in this year’s edition of the Global Services Location Index (GSLI) issued by global consulting firm A.T. Kearney. Further, the announcement also highlighted the following comment by A.T. Kearney: “Sri Lanka moves up five [...]
Road safety app ThirdEar tops start-up contest VirtusaX2014
VirtusaX2014, a start-up competition organised jointly by IT company Virtusa and private sector IT body SLASSCOM, has awarded its grand prize winner, to road safety app ThirdEar. According to the winners announcement by Virtusa, “Monitoring ambient noises for the sound of vehicle horns, ThirdEar alerts users by pausing the music that they are listening to [...]
Financial sector consolidation important to respond to a crisis situation – CB
Since there has not been any significant crisis situation in Sri Lanka’s financial system except for some non-systemic failures of a few mismanaged financial institutions in the recent past, the question raised by many local and international agencies was why the Central Bank (CB) came up with a financial sector consolidation programme for a well-functioning [...]
Deloitte holds leadership programme
As the Sri Lanka regulator prepares to embrace the global capital standards as per the central bank’s plan for the year 2014, the recently held thought leadership programme presented by SJMS Associates in collaboration with its knowledge partner DeloitteTouch Tohamatsu India (Pvt). Ltd focused on exploring the intended and unanticipated consequences on Sri Lankan banks. [...]
Local IT/BPM sector growth ‘Colombo-centric’ – top industry CEO
Growth in the IT and Business Process Management (IT/BPM) sector in Sri Lanka is currently “Colombo-centric” and it needs to extend beyond the country’s business capital, according to Mano Sekaram, Chief Executive of 99X Technology. Also the Vice Chairma of private sector IT body SLASSCOM, he further commented that the “fastest way of doing this [...]
Record entries for Ceylon Chamber’s Sustainability contest
The Ceylon Chamber of Commerce has received applications from over 75 local firms to compete in the upcoming Best Corporate Citizens Award (BCCS) 2014 and project awards, a record in the competition’s history, which has been held for over a decade. Among the companies, who have applied for the competition is multinational firms, diversified conglomerates, [...]
“Hilton Colombo profits drop, plans for high market revenues 2015/16”
The owners of the Hilton Colombo have sent a clarification to the report under the above headline which appeared in last week’s Business Times: There have some inaccuracies observed as follows which need to be corrected ; Para 1 – “the USD 35 Million Refurbishment drive that caused the shut down of some hotel rooms [...]
British Airways exiting Colombo after March 2015
British Airways (BA) said on Wednesday it was pulling out of Colombo from next March as the sector was uneconomical. “The Colombo route is not making a profitable contribution to our business and we are unable to sustain it,” said Christopher Fordyce, Regional Commercial Manager, British Airways, South Asia, in an announcement. Industry sources said [...]
Institute of Hospitality, Sri Lanka ready for its signature Black-tie Dinner in October
The Institute of Hospitality Sri Lanka Chapter is conducting its signature Annual Chairman’s Black-tie Dinner for the 16th consecutive year on October 3 at the Kingsbury Hotel. “The Annual Chairman’s Black-tie Dinner is the most stellar event in the calendar of the Institute and has been held annually attracting a large cross section of representation [...]
Rising liquidity, less credit disbursement concerns Central Bank
The Central Bank’s (CB) Monetary Board, introduced a set of measures on Tuesday, intended to actively encourage commercial banks to utilise substantial amounts of excess liquidity to enhance the flow of bank credit to the private sector at more reasonable interest rates. “Such a move would support the growth momentum of the economy, given the [...]
Hemas Travels sponsors F1 Challenge
Over 20 racing enthusiasts battled one another fiercely in the F1 challenge finals in which the top 3 winners are awarded an all-expense paid trip to watch the Singapore Grand Prix 2014. The final event was a culmination of many preliminary competitions worked off at various venues in Colombo, a local travel company said. Finalists [...]
Interest difference for banks in Sri Lanka
In the recent past banks and financial institutions in Sri Lanka have reduced interest on deposits on several occasions and now such rates have come down to very low levels comparatively. The interest charged on banking facilities too were reduced accoringly. However certain sections of the general public are puzzled; why can’t the banks also [...]
Lankan interest rate cut lowest ever by CB – analysts
‘Interest’, the cost of using other people’s money is lower than it has ever been in Sri Lanka and will stay low for at least the next six months, industry analysts say. Among the few vital signs that are monitored in arriving at this conclusion, Chandima Desinghe, CEO-Agora Securities (Pvt) Limited, a specialist intermediary in [...]
Union Bank investor meets CB Governor
David Bonderman, Co-Founding Partner of global private investment firm, US-based TPG Investments met Central Bank Governor Ajith Nivard Cabraal recently during a visit to Sri Lanka. TPG bought a majority stake in local bank, Union Bank.
Decline in private sector credit growth ‘not a healthy trend’ – new IASL Chairman
Sri Lanka’s private sector credit growth estimates are currently at 2 per cent up to June 2014, a continuation of its “sharp” decline (7.5 per cent in 2013, 17.6 per cent in 2012, and 34.5 per cent in 2011), which is “not a healthy trend”, according to Nlam Jayasinghe, the newly-elected Chairman of the Industrial [...]
Brac Lanka Finance acquired by financial giant Commercial Leasing
Commercial Leasing & Finance PLC (CLC), an LOLC subsidiary has acquired the controlling stake of 56.3 per cent in BRAC Lanka Finance Company PLC (BLFC). Completing the transaction with BLFC’s previous owner, CLC bought the balance held by BRAC consolidating its position at 59.33 per cent. With this acquisition, LOLC Group owns 94.35 per cent [...]
Unit trusts on SEC radar
The Securities and Exchange Commission (SEC) this week directed all unit trusts to maintain a minimum of 50 unit holders for each fund at all times and initiated that it’ll get tough with non compliance. “If this is not met due to redemption by a unit holder or any other supervening circumstances, the managing company [...]
SEC relaxes price constraints on finance company crossings
The Securities and Exchange Commission (SEC) on Tuesday directed the Colombo Stock Exchange (CSE) to relax rules pertaining to price constraints on share crossings on finance companies gearing for consolidation. Now a crossing shall not take place at a price below 5 per cent of the closing price in a crossing in CSE’s Automated Trading [...]
More disposable income will hike Lankan insurance penetration – Report
Greater penetration in Sri Lanka’s insurance sector will largely depend on increased disposable income in the market, as insurance is still viewed as a discretionary product by many, analysts say. A report by Softlogic Stockbrokers said that given the stable political and conducive macro environment in the country, the life insurance business is geared to [...]
Discussion on economic prospects of petroleum and the extended continental shelf of Sri Lanka
Two top Sri Lankan speakers will discuss the “economic prospects of petroleum and the extended continental shelf of Sri Lanka” on October 2 at the Sri Lanka Foundation -Colombo 7, from 3pm -5pm. The forum is organised by the Shippers’ Academy Colombo which said the two topics are current issues and will have, long term [...]
