Under-performing plantation companies come under the Treasury microscope
Sri Lankan government is to undertake a comprehensive assessment of under- performing plantation companies managed by the private sector to enable the authorities to take it over after cancelling the long-term leases, official sources said. The Finance Ministry in collaboration with Plantation Industries Ministry will be taking appropriate decisions by assessing the performances of private [...]
SL banks to present data on seniors for 12% interest move
The Central Bank (CB) has requested the Sri Lanka Banks’ Association – on behalf of all commercial banks – to collect data on how many senior citizens maintain accounts in these institutions, officials said This has come on the back of the SLBA urging the CB and the Treasury to extend a scheme applicable to [...]
Tax hike on commercial vehicles sparks confusion in the automobile market
Sri Lanka’s commercial goods transportation has been hit badly following the budget tax revision on vehicle imports that sent the automobile market into confusion over the past three weeks, according to Ceylon Motor Traders Association (CMTA) officials. While bringing down taxes on petrol cars by 25 per cent, the taxes on trucks were increased to [...]
Vehicle registration and transfers to go online
Sri Lanka’s Motor Traffic Department (MTD) will soon be extending an online network system for the registration and transfer of vehicles to cover the entire country in a bid to improve services, Commissioner General of the Department, S.H. Harishchandra told the Business Times. The online networking has already been introduced for the registration and transfer [...]
CSE roadshows live up to their name, CSE says
Looks like past roadshows and investment promotion efforts by the Sri Lankan stock market authorities and the broking industry at large have paid off. Many bankers and foreign fund managers have met up with top corporates during the past 10 months in a bid to channel funds into many firms, according to those who met [...]
Sri Lankan corporates should look beyond profits, work towards a decent society
Much has been spoken on in the media about economic growth in Sri Lanka during the past decade or so. Finance Ministry and Treasury Secretary Dr. P.B. Jayasundera who has been there from around 1990, first as Advisor to the Ministry of Finance is still hopeful of economic growth he had not achieved during the [...]
Grappling with urban traffic chaos
The strains of Bob Dylan’s perennial favourite “Blowing in the Wind (how many roads can a man walk down)” comes to mind when assessing the number of vehicles on urban Sri Lankan roads. The 2015 budget has – rather than give solutions to this ever-growing crisis – aggravated the situation by providing more and more [...]
Lurking dangers of unchecked arrogance
Recent seminars held to discuss the National Budget 2015 highlighted one thing at least, that being the lack of knowledge of high ranking IRD officials of the rationale, and the implementation of the budget pronouncements. Logically the formulation of these policies should have had the involvement of these very senior officials. It appears that one [...]
HIV/AIDS case increasing in SL due to more testing, better awareness
While Sri Lanka is still a low prevalence country in the spread of HIV/AIDS, the rate of growth in the number of cases is increasing, voluntary groups said on Monday. With the increase in tourists and migrant workers, such a situation is bound to arise and Sri Lanka cannot be complacent, said Anirvan Ghosh Dastidar, [...]
Brandix leads apparel industry tribute to Martin Trust
Martin Trust, widely considered the father of Sri Lanka’s emergence as an apparel manufacturer of global significance, is the focus of a coffee table book published by the Brandix Group on behalf of the industry and Trust’s Sri Lankan business partners. ‘Built on Trust’ is a 238-page treasury of images and exceptional insight into the [...]
Nestlé Lanka announces stable growth of 6% for Q3 2014
Nestlé Lanka PLC, the top nutrition, health and wellness company, has reported a growth of 7.9 per cent for the nine months ending 30 September 2014, posting a revenue of Rs. 24.9 billion and a profit of Rs. 3.1 billion in the midst of a challenging market environment. “With each quarter in 2014 posing fresh [...]
“Maritime Silk Road” panel discussion by Pathfinder Foundation/Boao Forum for Asia Initiative
The Pathfinder Foundation (PF), with the Boao Forum for Asia (BFA), is organising a high level Panel Discussion and Roundtable on November 21, involving political leaders, senior officials, businessmen, academics and the media from Sri Lanka and China. Basil Rajapaksa, Minister of Economic Development, will grace the occasion as Chief Guest while Zeng Peiyan, former [...]
Turning grievances into gratitude
Picture a workplace where output is at a record high, where employees look forward to the work day, where people are equaled to their strengths and are acknowledged appropriately, where you can recalculate mistakes and spin them into opportunities. This starts with recognizing and celebrating employee positivity within an organization. According to Scott Friedman, an [...]
International IT conference in Colombo on Dec. 11
The 14th International Conference on Advances in ICT for Emerging Regions, also known as ICTer conference, will kick off on December 11 and 12, 2014, at the BMICH in Colombo, while workshop and tutorial sessions related to the conference will be held on December 10 and 13 at the University of Colombo School of Computing [...]
Serving the best meal on-board, a challenge every airline faces
One of the common issues airlines face is the quality of food served on-board whether it is in economy, first or business class. Airlines take a massive risk in serving the best food on board as it reaches 35,000 feet from ground under extreme environmental conditions. Due to pressure variations and variations of taste buds [...]
Latin America interested in Ceylon Tea
Tea globally has great potential when promoted as a health drink as there are many benefits for health. In a recent interview with the Business Times (BT) Diego Morlachetti, Director, Argentine Tea School in Argentina, said their local beverage, is ‘Yerba Mate’, but it is harmful to the health as it contains a lot of [...]
State institutions need to be people-friendly, says President’s Secretary Weeratunga
The smooth workings of a government could be ruined if officials in government offices in a remote area don’t handle the public in a people-friendly manner. Lalith Weeratunga, Secretary to the President, made this comment while speaking at the media briefing to mark the launching of the facility to view ETF Information formulated by Information [...]
Govt. should implement strict policies to avoid traffic congestion for next 5 years; CILT panel discusses
Once a conversation among several government officials regarding building roads and the consequences each official faces was described as: ‘Pavements cannot be built till the roads are carpeted, roads cannot be carpeted till they are properly built, roads cannot be built till the pipelines are made, pipelines cannot be made till the cables are pulled [...]
Proposed association to shareholders must not be infiltrated by ‘controlling interests’ or mafia, says good governance activist
The proposed association promoted by Sri Lanka’s Securities and Exchange Commission (SEC) representing the interests of small shareholders should not be controlled by any ‘controlling interests’ (groups that control a company) or the stock market mafia, top sharemarket governance activist has said.’ In a letter to the SEC containing his proposals for the formation of [...]
Qatar, Iran, Lebanon new growth markets for SL ornamental fish
Sri Lanka’s ornamental fish (O-Fish) exports had grown to US$10.7 million in 2013, up 41 per cent from 2012. Having 40 regular exporting companies, this country has achieved a 2.7 per cent share of the $400 million global market for these fish, with USA,UK, Germany, Japan and France making up the top five markets for [...]
Fleeting peep through the (banking) keyhole
In the current context the North has a proliferation of bank branches. It is around 250 for a population of 600,000. If the prevailing branch density of one branch per 10,000 of population is still applicable what is required may be around 60 to 70 branches or under 100. But it is fourfold. Why this [...]
Wall Street specialist at CA Sri Lanka workshop
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is organising a mergers and acquisitions workshop on November 15 with the participation of a Wall Street expert. The workshop conducted jointly with Euromoney Training LLC, will feature Andrew Regan, who has been a consultant to some of America’s top business tycoons like Warren [...]
EcoCorp Asia launches nanopool in Sri Lanka
EcoCorp Asia, a Sri Lankan company after nearly two years of research and development across industries in Sri Lanka, recently introduced nanopool, a nanotechnology-based solution that promises to effectively change the way we live. nanopoolR is a surface protection system that is 500 times thinner than a single strand of human hair. The liquid [...]
Renuka Holdings PLC embarks on iconic real estate development
Renuka Holdings PLC is proceeding with its ambitious project to date – The Renuka Tower – at Galle Face Terrace – after receiving shareholder approval at its EGM held on November 11, the company said this week. The company joins scores of new apartment and office complexes coming up in the city in the next [...]
ASD and Berendina: Aiming to make a difference in the CKD crisis
The growing problem of rampant Chronic Kidney Disease (CKD) in Sri Lanka’s North Central Province (NCP) has long term implications, both economic and social for the entire country, says Berendina Development Services (BDS), a Dutch funded local NGO operaional in Sri Lanka since 1987. It has been estimated that around 500,000 persons countrywide are suffering [...]
University schols from China for Central Province students
A delegation visiting Sri Lanka from Chengdu municipal government in China has come to an agreement with the locally-based Sri Lanka- China Trade and Investment Promotion Chamber to grant scholarships to selected schools in the Central Province, to attend 19 universities in China, according to a chamber statement. The statement also noted that this granting [...]
Assets worth Rs.761 mln revert to PCH Holdings
Adam Investments Ltd (AINV) on Wednesday disclosed to the Colombo Stock Exchange that the company has entered into an agreement with PCH Holdings Plc and 10 other respondents in case no: HC/CIVIL/23/2014/CO.) As result of this agreement, Adam Investments gets full management and board control of PCH Holdings Plc and Bieco Link Carbons (Pvt) Ltd. [...]
Anantaya wins at Green Hotel Awards 2014
Anantaya Resorts & Spa won an award for energy and water conservation and waste management at the inaugural Green Hotel Awards 2014. The awards ceremony was held recently in Negombo along with the 49th Annual General Meeting of The Hotels Association of Sri Lanka (THASL). Anantaya received a Merit award in recognition of its 360° [...]
DIMO introduces all new range of Tata ULTRA trucks
Diesel & Motor Engineering PLC (DIMO) together with the Commercial Vehicle Division of Tata Motors’ recently introduced the new Intermediate and Light Commercial Vehicle (I&LCV) range of trucks under the name ‘ULTRA’. TATA ULTRA for Sri Lankan market. . Launching the product at a glamorous event held at Water’s Edge, Battaramulla, Ravindra Pisharody, Executive Director, [...]
Sri Lanka’s motor car registrations double in Oct ‘14 against Jan ‘14
Sri Lanka’s motor car registrations almost doubled in October 2014 to 4,039 units from 2,402 in January in the same year. There were steep increases in vehicle registrations in the months of September and October as the people expected another tax hike rom the 2015 budget in which the government has reduced taxes by 25 [...]
Daimler selects Sri Lanka to hold Regional Mercedes-Benz Conference
A regional Mercedes-Benz After-Sales Conference is to be held in Sri Lanka on 19-20 November by Daimler AG, the manufacturers of Mercedes-Benz. It will be held at the new Mercedes-Benz Centre, ‘DIMO800’ in Colombo 14, a media release issued by DIMO disclosed . Heads of After-Sales Service facilities from countries in the region such as [...]
New Nissan X-Trail to hit Sri Lankan roads
The latest Nissan SUV is soon to appear on Sri Lankan streets with Associated Motorways (AMW) announcing the introduction of the all new X-Trail. Unveiled at the Frankfurt Motor Show, the new Nissan X-Trail features a host of improvements to set it apart from the crowd. Defining itself as the most luxurious entrant to the [...]
Jeep conquers the wilderness of the South
Jeep Wrangler Southern Night Rally 2014, tagged as the “Journey through the Wilderness of the South”, organised by the Southern Motor Sports Club took place recently at Matara. Thirty one competitors took part a this event which was flagged off opposite the Matara Clock Tower recently. The first stage covered 204 kilometers and started from [...]
Ford promises global service standards in Sri Lanka
Ford Motor Company, together with its partner in Sri Lanka, Future Automobiles, is raising the automobile service in Sri Lanka to global standards from state-of-the-art equipment, to Ford’s Extended Service Plans, genuine Ford spare parts, and world-class staff training, company officials said in a recently released media communiqué. Ford’s automobile services have been enhanced with [...]
Sri Lanka makes fully electric car showcasing local engineering skills
An enthusiastic expert team of young Sri Lankan electrical, electronic and mechanical engineers is working on an ambitious fully electric super car project aimed at turning new leaf in the automobile manufacturing industry. A Sri Lankan owned company Code Gen International headed by its CEO Harsha Subasinghe is to introduce Sri Lanka’s first locally made [...]
Sri Lanka’s biggest challenge is making farming profitable
Sri Lanka’s biggest challenge in agriculture is the farming sector where most farmers own less than an acre from which they earn around Rs. 20,000 which is insufficient for their subsistence, a meeting in Colombo was told this week. BRL Fernando, recently retired Chairman of of CIC Holdings Plc, said that as far as farmers [...]
SLT to acquire Hutch; Etisalat likely to merge with Airtel Lanka
Over-capacity in Sri Lanka’s telecommunications industry could shrink as two weaker operators may exit the sector, which would benefit the remaining players, Fitch Ratings says in a new report released this week. Data tariffs could rise following consolidation, and this would slow the decline in profitability and prevent duplication of capex. The number of industry [...]
SriLankan Airlines launches new A330-300 with a non-stop service to London
SriLankan Airlines last week began commercial operations on its newly acquired Airbus 330-300 with a direct non-stop service to London. SriLankan Airlines flight UL505 departed from Katunayake at 0225 am local time on Sunday en-route to London Heathrow airport, returning to Colombo the next day. The brand new A330-300, the first of seven such aircraft [...]
Laugfs new safety (gas) regulator is internationally certified
Laugfs has broken new ground in domestic safety in Sri Lanka launching the ‘Laugfs Safety Regulator’ which comprises many safety features and comes in an easy to assemble convenient pack including regulator, clips and special LPG hose. “LPG disasters are rarely the result of faulty cylinders. On the contrary ill-fitting inappropriate regulators, regulator malfunction, LPG [...]
Lanka’s global rankings in labour efficiency unsatisfactory, says EFC outgoing chairman
Recent global rankings in terms of Sri Lanka’s competitiveness in labour efficiency and other issues are not very complementary of the country’s performance, a top business leader said. “The latest Global Competitiveness Report 2014/2015 ranks Sri Lanka 73 out of 144 countries. In fact, Sri Lanka has slipped back five places from last year’s ranking. [...]
Emirates welcomes its 100th Boeing 777-300ER
Emirates celebrated another milestone recently with the delivery of the airline’s 100th Boeing 777-300ER, the world’s largest, long-range twin engine commercial aircraft. The Boeing 777-300ER forms the backbone of the Emirates fleet with the aircraft type currently operating to 77 destinations on the airline’s global network, the airline said. Delivery of Emirates’ first Boeing 777-300ER [...]
Dell Latitude Rugged Extreme notebooks debut in SL
Sri Lanka’s Softlogic recently introduced Dell’s new Latitude 14 Rugged Extreme and Latitude 12 Rugged Extreme “convertible” notebook computers to Sri Lanka. According to the launch announcement, the ‘Dell Latitude Rugged Extreme solutions are purpose-built to withstand hazards such as dust, moisture, drops, vibration, extreme temperatures and other punishing conditions faced by users in fields [...]
Aitken Spence enhances efficiency at Fiji Ports
Sri Lanka’s Aitken Spence Group, specialists in shipping and port management, since taking over management control of the International Fijian ports of Suva and Lautoka in July last year has increased ship crane productivity by 70 per cent. Aitken Spence has also reduced berthing delays from between 12 to 18 hrs to 0.50 hrs on [...]
CTC cigarette packs will carry 60% health warning from Jan. 2015
All cigarette packets manufactured by Ceylon Tobacco Co (CTC) will carry pictorial warnings covering 60% of the front and back surfaces of the packs from 1st January 2015 onwards in line with a Supreme Court ruling, the company said. It said in according to the deadlines set by the court, all cigarette packets manufactured and [...]
Maga, Sri Lanka’s biggest construction company, celebrates 30 years
One huge criterion of success more important than anything else is the correct identification of the value of human capital, and this is the success story of construction giant – Maga Engineering – which celebrates its 30th anniversary this month.At a media briefing held this week in Colombo, M.A. Kularatne, Chairman and MD, Maga spoke [...]
Dunamis Capital reports 6- month profits of Rs. 878 mln
A transformative contribution from its financial services unit has significantly bolstered the half-year profits of Dunamis Capital PLC, enabling the Group to post profit after tax of Rs. 878 million for the six months ending 30th September 2014 against a net loss of Rs 0.22 million in the corresponding six months of the previous year. [...]
CIC Holdings records impressive Q2 results
CIC Holdings PLC’s second quarter results for the year 2014/2015 ending 30 September 2014 saw group turnover of the diversified entity rise to Rs.11,235 million (for the period 1 April to 30 September 2014), a 7 per cent increase against the corresponding period in 2013. Post tax profit (PAT) from continuing operations was Rs. 513 [...]
Commercial Bank sees steady rise with 9-month operating profit of Rs 13.119 bln
The Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs. 13.119 billion for the nine months ended 30th September 2014, the bank said this week. In spite of a healthy 10.38 per cent growth in Operating Income, Profit before tax grew by 7.77 per cent due to the imposition of [...]
LOLC posts top 118% profit growth for half year 2014
LOLC Group, for the six months ended September 2014, recorded 118 per cent growth in pre-tax profit (PBT) to Rs. 3.7 billion compared with Rs. 1.7 billion reported for the same period last year. The main contributor to this growth in the profits came from LOLC’s core business, financial services, where all three regulated companies [...]
Nation Lanka Finance PLC says “delivers outstanding performance”
Nation Lanka Finance PLC (NLF), a growing financial entity with the backing of the Nawaloka Group, top investor Asanga Seneviratne and a consortium of high net worth investors, has announced what it calls “an outstanding financial performance” for the 2rd quarter ended 30th September 2014 and for the seven months ended 31st October 2014. “This [...]
DFCC’s name change to DFCC Bank Plc now legal
The DFCC Bank will be renamed DFCC Bank PLC under amendments to the DFCC Act approved by parliament and will continue to carry on its business as a licensed specialised bank without any interruption, the bank said this week. “As regards the proposed merger with NDB, discussions between the institutions are well underway with facilitation [...]
