Infrastructure, rule of law emerge as top issues among working/urban class, BT-RCB poll shows
Voters in urban and semi-rural Sri Lanka, not unexpectedly, think differently as voting patterns emerged for the upcoming January 8 presidential poll a joint poll by the Business Times (BT) and Research Consultancy Bureau (RCB) has revealed. The BT-RCB poll conducted on email and on the streets of Nugegoda, Borella and Maradana this week found [...]
Pre-election travel advisories unlikely to impact on tourist arrivals
Sri Lanka’s tourism industry is unfazed by some countries alerting their citizens visiting the country to be ‘cautious’ of potential election violence during the January 8 presidential polls campaign. Industry officials said large-scale election violence was unlikely and the traditionally peak season was looking good. “Bookings are great (for December) and I don’t expect any [...]
Troubled Colombo bourse may see state intervention
Share prices at the Colombo bourse which have slumped in the past two weeks due to political uncertainty may prompt government intervention in the market next week, brokers and analysts said. The All Share Index (ASI) and the S&P SL20 has been on a roller coaster ride since former Health Minister Maithripala Sirisena announced his [...]
Presidential election to cost staggering Rs.10.5 billion
Sri Lanka’s upcoming presidential election will eat into public funds running into billions of rupees with increasing government expenditure beyond the control of the Treasury. The estimated cost of conducting of election by the Election Secretariat had been around Rs. 2.5 billion but spending of ministries and affiliated institutions including indirect costs as well as [...]
Dutch writer/publisher on a mission to promote Sri Lankan tourism and investments
A Dutch writer and publisher who first visited Sri Lanka about three years ago is now assisting tourist authorities in the western province to develop a good tourist product and also engaged in writing a book on architecture that would explain the countr’s ancient irrigation and cultivation systems. Interest in the ancient farming systems came [...]
Chilly in Colombo, warm in Nuwara Eliya
Was the nip in the air early this Christmas? Many people in Colombo felt so as the capital has experienced incessant rain and chilly mornings and during the day since the second half of November. Normally this kind of feeling – nip in the air and a cold spell – is seen starting from the [...]
CA Sri Lanka’s 50th Annual Report Awards Competition receives record number of registrations
CA Sri Lanka’s Annual Report Awards Competition which celebrates its golden jubilee, has created history this year – recording the highest number of registrations since its existence. A total of 130 organisations including leading blue chip companies, conglomerates to small time community groups are vying for the coveted awards this year which promote transparency and [...]
AVIC International Astoria Luxury Condominium officially launched
Astoria, the luxury condominium project by AVIC International ceremoniously opened for sales last month, the company announced this week. It said the project has attracted interest from diverse sectors and fields with enrollment of VIP members and accumulation of interest for apartment sales in Tower 2 commenced on 13th October. “Nearly 30 units were reserved [...]
Thursday Good Market now open until 11 p.m.
Locally registered not-for-profit Good Market has extended the hours for its Thursday Good Market, which is held at Diyatha Unyana in Battaramulla, to 11 p.m. Now open from 3 p.m. to 11 p.m., the “Thursday Good Market includes more than 60 vendors with certified organic produce, natural food and snacks, eco-friendly home and garden products, [...]
US: How to book the cheapest airline flight
WASHINGTON POST – How airlines price their tickets is a source of many myths and urban legends. These include tips about the best day of the week to buy a ticket, last-minute discounts offered by the airline, and the conspiracy theories suggesting that the carriers use cookies to increase prices for their passengers. None of [...]
ASUS Fonepad 7 launched in Lankan market
ASUS has announced the availability of the Fonepad 7 in Sri Lanka through its partnership with John Keells Office Automation (JKOA). The Fonepad 7 is competitively priced at Rs. 23,900 to the end consumer with 3G voice and mobile data with all the features of a smartphone as well as the versatility of a 7-inch [...]
SL security providers hold AGM
Sri Lanka Security Providers Association (SLASSPA) held its 10th AGM under the theme “Thinking Beyond Borders” recently in Colombo under the patronage of Damayanthi Jayaratne, Competent Authority – Civil Security and Additional Secretary, Ministry of Defnce and Urban Development. Delivering the opening address, Major Tissa Aluwihare, President of SLASSPA said that the presence of the [...]
Arpico Insurance raising funds thro’ IPO
Arpico Insurance Ltd (AINS) has announced plans to raise Rs. 79.6 million through the initial public offering (IPO) issue of 6,630,400 new shares of the company at a price of Rs.12 per share. The proceeds of the issue will go for expansion plans for the company, AINS said in its prospectus to the public. AINS [...]
Sensitive political climate? “Sri Lanka has seen progress and no politician can ignore this reality,” says foreign investor
A 200-room hotel, a retail mail and serviced apartments will make up the new 48-storied building called the Colombo City Centre (CCC), aptly titled to reflect part of the old Colombo Commercial Company (CCC) premises at Lester James Pieris Mawatha. The US$150 million project undertaken jointly by Abans Group and SilverNeedle Hospitality of Singapore got [...]
Dialog Star Points extends ‘helping hand’ to SOS Children’s Villages Sri Lanka
Dialog Star Points, Sri Lanka’s largest loyalty rewards network, is donating its Star Points for the well-being and development of orphaned children at SOS Children’s Villages Sri Lanka. The funds raised through customer contributions from Star Points will be utilised for the well-being and development of the children who have lost their parents and are [...]
Taiwanese apparel expert says, “We are not here (merely) for revenue, but to make good friends”
Parallel to hosting the Taiwan Textile Fair for the third consecutive year in Colombo, the bilateral relationship between Sri Lanka and Taiwan is growing. Taiwan is here in Sri Lanka not expecting to make business, but to create ‘friendship’ between the two countries, says Sean Tsai from the Taiwan Textile Federation. He made this comment [...]
GK seeks SC directive to go ahead with the 4th phase of re-payment plan
Revived Golden Key company (GKSPV) is to seek a Supreme Court directive to implement the fourth phase of the re-payment plan to settle 41 per cent of security deposits of 5,485 depositors by liquidating some identified assets of the company and its former directors including Lalith and Sicille Kotelawala, and its subsidiaries, Dushanthi Hapugoda, a [...]
Required business solution is available, but not the expertise to handle it
According to the current context of providing high end business solutions to business organisations, Microsoft Dynamics AX, a business solution that supports both operational and administrative processes of big companies, has been in Sri Lanka for a while but there is no local expertise to handle it, says Tharmarajah Suresh, CEO of ZILLIONe Group of [...]
“A unique new treatise on company Law”
On Thursday, I was privileged to speak at the launch of the new book on Company Law authored by the well-known President’s Counsel Mr. K. Kanag– Isvaran and Ms. Dilshani Wijayawardana. The launch was witnessed by a very distinguished gathering. Led by the Chief Justice Mohan Peiris PC, there was a galaxy of legal practitioners [...]
SL’s top two state banks take a hit on credit losses
Sri Lanka’s two main state banks, the Bank of Ceylon (BoC) and the Peoples Bank (PB) are to proceed with tough measures to recover thousands of loans taken by businessmen, companies and persons with high political connections since 2011 in which the debtors have not made scheduled payments (for at least 90 days) and was [...]
Lotteries Board swindles Rs. 30 mln in ‘Highway Dreams’ lottery
Sri Lanka’s elite Presidential Investigation Unit (PIU) has begun investigations into alleged financial misappropriation and malpractices running into millions of rupees at the Development Lotteries Board (DLB), Presidential Secretariat sources revealed. The PIU had received a complaint relating to an over Rs. 30 million fraud in the procurement of 50 super luxury vehicles worth Rs. [...]
Chevron opens new plant and warehouse at Sapugaskanda
Chevron Lubricants Lanka PLC on Tuesday opened its new state-of-the-art blending plant and warehouse complex at the LINDEL Industrial Estate in Sapugaskanda. Present on the occasion were a battery of government ministers including Anura Priyadharshana Yapa and Sarath Amunugama and foreign and local dignitaries like Ms. Colleen Cervantes, President of US-based Chevron Lubricants; Farrukh Saeed, [...]
Sri Lankans save 8% on Japanese cars due to Yen devaluation
The recent devaluation of the Japanese Yen has yielded about a 8 per cent savings on cars brought into Sri Lanka from that country, according to Rukshan Tissera, Director of Cars@Duplication. Adding to this, he said that the latest, 2015 national budget has provided for an almost 40 per cent duty reduction additionally for some [...]
DHL, UNDP prepare Lankan airport staff for disaster relief logistics
Deutsche Post DHL, the world’s leading mail and logistics services group, and the United Nations Development Programme (UNDP) in partnership with the Ministry of Disaster Management and Ministry of Civil Aviation, this week launched a disaster preparednss initiative ‘Get Airports Ready for Disaster’ (GARD) workshop in Colombo. The 4-day workshop on December 2-5 provided training [...]
Customs under fire over new vehicle valuation system
Sri Lanka Custom’s new vehicle valuation system to calculate duty and taxes on imports has opened the gates for bribery and corruption, motor traders allege They urged the Treasury to direct the Department of Customs to ensure valuation of imported vehicles in a transparent manner and prevent a few selected custom officers of the valuation [...]
On event organised by Chartered Analysts
In the story headlined “Starting point of anything in life is a dream, says veteran foreign investor” which appeared in the Business Times last week, some errors have crept in. All references made to “Chartered Accountants” should be corrected to read as “Chartered Analysts”. The error is regretted
World’s first solar power resort opens in the Maldives next month
The world’s first luxury resort using solely solar power is to open in the Maldives next month. The Club Med-managed Finolhu Villas with 52 luxury bungalows with a solar power system installed at a cost of around US$8 million is due to open in mid-January 2015 at Gasfinolhu island, 40 minutes away from the capital, [...]
Brandix wins Gold as country’s top achiever in energy efficiency
A Brandix apparel factory manufacturing lingerie for international labels has been recognised as Sri Lanka’s best in energy conservation with the 2014 ‘Vidulka’ Gold award at the country’s apex awards for energy efficiency. The Brandix Apparel Solutions Limited (BASL) – Lingerie business unit’s manufacturing plant at the Wathupitiwela EPZ in Nittambuwa received the main award [...]
Today’s middle class: An insight into the contemporary middle class of Sri Lanka
Introduction Sri Lanka is a country with a population of over 20 million people. Its economy is considered as one in the stage of transforming to a middle income economy. The country has recorded on average 6.7 per cent percent of economic growth over the last decades Key macroeconomic variables have shown signs of stabilization. [...]
MTD Walkers PLC wins three major awards in end 2014
MTD Walkers PLC recently received three prestigious awards, namely the Gold medal at the Sri Lanka Institute of Training and Development (SLITAD) People’s Development Awards, The Institute for Construction Training and Development (ICTAD) award for the construction of the Narammala-Giriulla-Dankotuwa road and the National Occupational Safety and Health Excellence Merit Award for 2014. “Recognizing the [...]
Foreign banks to play greater role in local economy, Central Bank says
The CB said the Act to facilitate the proposed merger of the three banks, viz., DFCC Bank, National Development Bank PLC and the DFCC Vardhana Bank PLC, was enacted while the Ministry of Finance made arrangements to issue the Gazette Notification in relation to exemption of Stamp duty for issue of share certificates for mergers [...]
A- (lka) Fitch Rating for Continental Insurance
Continental Insurance Lanka Ltd (CILL) has been granted a “A- (lka) – Stable Outlook” rating from Fitch, which elevates and endorses the level of CILL’s financial credibility and service quality. In a media release, the company said that given the fiercely competitive insurance industry in Sri Lanka, CILL has “always gone the extra mile to [...]
Business as usual
While the Colombo stock market has turned topsy-turvy with growing political uncertainty, hotels and businesses in the city have begun preparing for Christmas and the New Year. Picture by M.A. Pushpa Kumara shows the brightly decorated entrance to the Cinamon Grand hotel in Colombo.
Renuka Group successfully raises Rs.1 bln to fund property development project
Renuka Holdings PLC’s rights issue to raise Rs. 1.03 billion for a new property development project was oversubscribed with company officials said the development reflected the confidence of the shareholders in the organisation. The company had offered a total of 44,517,313 ordinary voting shares at Rs.21 each and 6,428,415 million ordinary non-voting shares at Rs. [...]
CSE to leapfrog to a new era with new CDS technology
The Colombo Stock Exchange (CSE) with the launch of the new state-of-the-art Rs. 150 million Central Depository System (CDS) plans to leapfrog to catch up what has been missed during the past 10-15 years, said CSE Chairman Vajira Kulatilaka at the launch ceremony held at the CSE trading floor at the World Trade Centre last [...]
SL plantations industry profitability to be boosted – report
Tea, rubber and palm oil, supplemented by coconut, cinnamon and other spices are the main crop interests of Sri Lanka’s listed Regional Plantation (RPCs). The industry continues to be at the mercy of unpredictable weather patterns and labour issues that have collectively dented profitability in the industry. According to a Bartleet Relegare Research report, the [...]
