Reluctant participants …?
Seen here are dozens of state officials who participated at the recent pro-Government business forum with the involvement of the President and his top bureaucrats on Wednesday at four different city hotels. The participation of government officials at what has been widely perceived as a presidential campaign meeting is raising questions on whether these officials [...]
Chinese- funded road projects maximise profits through local subcontracts
Sri Lanka’s ongoing road development projects with an excessively estimated high contract price are being carried out by Chinese firms awarding subcontracts to local contractors at a low cost, construction industry sources revealed. The Central Engineering Consultancy Bureau (CECB) is monitoring, supervising and handling these public works being carried out by local sub-contractors. The construction [...]
Senior citizens upset over delay on 12% interest benefit
Several senior citizens, who have deposits in state banks, have expressed anger and frustration over the delay in implementing the 2015 budget proposal to offer 12 per cent on their deposits. T. Rusiripala, President of the Peoples Bank Pensioners Association, said he was the first to welcome the proposal but today “we are in a [...]
Stock brokerage in sale talks with foreign firms
A large stock broking company which was on the market during the past six months for a part or full divestment by the owner is now in discussion with two big foreign parties to fork out a deal after the shareholder’s initial efforts to sell collapsed, according to stock market sources. They added that the [...]
Peliyagoda C-City complex ready before polls
The State Engineering Corporation (SEC) has been directed to expedite the C-City complex at Peliyagoda with a view to opening it on December 31st ahead of the presidential elections, a senior SEC official told the Business Times. The UDA estimated cost of the market complex is Rs. 1.36 billion. He disclosed that Minister Wimal Weerawansa [...]
Motorcycle registrations record new high on eve of presidential poll
Vehicle registrations in Sri Lanka were up in the past 11 months from a year earlier with a sharp increase in motor cycle imports specially for the government’s motor cycle distribution programme for field officers, teachers, policemen and provincial politicians during the past two months targeting the upcoming presidential elections, Motor Traffic Department (MTD) vehicle [...]
“Please remove our fear, Mr. President,” pleads SL’s top global rights campaigner
Radhika Coomaraswamy, Sri Lanka’s globally acclaimed human rights advocate, on Wednesday had a simple message for either of the country’s two main combatants at the January 8 presidential elections: “… what I would like perhaps on January 9th –whoever is elected president –, is … that, ‘Mr. President … Please remove my fear’.” This in [...]
Comedy in Sri Lankan politics
A February 2009 song by veteran singer and Sri Lanka’s number one entertainer Sunil Perera titled “Meka comedy country-yak (This is a comedy country)” is once again doing the rounds on Facebook … and for good reason. The song is a ditty on the lives of politicians and the general decay in society. Watch it [...]
TFC receives Rs.6 bln bail-out credit line from Central Bank
The Finance Company PLC (TFC), the first finance company in Sri Lanka which went through a bad patch some years ago during the crisis affecting finance companies, has secured a new bail-out package from the Central Bank (CB). This week the CB approved a Rs. 6 billion credit line to the company. Dr. S.H.A.M. Abeyratne, [...]
China opens Chengdu trade city gates for Sri Lankan businessmen
The International trade city in Chengdu, China is opening the gate for Sri Lankan entrepreneurs and businessmen to establish their business and trade stalls. Twenty trade stalls have been allocated for Sri Lankan entrepreneurs and businessmen on a 3-year rent free basis along with other concessions under an agreement reached between the newly formed Sri [...]
Real estate thriving in Sri Lanka,but it’s also a dangerous business, says expert
While experts say that the future holds good for the real estate market in Sri Lanka, others disagree noting that legislation governing the acquisition of property by foreigners and the diaspora is not encouraging for investments in the country. Various topics regarding real estate in Sri Lanka were discussed by a panel of experts at [...]
Emagewise clients sweep Annual Report Awards
The Emagewise portfolio of clients performed exceptionally well at the 50th Annual Report Awards, claiming 14 gold awards, including the coveted Gold Award for overall excellence in Annual Financial Reporting for John Keells Holdings PLC (JKH) and the Overall Bronze for Sampath Bank PLC. The awards, organised by CA Sri Lanka at the Nelum Pokuna [...]
Blink International introduces mid-range designer watches
Blink International, a subsidiary of Sri Lanka’s Rainco Group formed a year ago by a group of ardent watch enthusiasts who had identified a niche in the local mid range (around US$1,500) watch segment, have found success trading this range of watches. Blink represents brands like Sevenfriday, Guy Laroche, Elle (time) and Cross (timepieces). Starting [...]
Sri Lankan group wins at Holcim Awards 2014 for Asia Pacific
A bird sanctuary in Thailand, a locally-adapted orphanage in Nepal, and a community library in Sri Lanka received the top prizes at the Holcim Awards 2014 Asia Pacific ceremony held recently in Jakarta, Indonesia. A media release from the global cement producer said that for the first time a Sri Lankan architectural practice – Robust [...]
‘Tablet’ has been Intel’s biggest market in 2015
Information Technology (IT) will play a major role in Sri Lanka’s export sector by bringing in much needed revenue to the country by value addition while at the same time exporting skills, said Indika de Zoysa, country manager for Intel, speaking at an Intel event in Colombo recently. He said IT will be the tool [...]
Qatar Airways hosts key travel trade partners on FAM trip to Athens
Qatar Airways recently organised a familiarisation trip exclusively for key partners in Sri Lanka’s travel trade industry. The invitees, accompanied by the airline’s Country Manager for Sri Lanka and Maldives, Ajay Jacob, were flown to Athens, Greece where they spent three nights enjoying the best of Greek hospitality, the airline said. Qatar Airways Vice President [...]
Commercial Bank’s Annual Report best among private banks in South Asia
The 2013 Annual Report of the Commercial Bank of Ceylon PLC has won two key awards at the Best Presented Annual Report Awards presented by the South Asian Federation of Accountants (SAFA), the local bank said. It was adjudged the winner in the ‘Private Sector Banks’ category and was the first runner-up for the SAARC [...]
Regulatory reforms by SEC urged by good governance advocate in “Executive Share Option Schemes”
Good governance advocate Chandra Jayaratne recently wrote to the Securities and Exchange Commission of Sri Lanka (SEC) offering suggestions for regulatory reforms covering the operation of Executive Share Option Schemes in Sri Lanka. Referring to recent reports on the benefits of a share option that accrues to directors of John Keells Holdings (JKH), Mr. Jayaratne [...]
Sino Asia – SriLankan Airlines in exclusive joint promotion in Kunming, China
Sino Asia Holidays, said to be one of the strongest players in the Chinese inbound market together with SriLankan Airlines, hosted an ‘effective’ promotional evening at a hotel in Kunming, China recently. “Timed to hit the market just before the launch of the inaugural SriLankan Airlines flight on December 1, the promotion attracted 68 Chinese [...]
Healthguard says setting the benchmark for other pharmacies
Healthguard, the chain of pharmacies run by the Sunshine Holdings PLC, says it is at the top of this sector and setting a benchmark for others to follow in services and quality of product. Every pharmacy, it said in a media statement, must have a qualified pharmacist in place to advise and guide their customers. [...]
CN Steel assures strength with Thermex high quality German technology
CN Steel, one of Sri Lanka’s largest steel manufacturers, has affirmed its commitment to produce fine quality steel bars and rods of high yield strength using the state-of-the-art QST technology by Thermex, the globally recognised German company that produces steel designed to suit all construction needs that vary from homes and high-rise buildings to bridges [...]
Practical process of increasing wellbeing of all Sri Lankans
The general impression among many is that the wellbeing of the people of Sri Lanka (SL) has not increased in recent times while prices have skyrocketed. The poor in the country defined as below US $ 2 per person per day is reported to be 24 per cent of the population in Malaysia which gained [...]
Record breaking production at Hingurana Sugar Factory by LOLC subsidiary
The revitalised Hingurana Sugar Factory managed under Gal Oya Plantations (Pvt) Ltd, a subsidiary of the LOLC Group, has reported sugar production of 19,960 metric tonnes for 2014/15, the highest ever in a year, through successful sugar cane cultivation spanning 3,440 ha of land. This record breaking production has been achieved after 38 years and [...]
Ceylinco Life says fastest to achieve a Life Fund of Rs 60 bln
Ceylinco Life, said to be Sri Lanka’s life insurance leader, this week announced that the company’s Life Fund exceeded Rs. 60 billion at the end of November 2014. Ceylinco Life is the fastest among local life insurers to achieve a Life Fund of Rs. 60 billion, the company said in a media statement. Total assets [...]
Sri Lanka to import 800 buses from China on the eve of the presidential poll
Sri Lanka is set to buy 800 buses from China as part of their deal of purchasing 3,000 buses to strengthen the country’s transport board bus fleet to improve the efficiency of passenger transport service on the eve of presidential elections. These 800 buses are to be imported from China before the end of this [...]
Triple victory for Porsche at German awards competition
Porsche AG has won three awards at the Golden Steering Wheel 2014. For the 39th time, readers of the German publications “Bild am Sonntag” and “Auto Bild” and a judging panel voted on the best new cars of the year, a media release of the company said. Over 200,000 readers voted for the 911 Targa. [...]
Mercedes-Benz Rally held to commemorate the Berlin Wall Anniversary
The Mercedes-Benz Club recently organised a fun rally to commemorate the “25th anniversary of the fall of the Berlin Wall”. The rally started off from the new “DIMO 800” premises and ended up at the Viharamahadevi Park, where the festivities took place at the Open Air Theatre. President -Mercedes Club of Sri Lanka Upali Kapilasena [...]
Senok Automobiles introduces the Audi A 3
Senok Automobiles Private Ltd, a fully-owned subsidiary of Senok Trade Combine Ltd, recently introduced the New Audi A3 to local motor enthusiasts at the Hilton Colombo Residencies. Germany’s Ambassador to Sri Lanka Dr. Jurgen Morhard, chief guest at the Audi A3 launch, said that Audi has being able to capture a considerable market share in [...]
DIMO wins the CIMA Business Case Award 2014
Diesel and Motor Engineering PLC (DIMO), one of Sri Lanka’s leading automotive firms, has clinched the Business Case Award 2014 presented by the Chartered Institute of Management Accountants (CIMA) – the first motor trader to win in this case study competition, a media release issued by the company revealed. The award presentation ceremony took place [...]
Sri Lanka’s vehicle registrations up in past 11 months
Sri Lanka’s vehicle registrations were up in the past 11 months to November2014 from a year earlier, Motor Traffic Department vehicle registry data revealed. Total new registrations have been increased by 5.2 per cent to 371,906 during this period from a year earlier, mainly driven down by commercial vehicles. Motor car registrations were up 6.24 [...]
Motor traders urge Govt. to prohibit unroadworthy vehicles
The government has been urged to prohibit the running of used and un-roadworthy vehicles on Sri Lankan roads to make transportation more efficient, effective and for the sake of a cleaner environment. The flood of reconditioned and used vehicles should be curtailed while encouraging brand new vehicle imports in a pragmatic manner in order to [...]
‘Online Vehicle Information System’ from DMT available to the public soon
Sri Lanka’s Motor Traffic Department (DMT) is currently testing the Online Vehicle Information System (OVIS) which provides details of all registered vehicles with DMT for the benefit of authorised users of this facility and vehicle owners, S.H. Harischandra, Commissioner General of Motor Traffic disclosed. Information of vehicles on 15 fields could be checked via Internet [...]
Sri Lankan insurers maintain fundamentals, Fitch says
Sri Lankan insurers are likely to maintain their financial fundamentals, supported by moderate market growth and under-penetration, Fitch Ratings Lanka has said. This, the agency notes in a new report, is despite the many regulatory reforms, including the requirement that composite insurers separate their life and non-life businesses in early 2015. Sri Lanka remains heavily [...]
Good governance is all about delivering results, says – President Rajapaksa
A powerful pro-election presentation by top government and private sector personalities led by President Mahinda Rajapaksa in Wednesday promised the business community a systematic approach to good governance while assuring that there are ‘no’ cagey deals in the way business has been conducted over the years. This business forum, themed “MOMENTUM – A Nation Stabilised, [...]
EC informed of many cases of state resources being abused ahead of presidential poll
Transparency International Sri Lanka, which is monitoring the misuse of state resources for election work, has complained to Elections Commissioner Mahinda Deshapriya of many such instances where this has happened. In a letter it referred to four such instances where state resources have been abused by the ruling party. Extracts of the letter: a) District [...]
$445 mln facility from Standard Chartered bank for JKH Beira Lake development
Waterfront Properties Pvt Ltd, a subsidiary controlled by John Keells Holdings (JKH), has signed an agreement with the Standard Chartered Bank for a US$ 445 million syndicated project development facility. The credit line is for the company’s massive waterfront development project on the banks of the Beira Lake and the former headquarters of JKH.
HNB becomes first Sri Lankan bank to launch credit line with Korean Bank
HNB PLC recently entered into an agreement with the Export-Import Bank of Korea (KEXIM) to establish a revolving credit line of US$50 million to finance trade between Sri Lanka and Korea. The agreement was signed in Colombo by Dr. Ranee Jayamaha, Chairperson and Jonathan Alles Managing Director/CEO on behalf of HNB and by Young-whan Sul, [...]
Momentum’ synchronised forum concludes with hope for the future
‘Momentum’, the much-hyped synchronised forum for professionals was held this week with over 2300 industry professionals including engineers, company CEOs, directors, Ministry Secretaries, and senior government officials and few business leaders attending the sessions held simultaneously at four locations – Cinnamon Grand, Cinnamon Lakeside, Hotel Galadari and Hilton Colombo Residencies. A newly formed organisation called [...]
More dedicated private equity funds to be launched in SL
NDB Capital Holdings PLC, having launched Emerald Sri Lanka Fund, a private equity fund dedicated to Sri Lanka on Monday, is now aiming to launch more such funds. “We can see an appetite for such funds. After this fund is closed, we will launch Emerald Sri Lanka Fund 2,” Vajira Kulatilleke, CEO NDB Capital Holdings [...]
Constituent changes to the S&P Sri Lanka 20 Index at CSE
Colombo Stock Exchange (CSE) this week announces changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2014 annual index rebalance S&P Dow Jones Indices said that effective from December 22 (after the market close of December 19, 2014), Asian Hotels & Properties PLC, CT Holdings PLC and [...]
Oracle Executive Seminar: Innovation in Practice
Speakers at the recent ‘Oracle Executive Seminar: Innovation in Practice’ held in Colombo recently discussed ways on how to drive down the complexity at data centres and simplify IT by adopting Engineered Systems to save cost, time, space, while enabling the businesses to embrace newer concepts like ‘social’ and ‘mobility’. According to an Oracle media [...]
SriLankan Airlines takes delivery of its second A330-300
Sri Lanka’s national carrier,SriLankan Airlines, on Friday took delivery of its second Airbus 330-300 which has been named “The City of Sihagiri ” and will be utilised on the major Far Eastern markets of Canton, Shanghai, Beijing and Hong Kong. This latest wide body A330-300 aircraft with its superior inflight features and comfort, advanced technological [...]
Tea industry affected by chaos in the Russian Rouble
Will the volatility of foreign currency fluctuations abroad affect the tea industry in Sri Lanka as a whole? Chairman of the Planters Association of Ceylon (PA), Roshan Rajadurai alerted the tea industry in Sri Lanka about a crisis following the chaos unfolding in Russia due to the ‘Rouble’ plunging down to lowest levels as the [...]
Top team from the Hague starts Lanka’s first industrial chemical sessions
Sri Lanka has kicked off its first ever industrial chemical technical sessions on 17 December with a top team from the Hague’s (Netherlands) OPCW- which conducted the widely publicised Syrian chemical weapon inspections in October 2013– being here to upgrade Sri Lanka’s industrial chemical expertise to the next level. “Chemical safety and security measures help [...]
CA Sri Lanka workshop featuring Wall Street specialist received top marks
The Mergers and Acquisitions Workshop of the Year organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) which featured a Wall Street mastermind earned high acclaim from participants representing some of the country’s top corporates including leading banks. The 3-day sell out workshop which covered critical aspects of mergers and acquisitions [...]
