Prime cut from the world’s oldest barber
Truefitt and Hill, the world’s oldest barber shop, wants to open its business in Sri Lanka. The London-based favourite among celebrities like Oscar Wilde, Charles Dickens, Lord Byron and Frank Sinatra, now wants to give its prime cut now to Sri Lankan men. A statement from the company said Truefitt and Hill is presently looking [...]
Irregular Defence Ministry account queried by the AG in 2013
The Defence Ministry account at the Bank of Ceylon (BOC) – to deposit money from the sale of the old army headquarters land – was an irregular one, violated all financial regulations and was also queried by the Auditor General in end 2013, the Business Times learns. Earlier this week, Finance Minister Ravi Karunanayake’s disclosure [...]
Beleaguered Access, whose share price has been falling, to meet shareholders, media next month
Access Engineering (AEL), with major exposure in highways and building construction, has decided to hold an investor forum to explain a back-up plan after its share price crashed owing to uncertainty over public infrastructure projects that it has been involved in, company officials said. AEL is expected to meet stockbrokers and the media in the [...]
Driving tests soon with automatic vehicles
The next generation of Sri Lankan drivers would soon be licensed after passing tests using automatic transmission vehicles against the standard, ages-old manual gears. Motor Traffic Department (MTD) Commissioner General S. H. Harischandra has granted permission for trial runs on vehicles with automatic transmission and the consequent issue of driving licences. The holder of an [...]
Rs.5,000 wage hike may be extended to private sector
A wage hike of Rs. 5,000 per month to public sector employees to be announced in Thursday’s interim budget may also be extended to private sector workers. Treasury officials said that the government would most likely request the private sector to also implement the proposal when it is presented in Parliament. While the 3-month budget [...]
Offenders siphoning out ‘ill-gotten’ wealth to be brought to justice
Stock market offenders better watch out! Sri Lanka’s new regime is hunting crony cash siphoned out through the Colombo Stock Exchange (CSE) and will go to any length to bring the stock market mafia to book, officials said. Minister of Power and Energy Champika Ranawaka, a founding member of an Anti-Corruption Front, told the Business [...]
Fuel prices fall, former IMF chief in CB payroll and fisticuffs at Ceylinco Insurance shareholders’ meeting
Nalaka Godahewa, the controversial Securities and Exchange Commission (SEC) chairperson, who this week said he was not a political appointee, has resigned from his position, Finance Minister Ravi Karunanayake said on Wednesday night. He told the Business Times that Godahewa had resigned the same day a newspaper article appeared saying he was a non-political appointee. [...]
Caretaker government during June poll
Amidst the brouhaha this week in Government decision-making, opposition leader Nimal Siripala de Silva came up with what seems a reasonable suggestion in this new age of governance, transparency and accountability. The former minister says the next parliamentary election in June should be conducted under a caretaker Government. Whether it was made in the context [...]
Silver coin to commemorate Papal visit to Sri Lanka
At the request of the Sri Lanka Catholic Bishop’s Conference a commemorative Rs. 500 sterling silver crown size frosted Proof Non-circulating Legal Tender (NCLT) coin was issued by the Central Bank of Sri Lanka (CB) to mark the visit of Pope Francis from January 13 to 15th . It is the first commemorative coin issued [...]
Policy changes needed to enhance universal social welfare and reversal of inequalities
In the run up to the presidential elections, the Opposition manifesto had little to say about economic policy. However, it did state that it was committed to free education and healthcare, including by increasing state expenditure for those sectors. Whether the new Government will keep its promise is also related to a global debate on [...]
Sri Lanka will be a truly democratic country by April, says Karu
Asia will remain as the engine of growth in the coming years and countries in the region should take advantage of this development. Expanding on this comment, Resident Representative of International Monetary Fund for Sri Lanka and Maldives – Dr.Eteri Kvintradz, Guest of Honour at the 56th Annual General Meeting of the National Chamber of [...]
Kabir and Eran’s first ministry meeting
Kabir Hashim, the new Minister of Highways and Investment Promotion and his deputy, Eran Wickremaratne, held their first meeting at the Ministry of Investment Promotion this week with senior officials of the ministry and the Board of Investment (BOI). The areas covered at the discussion included the need to fast track projects, upgrading the incentives [...]
SLASSCOM endorses President’s moves towards a stable Sri Lanka
SLASSCOM, the Sri Lanka IT and KPO-BPM industry chamber, has pledged its fullest support to the new government led by President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and the newly appointed team of cabinet ministers. SLASSCOM Chairman, Jayantha De Silva, in his message said that; “I would like to congratulate the President and Prime Minister [...]
Attractive new offers from Emirates for SL travellers
Emirates has announced attractive offers for Sri Lankan travellers in the form of new destinations and experiences in 2015 with special fares to a wide range of cities across six continents. Bookings have to be made between 12th to 31st January, for travel between 22nd January and 30th November 2015, the airline said in a [...]
Record number of Softserve clients go live on Microsoft Dynamics 2013
Softserve (Pvt) Ltd, a company that focuses primarily on Microsoft Dynamics as its core product deployment, successfully delivered last year, the Microsoft Dynamics NAV 2013 ERP system to a record number of organisations in the apparel industry. The implementation will strengthen existing services of these organisations by allowing control over core business processes and helping [...]
GRI complains to SEC over assault and intimidation by Ceylinco staff at EGM
A top shareholder of Ceylinco Insurance has complained to the Securities and Exchange Commission (SEC) over an assault and a wrongfully-held special Extraordinary General meeting on Tuesday. Officials from the Global Rubber Industries (Pvt) Ltd (GRI) which has a 22.86 per cent stake in the company, met Harshana Suriyapperuma, Director Corporate Affairs SEC on Wednesday [...]
99X Technology named winner at National Business Excellence Awards
99X Technology, a well-known software company in Sri Lanka, says 2014 was a golden year as the company was recognised and lauded for numerous achievements in many spheres of work. At the end of the year 99X Technology was declared winner in the ICT Services Sector at the National Business Excellence Awards (NBEA) 2014, in [...]
Football: Tycoon Wang’s Atletico deal sparks China’s football interest
MADRID, Jan 21, 2015 (AFP) – Chinese billionaire Wang Jianlin has become the latest foreign investor to be enticed by the riches and glamour of European football after agreeing to buy a 20 percent stake in Spanish champions Atletico Madrid. Wang, who is number 42 on Forbes magazine’s list of the world’s richest people with [...]
Harris appointed as Deputy Chairman and Executive Director of Softlogic Finance PLC
Senior banker Harris Premaratne has been appointed as Deputy Chairman and Executive Director to the Board of Softlogic Finance PLC with effect from January 2015. Hes already serves on the Boards of Softlogic Holdings PLC and Asiri Hospital Group, according to a company media release. A veteran banker and architect of innovative banking, Mr. Premaratne [...]
JAAF forecasts improved export performance under better market conditions
Sri Lanka Apparel, the brand of the country’s garment export sector, says it is confident that the industry would perform well and generate revenue that could surpass the current forecasts through exports to existing, new and emerging markets and with the additional prospects of securing GSP plus concessions from the EU. “Buoyant with the new [...]
DreamWorks to cut 500 jobs, movie slate to revive box office fortunes
REUTERS – DreamWorks Animation SKG Inc will cut about 500 jobs, more than a fifth of its workforce, and produce one fewer movie a year as part of a major restructuring after a string of box-office misses. The Hollywood studio’s shares rose 6 percent to $22.63 after the bell on Thursday. DreamWorks, which held unsuccessful [...]
Evaporating inflation and growth put pressure on central banks
REUTERS – Businesses across Asia and Europe have slashed prices at the start of the year to drum up trade, surveys showed on Friday, vindicating the European Central Bank’s decision to print money in a bid to revive inflation. Euro zone firms cut prices at the fastest rate in nearly five years and Chinese factories [...]
Due process not followed when Avant Garde was given ‘sensitive’ armoury contract
Just as a massive police investigation got underway on private security firm Avant Garde’s floating armoury storage of weapons of international vessels, the shipping industry said it was awaiting the new government’s decision on whether this work would revert back to Sri Lanka Navy (SLN). The business of providing storage for weapons was transferred to [...]
Six major probes at SEC were swept under the carpet
Some six probes involving large amounts of cash/share transactions were swept under the carpet without being ‘properly’ investigated by the Securities and Exchange Commission (SEC) after the departure of Thilak Karunaratne, former chairperson SEC. According to reliable sources, these were serious investigations which showed blatant manipulation. “One was pumping and dumping of low valued hotel [...]
“Our plans are still on,” says Krrish official at the office reception
Officials at the controversial Krrish project in Fort, which is yet to receive the full payment for it to get off the ground, say their project is still on. The project has been suspended for many years as a final payment amounting to 10 per cent of the full lease and interest payments thereafter for [...]
Ceylon Chamber facilitates partnership between Lankan Jeweller and a Norwegian Gift marketer
The Ceylon Chamber of Commerce recently facilitated a partnership between Sri Lanka’s Naraa Jewellery Mart and Norway’s VIVO Holdings AS, a firm dealing with books, gifts and handmade articles. The two firms signed an MOU, which will pave the way for both entities to enter into a Joint Venture Agreement in the future in a [...]
Sri Lanka’s vehicle population now at 5.6 mln, seen rising to 6.5 mln, report says
A steady rebound in 2H2014 led new vehicle registrations to grow 32 per cent YoY in 2014, says a research report by Softlogic Stockbrokers on Sri Lanka’s motor sector. “With the improving economic growth coupled with the low interest rate environment and the recent budgetary measure triggering lower taxes for specific categories of motor vehicles, [...]
Sri Lanka 2014 vehicle registrations up despite fall in commercial vehicles
Sri Lanka’s vehicle registrations rose to 429,556 in 2014 from a year earlier picking up from lull in February but with commercial vehicles showing a drop, Motor Traffic Department data showed. Motor car registrations were up 36.6 per cent to 38,780 units from 28,380 a year earlier, with hybrids continuing to lead while motor cycle [...]
Porsche sales in Asia Pacific grew by 53 %
Porsche recorded another successful year with the delivery of 4,846 cars to countries in the Asia Pacific region including Sri Lanka, which is an increase of 53 per cent compared to 2013, according to a media release issued by Eurocars (Pvt) Ltd, the sol authorised local importer and dealer for Porsche. Sales in Indonesia, Brunei, [...]
Pan Asia Bank offers ‘Budget + Plus vehicle Lease’ to suit Sri Lankan executives buying power
Sri Lanka’s public and private sector executive level employees now get an opportunity to purchase a suitable car for their job status through a leasing system ‘Budget + Plus Lease’ introduced by Pan Asia Bank, CEO of the bank, Dimantha Seneviratne disclosed. With limited budget constraints especially among executives, most of them find it difficult [...]
Motor Traffic Department decentralises driving licence issuance via online
Sri Lankans are now able to get a new driving license with biometric details of the holder such as the blood group and organ donations in their native villages without visiting Colombo using the online facility introduced by the Motor Traffic Department (MD), the head of the department disclosed. MTD Commissioner General S. H. Harischandra [...]
Germany’s Volkswagen revives effort to set up vehicle manufacturing plant in Sri Lanka
Germany’s Volkswagen company has been exploring the possibility of setting up a plant to produce vehicles for export in the past few years but this had not materialised due to unspecified reasons, a statement quoted the German Ambassador in Sri Lanka as saying in Colombo recently. This was disclosed by German ambassador Jurgen Morhard when [...]
TVS Lanka records over Rs.1 billion revenue growth
TVS Lanka (TVSL), a premier automotive company in Sri Lanka specializing in micro automobiles, has recorded Rs.1.6 billion revenue growth and eight times growth in operational profits at the end of the third quarter of the current financial year, Ravi Liyanage, CEO of TVSL said in Colombo this week. The company is now well poised [...]
Little England Cottages enhance Nuwara Eliya’s appeal as Sri Lanka’s popular hill station
NUWARA ELIYA – In today’s corporate world it’s not often that a business entity is taken over by the children of the founder chairman of the company. It is either another trusted member from the director board or a known trustworthy individual from the family background who is appointed to take over the company. Children [...]
NSF initiative helps sustain failing gherkin plantation owned by Hayleys
The National Science Foundation (NSF) is to double-up its approach in the search for new scientific and technological innovations and talents available in the country. The organisation said that it has found that more publicity is still needed to make people aware that science and technology innovations and research are being are provided with technology, [...]