Hybrid car owners protest over tax
Several importers of hybrid cars, whose vehicles are lying in the Colombo and Hambantota ports, met in Maharagama this week to protest over an increased tax on hybrid cars. Seen here are the aggrieved parties with organisers of the protest at the head table.
Public confidence in new regime seen waning, opinion polls show
Inordinate delays in either filing action or prosecuting key figures in the former regime including close associates of the President may have led to a slump in public confidence in the new Government, according to the results of a joint poll conducted over the past two weeks. The joint opinion poll was presented by the [...]
Confusion over 15% interest for senior citizens’ deposits
The Sri Lanka Banks’ Association (SLBA) is to meet the Central Bank (CB) tomorrow to get clarity on the proposed Senior Citizens’ interest rate of 15 per cent per annum on Rs.1 million deposits, SLBA officials said. Upali de Silva, Secretary SLBA told the Business Times that commercial banks are still awaiting a clear direction [...]
SriLankan to post approx. US$130 m loss FY 2014/15
National carrier SriLankan Airlines is expected to post reduced losses amounting to approximately US$100 million for 2014/15 in the wake of the Sirisena led administration calling for a tie-up with budget airline Mihin. With government plans underway to tie-up these failed institutions the national carrier was still awaiting directives from authorities in this regard, the [...]
Rs. 2.5 Bn tea promo funds move to Treasury
The Sri Lanka Tea Board (SLTB) is set to, reluctantly, pack off Rs.2.5 billion to the Treasury as part of government plans to bridge the budget deficit using excess monies held by departments. SLTB officials say they were in the dark over recent government moves until it was announced as part of the budget proposals [...]
SEC – bringing sanity into the market
Sanity is slowly being restored at the 28th and 29th floors in the East Tower of the World Trade Centre. The Securities and Exchange Commission (SEC) situated on these floors with new Chairman Thilak Karunaratne in the hot seat is regaining its lost integrity, according to those close to the regulatory authority. A new Commission [...]
Stumbling thro’ crises
The old adage ‘slow and steady wins the race’ has never been so evident than in the new regime and its race to make things better in a country where nepotism and family rule prevailed. Irrespective of whether President Maithripala Sirisena is seen as a simpleton or whether the efficiency of Prime Minister Ranil Wickremesinghe [...]
Preserving “free health” under Sri Lanka’s privatisation policy
An unprecedented expansion of private healthcare has occurred over the last decade or so in Sri Lanka. As private health facilities mushroom across the island, full page advertisements invite us to access “cutting-edge” diagnostic services in private hospitals together with various promotional health insurance packages offered to help us “consume” these services. According to data [...]
IPS conducts workshop to support Sri Lanka’s Low Carbon Technology Renovation and Climate Technology Centre Network
The Institute of Policy Studies of Sri Lanka (IPS) recently held a Multi-Stakeholder Workshop on Low Carbon Technology Renovation and Climate Technology Centre Network (CTCN) at the IPS office in Colombo. The event was conducted as a part of a study carried out to evaluate the progress and identify follow-up actions to the country study [...]
Good governance should be in all companies, not only listed ones
The caption in the Business Page of the Daily Mirror recently read “Tough Regulator will ensure better governance”. This is a positive and welcome signal for the country’s capital market. In Sri Lanka there are many public companies which are not listed where the control is exercised by few individuals/families. The minority shareholders very often [...]
Comments from the BT email surveys – Comments from the BT email surveys:
On Corruption: (Post budget) – With the machinery they have to fight corruption they are doing better than anyone did before. – No institutional changes have been made. It is not known whether the authorities will proceed with these inquiries or drop them later. (Pre budget) – Judging by the information coming out, in terms [...]
An analysis of the two RCB surveys – special report
The following is an analysis of the data received to each of the nine questions in the RCB pre and post budget street polls: Are people free to express their views? While a large percentage of the people believe that there is freedom of speech, that has significantly reduced from the pre to post budget [...]
Culprits of the former administration yet to be punished – special report
Comments from RCB’s pre and post budget street polls: (Pre budget) – 1/3 of the cabinet is incompetent. – Three wheel drivers are happy with the new oil prices and they hope for a reduction of fares in comparison with the 10 per cent concession on oil. – A Government that corrects the wrong things [...]
People still strongly in support of the Government, but confidence level slipping – special report
Opinion polls between January 26 to February 4 by the Business Times (BT) and its polling partner, Research Consultancy Bureau (RCB) to gauge the performance of the new Government drew varied responses. The surveys – through email and on the street – were conducted on two separate dates; one before the budget and one after [...]
Top trade union disappointed with Lankan budget, urges Rs. 5000 wage hike for private sector
A top trade union grouping has slammed the new Government’s interim budget saying six million private sector workers should be given a Rs. 5,000 wage hike without linking the increase to productivity. “The 6 million plus private sector workers should be given the Rs.5,000 wage increase without in any way linking it to productivity and [...]
Central Bank restored to independent status, no state interference in fixing exchange rates, says Harsha
A level playing field will be created by the government to enhance economic activity with both private and state enterprises being the stakeholders, a top Government politician said. Deputy Minister of Policy Development and Economic Affairs Dr. Harsha de Silva delivering the keynote speech at the 60th LBR LOB CEO Forum under the theme “Recalibrating [...]
Some ‘good’, some ‘not good’, says National Chamber on interim budget concessions
Sri Lanka’s National Chamber of Commerce has welcomed the concessions provided in last week’s interim budget but has cautioned against inflationary trends that could emerge from these decisions. “We are of the view that measures taken to enhance the quality of the life of the people will induce somewhat subdued consumption pattern of the people. [...]
CIC Holdings records impressive Q3 results
CIC Holdings PLC continued its momentum of growth in the third quarter of the FY 2014/2015 ending 31 December 2014 with both the company and group turnover rising by 19.77 per cent and 7.86 per cent, respectively to Rs. 5.3 billion and Rs. 17.7 billion.Key contributors to the company’s revenue growth were the consumer and [...]
hSenid founder Dinesh Saparamadu wins Entrepreneur of the Year 2014
Dinesh Saparamadu, Founder and Chairman of the hSenid Group, recently was awarded the Sri Lankan Entrepreneur of the Year award at the 19th annual awards ceremony organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL).“This was the culmination of the group’s wins, which included the coveted Gold for Extra Large [...]
CIC Holdings records impressive Q3 results
CIC Holdings PLC continued its momentum of growth in the third quarter of the FY 2014/2015 ending 31 December 2014 with both the company and group turnover rising by 19.77 per cent and 7.86 per cent, respectively to Rs. 5.3 billion and Rs. 17.7 billion.Key contributors to the company’s revenue growth were the consumer and [...]
CB Governor, son-in-law and Cabraal
I read with sadness the interview (in the Business Times) given by the new Central Bank Governor (Arjuna Mahendran) about his experience and how he is dealing with the allegations against his son-in-law. He has been a fund manager most of his life. So, I hope he has the experience to contribute to the progress [...]
CIFL depositors look to new Govt. for relief
Depositors of the failed Central Investment and Finance Ltd (CIFL) who say they didn’t get proper direction from the Central Bank are now taking their case to the present government for redress. According to Wijeya Gunawardena, President, CIFLDA – the association representing the interest of depositors, the members who are mostly senior citizens are in [...]
Sri Lankan chambers urge introduction of a Bill of Rights
Sri Lankan’s biggest industrial and trade chambers, in a rare coming-together, on Tuesday urged the Government to introduce a Bill of Rights and said they were, jointly, committed to the nation’s progress. “We call on the Government to introduce a robust Bill of Rights as part of the on-going reform process to further strengthen the [...]
Headlines during the week on Sunday Times Online edition
The following are some of the stories that ran in the Sunday Times Online website (www.sundaytimes.lk) during the week. Some of these stories may be repeated in other sections of the Business Times with more, updated information. Well-known lawyer Jayasuriya heads Sri Lanka’s Investment Agency Upul Jayasuriya, a well-known lawyer and President of the Bar [...]
Implications of the Super Gain Tax (SGT) in the recent budget
SGT no doubt is a high water mark of the “interim budget proposals” or “Soora Saradiyel’s budget” as the Prime Minister has opted to term it. The rationale for imposition of the SGT as expressly couched in the budget speech is to levy a charge on ill-gotten wealth. “Honourable Speaker, we have observed that there [...]
CA Sri Lanka’s Arjuna Herath to give leadership to South Asian Accounting body
Arjuna Herath, President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), has taken over the reins of President of the South Asian Federation of Accountants (SAFA), the apex accounting body of the South Asian Association for Regional Co-operation (SAARC). Mr. Herath, according to a media statement issued by CA Sri Lanka, [...]
Individual hybrid car importers rally round, protest over exorbitant tax
Hundreds of individuals who placed orders for hybrid cars have been run over by a budget proposal to increase the tax sharply, and are joining in a huge protest campaign. On Wednesday, more than 600 individual hybrid vehicle importers spoke to the media at a briefing in Maharagama. The meeting was organised by those who [...]
Govt. should focus on the bottom of the economic pyramid, a reason why the previous administration failed
Sri Lanka’s economic pyramid at the bottom has been neglected particularly in the economic performance and the SME sector and this showed up in voting patterns at the presidential election (in which incumbent President Mahinda Rajapaksa was defeated), according to a prominent business consultancy expert. Hilmy Cader, International CEO, MTI Consultancy expressed this view, while [...]
Top economists exposed corruption as far back as 2007
A group of eminent economists is taking credit for exposing corruption as far back as 2007 which eventually led to the fall of the President Mahinda Rajapaksa’s regime. Unbridled corruption by the coterie of powerful persons and Rajapaksa’s family was the core of the election plank during the Maithripala Sirisena-Ranil Wickremesinghe campaign at the January [...]
New BOC chairman settles down; looking at enhancing its efficiency, systems
Newly appointed Chairman of the Bank of Ceylon Ronald C. Perera is no stranger to the bank as he had been a director of the same institution on a previous occasion. The Sunday Times Business desk recently interviewed him at his office. Mr. Perera said the Bank of Ceylon is one of the oldest and [...]
Sri Lanka Tourism in questionable deals worth over Rs.1.1 bln
The Maithripala Sirisena administration is planning on giving a global push for Sri Lanka Tourism in partnership with the private sector amidst allegations of almost Rs.350 million spent on international ad campaigns without proper contracts, a top goverment official has said. New Sri Lanka Tourism Promotion Chairman Rohantha Athukorala told a recent meeting of industry [...]
Unilever Sri Lanka recognised as top employer in Nielsen survey
Unilever Sri Lanka has been recognised as the No. 1 Employer in Sri Lanka for the second consecutive year, in a nationwide survey conducted by research agency Nielsen. Unilever also led the ratings as the “Dream Company” to work for, in all categories, including in the FMCG sector. The Employer of Choice survey is an [...]
Post 2015 Presidential Election – some thoughts from a social scientist’s perspective
One of the wonderful things about being engaged in social science is that from time to time society has a way of surprising you. When this happens the best is to rethink your assumptions, rather than trying to squeeze social reality into what you alreadybelieved in. The 2015 Presidential Election was one such occasion. First, [...]
