EU delegation discusses resumption of GSP + concessions
An EU delegation was in Sri Lanka this week to discuss, among other matters, the possible resumption of GSP + concessions. Pic by M.A. Pushpa Kumara shows the delegation and the head of the EU office in Colombo addressing a Colombo seminar.
Intel renews partnership with Ministry of Education
Intel Sri Lanka signed a Memorandum of Understanding (MoU) with the Ministry of Education this week aimed at further supporting the efforts of the Government to prepare Sri Lankan teachers to effectively engage students to develop their thinking and enhance learning. Under this MoU, Intel and Ministry of Education will focus on further implementation of [...]
Confusion over interest waiver on pawned jewellery
Although the government has promised to waive interest accumulated due to delays in redeeming gold jewellery pawned in state banks for less than Rs.200,000, these banks continue to levy the interest payment, though less, contrary to the budget proposal.A large number of customers told the Business Times that they have fallen from frying pan to [...]
SEC probes take a decisive turn
The Securities and Exchange Commission (SEC) is reopening investigations in cases that were closed during the past regime in a bid to determine if ‘all’ information had been considered in scrutinising the alleged malpractices especially when files were closed due to ‘insufficient’ information. “This was a popular ‘excuse’ when certain probes didn’t see the light [...]
UDA struggles to maintain displaced residents of Tata project
The Urban Development Authority (UDA) is short of cash to continue rental payments for 582 families evicted to make way for Indian Tata Housing’s US$429.5 million mixed development project at Slave Island, Colombo. This is because the Indian company is yet to fulfill its financial obligations in accordance with contractual agreements, official sources revealed. Work [...]
Ravi attends primary dealers meeting at Central Bank
Finance Minister Ravi Karunanayake on Monday attended a meeting between primary dealers in Sri Lanka’s money markets and the Central Bank (CB), traders said. His presence raised eyebrows as the CB doesn’t come under the purview of the Finance Ministry even though the CB floats bonds and Treasury bills on behalf of the Treasury (an [...]
Colombo bourse chugs along the same route – analysts say
Share price trends have been on the lower side for several weeks since a new administration emerged with analysts attributing the downturn to a combination of reasons including uncertainty over impending polls and, as of this week, the approaching April season. The Colombo bourse started the week on a slightly higher note on Monday’s early [...]
Rethinking the value of labour
What does the current “100 days” reform campaign mean for the working classes? In addition to the current raft of constitutional reforms proposed during the campaign, workers have taken up the opening in the political space to advocate for wage increases in the private sector.Currently unions are demanding a Rs. 2,500 increase across the board, [...]
Budget: Many a slip between the cup and the lip
During the tenure of the previous Government, there were sacred cows that abhorred criticism and under the threat of intimidation, were able to contain the flow of objective criticism appearing in the media, in particular, the state media. Today, the situation has turned 360 degrees where, believe it or not, state-controlled newspapers are also publishing [...]
Benchmark yourself and step towards improving water efficiency
The pressure is on . climate change has put water resources in danger in terms of both quantity and quality. Meanwhile water quality is degrading as a result of poor water management practices adopted in developing countries. Agricultural, industrial and municipal sectors of Sri Lanka consume 87.3 per cent, 6.4 per cent and 6.2 per [...]
Is fear of failure holding back innovation in Sri Lanka?
“Innovation” has become a corporate buzz word today. Everyone is talking about innovation – but how many companies have a culture that encourages innovation? How many companies truly celebrate the learning that comes from failure? Business managers go to work daily with the goal of eliminating failures. Employees define themselves by whether they make mistakes [...]
UDA continues to make Peliyagoda a modern market and trade city
The Urban Development Authority (UDA) will be continuing the development work in Peliyagoda to make it a hub for modern markets, trade and industry under the Colombo City Development Master Plan, UDA officials said. The reallocation of the Manning Market from Colombo to Peliyagoda will soon get underway where a market complex with all facilities [...]
Marketing success means satisfying both external customers and internal customers (employees)
The satisfaction of the employees (internal customer) and the satisfaction of the buyers are equally important for a successful business entity , according to a veteran marketer. Ravi Jayawardena, CEO, Sales and Marketing, Maliban Biscuit Manufacturers (Pvt) Ltd expressed this view at the Ceylon National Chamber of Industries (CNCI), Achiever Awards 2015 launch held last [...]
Chinese elevators’ unit takes risk in Sri Lanka venture amidst question mark over Chinese projects
With a question mark over major Chinese projects in Sri Lanka after the new government came into power, a Chinese elevators company says it has taken a risk in entering the country’s marketplace. China based IFE Elevators Co. Ltd launched its first arm ‘IFE Elevators Lanka (Pvt) Ltd’ in Sri Lanka last week. Speaking to [...]
Four Chinese delegations in Sri Lanka
Who says Chinese authorities are miffed with Sri Lanka over the controversial Colombo Port City and other projects under probe? Just as President Maithripala Sirisena on Wednesday flew to China on an official visit, the Ceylon Chamber of Commerce (CCC) said on the same day that four business delegations from four different provinces in China [...]
Sanasa Development Bank profits soar by 100 % in 2014
SANASA Development Bank PLC (SDB) said on Wednesday that it recorded an ‘outstanding performance’ for the financial year ending December 2014 with profits up by 103 per cent. In a media statement, the development bank said that last quarter profits also rose sharply by 450 per cent. “With these growth rates, SDB recorded a profit [...]
GrayMatter’s strategic alliance with Global Business Counselling for APAC markets
GrayMatter Software, a renowned international analytics company, this week announced a partnership with Global Business Counselling, a Singapore and Sri Lanka-based Consulting group for Asia Pacific region. This partnership is strategic to both entities and will benefit the markets in which both operate leveraging their strengths in BI, Analytics, Big Data and Business Consulting, the [...]
SL Govt. aims for political stability without authoritarianism, Deputy Minister says
Lee Kuan Yew, the late Prime Minister and founder of Singapore, created a model based on market economic policies and trade to engage in business enterprises in the country. He was the architect of the Singapore economy, said the Deputy Minister of Policy Planning and Economic Affairs Harsha de Silva addressing the launch of the [...]
Softlogic Finance rights oversubscribed with strong investor interest
The recent Rights Issue of Softlogic Finance PLC was over-subscribed by over 150 per cent with a new equity infusion of Rs. 401 million, boosting the total equity position of the company to Rs. 1.9 billion. The Rights Issue, in which 10 ordinary shares were issued at Rs. 30 per share for every 28 shares [...]
Sri Lankans lack confidence in speaking English despite advanced technology
A majority of Sri Lankans who have chosen ICT as their future career have ended up in failure for the simple reason that they have (English) language constraints. Speaking proper English has become the problem when one looks at the students who pass out from national and private universities in the country. There is vast [...]
Asian hospitality sector the least disabled-friendly in the world: Study
Bangkok, March 27 (TTG Asia) – A new Travel Smarts study by Agoda has found that hotels in Asia are the least well-equipped in the world when it comes to inclusiveness. Surveying more than 600,000 hotels on the Agoda.com platform, the US came out tops with 77 per cent of hotels being accessible to the [...]
Sri Lanka Tourism gets 4th place at ITB for best booth
Sri Lanka Tourism won fourth place among 83 countries for the best booth from 11,000 exhibition booths at the recently concluded German travel mart ITB, 2015 in Berlin. “One Island a thousand treasures” was the theme of the Sri Lanka Tourism booth. The Sri Lankan booth attracted visitors with its famous Ceylon tea serviced to [...]
Siripala, Sri Lanka’s iconic flautist rendering soulful music at Kandalama
A tuneful melody is heard in the twilight evening breeze by the poolside at Kandalama Hotel; that is Siripala beckoning the guests to wind down as he soothes the senses with his figure edged out atop a rock against the sundown. For Sri Lankans he would bring back a lot of memories as most of [...]
Sri Lanka brand to be launched at Expo Milano 2015
Sri Lanka Tourism will be participating at the next Expo Milano 2015 together with the Sri Lanka Tea Board, the National Craft Council, SriLankan Airlines and the Board of Investment, a media release issued by the Sri Lanka Tourism Promotion Bureau (SLTP) said. This initiative has been given a cabinet nod aimed at boosting the [...]
China to showcase Sri Lanka at Shanghai exhibition
A group of Chinese photographers were scheduled to arrive yesterday (March 28) on a familiarisation tour of the country aimed at promoting Sri Lanka in China. The Shanghai Photographers Association would be in the country from March 28 to April 2 aimed at capturing the sights and attractions of Sri Lanka to showcase these at [...]
Sri Lanka Tourism to focus on Scandinavian travellers
Sri Lanka Tourism Promotion Bureau has strategically selected to make the Scandinavian markets a key focus in future, a media release issued by the bureau stated. A high-powered Sri Lankan delegation took part at last week’s key travel and tourism exhibition at Gothenburg in Sweden-TUR to carefully identify the next steps in the roll out [...]
Sri Lanka Tourism enters $40 bln cruise liner business
Sri Lanka Tourism is partnering top blue chip companies to enter the lucrative US$40 billion cruise liner business that is estimated to carry 22.3 million passengers with the market growing at 3.2 per cent in volume, a media release issued by the Sri Lanka Tourism Promotion Bureau stated. Carnival Corporation is the market leader with [...]
Needle-free injections vaccinations in Sri Lanka for the first time
Ceyoka Health, a subsidiary of Ceyoka (Pvt) Ltd, an arm of diversified conglomerate Nawaloka Holdings, has for the first time introduced advanced needle-free technology in Sri Lanka, revolutionising the future of vaccinations. Needles have been the accepted standard for injections. However, for patients especially children the fear of needles is very real, associated with pain [...]
Oracle plans to hire 1,000 more workers across Asia Pacific
Singapore – Oracle has announced significant recruitment plans that will add 1,000 new employees to its sales force across Asia Pacific (APAC). The expansion will help equip Oracle to drive growth and support demand for Oracle Cloud solutions across the region, the company said in a statement. Each year, Oracle invests US$5 billion in research [...]
MasterCard ‘Diners’ Delight’ offers scrumptious spread this Avurudu
Mastercad, giving cardholders yet another reason to revel in the Sinhala and Tamil New Year festivities with friends and family, is bringing back its ‘Diners’ Delight’ programme to Sri Lanka. Offering World, Platinum, and Titanium MasterCard cardholders 15 per cent savings at some of the country’s finest dining establishments till 31st December 2015, MasterCard seeks [...]
IRD to launch comprehensive tax audit under new chief
Sri Lanka’s Inland Revenue Department (IRD) is to implement a comprehensive tax audit process in a structured and a systematic manner aimed at minimising tax evasion and non compliance. This is essential since the drawbacks under the prevailing mechanisms have to be attended promptly and audits on ad-hoc basis needs to be avoided. In the [...]
TAL Group celebrates its 44th anniversary
1971 saw the birth of Thompson Associates (Ceylon) Limited which today has grown to become the TAL Group of Companies. Through its subsidiaries – TBWAri Lanka and Total Media Direction (TMD) – the TAL Group continues to provide total communication solutions as it has been doing for over four decades. In February this year, the [...]
Expolanka helps provide clean water to school children
Expolanka Holdings, in a bid to help address the current Chronic Kidney Disease (CKD) crisis in a meaningful manner, has stepped in to provide water purification solutions to four schools in the Anuradhapura district. Over 3,000 school children in Vidyadarsha Maha Vidyalaya, Nochchiyagama, Rahula Maha Vidyalaya, Yaya, Rajanganaya, Karapittakada Vidyalaya, Karapittakada, Medawachchiya, Koongollawa Vidyalaya, Etawiragollawa, [...]
CSE to set up a Clearing House to act as a Central Counterparty
The Colombo Stock Exchange (CSE) recently signed an agreement with BTA Consulting (BTA) of the United Kingdom to provide Consultancy and Project Management services to set up a Clearing House which will act as a Central Counterparty (CCP) for settlement of securities, including shares, corporate debt, Government Securities and any other financial market instruments transacted [...]
‘Nestlé Professional Signature Night’ celebrates partners in success
Nestlé Professional, the ‘out-of-home’ food and beverage solutions provider of Nestlé, hosted ‘Nestlé Professional Signature Night’ for culinary professionals in Sri Lanka, in honour of their contribution towards the growth of its business over the years. The inaugural event, attended by over 250 chefs and prominent culinary personalities from across Sri Lanka and the Maldives, [...]
AMW Capital Leasing surpasses Rs. 1 bln in FDs
AMWCL, having commenced fixed deposit mobilisation in the latter part of 2013, said this week it has achieved Rs. 1 billion in public deposits within a short period of time. “This reflects the public trust and confidence in the company and the people behind it. AMWCL is the only finance company owned by Associated Motorways [...]
GSP+ beneficiaries reduced to 85 countries from 173
The European Union (EU) delegation that visited Sri Lanka this week is examining whether the country is abiding by the 27 international conventions, three of which were in contravention when the trade concessions were withdrawn in 2010. The delegation met local authorities and other key stakeholders to discuss Sri Lanka’s willingness to regain GSP + [...]
Visakha Vidyalaya’s ‘INFO-V 2015′ ICT Expo to showcase international innovations in technology
Visakha Vidyalaya kicked off the ‘INFO-V ICT’ exhibition last year on a small scale but this year it has plans to organise it on a much larger scale. Last year’s event at the school auditorium was a two-day exhibition that drew 7,000 visitors. This year the exhibition will be held at the SL Conventions Centre [...]
Boom in real estate as business goes online
The days of turning the pages of a newspaper or magazine looking for a house, apartment or land for rent or lease are fast fading away with online real estate business tapping the market. Lamudi.lk being a new player in advertising only real estate properties online has reached many goals since its inception in May [...]
Mega French shipping firm CMA-CGM launches new BPO company in Sri Lanka
CMA-CGM Shared Service Centre Lanka (Pvt) Ltd recently opened its office in Colombo with an investment of US$2.5 million, six months after signing an agreement with the Board of Investment (BOI). The main business activity of this BPO is to provide BPO/Shared Services to the CMA-CGM Group companies worldwide. CMA – CGM is the 3rd [...]
Turning ideas into business thro’ hSenid Mobile Solutions
Innovative ideas come from great minds and now, it will not take a genius or an app developer to take that idea to market and turn it into cash, says a well-known app developer. Perfect for stay-at-home mothers with time on her hands, a student who wants to earn some extra pocket money, an enterprising [...]
Hayleys Group rewards excellence at Chairman’s Awards 2014
The Hayleys Group’s Chairman’s Awards were held for the 2nd consecutive year, recently at a glittering event at The Kingsbury Hotel. The awards were organised to recognise exceptional teams and individuals who have supported the Group’s vision and goals. The awards aim to encourage a high standard of work performance in support of achieving the [...]
Sri Lanka’s Providence and US’ Wolters Kluwer Financial Services bring IFRS to local banks
Providence, a leading provider of IT and technology related services, along with Wolters Kluwer Financial Services, a worldwide provider of compliance, risk management and audit solutions, has brought the latest and most up to date solution for IFRS – OneSumX – to Sri Lanka. OneSumX is being used by more than 180 banks worldwide, ensuring [...]
Indian investors keen on investing in Sri Lankan start-up units
Several Indian Investors have shown their willingness to set up large scale Indian businesses in Sri Lanka next year according to the Indian Angel Network. This week Blue Ocean Ventures and the India Angel Network launched the Venture Engine 2015 in Colombo to enable entrepreneurs to get further funding to expand their businesses to stay [...]
Bond issue blown out of proportion
A recent bond issue of the Central Bank (CB) has been in the news during last two few weeks or so, through views expressed by many politicians, lawyers to retired central bankers blaming the Governor Arjuna Mahendran and accusing him on handling the whole bond issue to get certain monetary benefits for himself or his [...]
