New Sri Lanka tourism policy in the making
A new Sri Lankan tourism policy is in the making and will be announced after the next parliamentary election, Prime Minister Ranil Wickremesinghe said on Wednesday night.Speaking at a dinner at the Cinnamon Grand organised by Hemas Holdings to welcome the chairman (Bill Heinecke) and CEO (Sri Lankan-born Dilip Rajakariar) of Minor International, which owns [...]
Million dollar payments rushed for tourism media blitz
Sri Lanka Tourism, it has been revealed, has made colossal spends amounting to millions of dollars that were paid off in a rush the day before and after the January 8 Presidential elections for a purported international media blitz. According to officials who spoke on condition of anonymity, confidential documents seen by the Business Times [...]
Inquiry against BOC GM nears completion
Bank of Ceylon (BOC) General Manager D.M. Gunasekara resumed duties on Wednesday after being sent on compulsory leave on April 7 pending an inquiry over certain irregular dealings and decisions. The directive to send him on compulsory leave has been withdrawn following demands made by BOC trade unions, official sources said. Finance Ministry sources said [...]
SC case against Treasury bond issue on Tuesday
The Supreme Court Fundamental Rights (FR) petition seeking an independent inquiry into the controversial Central Bank Treasury bond will be heard by court on Tuesday, May 5, according to Saliya Peiris, lawyer appearing on behalf of the petitioners. Central Bank Governor Arjuna Mahendran, embroiled in the case owing to his son-in-law’s family firm securing 50 [...]
Steuart House boutique hotel to open this month
‘Steuart House’, the 175-year old colonial building in Fort which houses the headquarters of George Steuart & Co. Ltd, will be re-opened in end May as a boutique hotel, officials said. The building housing George Steuart & Co. Ltd, the country’s oldest mercantile institution, has been transformed to a 50-room hotel at a Rs.350 million [...]
CSE to finalise Central Counterparty model by end May
The Colombo Stock Exchange (CSE) will finalise its financial transaction facilitator mechanism, the Central Counterparty’s (CCP) model and the final structure by month end, officials said. Rajeeva Bandaranayake, CSE CEO told the Business Times that once this is done, they intend to consult all stakeholders and obtain their consensus and implement it. “This is the [...]
Focus on SME in capital markets; don’t concentrate only on the rich, Harsha says
Stock exchanges always develop instruments for the rich, for those who can invest millions but pay little attention to the small and medium enterprises or create a market where, various investors are able to invest, an economist and deputy minister says. “This is why we need to cooperate and create these various asset classes and [...]
The resurrection of Kotelawala
Lalith Kotelawala considered a mystery to many having risen to the top of the corporate ladder, shaped a name for himself as a responsible business leader and then falls from grace in his role in the biggest-ever scam this country has seen, has gone and done it again. This time he has ‘confessed’ that investments [...]
Forum on ‘Best Practices in Finance Transformation’ on May 14
Local private sector IT-BPO body SLASSCOM will soon host a forum on “best practices in finance transformation” in conjunction with Sri Lanka’s Association of Chartered Certified Accountants, according to a statement. Scheduled for May 14, at The Stables, at Park Street Mews, from 7:30 a.m. onwards, the event features a number of international speakers, including [...]
Wind power can easily meet Sri Lanka total energy needs, experts say
While the total energy requirements for Sri Lanka by 2022 – 2023 is in the range of 5,000 to 7,000 megawatts (MW), this could be easily achieved through wind power for which the generation potential in the country is 30,000 MW by around the same period. This was stated by Ramesh Kymal, Chairman/Managing Director, Gamesa [...]
SEC directs Kalpitiya to postpone EGM, unhappy with resort development proposals
Kalpitiya Beach Resort has been requested by the Securities and Exchange Commission (SEC) to postpone its scheduled extraordinary general meeting (EGM) in May by another month, saying it (company) has to give precise clarification on how to protect the minority shareholder interests prejudiced by the delays in building their resort, Citrus Kalpitiya, a SEC announcement [...]
Sri Lanka heading for a major debt crisis
It is with great pleasure and delight that I recall the fund management days at the General Treasury with R. Paskaralingam and S. Shanmugalingam who partly provided us with on-the job practical experience for budding young officers on how to utilise foreign debt-based development finance as an essential prerequisite for development projects in Sri Lanka. [...]
Senior citizen’s 15% interest rate proposal becomes a reality
While welcoming the action taken by the government to implement a 15 per cent interest scheme for Rs.1 million fixed deposits in banks proposed in the 2015 interim budget, S.W. Kumaradasa, a senior citizen of Yatiyana Agalawatte claims that it was he whosubmitted a similar proposal to be included in the 2015 budget in response [...]
Ceylon Chamber welcomes 19th Amendment enactment
The Ceylon Chamber of Commerce (CCC), which has been urging MPs to support the 19th Amendments to the Constitution, on Wednesday welcomed its enactment by the requirement of parliamentary majority late on Tuesday. The chamber also hailed “the crucial roles played by the President, Prime Minister and the leaders of all political parties in arriving [...]
PCH Holdings PLC appoints new Chairman and Directors
PCH Holdings PLC has appointed three new directors to its board: Ajita Mahes Pasqual as Executive Chairman, Dr. Ali Gulamhusein as Executive Director and s as Non-Executive Director. “As recognised figures of the financial sector, both Mr, Pasqual and Mr, Renganathan can benefit PCH Holdings with their expertise and insight,” a company spokesperson said in [...]
On ‘Kotelawala makes a mockery of judicial system’
I refer to Bryan Nicholas’ letter in the Business Times last week under the above heading. If, as is stated by the writer, Kotelawala’s statement that black money was deposited with the GK company is true, the company as well as the depositors have been parties to money laundering which is a criminal offence. In [...]
Correction – “JWT Sri Lanka appoints new CEO”
Grant McCann has sent a letter clarifying a story under the above headline in last week’s Business Times about the appointment of the new CEO at JWT Ms Alyna Haji Omar. Grant says Ms Haji Omar is the current CEO of Response Marketing, one of six independent companies under the Grant Group. She has not [...]
Central Bank circus
Newspapers are carrying a picture of Central Bank Governor Arjuna Mahendran happily handing over a report to the Finance Minister. Beats me how he can function like that when the Opposition has handed over a motion to remove him, there is a case against him in the Supreme Court and he was reported to the [...]
Indo-Sri Lanka FTA has issues but can be resolved, says Indian diplomat
While the bilateral trade between Sri Lanka and India stood at US$4.6 billion in 2014, Karthik Pande, First Secretary, Economics and Commerce, Indian High Commission in Sri Lanka, conceded that there are problems with regard to the Free Trade Agreement btween the two countries. Mr. Pande was speaking at the launch of the 9th Indian [...]
Dep. Minister Harsha joins Softlogic Finance to launch ‘Clean Zone’
Softlogic Finance PLC, responding to a national need for proper garbage disposal, the lack of which has been linked with many critical issues including high dengue prevalence, has embarked on a major effort which would eventually improve the cleanliness of a 100 km roadside extent and mobilise public support for waste segregation and recycling. The [...]
59-year-old CIFL depositor praises Maithri
Drawing attention to the wonderful news last week in Business Times report, I wish to commend our (peoples) President Maithripala Sirisena for taking great interest to the plight we poor depositors are placed in. Having worked strenuously for more than two decades abroad, on my return, without any suspicions I placed a fixed deposit in [...]
15% interest to senior citizens
Bravo to the Business Times for its valiant effort to campaign against various unjust conditions imposed from time to time by the Central Bank (CB) in connection with the above matter. Yet it seems some problems are lingering on/arising due to the new condition imposed by CB after the acceptance of the above term deposit [...]
Government will not say ‘yes or no’ to CEPA, says Deputy Minister Harsha
The new Sri Lankan government is pursuing a ‘Social Market Economy’ giving priority to competiveness and social justice in trading and business. The aim is to make local business and trade more competitive and productive both here and overseas while maintaining social justice to pass its benefitsto everyone and not confining it only to a [...]
Sri Lanka’s GDP growth of 7.4% at 2014, below 7.8 % target, CB says
Sri Lanka’s economy grew by 7.4 per cent last year, down from the projected 7.8 per cent but higher than 7.2 per cent recorded in 2013, according to the Central Bank’s (CB) annual report for 2014. (The full report can be seen on http://www.cbsl.gov.lk/) The report, presented to Finance Minister Ravi Karunanayake by CB Governor [...]
Former crisis-hit Touchwood chairman now into Japanese tourism
A group of Japanese investors were in the country recently to launch some projects, officials said.[Business Times. Nature Lanka Global Investments Chairman Lanka Kiwlegedara told the Business Times that Nature Lanka in a joint business relationship with Japan organised these mega investments projects in Sri Lanka. According to him, the Garbage Recycle Project and Fertiliser, [...]
LAN opens Colombo 3 Incubation Centre for start-ups
The Lankan Angel Network (LAN) recently announced the opening of a new Incubation Centre at 33, Lauries Road, Colombo 3, providing office space, conference rooms and other support services for the start-ups that it is funding. Further, the announcement also revealed several important new developments shaping LAN’s future, one of which is its recent accreditation [...]
Nawaz appointed to global SME body
Nawaz Rajabdeen, National Director for UNIDO Focal Point in Sri Lanka and a specialist in SME affairs, has been appointed as Vice President of the Asia region of the New Delhi-based International Society for Small and Medium Enterprises (ISSME). Soon after his appointment, Mr. Rajabdeen, a former President of the Federation of Chambers of Commerce [...]
Eight Jetwing properties net Travelife gold awards
Travelife, the international certification scheme developed by the travel industry for the travel industry, announced recently that they have awarded eight Travelife Gold Awards to hotels belonging to the Jetwing family of properties: Jetwing Blue, Jetwing Beach, Jetwing Vil Uyana, Jetwing Ayurveda Pavilions, Jetwing Sea, Jetwing Lighthouse, Jetwing St. Andrew’s and Jetwing Yala. At present, [...]
Bentota readies for Jet Ski Grand Prix 2015
Powerboating will be the next big thing to happen in Sri Lanka with Bentota selected as a certified venue for the Grand Prix in Jet Ski, a boat racing competition, scheduled to be held in October/November this year with the participation of 19 countries. Since the exhibition race on the Beira Lake about an year [...]
World War 2 jeeps for holidaymakers touring Lanka
Driving around in Sri Lanka in a World War II military vehicle could be the dream of some and for those travellers visiting the country this could be the best option to enter the world of a bygone era while on holiday. The Colombo By Jeep tour company has a fleet of World War II [...]
Kerala – Sri Lanka in holiday package tours
Kerala Tourism is hoping to market a three-country destination tour package for travellers willing to visit India, Sri Lanka and the Maldives. During the Kerala Tourism Roadshow in Colombo last week, Kerala Tourism Minister A. P. Anilkumar said there was ample scope to promote Kerala – Sri Lanka – Maldives tour as these destinations have [...]
Double decker city tours heads to Kandy
Colombo City Tour, the double decker open roof buses that has been in operation for about five years now will be expanding its reach to Kandy commencing May, officials at the company stated. Currently there are only two buses available and carry passengers from the city hotels to tours surrounding the capital and into Battaramulla [...]
China’s Sichuan province tourism trade fair on gratis to Sri Lanka
Sri Lanka will be participating FOC (free of charge) at the Sichuan province World Tourism Fair in China, a media release issued by the Sri Lanka Tourism Promotion Bureau (SLTPB) said.This has been offered as part of a goodwill gesture by the Chinese government for Sri Lanka Tourism in addition to providing free live coverage [...]
ICCA recognises Sri Lanka as an international MICE Venue
The International Congress and Convention Association (ICCA) has recognised Sri Lanka as a venue for the conduct of international MICE events and this is considered a notable achievement by the industry, a media release issued by the Sri Lanka Convention Bureau (SLCB) stated. In this respect, ICCA has recognised 30 events out of 62 international [...]
Ceylon Chamber to facilitate Interior Designers and Condominium Developers associations
The Ceylon Chamber of Commerce recently entered into two separate agreements with the Sri Lanka Institute of Interior Designers and the Condominium Developers Association of Sri Lanka to facilitate their operations. Ms. Swarna Obeysekere – Chairperson of the Sri Lanka Institute of Interior Designers signed the agreement on behalf of the institute while Pravir Samarasinghe, [...]
Ceyoka in distributor agreement with energy giant Schneider Electric for lighting automation
Ceyoka (Pvt) Ltd announced this week that it had entered into a distributor agreement with Schneider Electric, the global specialist in energy management for its lighting control products. Ceyoka, through its Engineering Division, is recognised as a leading supplier of professional lighting solutions. This agreement enhances Ceyoka’s market offering as a one-stop comprehensive and dynamic [...]
State re-insurance fund to be made viable through foreign re-insurance protection
Sri Lanka’s sole re-insurance agency, the National Insurance Trust Fund (NITF) is to link up with a foreign re-insurer to get appropriate re-insurance protection with the aim of facing challenges of the increasing natural disasters, with minimum impact on its funds. The state agency will be calling for international bids in accordance with the Finance [...]
Improving trade and economic ties with Turkey
Turkish Ambassador Iskender Oxyay recently held a media briefing at the embassy in Colombo aimed at promoting economic and trade ties between Turkey and Sri Lanka.
Arsecularatne appointed chairman of HNB
Rienzie Arsecularatne, a senior lawyer and former Director General of the Bribery Commission, has been appointed the new chairman of HNB (bank) with effect from May 1, the bank announced on Thursday. Mr. Arsecularatne, a government nominee, was (earlier) appointed a director of the bank effective April 30. He takes over from Ms Rose Cooray, [...]
Sri Lanka’s highest-ever tea yield from New Peacock Estate of Elpitiya Plantations
Aitken Spence Plantations managed Elpitiya Plantations PLC’s New Peacock Estate in Pussellawa recorded the highest ever yield-per-hectare of 3,008 kg per hectare for the financial year 2014/15 in Sri Lanka for a tea plantation estate with an extent of ovr 260 ha. The achievement came in spite of the unfavorable weather conditions that prevailed in [...]
Foreign publication house to compile investors report for Sri Lanka
What matters most to investors is the rule of law situation and a corruption free country with a level playing field, according to Board of Investment (BOI) Chairman Upul Jayasuriya. Speaking at the signing of a memorandum of Understanding (MOU) between the BOI and the Oxford Business Group (OBG) a global publishing firm in Colombo [...]
Victory Alliance (Pvt) Ltd unveils industrial graft adhesives factory at Ratmalana
Victory Alliance (Pvt) Ltd recently unveiled its first state-of-the-art factory at Ratmalana to produce industrial graft adhesives. The company says it will have a production capacity of over 200 MT a month and more than US$ 3 million has been invested in the project. The factory was opened by Rishad Bathiudeen Minister of Trade and [...]
Hidden pitfalls of working at home and how to avoid them
When it comes to searching for a new job, a “flexible approach” to work is a job attribute that job hunters look for and employers have responded by using remote working as a selling point to attract such individuals into their work force. In fact, today’s companies have had to embrace remote working as employees [...]
