Shangri-La Residences debuts in Colombo
Hong Kong-based Shangri-La Group launched its luxury residential project on Friday at Galle Face Colombo eyeing to tap local and foreign buyers for exclusive residences in the city, officials of the company said. Construction work on the two 50 floor residential structures is now underway and will be completed in 2018, a spokesman of Shangri-La [...]
China mulls bigger stake in Colombo port
Sri Lanka is looking at boosting China’s stake at the Colombo Port and in the process increase the Sri Lanka Ports Authority’s (SLPA) ownership in the new harbours. Currently, discussions are underway between the SLPA and the China Merchant Holdings (CHM) on getting the latter to come in as an investor for the East Terminal [...]
“Kadawunu Poronduwa”: Krrish breaks its promise, again!
The Board of Investment (BOI), with Krrish failing to fulfil its latest promise of completing the full payment by March on leasing the 4-acre Transworks Square land in Colombo Fort, is considering several options including legal avenues to recover the payment or end the project. BOI Chairman Upul Jayasuriya told Business Times that “we are [...]
Dhammika’s MGM Casino at Bambalapitiya closed
Businessman Dhammika Perera, who owns a successful Casino empire, has shut down one of his casinos, sources revealed. “He has closed down the MGM Grand at Bambalapitiya Junction (on Galle Road),” a source said, adding that it was shut about two months ago. Some 550 employees were laid off, according to him. The source also [...]
GK depositors shocked by new payment plan
Depositors of the Golden Key (GK) Company have expressed shock and dismay over a government pronouncement that only 41 per cent of their dues would be paid within a year, accusing the authorities of misleading them. At a meeting with depositors last week in which the Business Times was also present, Finance Minister Ravi Karunanayake [...]
CA to incorporate ‘whistle- blowing’ into Ethics Code
The Institute of Chartered Accountants Sri Lanka (CA) plans to incorporate a ‘whistle-blowing’ element into its Ethics Code, a follow up to the Securities and Exchange Commission (SEC) saying recently that it wants audit firms to whistle blow as and when they come across ‘anything unusual’ in listed firms they audit. “We want to look [...]
‘Oath of allegiance’ and public positions
Six weeks after the committee of lawyers appointed by Prime Minister Ranil Wickremesinghe handed over their fact-finding report on the controversial Treasury bond issue the findings were debated in parliament, and not unexpectedly, created a thunder of discontent. The run-up to Thursday’s debate in parliament and earlier when the Speaker considering a no-confidence motion against [...]
Evicted under the World Bank’s watch
When officials from the Urban Development Authority came to measure their homes in late 2013, the residents living by the St. Sebastian South canal in Colombo 12 did not know why details of their homes were being taken down. A few weeks later, they found out that due to the rehabilitation of the canal under [...]
Trading community to be further relieved of Customs paper work hassle
The ongoing improvement in the online import export documentation system of the Department of Customs via the Internet will further relieve the trading community of paper work, undue delays, and unnecessary queuing at customs corridors, a top official said. A team of United Nations Conference on Trade and Development (UNCTAD) experts will be visiting Sri [...]
Microsoft ‘Innovation for Impact’ empowers Sri Lankan Non-Profits
Microsoft Sri Lanka under a YouthSpark grant together with World Bank and Fusion, the ICT arm of Sarvodaya, conducted ‘Innovation for Impact’, a 2-day workshop designed to educate and provide ICT solutions to improve the local NGO sector with skills that will touch the lives of rural youth. The workshop which brought together representatives from [...]
Pension anomalies
Recently I came across a news item in the electronic media that a fresh circular will be issued probably in May or June with regard to the rectification of pension anomalies by the Director General of Pensions. I also remember seeing another news item earlier where the former President Mahinda Rajapaksa promised that once it [...]
Not enough for Lankan companies to directly transplant products – Al Ries
To win globally, it is not enough for Sri Lankan companies to take their products and transplant them directly into international markets, says “Positioning” pioneer Al Ries. According to Mr. Ries, “Everybody thinks that the best strategy is to take an established brand and expand on it by taking it to a global market. We [...]
New-born democracy added to Ceylon Tea and cricket as Sri Lankan ‘gems’, minister says
A top government minister said last week that one of the important facets of a ruling administration is not to be involved in business. Finance Minister Ravi Karunanayake, speaking at the opening of the 16th International Coloured Gemstone Congress held in Colombo on Sunday May 17, said, “We are not here to run business but [...]
Sri Lanka’s first CEO Communication forum from YKG Associates
Sri Lanka’s CEO Communication pioneer YKG Associates (YKG) has announced the country’s first forum on CEO Communication – how leaders can better engage stakeholders for the long-term success of their organisations. CEOs from diverse industries – including apparel, automobile, banking, finance, hospitality, ICT, insurance, manufacturing, office automation, real estate, and retail – have confirmed their [...]
Brandix achieves pinnacle with PVH ‘Global Supplier of the Year’ Award
One of the world’s largest apparel companies has adjudged the Brandix Group its Global Supplier of the Year across all product categories represented by its global vendor base, presenting Sri Lanka’s single largest apparel exporter with the pinnacle award at the company’s Global Supply Chain Summit. PVH Corp., owner of the iconic Calvin Klein, Tommy [...]
SolarEdge founder Yoni Ziv visits SL
Yoni Ziv, one of the founders of Israeli solar Photo Voltaic (PV) company SolarEdge, visited Sri Lanka recently, to explore local opportunities in related industries, according to a statement by the company’s local partner JLanka. SolarEdge controls a 26 per cent market share of the US solar PV sector, as of the third quarter of [...]
SL set to join Budapest Cybercrimes Convention by end-July 2015
US Secretary of State John Kerry, on his recent visit here, commended Sri Lanka for its pioneering role as the first in South Asia to be invited to and begin the process of ascension to the Budapest Cybercrime Convention, according to Jayantha Fernando, Legal Advisor at the local ICT Agency (ICTA). Elaborating even more, Mr. [...]
Lanka’s newest product – designer Kalu Dodol
Thinking big does not mean you have to start big. Most successful enterprises start in a small way, especially if they are developing on enhancing an existing product, which was the case for Chathura Munaweerage, who wants to make his signature Kalu Dodol the next generation’s chocolate. “I left many 9 to 5 jobs because [...]
CEAT Kelani invests in new advanced motorcycle tyre plant in Sri Lanka
A new state-of-the-art facility for the manufacture of motorcycle tyres for the local and international markets has been commissioned in Sri Lanka by CEAT Kelani Holdings. Set up within the CEAT Kelani complex at Kelaniya with an initial investment of Rs. 95 million, the new plant will operate as Asian Tyres (Pvt) Ltd, a member [...]
Expolanka’s spring water channel project for indigenous community at Rathugala village
Expolanka Holdings, in line with the group’s CSR programme ‘Outreach’ CSR arm funded a spring water channel project to provide fresh pipe borne water to the indigenous community in Rathugala consisting of around 450 members. In consultation with Environment Authority, Water Board and the Madulla Divisional Secretariat, Expolanka used the fresh water spring ‘Peele Kandura’ [...]
Samsung India Electronics President and CEO visits Sri Lanka
H.C. Hong, President and CEO of Samsung India Electronics Ltd recently visited Sri Lanka to familiarise himself with Samsung’s operations across the island. Mr. Hong’s responsibilities include overseeing Samsung’s business in South West Asia, which includes India, Sri Lanka, Bangladesh and Nepal, according to a media release issued by the company. During his visit, he [...]
Flawed fuel pricing formulae unlikely to succeed
A fuel price hike is on the horizon. Sounds too familiar? Petrol price hikes in Sri Lanka are not driven by external factors. In the past it has not been and guaranteed in the future too, that is going to remain the trend. In the past regular price hikes and sporadic revisions were precipitated by [...]
Singaporean firm steps in again to rejuvenate Colombo city development plan
A Singapore urban development consulting company, Cesma International re-branded as Surbana, is now engaged in Colombo city master-planning and redevelopment work to build a ‘megapolis’ in Sri Lanka’s Western Province, Urban Development Authority Chairman Ranjth Fernando told the Business Times. A team from Surbana will be working out a sustainable re-development plan for the city [...]
Northern residents face rising debt over housing construction issues, report says
A recent study titled “LIFE AND DEBT: assessing indebtedness and socio-economic conditions of conflict-affected housing beneficiaries in Jaffna, Kilinochchi and Mullaitivu districts” shows that building houses has increased indebtedness. But it also points out to the gains in owning a house even though it leads to debt accumulation. The report was prepared by researchers – [...]
Sri Lankan planters explain how production cost of tea is determined
To facilitate open discussion on the critical issue of cost of production (CoP) of tea and affordability of estate sector wages, the Planters’ Association of Ceylon has shared the relevant calculations in a media statement. The association, which represents 22 Regional Plantation Companies (RPCs) collectively employing nearly 200,000 workers, said that together with the Employees’ [...]
Foreign investors also consider governance and HR issues apart from economic growth, minister says
International investors and lending agencies not only look at growth potential of a country but at other criteria such as human rights issues, good governance, transparency, laws that are put into place to ensure transparency and accountability, rule of law and so forth. “We were able to achieve this not in a divided government but [...]
Sri Lanka Hospitality Investment Conference tomorrow covering four countries
The Sri Lanka Hospitality Investment Conference (SHIC) titled “Hospitality Investment Conference Indian Ocean (HICIO) 2015″ will be held tomorrow in an event that covers Sri Lanka, the Maldives and also looks at the potential in Mauritius and the Seychelles. The organisers said the 2-day meeting brings together close to 100 industry professionals from nine different [...]
Go-ahead given to stalled TATA housing project in Slave Island
Construction work on the US$429.5 million mixed development and housing project at Slave Island undertaken by India’s Tata housing, the real estate arm of the Tata, is now underway. The Urban Development Authority (UDA) has sorted out certain contractual matters relating to TATA housing project with the company handing over the construction work to a [...]
New tourism zones for future development
The government is looking at identifying new tourism zones apart from calling for tenders for the Kalpitiya and Kuchchaveli areas, a key state official said. “We have to look at new land for development,” Sri Lanka Tourism Development Authority (SLTDA) Chairman Paddy Withana told the Business Times. New lands are set to be identified in [...]
Record Performance by DFCC Group with post-tax profit up 38%
DFCC Group said its group profit after tax increased by 38 per cent to Rs.4.4 billion for the year ended March 2015, up from Rs. 3.2 billion in the earlier year. “Although there was a drop in net interest income, caused primarily because DFCC’s development banking model precluded the bank from maintaining current and savings [...]
Janashakthi Insurance PLC says 1Q 2015 was ‘impressive’ despite drop in profit
Janashakthi Insurance this week reported a 13.4 per cent growth in the first quarter, after setting up a new entity known as Janashakthi General Insurance Ltd. However Janashakthi Insurance PLC Managing Director, Prakash Schaffter said the group posted a consolidated net profit of Rs. 106 million during the quarter ended 2015, lower than Rs. 156 [...]
Kashmi – Sri Lankan developed mobile payment platform to transform Singapore market
Singapore’s digital payment landscape is on the verge of a revolution with the launch of Kashmi (pronounced Cash-Me) – a mobile peer-to-peer payment platform developed by a team of Sri Lankans. The application enables users to transfer money on the spot and free of charge via smart phones and has already sparked interest from regional [...]
Pan Asia Bank doubles 1Q’15 net profits to Rs. 177 mln
Pan Asia Banking Corporation PLC (PABC) has posted a net profit of Rs.177 million for the quarter ended March 31, 2015 (1Q’15), up 106 per cent from a year earlier. The growth in the profit before tax was 231 per cent year-on-year (yoy) to Rs. 270.2 million, the bank said in a media release. The [...]
Hayleys MGT- Knitting Mills profit sharply up 149%
Hayleys MGT- Knitting Mills PLC has reported a post-tax profit of Rs. 90 million (US$680,000) for the financial year ending 31st March 2015, sharply up by 149 per cent. A company statement said FY 2014/15 marked the first year of the company recording a surplus after consecutive losses during the recent past. The company was [...]
Hike in coconut shell-based charcoal prices hurts Haycarb business
Increase in prices of coconut shell-based charcoal impacted the profitability of Haycarb’s Sri Lanka and overseas operations, said Haycarb PLC Managing Director, Rajitha Kariyawasan. In its annual report for the year ended March 2015, the company MD said this issue prevented the company from passing the increase in raw material and other input costs to [...]
Hayleys reports 32% hike in year end PAT
Hayleys PLC closed its financial year ending March 2014/15 on a high, consolidating the growth momentum generated over past years, the company said on Friday. In its filing to the Colombo Stock Exchange, the group reported a 32 per cent increase in Profit After Tax (PAT), to close the year with Rs. 4.9 billion. Sector [...]
