Discussing tourism and finance issues
Maldives Tourism Minister Ahmed Adheeb Abdhul Gafoor in conversation with Sri Lankan Finance Minister Ravi Karunanayake at an international hospitality conference held this week in Colombo. (See story on Page 2). Pic by M.A. Pushpa Kumara
Foreign currency deposits in failed Golden Key firm ?
Questions are surfacing over foreign remittances made as deposits in the collapsed Golden Key (GK) Company at a time when the Central Bank (CB), under a government-plan is preparing what is seen as a payment plan that would end the misery of thousands of depositors. The Business Times probed this issue this week after a [...]
Royal Ceramics expands to Australia
Royal Ceramics Lanka (RCL), a manufacturing conglomerate with diversified interest in tiles and associated products, has ventured into Australia buying a distribution company, an RCL official said. “We are in Australia with our tile business. We acquired a distribution company some two months ago to distribute tiles that we export to Australia,” he said. He [...]
Open skies? Proceed with caution, says trade
Sri Lanka wants an open skies policy to boost its tourism numbers as it targets 2.5 million arrivals in 2016 but aviation and travel experts are urging the Government to be cautious. Finance Minister Ravi Karunanayake speaking at a ‘hospitality investment conference in the Indian Ocean’ in Colombo last Monday told delegates that Sri Lanka [...]
Government takes stern action to curb drop in customs tax revenue
The Finance Ministry has instigated investigations into malpractices and heavy losses in the Customs Department in the recent past, Finance Minister Ravi Karunanayake told the Business Times, adding that this is aimed at preventing a drop in tax revenue through the actions of certain customs officials. “We won’t allow dishonest custom officers with connections to [...]
Lanka’s tourism product under-priced, says branding specialist
Sri Lanka’s tourism product is under-priced and has the potential to grow exponentially but – like many island nations – needs to also redefine its brand, according to a tourism specialist. “I would reckon the product (hotel rates) is under-priced by (I believe) at least 50 per cent because you have a value proposition that [...]
War on Talent
These are not ‘our’ words but that of a well-known Asian hotelier. Speaking at an international conference on hospitality in the island nations in the Indian Ocean (Sri Lanka, Maldives, Mauritius and the Seychelles) held in Colombo this week, Dilip Rajakarier said human capital is a major challenge in the country. “There is a war [...]
Building ‘inclusive’ cities for Sri Lanka’s future
Today, more than half of the world’s population lives in cities, and by 2030 that will rise to about 60 per cent. Nearly all of this growth is happening in developing countries, where as many as 66 million people migrate to urban areas annually. No country has become prosperous without successfully urbanising. Sri Lanka today [...]
Driving in automated digitised vehicles is the future
Key stakeholders in global transportation and ministers from Europe gathered in Leipzig, Germany this week to decide on the fate of future transportation and how it could be evolved to changing digitised and automated systems involving fewer accidents. In a move to showcase the future of vehicle transportation, German Transport and Digital Infrastructure Minister Alexander [...]
Need for good governance in proposed Presidential Procurement Committee
It is commendable that President Maithripala Sirisena’s Government is taking steps to establish good governance under the 19th Amendment to the Constitution through an independent Presidential Procurement Commission for National Procurement activity and reactivating the National Procurement Agency (NPA) type organisation as a procurement entity and the procurement servicing focal point. Public procurement is one [...]
Government opposes any legal attempt by Kotelawala in GK issue
The government will resist any legal attempt by former Ceylinco Chief Lalith Kotelawala and ex- directors of the failed Golden Key (GK) company to recover their assets seized on Supreme Court orders. Finance Minister Ravi Karunanayake told a media conference in Colombo on Monday that several depositors expressed their concerns against plans by former GK [...]
People’s Bank’s Annual Research Conference 2015
The People’s Bank’s Annual Research Conference (PBARC) – 2015, was held recently at the People’s Bank Staff Training College. It was organised by the Strategic Planning and Research Department as a collective effort with the objective of enhancing Research and Development (R&D) skills of a near 10,000 staff of the People’s Bank and to transform [...]
Mobitel partners ‘One Million Tree Stories’ Project urging people to sponsor a Tree via mCash
State-owned celco, Mobitel recently partnered with Rotary and the Sri Lanka Tourism Promotion Bureau in the ‘One Million Tree Stories’ project, which aims to plant one million trees in the country. Mobitel is supporting this worthy cause of protecting the country’s flora by offering an opportunity for people to sponsor one or more trees at [...]
SkyWatch security cameras from Kay Jay
Sri Lanka’s Kay Jay Group, with over 40 years of experience in the security industry, has tied up with Skywatch Corporation from Taiwan to launch the SkyWatch series of cameras to the Sri Lankan and Maldives markets. “Unlike the commonly used analog CCTV systems which utilise hard disks and DVR machines, as its name implies, [...]
Ma’s prescription to healthy living through organically-produced, healthy food
Healthy eating is becoming a growing trend in Sri Lanka and this commitment is a great start towards a healthier life, including more vegetables, whole grains and good fats in ‘our’ diet, says a well-known food company. Once found rarely available around the country, organic food is now a regular feature at novel concepts such [...]
Revolutionary instant rice from Sri Lankan entrepreneur
Hey presto – ‘Instant Rice’. Giving meaning to the adage ‘failures are the pillars of success’, a Sri Lankan entrepreneur is aiming to headline the world with a revolutionary ‘instant rice’ product. How is it produced? Just boil it for five minutes and a plate of delicious fried rice is ready be it with prawns, [...]
Sri Lankan shippers concerned over Customs DG’s resignation
The Sri Lanka Shippers’ Council (SLCS) has expressed concern over the sudden resignation of the Director General of Sri Lanka Customs Jagath P. Wijeweera this week. Mr. Wijeweera has said he resigned for personal reasons but questions are being raised in industry circles as to whether there was political pressure to quit. “Mr. Wijeweera has [...]
Chandula appointed Special Advisor to ABA on Financial Inclusion
The Asian Bankers Association (ABA) has appointed Chandula Abeywickrema, Chairman of Banking With The Poor Network (BWTP-Asia) and an Asian Expert on Financial Inclusion, as its Special Advisor on Financial Inclusion. ABA is the largest Asian Commercial Bank network consisting of 100 leading banks spread over 25 Asia- Pacific countries. Mr. Abeywickrema with over 30 [...]
Sunshine Holdings plans Chinese, African and Russian tea entry
Diversified Sri Lankan conglomerate Sunshine Holdings PLC has plans to enter China, Africa and Russia with its tea brand, officials said. “We are working on (venturing to) China with our partners, Pyramid Wilmar Plantations (pertaining to tea),” Sunshine Holdings PLC Group Managing Director, Vish Govindasamy, told the Business Times on the sidelines of a media [...]
JKH says to increase issued shares by 142.5 mln shares to a total of 1,190.3 mln
John Keells Holdings on Tuesday announced that it would be recommending a sub-division of shares of 7 existing shares into 8 shares which is subject to approval at its Extraordinary General Meeting. The said issue would not be increasing the stated capital of JKH, but would increase its number of shares in issue by 142.5 [...]
Experts call for efficient securities market
The efficient and robust functioning of central securities depositories is fundamental to the efficient functioning of securities markets. In fact it is the backbone of the securities market, according to a capital market expert. “It is the backbone of the securities market,” Chairman of the Colombo Stock Exchange (CSE) and Central Depository Systems (Pvt) Ltd [...]
Aitken Spence sees PAT up by 6.6% to Rs. 4.9 bn for FY 14/15
Blue chip conglomerate Aitken Spence PLC’s profit before tax was Rs 5.7 billion and profit after tax was Rs. 4.9 billion, a growth of 4.9 per cent and 6.6 per cent respectively, a company media statement said. The group’s annual revenue rose by a marginal 0.7 per cent to Rs. 35.3 billion whilst earnings per [...]
CDS signs MoU with NSDL India
The Central Depository System (Pvt) Ltd (CDS), owned by the Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) with the National Securities Depository (Pvt) Ltd of India (NSDL), for the purpose of knowledge sharing in the area of depsitory services, a CSE media release said. The NDSL is the largest depository in India, [...]
Access Engineering could be re-awarded sections of road projects
After the new regime’s evaluation of most of the key projects (Outer Circular Highway Phase III, Central Expressway and Southern Expressway Extension), business analysts say that these would recommence with certain modifications to the scope and cost and that Access Engineering (AEL) – in an industry where the construction companies are the market makers given [...]
BoC starts year with Rs.4.4 billion PBT for 1Q 2015
Bank of Ceylon (BoC) has reported Rs. 4.4 billion Profit before Tax (PBT) for 1Q 2015 by achieving a 15 per cent growth over 1Q of the previous year, a BoC media statement said. Profit after Tax (PAT) stood at Rs.3 billion resulting 15 per cent growth. “The group reported Rs.4.3 billion PBT resulting in [...]
BRT systems to be replaced by driverless cars
While Sri Lanka is still far away from moving into the world of self-driven cars, Europeans are still grappling with the nuances of how this could be implemented or its commuting patterns that would ideally be a key to fewer accidents. While Sri Lanka is currently looking at the possibility of establishing a policy of [...]
‘WorkInSriLanka’ initiative draws attention of expat and local business community
WorkInSriLanka, a volunteer-led brain gain initiative that aims to position Sri Lanka as an attractive work destination, for highly skilled individuals and high calibre businesses, held its quarterly meet-up in Colombo recently. The event was attended by nearly 100 expatriate Sri Lankans who have recently returned to Sri Lanka from over 30 countries including Australia, [...]
CSE sees positive trends this year
The Colombo Stock Exchange (CSE) said this week that the exchange has witnessed a number of stocks appreciating in price during the first few months of this year. Nearly 87 stocks showed an increase in price of over 5 per cent of which nearly 28 stocks have shown a price appreciation of 25 per cent. [...]
Ceylinco Life hosts 600 children and adults to ‘Ran DaruCharika’ of Colombo
For a second successive year, 300 children representing every district of Sri Lanka came together in Colombo recently at an educational tour of the city and some of its principal landmarks, courtesy of Ceylinco Life. All of them winners of the Ceylinco Life ‘Ran DaruCharika’ promotion launched island-wide by the life insurance leader at the [...]
Win 100 Litres of Fuel and A Trolley Full of Goods Every Day with Seylan Bank Credit Card Offers
Renowned for creating some of the most exciting and innovative credit card offers in the market, Seylan Bank once again outdoes itself, giving customers a fantastic opportunity to win big and enjoy great savings with Seylan Bank credit cards. With Seylan Bank credit card’s latest offer, customers have the opportunity to win 100 litres of [...]
eZ Cash users to reach 5 mln by 2016
Dominant celco Dialog is anticipating reaching five million users for eZ Cash over the course of 2016. There are currently 1.9 million eZ Cash users, according to Fariq Cader, the mobile operator’s Vice President of Digital Services. As of today, eZ Cash is accessible via smart phones connected to three local mobile networks, as well [...]
Master businessman and the economic guru
The shrewd and probably richest businessman in Sri Lanka and the economic guru – what are they discussing? Contesting elections? Harry Jayawardena and Harsha de Silva were invitees at the recent ‘Europe Day’ cocktails in Colombo by the EU office. Pic by Amila Gamage
Archetyping, a new form of leadership comes to Sri Lanka
The Leadership Archetyping forum was launched at a breakfast meeting in Colombo with the attendance of business owners, CEO’s and political leaders including the Conservative Member of the European Parliament for South East England Niranjan Deva Aditya, Finance Minister Ravi Karunanayake, Child Affairs Minister Rosy Senanayake and Field Marshall Sarath Fonseka while several business leaders [...]
Sri Lanka’s $650 mln global bond offer draws interest worth $2 bln
The Central Bank of Sri Lanka (CB) said on Friday that it successfully launched and priced a US$650 million 10-year International Sovereign Bond (Issue) at a yield of 6.125 per cent per annum which drew interest worth $2 billion, an oversubscription rati of 3.08 times, the CB said. The issue is the 8th US Dollar [...]
SEC ramping up amendments to proposed laws
The Securities and Exchange Commission (SEC) in a bid to keep up with other capital markets has appointed an expert panel to re-do the proposed amendments to the SEC Act, officials said. While the proposed new legislation which would ensure violators of stock market rules are slapped huge fines or ordered to return profits from [...]
SriLankan Airlines opens ticketing office in Anuradhapura
SriLankan Airlines expands its presence in the North Central Province of Sri Lanka by opening its latest passenger sales office in Anuradhapura in a bid to capture a larger share of the local travel market. The office was declared open on May 20th, 2015 by Chief Minister North Central Province, Peshala Jayaratne. The branch office [...]
The best ‘Biriyani Sawan’ at Galadari
The Galadari Hotel’s Café 64 should be the first place on every ‘Biriyani’ lovers’ mind, for the most mouthwatering ‘Biriyani Sawan’ choices in mutton, beef or chicken. Experience authentic and flavorful ‘Biriyani Sawan’ with the best of accompaniments including ‘Minchi Sambol, ‘Pickle’, ‘Raita Salad’ and ‘Chicken Gravy’, also includes the signature dessert ‘Wattalappan’. The Café [...]
Commercial Bank launches ‘Divisaru’ Savings Account
A special Savings Account designed to support micro entrepreneurs and promote financial inclusivity to this segment has been launched by the Commercial Bank of Ceylon, Sri Lanka’s largest private bank. Linked to this new savings account branded ‘Divisaru’ (Prosperous Life), amicro loan will extend up to 25 times an agreed value of monthly savings, up [...]
Cargills Bank offers Home Loans at a Low Rate of 9%
Cargills Bank announced the introduction of Home Loan’s offering an attractive interest rate of 9% p.a. As this is considerably the lowest rate in the market today, customers now have the opportunity to choose between floating or fixed rates. This flexible loan facility will be available to customers that will be seeking to construct a [...]
Win 100 Litres of Fuel and A Trolley Full of Goods Every Day with Seylan Bank Credit Card Offers
Renowned for creating some of the most exciting and innovative credit card offers in the market, Seylan Bank once again outdoes itself, giving customers a fantastic opportunity to win big and enjoy great savings with Seylan Bank credit cards. With Seylan Bank credit card’s latest offer, customers have the opportunity to win 100 litres of [...]
