New Govt. clears Krrish deal: Preliminary work starts
The new government, largely controlled by the United National Party (UNP) whose parliamentarians were vociferous against the Krrish deal when they were in opposition, has given the go ahead to the Indian-based company to commence the long delayed and controversial Krrish Square mixed development project, a top official confirmed. Urban Development Authority (UDA) Chairman Ranjith [...]
Chinese unit outshines SLPA Colombo terminal
Sri Lanka’s state-run port institution’s container volumes declined by 8.9 per cent in the first five months of this year blamed on inefficiency of the new management but authorities are hyping figures by showing total growth at all terminals at the Colombo port. Although the Colombo port had recorded a growth of 6.8 per cent [...]
SupremeSAT gets TRC licence for ‘International transit service’
SupremeSAT (Pvt) Ltd, a Sri Lanka-based satellite company, has broadened its scope to offer more services both locally and internationally after receiving the licence a few months ago for ‘International transit service’ from Sri Lanka’s Telecommunications Regulatory Commission (TRC), a company official said. The company was an influential entity in the previous regime with Rohitha [...]
Stockbrokers mixed on rating system
While some brokers say that implementing a rating system on broking houses will create investor confidence and give credibility to stockbrokers and traders, others lament that there won’t be a level playing field in the industry. “We’re not deposit taking institutions. This is a commission based industry. With ratings coming in, some (fund managers, etc) [...]
Debts mount as Lankan tea crisis worsens
The Planters’ Association (PA), concerned that Sri Lanka’s tea sector is losing its allure to the authorities – then and now -, says a combination of crises including demands for a higher wage, collapse in 75 per cent of the tea source markets and a large quantum of unsold teas is putting the industry on [...]
SEC may extend Lanka Rating Agency licence renewal
The Securities and Exchange Commission (SEC) may grant an extension of the licence to Lanka Rating Agency (LRA), purely for administrative purposes, with the crisis-hit agency most likely to lose its licence, industry sources say. LRA is yet to submit documentation the SEC has called for since March 25, when it decided to restrain LRA’s [...]
Regaining Capital Market Mojo: Part 3 – Innovation
The great Sinhala scholar, late Kumaratunge Munidasa, fittingly wrote for the benefit of the future of Mother Lanka, “Aluth aluth dea nothakana daya lowa nonagi” (a nation that fails to heed to innovation, its progress shall be stalled). As the capital markets strive to consolidate its position and be a dynamic contributor of the GDP, [...]
Pros and cons of whistle-blowing
“Other professionals like lawyers, doctors or architects are not asked to blow the whistle. So why only the accountants,” asked an irate accountant at a recent meeting. Another colleague responded from the other side of the room: “That may be because we audit company reports that are publicly listed and shareholders go by our statement [...]
Critical conversations and experiences in everyday life
“I think it is time I ask my boss for a promotion. It’s been four years. I have sacrificed much for this job. I sincerely think I deserve it as I am already doing the work of a manager at the moment”, says Sumal. ”You should. What’s the problem?” asks his colleague from a different [...]
Awards, awards and more awards
Some years back, a well known local firm – on the verge of selling out as it was losing business – asked its employees to look for other jobs. Perks were reduced and employees with families were desperate. During this crisis period, the company applies and wins an award by a Mumbai-based Asian organization for [...]
SEC to continue to balance regulation, says SEC Chairman
The Securities and Exchange Commission of Sri Lanka (SEC) says that it continues to ensure that it strikes a balance in regulation since over regulation can stifle growth and discourage active stakeholder participation. “A vital aspect in maintaining the integrity of the market, as well as making certain that investors are protected is the dissemination [...]
Less volatile growth, political uncertainty persists
In a May 13 rating review released this week,Fitch Ratings says Sri Lanka’s ‘BB-’/Stable rating reflects high and less volatile real GDP growth compared with peers, and a favourable level of basic human development against persistent political uncertainty, weak public finances and a frail external liquidity position. Noting that the key developments showed persistent political [...]
IoT apps, Tuk Tuks take centre -stage at local TADHack
While smart home apps, supported by IoT (Internet of Things) functionality, and to a lesser degree Tuk Tuk (trishaw)-related apps appeared to be the standard fare at this year’s TADHack telecom application development hackathon, it was ultimately a car park mobile payments system that took home the big money, US$ 1,000, at this recently concluded [...]
Security guards paid lower than carpenters and gardeners
The Sri Lanka Security Providers Association (SLASSPA) has welcomed moves by the Government to increase the wages of private sector employees saying security guards were getting salaries even lower than carpenters or gardeners. Under the move, the basic salary of security guards will go up by Rs. 2,500 per month. This would be dispersed in [...]
Indian rail maker IRCON completes 5 years in Sri Lanka
IRCON International Ltd, a business under the Ministry of Indian Railways, has completed five years in Sri Lanka, in which the company paid the Northern railway track. Speaking on the occasion of IRCON’s 5th anniversary, Project Director Shyam Lal Gupta said that Ircon started its Sri Lanka charter with the mandate to upgrade the Kalutara [...]
Golden Key credit card holders are not depositors: They are investors
The electronic and the print media recently reported that the government has decided to pay the 41 per cent of the investor’s monies in the Golden Key Credit Card Co (GK), using Rs.8.5 billion obtained from the Central Bank (CB). The CB or the government is not obliged to pay any monies to these investors [...]
CCP progressing fast: July to see key decisions in implementation
The final report by the Consultant to set up a Central Counterparty (CCP) and implement a Clearing and Settlement System for facilitating the transactions in the domestic financial markets will be out by mid next month, paving the way to hedge risk in th Colombo Stock Exchange (CSE), an official said. “By next month’s end [...]
Going beyond traditional reporting of the auditors of listed companies
Influential people of the government and the chairman of the SEC (Securities & Exchange Commission) have proposed to enlarge the reporting responsibilities of the listed company auditors. They propose that auditors of listed companies should submit a report to SEC to disclose malpractices, fraudulent activities and material violation of regulations, etc in the listed companies. [...]
International CSR experts provide key insights on strategic CSR, says CSR projects should be more strategic
Two experts of Corporate Social Responsibility (CSR) from Holcim International, at a recent ‘Knowledge Exchange Programme on practicalities of business transformation organised by CSR Lanka, shared their insights and international experience on StrategicApproach of CSR, Sustainable Development Ambitions, Inclusive Business Initiatives and Human Rights Relations in Business. Ms. Stephanie Koch – Head of Corporate Social [...]
Ten Sri Lankan firms recognised for strict adherence to good international practices
Ten companies were rewarded with Compliance + certificates under a new scheme by the Employers Federation of Ceylon (EFC) in Colombo this week to give recognition and stability to local businesses in keeping in line with international business practices.They are 99 Technologies, Aitken Spence Garments Ltd, Acqa Packaging Ltd, Cargills Quality Dairy Ltd, Ceylon Hospitals [...]
MTD Walkers PLC to launch affordable housing project in Galle
Wincon Development Ceylon (Pvt) Ltd, a fully-owned subsidiary of MTD Walkers PLC, is launching “Richmond Hill Residencies”, its very first affordable housing project in Galle next month. The project is endorsed by both the Board of Investment in Sri Lanka and the Ministry of Public Administration, Local Government and Democratic Governance, and is due to [...]
Maritime an industry for the young generation, says Ports Minister
Maritime being an industry that has not been reached out properly and looked after in the past, the ministry of Ports and Shipping have decided to educate the younger generation in the country in taking the industry forward. There are a lot of lessons to be learnt from the past, said Arjuna Ranatunga, Minister of [...]
Japan provides Rs. 27 bln for National Transmission and Distribution Network
The Government of Japan is providing a loan of Japanese Yen 24,930 million (approximately Rs.27.4 billion) to Sri Lanka towards the National Transmission and Distribution Network Development. An agreement for this purpose was signed between Japanese Foreign Minister Fumio Kishida and Sri Lankan Foreign Minister Mangala Samaraweera last Friday the latter’s visit to Tokyo. In [...]
Ceyoka heralds revolutionary pain management with new shock wave therapy technology
Ceyoka (Pvt) Ltd, a Sri Lankan organisation involved in fostering entrepreneurship and business growth, recently announced a tie up with global leader STORZ MEDICAL AG, a Swiss based company, to introduce a revolutionary new modern, highly effective and non-invasive treatment known as Shock Wave Therapy. STORZ MEDICAL, pioneers in technological innovations for shock wave therapy, [...]
Geo Tourism Maps for Sri Lanka’s eastern region
The International Finance Corporation (IFC), a member of the World Bank, following the growth in tourism on the East coast, has teamed up with National Geographic to spotlight this region to sell it to travellers particularly interested in responsible tourism. Holidaymakers to the island would now be able to have a quick look at the [...]
Jan-May 2015 agreements by BOI reflect Sri Lanka’s diversified economic base
In the period from January to May 2015 the Board of Investment of Sri Lanka (BOI) signed 42 investment agreements with enterprises representing a vast range of sectors which reflect the growing diversification of Sri Lanka’s economic base and exports. These include such diverse sectors as mini hydropower plants, software development, tourist hotels, apparels manufacturing, [...]
Sri Lanka needs more progressive travel itineraries from old fashioned ideas
Recent statistics show, Asia is the market to watch in the growth in the tourism industry with a lot of people travelling daily for business meetings and on vacations. However Sri Lanka is still old fashioned in its ideas and need to change to a more progressive thought process, says Greg O’ Neil President of [...]
Made-to-measure premium online shirt firm wins Venture Engine 2015
Colombo’s business elite gathered this week for the finale of the fourth edition of the Venture Engine entrepreneur development competition, where made-to-measure online premium shirt firm Stripes and Checks took the first place trophy. This company was adjudged the winner from a pool of 11 finalists that emerged from the Venture Engine programme and its [...]
NCE President Sarada M. De Silva to address WTO’s 5th Global Aid for Trade in Geneva
Sarada M. De Silva, President of the National Chamber of Exporters (NCE) and Chairman of the Ceylon Cinnamon Association has been invited to speak at the WTO 5th Global Aid for trade event in Geneva on July 1-4. Mr. De Silva, also founder chairman of the Spice Council, has been invited to address a side [...]
CEPA: Proper regulatory framework needed to permit foreign professionals to work here
Liberalising professional services in the context of the proposed India-Sri Lanka Comprehensive Economic Partnership Agreement (CEPA) which has been resurrected after Indian Prime Minister Narendra Modi’s recent visit to Sri Lanka, was a hot topic this week at a Colombo discussion but opinion was divided. However most – proponents and opponents – agreed that if [...]
GK depositor suffers heart attack in court premises
An unhappy Golden Key (GK) depositor suffered a heart attack soon after the hearing in the case in the Supreme Court on Thursday, other depositors said. After hearing the state submissions in the case which further delays the payment plan, President of the G.K. Depositors Society Wasanatha Gunathilaka had collapsed in the court premises and [...]
Colombo discussion on links between recruitment, labour migration and human trafficking
The Solidarity Center in collaboration with Migrant Forum in Asia is holding a regional consultation on “Recruitment Practices: Interconnection Between Recruitment, Labour Migration and Human Trafficking” on June 29-30 at the Galle Face Hotel, Colombo. The Center said in a statement that Government representatives from Bangladesh, Maldives, Nepal, India and Sri Lanka as well as [...]
SEC to question Kalpitiya on latest EGM
The Securities and Exchange Commission (SEC) is planning to write to Kalpitiya Beach Resorts (REEF) following their latest disclosure to the Colombo Stock Exchange (CSE) on plans for Kalpitiya project, sources said. The latest letter pertains to the attendance at its recent Extra Ordinary General Meeting (EGM) on 19 June held to seek shareholder’s approval [...]
Seylan, first SL bank to reach 200,000 FB fans
Seylan Bank is claiming the title of “first Sri Lankan bank to reach 200,000 fans on Facebook”. The bank said in a media statement that it had a “far superior engagement score to its peers signifying the true engagement it has with its fans and customers. The first bank in Sri Lanka to reach this [...]
New Saturday Good Market venue from July 4
Starting July 4th, the popular Saturday Good Market will be move across the street from the Colombo Racecourse to Rajakeeya Mawatha with both President Maithripala Sirisena and Colombo Mayor A.J.M. Muzzamil due to attend the opening. The Saturday Good Market has more than 50 vendors with certified organic produce, natural food and snacks, eco-friendly home [...]
New rice milling factory based on demand for Akshata rice brand
Grains ‘n’ Green (pvt) Ltd, a company headed by businessman Roshan Perera has ventured into agriculture with an initial investment of Rs. 150 million. The company has launched a new innovative brand of rice named “Akshata”, which caters to the fast growing health conscious consumers who are looking to make changes in their eating habits. [...]
