Former casino now an art gallery
Sri Lankan undergraduates at work at the former MGM Grand casino at Bambalapitiya Junction which has been transformed to a glass artworks gallery. See story on Page 8. Pic by Indika Handuwala
Harry J ordered to pay costs to erstwhile business partner, Alif
Business tycoon Harry Jayawardena was this week ordered by the Colombo Magistrate to pay his erstwhile partner Zaki Alif Rs. 50,000 as compensation for citing him as a Respondent in an Intellectual Property case brought before court. Colombo Magistrate Chandima Liyanage made this order on Monday when the case filed by Mr. Jayawardena of Stassen [...]
Tax holidays and tax free zones could hurt a developing country’s tax base – Chidambaram
India’s experience shows that “simple and clearly-worded tax laws, moderate rates of taxes, low compliance costs, a non-adversarial tax administration, and a fair and impartial dispute resolution mechanism will enlarge the tax base and boost revenue collction”, according to Palaniappan Chidambaram, a former Union Minister of Finance and Home Affairs of India. Mr. Chidambaram made [...]
UDA’s new bond-for-bond to settle earlier debenture
The Government is issuing another Rs.10 billion bond issue to repay local and foreign investors who subscribed to the earlier Urban Development Authority’s (UDA) 5-year, Treasury-backed debenture which matured earlier this month, a senior cabinet minister disclosed. Minister of Megapolis and Western Development Patali Champika Ranawaka told the Business Times that the UDA will be [...]
Prime Minister to propose scrapping ‘expropriation’ laws
Prime Minister Ranil Wickremesinghe is to propose scrapping controversial expropriation laws and some changes to land ownership laws during a special statement in Parliament on Thursday on the Government’s mid-term strategy. “These are both elements that deter FDI,” a government source told the Business Times. Under the 2011 Revival of Underperforming Enterprises and Underutilised Assets [...]
CB re-employs old staffers as consultants
The under-fire Central Bank (CB) getting flak for its recent exodus of staff transfers has drawn new attention by employing five CB retirees as consultants, informed sources said. They include former CB Director Supervision, Joan de Silva Moonasinghe and former Director Legal Sarojini Kadurugamuwa, they said. This has come on the back of the CB [...]
Levy on motorists entering Colombo
The government is considering a levy on all vehicles entering the city of Colombo to ease traffic congestion and encourage car owners to use public transportation, official sources revealed. The Treasury is looking at the possibility of including such a levy in the 2016 budget as traffic congestion in Colombo has reached uncontrollable levels with [...]
IMF says Sri Lanka yet to formally request BOP support
The International Monetary Fund (IMF) says cash-strapped Sri Lanka is yet to make a formal request for a bail-out package even though state authorities have spoken of fund support ‘soon’.Replying to an e-mail sent by the Business Times, the IMF office in Colombo noted that the government has raised “some questions about a programme supported [...]
Hard to find a room on Lankan isle this winter
Sri Lanka’s tourism industry is bracing for its busiest winter this season in the recent past since numbers have not been doing too well earlier. The industry believes this will be its busiest winter due to the change in the political environment most likely, Tourist Hoteliers Association President Hiran Cooray said in an interview with [...]
New Zealand business delegation to visit Sri Lanka next week
Seventeen New Zealand companies are visiting Sri Lanka next week looking at business opportunities, including the provision of higher education, and trade links, between the two countries. New Zealand’s two-way trade with Sri Lanka is worth NZ$323 million with milk powder, fruit and butter being New Zealand’s top exports. New Zealand companies says they are [...]
Traffic management specialists urge Government to implement Colombo metropolis master-plan
With population in the Colombo Metropolitan Region (CMR) surging to reach 7.9 million by 2035 from 5.8 million today and city roads chock-a-block with traffic, Sri Lankan traffic experts are urging the Government to implement an already-presented, scientfic road transportation master-plan The Japanese-JICA initiated master-plan started in 2014 was recently completed by the University of [...]
Worst crisis in history for Sri Lanka’s tea industry
The tea industry in Sri Lanka is encountering a severe financial crisis which hasn’t been a experienced in the recent past. Ironically, no responsible higher authorities seem to have focused on this vital national issue so far to counteract or to mitigate the impact. The tea industry has generated foreign exchange exceeding US$1.8 billion and [...]
Getting ‘your stability pillars right’
It’s nice to be back with the ‘Business Times’ once-more after some years. When I first penned the column in 2007, the enterprise landscape had one more dreadful challenge up against commerce – the war of 30 long years. Urban terrorism affected the metropolitans where most of the premier corporates of the nation are located – [...]
‘Pola’ economy vs capital markets
A commentary this week by marketing guru Hilmy Cader discussing the need to develop “Pola Markets” before capital markets deserves the attention of not only Government planners and policy makers but also the Colombo-based business community.“In a developing country where a significant proposition of population rely on ultra-small businesses for livelihood, governments should invest more [...]
US agency A&K to market Sri Lanka to unknown US travellers
Abercrombie & Kent (A&K), a leading US based travel firm, has big plans for Sri Lanka as a destination to bring in more high-end tourists from the US to visit this ‘unheard of isle’ to most travellers from America.A&K President Phil Otterson speaking with the Business Times recently during his first visit to the country [...]
Cinnamon Grand enhances facilities for staff with new Lifestyle Complex
Cinnamon Grand Colombo last week opened a new state-of-the-art building offering top notch facilities for the hotel’s 1200 associates, as part of an overall capacity enhancement, which also saw the opening of a new entrance to the hotel’s main ballroom, Oak Room. Built along the lines of a Lifestyle Complex, the ‘Home of the Trendsetters’ [...]
SLT undergoing major management and structural changes, says CEO
Sri Lanka Telecom (SLT) is going through a major management and structural changes under a new re-alignment plan recently introduced by the Chief Executive Officer Dileepa Wijesundera, who said four General Managers (GM) and six or seven Deputy General Mnagers would head the whole operations of the company.Unions however say the plan is just a [...]
MAPS International Pvt Ltd enters household electrical appliances market
MAPS International which deals in vehicle tyres, tyre rebuilding and building materials has begun importing and distributing household electrical appliances. A range of household electrical appliances with ‘MAPS’ brand name is now in the local market. The opening of Maps International corporate office and showroom at Polgasowita coincided with this newest venture of the company, [...]
Guru.lk launches course to teach parents to ‘police’ the Internet
An unique on-line course to help parents improve their understanding of the Internet and learn how to make its use ‘child safe’ in their homes, has been launched in Sri Lanka by Guru.lk in response to the ever increasing dangers lurking on the world wide web. Titled ‘Parenting IT’ the course, accessible via computers or [...]
Job career fair in Polonnaruwa
The National Human Resources Development Council of Sri Lanka in collaboration with the National Chamber of Commerce of Sri Lanka and vocational training institutions is conducting a ‘Job/Career Fair’ on November 4 at the Pulathisi Budhi Mandapaya Hall in Polonnaruwa. The event would be an opportunity for employers to find employees to fill their job [...]
E Channelling expands to India
E Channelling PLC, the country’s premier ICT services provider to the healthcare industry, has expanded its reach to India … signing an agreement with Aster Medcity in Kochi.To celebrate the partnership, Aster Medcity is offering to Sri Lankan patients who book via eChannelling until end of November, free comprehensive cardiac checkups with doctor consultations and [...]
Sri Lankan gets elected to board of Global ICT industry federation
Sri Lanka’s Yasas V. Abeywickrama was elected as a Councilor of the Board of the IFIP, the International Federation for Information Processing. It is the global professional federation of societies and associations for people working in Information and Communications Technologies (ICT). This is the first time in the history of 55 years of IFIP that [...]
Hope for new start-ups in Sri Lanka from young entrepreneurs
In the fast moving world of innovation, technology and education, Sri Lanka is producing many young experts in various aspects for start-up businesses.The Chartered Institute of Management Accountants (CIMA) Sri Lanka set up a competition ‘Launch Pad 2015′ for students from universities around the country to present their best innovative ideas to the local and [...]
Colombo University’s new VC vows to prevent political interference, bane of the past
Sri Lanka’s new Vice Chancellor of the Colombo University, which has been the centre of controversy during the last regime owing to alleged political interference, said last week that he would establish proper traditions and procedures and prevent politicisation in the institution. Senior Professor Lakshman Dissanayake also told an august assembly of former undergraduates – [...]
Indian real estate company Sandal Lands enters Sri Lanka with $10 mln investment
One of India’s leading real estate companies, Sandal Lands has entered Sri Lanka with an investment of US$ 10 million. The company is in discussions with the Urban Development Authority of Sri Lanka, said Sanjay Kathuria, Director of Sandal Lands at a media briefing in Colombo last week. Mr. Kathuria said, “The initial phase of [...]
Jeep Freedom Drive 2015: a wild experience for jeep owners
Diesel and Motor Engineering PLC (DIMO) initiated the “Jeep Freedom Drive” with Cinnamon Nature Trails – an experience for jeep owners and their families to discover and enjoy true wildlife.The event provided new experiences, adventures and off-road driving opportunities through wilderness for Jeep owners and their families, DIMO said in a media release. It was [...]
Motor traders initiate legal action against Customs for violating law on vehicle valuation
Motor traders are taking legal action against the Director General Customs (DGC) for ‘violating’ Customs laws relating to valuation of vehicles. The Attorney General (AG) has been served notice on impending legal proceedings that will be initiated against the Director General of Customs (DGC) for his ‘dismal failure’ to restore the rule of law. Nagananda [...]
Uber mobile app taxi service begins in Colombo
The world famous Uber mobile taxi service has begun operating in Colombo and the suburbs with a new way to book and pay for a ride via cell phones, Tablets and the Internet.Uber, present in over 340 cities in 60 countries, was launched in Sri Lanka bringing global technology, expertise and best practices in the [...]
Maintaining road discipline – a must, says CMTA Chairman
The Ceylon Motor Traders Association (CMTA) says the time has come for the Government to draw up a concrete plan for managing traffic on the road and start implementing the laws strictly and amend traffic laws where necessary so that it makes the laws more effective to accommodate the increasing number of vehicles on the [...]
Bosch Group of Germany enters Sri Lanka’s automotive market
Robert Bosch Lanka (Pvt) Ltd. a wholly owned subsidiary of the Bosch Group of Germany, recently opened its first office in Colombo to promote its businesses of automotive aftermarket (secondary market for replacements, spares), security systems, power tools and Thermo technology in Sri Lanka. Bosch, a global supplier of technology and services, inaugurated its first [...]
Sri Lanka takes action to maintain traffic rules
Sri Lanka is initiating action to control speeding drivers and growing three-wheeler population, officials said. Local motorists will face legal action if they violate the speed limits on 72 main roads in the country, the Police Department warned.The Police will file cases on motorists speeding on roads that have speed limit signs, Police media spokesman, [...]
Special permits for passenger bus drivers
With the aim of reducing the rapidly increasing accidents caused by passenger transport vehicles, special training has been made compulsory for drivers of SLTB and private buses with effect from this month, the Motor Traffic Commissioner’s Department (MTD) announced. A special permit will be issued initially to passenger transport bus drivers who have undergone a [...]
Lanka entrepreneur in pioneering effort uses eco-friendly bamboo to make gift boxes
Before 2013, cutting down bamboo trees and its transportation in Sri Lanka was permitted only with a licence. However under a UNIDO Bamboo Processing project for Sri Lanka these rules were relaxed and a 10,000 hectare bamboo plantation was initiated in September 2013. By 2019, 150,000 tonnes would be grown which would also produce 113 [...]
Pakistan- Sri Lanka joint venture to produce and export high-end footwear
Pakistan’s leading conglomerate, Service Industries and Sri Lanka’s Almar Group last week announced a joint venture for the manufacture and export of high end shoes. The newly built facility in the Export Promotion Zone at Katunayake will commence operations next month. The agreement was signed by Service Industries’ Chief Executive Officer, Omar Saeed and Almar [...]
BOI hosts delegation of Japanese multinationals
The Board of Investment (BOI) recently hosted a delegation from the Kansai region of Japan which consisted of many Japanese multinational companies. The delegation, on a fact-finding mission, was led by Masuyuki Matsushita, Vice Chairman and Chairman International Committee of Kansai Economic Federation, Kankeiren and also Vice Chairman of the Board of Panasonic Corporation. The [...]
“Develop the Pola Markets before Capital Markets” – urges MTI
In a developing country where a significant proposition of population rely on ultra-small businesses for livelihood, governments should invest more ‘energy’ and funds on developing the small business infrastructure vs. getting distracted by the glamour of capital markets. The message should equally resonate to the chambers and business leaders, says MTI Consulting CEO Hilmy Cader. [...]
HNB’s attempt to block social websites from employees misfires
A leading bank’s attempt to control Facebook comments on employee issues appears to have misfired with the issue of an enjoining order by the Colombo District Court this week. Hearing a petition filed by the Ceylon Bank Employees Union (CBEU), the court issued an enjoining order against the implementation of the social media policy introduced [...]
Trillion launches Sri Lanka’s first green asset securitization issue
Trillion Investment Ltd, a licensed investment company, launched its first green asset securitisation issue – a collaborative venture with Pan Asia Bank – at a ceremony held in Colombo recently. The securitisation issue is regulated by the Securities andExchange Commission of Sri Lanka and backed by Pan Asia. Chairman of Trillion Investment Ltd Kenneth De [...]
Jaffna tourism taking off after January 2015 presidential polls
Like the rising sun, the Northern Province is rising from the ashes of a man-made disaster and under a new era following the Presidential Elections in January. There appears to a new impetus and vigour in the city based on the conversations the Business Times had with people on the street, villagers, business community and [...]
Dhammika’s MGM Casino now a glass artworks gallery
Faced with state pressure on running casinos, the Dhammika Perera-controlled MGM Grand casino at Bambalapitiya Junction (on Galle Road) which closed down recently is being transformed to a glass artworks gallery. When the Business Times team entered the former casino premises, the second floor was full of fanciful, rich glass sculptures that was budding with [...]
Sri Lankan wins Stevie Gold Award- Executive of The Year – at 12th Annual International Business Awards
Sri Lankan-born entrepreneur Susantha Shan Halamba, CEO of Texas-based Ceyhinz Link International, Inc, has won the Gold Stevie Award of Executive of the Year, Management award under the category of ‘Other Industries’. According to the Stevie Awards organizers, Halamba is the first person of Sri Lankan origin to win a Stevie Award. Nicknamed the Stevies from [...]
Tax holidays and tax free zones could hurt a developing country’s tax base – Chidambaram
India’s experience shows that “simple and clearly-worded tax laws, moderate rates of taxes, low compliance costs, a non-adversarial tax administration, and a fair and impartial dispute resolution mechanism will enlarge the tax base and boost revenue collction”, according to Palaniappan Chidambaram, a former Union Minister of Finance and Home Affairs of India. Mr. Chidambaram made [...]
Tax holidays and tax free zones could hurt a developing country’s tax base – Chidambaram
India’s experience shows that “simple and clearly-worded tax laws, moderate rates of taxes, low compliance costs, a non-adversarial tax administration, and a fair and impartial dispute resolution mechanism will enlarge the tax base and boost revenue collction”, according to Palaniappan Chidambaram, a former Union Minister of Finance and Home Affairs of India. Mr. Chidambaram made [...]
Sri Lanka raises US$ 1,500 mln from international sovereign bond issue
The Central Bank of Sri Lanka (CB), on behalf of the Government of Sri Lanka (Sri Lanka), has successfully raised US$1,500 million 10-year International Sovereign Bonds (Bond) with a coupon of 6.850 per cent per annum at par on October 27, 2015. This marks Sri Lanka’s ninth US Dollar benchmark as well as the largest [...]
Indira Malwatte, first female Chairperson of EDB
Indira Malwatte on Thursday was appointed Chairperson and CEO of the Sri Lanka Export Development Board (EDB), the first woman to hold this position. “I am very confident of making a positive contribution to the export effort of our country,” she said soon after assuming office in Colombo. She earlier worked at the EDB, ending [...]
French travel agents travel long haul to Colombo
The Sri Lanka Conventions Bureau (SLCB) has won a bid to host the French travel agents conference in Colombo next year despite being a long haul destination. The French Travel Agents Association – The Syndicat National des Agences de Voyages (SNAV) picked Colombo to host its next conference with the participation of over 700 travel [...]
DFCC to finance first private grid-connected solar power project
DFCC Bank PLC, known for being the pioneer in Renewable Energy financing, will soon add Solar Energy to its Renewable Energy Portfolio. The bank recently approved a project loan to Saga Solar (Pvt) Ltd in an initiative that was analysed and structured by DFCC’s own multifaceted team. Solar energy has been regarded as the green [...]
Tea prices inch higher, state intervention in the fray
Tea export prices have got a fillip since state intervention at the auctions announcement came through which sections of the industry believe led to the increase in prices by at least Rs. 40 to top at Rs.419 this week. While some opine this is not a plausible venture to artificially intervene in the market, others [...]