Kick-starting the economy?
Is Deputy Foreign Minister Harsha de Silva trying to kick-start the economy? The economist is seen posing on a US made Harley Davidson motorbike that was on display at the US Trade Show held at the Galadari Hotel in Colombo on Tuesday. Pic by Indika Handuwala
Sri Lanka’s biz community happy with 2016 budget concessions
Sri Lanka’s 2016 budget presented on Friday drew mixed reviews while two issues stood out – whether the bureaucracy is capable of quickly implementing the decisions, particularly taxes, and not addressing the foreign exchange crisis. However the business community was by and large happy with the outcome as Finance Minister Ravi Karunanayake’s proposals addressed many [...]
PBJ’s return to state service thwarted again
A plan to appoint former Secretary to the Treasury Dr. P. B. Jayasundera as a Senior Advisor to Ministry of Samurdi and Social Empowerment has been thwarted by several senior cabinet ministers, informed sources said. Minister of Samurdi and Social Empowerment S. B. Dissanayake’s proposal to appoint Dr. Jayasundera as a senior advisor of his [...]
Sri Lanka vehicle prices soar with the 2016 budget
In the wake of the government’s taxes on vehicle imports proposed in the budget, the prices of vehicles are expected to rise at least by Rs. 500,000 to Rs. 2.5 million, motor traders disclaimed. When looking at the budget proposal, it seems everything is all right, but new taxation, the valuation system and the depreciation [...]
Tourism Promotions Bureau chief’s post to be advertised
The Sri Lanka Tourism Promotional Bureau (SLTPB) will place newspaper ads to fill the organisation’s top post, the tourism minister said.Tourism Minister John Amaratunga told the Business Times that currently the post of chairman was vacant since they have to “select the correct man” as it is a “crucial post.” He noted that they would [...]
BIA’s temporary shutdown in 2017
Sri Lanka’s main international airport, Bandaranaike International Airport (BIA) is scheduled to partially close in 2017 for three months to carry out maintenance work on the runway, Civil Aviation Authority Director General (DG) H.M.C. Nimalsiri told the Business Times on Friday. He noted that this would be decided early since airlines need to be informed [...]
Tussle for MD’s post at Sri Lanka Insurance
Musical chairs continued for the second week running at state-owned Sri Lanka Insurance Corporation Ltd’s (SLIC) where former Managing Director (MD) T. M. R. Bangsa Jayah is refusing to quit.Keith Bernard was appointed the new MD last week but is unable to function as Mr. Jayah, brother-in-law of Finance Minister Ravi Karunanayake, continues to remain [...]
SriLankan gets ‘no fly’ warning over conflict zones
SriLankan Airlines has been advised to steer clear of conflict zones when flying to Europe via West Asian destinations as per international regulations, a top government official said on Friday.In this respect the national carrier would not fly across the air space of countries currently in conflict due to the risk involved in doing so, [...]
Book on the “Great November Revolution”
Business professional Dinesh Weerakkody will launch his 5th Book titled The Great November Revolution on November 24 at the BMICH reflecting on the events that led to a change of government earlier this year.In a preface, the author says that the book is “a very inspiring account of what he saw what happened between August [...]
Sri Lanka’s tax collection system to go online soon
Sri Lanka is set to introduce an online system soon with the aim of increasing revenue collection and making it easy for taxpayers to file their tax returns and pay taxes.The automated system will enable tax payers to make their payments online from their homes, a senior official of the Inland Revenue Department (IRD) told [...]
Motor vehicle registrations high despite curbs on imports
Current vehicle registrations stand at 4,990 in 2015 while there has been an upward trend in vehicle leasing and financing market since 2009. These views were expressed by Firaz Marker, Managing Director, Carmudi Sri Lanka – online vehicle retailer – Carmudi.lk – at a media briefing to launch a report on ‘Sri Lanka’s vehicle leasing [...]
Practical budget, says chamber official
The business community has said the budget was a very “practical” one and was pleased that most of their proposals were accepted by Finance Minister Ravi Karunanayaka.National Chamber of Commerce Senior Deputy President and Atlas Logistics Managing Director Sujeeva Samaraweera told a Business Times post budget discussion conducted through skype yesterday that most of the [...]
Government’s maiden effort imposes burdens on the people
The maiden budget of the new government has burdened the people by imposing indirect taxes, President of the Inter Company Employers Union Wasantha Samarasinghe said.The government has trebled the Goods and Services Tax (GST) to Rs. 378 billion in 2016 from Rs. 126 billion in 2015 and the people will feel the punch when their [...]
2016 proposals more realistic than ‘revolutionary’ budget
Sri Lanka’s latest budget proved to be more realistic than the “revolutionary” budget that government ministers have been promising in recent days, according to Shiran Fernando, the Lead Economist at Frontier Research.”What we actually got was a more realistic, ordinary budget that was more futuristic than looking at near term. What we needed was a [...]
Confusing and disconnected budget
The budget is confusing, as it has contradictory policies. There’s a disconnect between the PM’s policy statement and the Finance Minister’s budget, according to some economists. “The PM in his statement early this month said that there will be 40 per cent in direct taxes and 60 per cent in indirect taxes, but the budget [...]
Hapless depositors caught in a web of red tape spun by the CSE
We, the members of the Deposit Protection Society of the Standard Credit Finance Company, are compelled to reveal to the Government and the people of Sri Lanka, the unhappy situation we have been placed in by the Colombo Stock Exchange (CSE) while tryingto get back our hard earned monies which have been held back from [...]
Why Sri Lankan accountants must rise to the challenge issued by a Minister
Recently, I chaired the Graduation Ceremony of CMA Professionals of ICMA (Australia) where the Chief Guest, Deputy Minister Eran Wickramaratne, lamented about the dearth of accounting professionals and professionalism in Sri Lanka. This was reported on Page 2 of the Education Times section of the Sunday Times on October 3, 2015.The Education Times accurately reported [...]
Saner counsel prevails over replacing VAT
Two years ago in April, a top Sri Lankan hotelier grumbled that bookings for the next few months were not looking good. The story drew industry attention since tourism was on the up after the end of the conflict in May 2009 and arrivals were growing by leaps and bounds – from 447,890 (2009) to [...]
The 360 – End to End Enterprise Risk Posturing!
‘If anything can go wrong – IT WILL – and at the worst possible time’ goes Murphy’s Law. This was proved for its umpteenth time in a premier corporate in Colombo recently, when a tested application failed dejectedly right at the launching platform. What was confirmed as textbook perfect six hours before – proved to [...]
Sri Lankan group among winners at MATATO Maldives Travel Awards
Sri Lanka’s Aitken Spence Group was among the winners at the MATATO Maldives Travel Awards 2015 Gala Event held recently at the Coco Bodu Hithi Resort in the Maldives.The September event saw Adaaran Select Hudhuranfushi, an Aitken Spence brand, clinching the award for the ‘Leading Surf Resort’.Aitken Spence and John Keells Holdings have sizable hotel [...]
Aitken Spence launches new brand – Turyaa by Heritance
Aitken Spence Hotels has announced the launch of its latest brand, Turyaa by Heritance,at the World Travel Market [WTM] in London held recently.Turyaa by Heritance was conceptualised to appeal to the changing lifestyles of the global traveller. With the digital revolution and globalisation gradually changing the demands and preferences towards brand selection, Turyaa by Heritance [...]
University of Colombo triumphs at CFA Sri Lanka Research Challenge Finals
CFA Sri Lanka said last week that the University of Colombo has won the CFA Sri Lanka Research Challenge Finals for the third successive year and will now advance to the Asia Pacific Regional round where it will compete against leading universities from the region. The team consisting of Rukshani Adhihetty, Praveen Fernando, Nilukshi Jayawardena, [...]
eCybersec and FireEye join forces to help local firms tackle advanced cyber attacks
eCybersec, a leading information security consulting company, last week said it has joined forces with FireEye, the leader in stopping today’s advanced cyber attacks, to provide FireEye offerings to organisations in Sri Lanka.The partnership combines the expertise of eCybersec in IT security and consulting with the benefits of the FireEye threat protection platform. As a [...]
University of Sri Jayewardenepura accepted into CFA Institute University Recognition Programme
The University of Sri Jayewardenepura (USJP) has become the latest university to be accepted into the CFA Institute University Recognition Programme. The CFA Institute acknowledges the USJP’s Bachelor of Science special degree programme in Finance as incorporating at least 70 per cent of the CFA Programme Candidate Body of Knowledge
CFL calls for wider discussion of state pension plan
The Ceylon Federation of Labour (CFL) this week called for wider discussion on and publication as a white paper, proposals by Prime Minister Ranil Wickremesinghe to merge the EPF and the ETF and create one pension fund.T.M.R. Rasseedin, CFL Deputy General Secretary, in a statement said that the public should not leave room for politicians [...]
Sri Lanka Customs revises vehicle valuation twice within a month
Sri Lanka Customs has revised the vehicle valuation for the second time within a month based on actual manufacturers’ value of brand new vehicles cancelling the previous ad hoc valuation system which was introduced on September 30. The new revision in the basis on which Customs calculates the values of imported vehicles for the imposition [...]
hSenid Mobile Talks ‘Beyond APIs’ at TADSummit 2015
TADSummit (TADS) 2015 was held in Lisbon, Portugal this week with a focus on building the telecom application developer ecosystem. Attended by representatives from all around the world, Dinesh Saparamadu, Chairman of hSenid Mobile Solutions was one of the key speakers at this internationally recognised event, according to an hSenid media release. “While enterprise service [...]
St. Regis achieves another first in bulk tea packaging
St. Regis Packaging, the Sri Lankan company that patented the Kraft Liner Board Rigid-T-Sack now widely used in bulk packaging of large leaf teas, has become the first paper sack manufacturer to receive the Sri Lanka Standard (SLS) certification for bothKraft Liner Board Sacks and Multiwall Paper Sacks. Under a mandatory requirement of the Colombo [...]
Transforming Sri Lanka’s daily garbage to bio (fuel) gas
Estimates show that 60 per cent of the 7000 metric tonnes of waste material collected daily from across the country come from urban areas in the Western Province, according to a survey conducted by the Waste Management Authority.Its Director Nalin Mannapperuma told a media briefing of the International Workshop on Small and Medium Scale Biogas [...]
STBC’s pre-budget panel discussion
Public Enterprises Development Deputy Minister Eran Wickramaratne, W.A. Wijewardene -former Deputy Governor of the Central Bank and JVP Parliamentarian Sunil Handunneththi were the panellists at the Sunday Times Business Club’s pre-budget panel discussion held last week at the Cinnamon Lakeside Hotel, Colombo. A report on the discussion was carried in last week’s Business Times.
Screenline Group in JV with Vietnam firm to set up screen printing facility there
Screenline Group recently signed a Memorandum of Understanding with Vietnam’s leading garment and textile manufacturer, Phong Phu International (PPJ) paving the way for a screen printing joint venture company in Vietnam. Colombo-based Screenline, one of the largest screen printing and embellishment providers in South Asia, offers full-service printing solutions starting from concept to launch. The [...]
University of Peradeniya team wins Holcin competition, wins trip to Malaysia, Singapore
A team from the University of Peradeniya won the Inter-University Concrete Mix Design Competition organised by Holcim Lanka in which five teams from the universities of Peradeniya, Moratuwa and Ruhunu took part. The winning team was presented with a tour of the LafargeHolcim plant in Malaysia and Centre of Excellence in Singapore, Holcim Lanka said [...]
SriLankan Cargo offers ‘1USD per kg’ package for freight from West Asia
SriLankan Cargo will revolutionise air freight to Colombo from seven cities in West Asia with the launch of its ‘A Dollar A Kilo!’ service this month. The new service has been especially designed to cater to the needs of Sri Lanka’s migrant workforce in that region, who often send gifts, baggage and other items back [...]
Kingslake with Progress presents ‘How to develop Business Apps the Agile Way”
A seminar focused on building powerful business applications ‘Developing Agile Business Applications – Are You Ready?’ will be held on November 24 at the Water’s Edge, Colombo.Organised jointly by Kingslake – APJ – Progress Software, the organisers said that due to the ever changing market conditions and fast-paced business environment, companies are constantly pressured to [...]
Anomalies in the Retiring Age of Plantation Employees
There are three categories of employees in the plantation sector – executives, staff and workers. Out of these categories the retiring age of staff and workers is 60 years. However, the most important category – executives have to retire at the age of 55.The government circular dated 15th January 2013 issued through the Treasury has [...]
Commerce Department cautiously optimistic of TPP
A top government official recently cautioned the Government on its engagement with the United States in the Trans Pacific Partnership (TPP) agreement mooted by the new administration.Director General of Commerce Sonali Wijeratne addressing the Apparel Sources’ Association said the agreement was a single undertaking and that it covers several areas.She pointed out that Sri Lanka [...]
OpenArc becomes first Sri Lankan software company in Japan
Having launched its subsidiary company in Japan in September, OpenArc Systems Management, providing software solutions to the banking and finance industry in Sri Lanka,is exploring the possibilities with leading Japanese finance companies operating in regional markets in Asia-Pacific to assist them in implementing finance software solutions, officials said.”Our subsidiary, OpenArc Systems Japan will operate with [...]
Haycarb revenue dips
Group revenue at Haycarb dipped by 7.1 per cent year on year (YoY) in 2Q16, to reach Rs. 2.6 billion in 2Q15, from Rs, 2.8 billion reported during 2Q15. This decline in revenue can be mainly attributable to reduced prices in the products offered to the iternational market as negotiated due to the local price [...]
Indices lose in October; awaits budget outcome
The Colombo market last month moved on a subdued manner awaiting the interim results and outcome of the November budget (which was presented on Friday) with both indices losing in value, analysts say. The benchmark index lost 8.81 points (-0.1 per cent) month on month (MoM) to close at 7,042.06. The S&P SL 20 also [...]
United Motors sees 162% rise in profit on Mitsubishi sales
United Motors Group recorded a profit of Rs. 545 million for the quarter ended 30th September 2015 in comparison to Rs. 208 million in the same period last year on the back of Mitsubishi passenger vehicle and truck sales growth contributing towards the overall performance, a company media release said. This is a 162 per [...]
CHC in Maldives investment
Ceylon Hotels Corporation (CHC) controlled by Sanjeev Gardiner Group, is entering the Maldives with a planned 50-room resort entailing an investment of $ 28 million (nearly Rs. 4 billion), the company said in a stock filing. CHC’s fully owned subsidiary United Hotels Company Ltd (UHCL) has acquired a 100 per cent stake in Ceylon Hotels [...]
SL only place where beer tax exceeds hard liquor tax
Sri Lanka now has the unique distinction of being the only country in the world where the tax on beer exceeds that of spirits when calculated on the basis of per millilitre of alcohol, a Lion Brewery PLC statement says. The company saw a turnover of Rs. 18.93 billion for the six months ended 30th [...]
New e-platform provides loan advice to Sri Lankans
Findmyloan (Pvt) Ltd, meeting growing demand for small to large loans, has launched (what is called) a ‘first of a kind’ online marketplace through affiliate marketing that ‘is unique as both customer-centric and web based for maximum efficiency and rapid response’. In a media release, the company said via affiliate marketing, this technological masterpiece carefully [...]
Laugfs signs up for largest investment at Hambantota port
Laugfs has invested in a terminal at the Hambantota port that would assist in the provision of energy with the construction of a facility to provide for local and re-export purposes at a cost of US$ 80 million.Laugfs Terminals Ltd, a wholly owned subsidiary of Laugfs Gas PLC, signed an agreement with China Huanqiu Contracting [...]
US eying SL for more investments, expanding bilateral relationships
With more business opportunities opening out in Sri Lanka, more US corporates are looking to invest and form bilateral relationships considering the country’s geographical location in the world map, says Atul Keshap, US Ambassador to Sri Lanka and Maldives. He was speaking at the launch of the US Trade Show at the Galadari Hotel in [...]
Britain unveils new UK passport design
The British Government has unveiled a new design for the UK passport to the press and general public. The new passport designed and produced by De La Rue will be issued to customers as part of a phased roll out from December this year, De La Rue said in a media statement issued in Colombo [...]
Board changes at SLT amidst management issues
The boards of directors of Sri Lanka Telecom PLC and Mobitel have been changed on the directions of the President this week in a letter sent by the presidential secretariat to the Secretary to the Ministry of Telecommunications and Digital Infrastructure According to the Presidential secretariat letter with ref: No: PCMD/SD/SP/General dated November 17, G. [...]
State push on tea prices “detrimental”, says Fitch Ratings
Government intervention at the Colombo tea auctions could be detrimental to the sector, ratings agency, Fitch has said.It was pointed out that this measure, which is yet to be implemented, would make Sri Lankan tea less competitive in a global market that is over-supplied. The government in October this year had allocated Rs.1 billion to [...]
Ceylinco Building Society depositors appeal to the President
Depositors of Ceylinco Builders Society Ltd, another firm of the failed Ceylinco Group, has sent a letter to the President urging him to initiate an inquiry and make necessary arrangements to repay their deposits as the company has defaulted their hard earned money. The letter said that the Society had informed the depositors that the [...]
People’s Bank unveils MTI-enabled strategic plan for future growth
The management of People’s Bank recently presented its 5-year strategic plan for future growth to over 1000 head office and branch network professionals, from different levels of the organization. The plan ‘SP 16/20′ was formulated by MTI Consultants, in close collaboration with the staff of People’s Bank, the bank said. The plan is based on [...]
Sri Lanka bank unions oppose EPF and ETF merger
Ceylon Bank Employees Union (CBEU) on Tuesday fired the first salvo against government plans to merge the Employees Provident Fund (EPF) and Employers Trust Fund (ETF) and set up a new National Retirement Gratuity Fund. Plans are also underway to introdce a new pension scheme for private sector workers.CBEU members took to the streets in [...]
Commercial Bank’s 9-month pre-tax profit tops Rs. 12 bln
The Commercial Bank of Ceylon PLC reported Profit Before Tax of Rs 12.190 billion for the nine months ending 30th September 2015 last week. In a media release, the bank said its Profit After Tax of Rs 8.426 billion at the end the third quarter reflected growth of 7.96 per cent, while Gross Income at [...]
Flexible Autos appoints Hayleys Travels in Sri Lanka and Maldives
Hayleys Travels has been appointed to represent the global car hire broker Flexible Autos in Sri Lanka and the Maldives.Flexible Autos is UK’s leading trade-dedicated car hire broker and offers vehicles in over 17,000 locations and in 110 countries.The company, which has been in the car hire business for over 20 years covers the US, [...]
Residents of Agoda Premier Village suffer due to UDA action
Residents of the Agoda Premier Village at Peliyagoda have to suffer due to many misgivings as a result of the short-sighted action by the Urban Development Authority (UDA).This premier housing scheme was initiated by the then Minister of Housing, the late President Ranasingha Pemadasa, with the assistance of a British group headed by the late [...]
Indian companies should be stakeholders in the development of the Colombo Port, Indian HC says
India (along with Sri Lanka) is working towards the resumption of ferry services between Colombo and Tuticorin and between Talaimannar and Rameshwaram, which will make travel easier. Another proposal is to operate a cruise/ferry service between Colombo and Cochin in Kerala. These thoughts were shared by Indian High Commissioner to Sri Lanka Y.K. Sinha when [...]