Saving the honest way
Nine-year old Dulisha Kithmini and her 5-year old sister, Avisha pose against a pile of coins they have saved over the years as part of the savings habit and, they say, their obligation to society. Coming from the town of Diggala, Panadura, the sisters say they want to donate these savings to their school to [...]
Budget 2016 amendments worsen revenue targets
Amendments made so far to the good governance government’s 2016 budget is imperilling the country’s economy due to negative impact on 21 revenue proposals prepared by the Treasury to raise estimated revenue of Rs. 223 billion, economic experts and officials warned. Several budget estimates have gone haywire with the introduction of new amendments. Treasury officials [...]
Luck no longer favours Sri Lanka – Prof. Sally
Raising the urgency for fiscal consolidation, a leading economist on Thursday blamed the country’s “culture of complacency” as the main curse that befell Sri Lanka. Singapore based Lee Kwan Yew University Prof. Razeen Sally addressing the business community at the Ceylon Chamber of Commerce on the topic “What Can We Expect in 2016? Global Economy and [...]
Land prices up 25 % in Colombo, suburbs
Land prices in and around Colombo have seen a near 25 per cent rise over the past few months and after the November budget, industry analysts say. With the low interest rates that prevailed during the year followed by currency depreciation, there was a natural increase in asset prices which was supplemented, according to them. [...]
100 % guarantee on finance company deposits fuels confusion
A 2016 budget directive providing a 100 per cent guarantee on deposits of all registered finance companies has fuelled confusion among depositors and finance companies following Finance Minister Ravi Karunanayake’s claim – at a budget seminar televised over Channel EYE of Rupavahini on Tuesday – that this is only for senior citizens. The Finance Ministry [...]
George Soros’ team visits SL
A team from the office of famous capital market investor George Soros was in Sri Lanka earlier this month in a bid to explore the scope of the country’s investment climate and to assess the economic situation, sources close to Mr. Soros said. He is slated to attend the Sri Lanka Global Investment Forum sponsored by [...]
Budget proposals in disarray, trigger macroeconomic imbalances
The economic policies of the newly elected government are said to be based on the concept of a “Social Market Economy” built on social justice principles. Social market economy, which combines market economy and social security, became the hallmark of ecnomic policies in Germany in the 1950s.It is a rather imprecise term though it would [...]
Credibility of a budget and the minister in charge
The chaos taking place in Parliament and outside on Budget 2016 reminds one of an old quotation by a distinguished US President.Abraham Lincoln said: “You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time”. The many ad [...]
OMACX Healthcare expresses concern over “smear campaign”
OMACX Healthcare (Pat) Ltd, an importer and distributor of oncology (cancer) drugs in Sri Lanka, has expressed concern over a continuing smear campaign targeting the company on an alleged fraud, which was reported way back in September 2013.An adverse publicity campaign is still being carried out using a section of the media on the alleged [...]
Rupee devaluation ‘impetus for price driven growth’ – Nielsen
September 2015′s significant devaluation of the Sri Lanka Rupee “could provide an impetus for price driven growth for (Fast-Moving Consumer Goods)” with price increases being a possibility, according to market researcher Nielsen. It also added in media release that, previously, growth in this sector, which includes everything from processed foods and beverages, to toiletries and [...]
SriLankan Catering to raise $150 mln from IPO
SriLankan Catering (Pvt), part of SriLankan Airlines, has issued Request for Proposals (RFP) to select an investment bank in a bid to list a significant stake of 30 per cent to 49 per cent in the Colombo Stock Exchange (CSE) under economic reform plans announced by the Prime Minister, officials said. “Some investment banks have [...]
SL’s insurance sector outlook stable – Fitch
Fitch Ratings sees the outlook on Sri Lanka’s insurance sector as stable even though the split of composite insurers into life and non-life companies, which became mandatory effective February 2015, may create industry uncertainty. This is based on the view that most insurers will maintain stable financial fundamentals in 2016, supported by moderate sector growth, [...]
PickMe cabs to expand to major towns soon
Well … now there’s a cost-effective, safe and smart way to hail a taxi. PickMe, a technology developed by Digital Mobility Solutions Lanka (Pvt) Ltd headed by Jiffry Zulfer, equips local taxis with the power of technology enabling them to use and benefit from features like GPS tracking, navigation, automatic-billing, live-connection with the passenger and [...]
Garment maker Brandix wins 8 Presidential Export Awards
Brandix’s contribution to the country’s export economy was recognised at the highest level this week when Sri Lanka’s single largest apparel exporter was presented with eight Presidential Export Awards.Brandix was recognised as the “Sri Lankan Exporter of the Year for 2012 and 2013″, adjudged the “Best Exporter in the Apparel Sector” in those two years, [...]
Seylan sees aggressive growth; plans innovative products in 2016
Seylan Bank (Seylan) saw further expansion in 2015 with its branch network growing island wide up to 159 branches and the ATM network more than 180, a Seylan media release said. Kapila Ariyaratne, Director/CEO Seylan, commenting on the bank’s future plans and challenges, was quoted as saying, “We are very positive about the future and [...]
“Hapless depositors caught in a web of red tape spun by the CSE”
The Colombo Stock Exchange (CSE) has sent the following letter in response to an article titled “Hapless depositors caught in a web of red tape spun by the CSE” published in the Business Times on December 6:”The Colombo Stock Exchange (CSE) notes with concern that the statements made in the article aforesaid are totally distorted [...]
India’s Ircon seeks more contracts in Sri Lanka’s rail network
Ircon International Ltd, which completed a 265 km reconstructed rail network in northern Sri Lanka, says it is looking to expand its footprint in Sri Lanka.In a media statement issued this week, it has assured the Government of Sri Lanka of its continued support to uplift the transport sector and develop further the rail infrastructure [...]
‘AMPLUS’ smart ad display software wins Jaffna-based YGC
“AMPLUS”, an innovative smart ad display software, has been crowned the winner of the 4th edition of the Jaffna-based Yarl Geek Challenge (YGC), which is organised by the Yarl IT Hub in conjunction with the Lankan Angel Network (LAN). This follows the paticipation of 16 teams in the initial, three-day YGC hackathon, which was later [...]
LECS organises 7th trade fair in Jaffna
Northern Sri Lanka will welcome the Jaffna International Trade Fair (JITF 2016) for the seventh consecutive year, a Lanka Exhibition and Conference Services (Pvt.) Ltd (LECS) media release said. The event takes place on 29-31 January 2016.Held at the Municipal Ground in Jaffna, the trade fair comprises both local and international stalls catering to a [...]
Abandon ‘patriachal’ regulations governing female migrant workers, new study urges
The Sri Lankan Government has been urged to implement a ‘zero’ fee scheme for workers seeking overseas employment, cancel the licences of errant agents and make exploitation or forced labour a serious criminal offence.It has also been asked to abandon sections of the law and regulations that discriminate against outbound women and favour the male [...]
Asia’s top law conference turns to Sri Lanka after 23 years
Several commissions have been appointed by the Sri Lankan Government to ensure the rule of law and uphold democracy in a transparent manner. Upul Jayasuriya, Chairman of Lawasia, Sri Lanka 2016 Organising Committee and the past President of the Bar Association of Sri Lanka, said the era where the Sri Lankan judiciary was battered and [...]
F&G depositors: Frying pan to the fire
Depositors of the Finance and Guarantee (Developers) & (Real Estate) Companies under Ceylinco Group Depositors (F&G) are bewildered as to what is happening to their hard-earned monies and whom to ask.They have been undergoing tremendous hardships for the past six or seven years without getting any return or their capital investment. As we all know [...]
Uproar in packaging industry over polythene ban
On the heels of the Government’s proposal to ban asbestos in Sri Lanka, the latest proposal to ban polythene from the country have sent shock waves among some industrialists who are protesting over the issue.J.D.C. Perera, President, Sri Lanka Institute of Packaging, speaking at the launch of Lankapak 2016 – the Premier International Packaging Exhibition [...]
Whither Sri Lankan gem industry
The 16th International Coloured Gemstone Association(ICA) Congress was held at Cinnamon Grand Hotel earlier this year with over 500 gemmologists, gem traders, government officials and journalists from over 30 countries attending. The theme of the congress was “Sapphire and more…”. It was heartening to observe, that there were speakers who have carried out a lot [...]
Tourism potential in Ella
Around 2001 when I visited Ella it was a sleepy village in the Badulla District best known as a convenient way stop for a few travellers on the way to Kataragama and beyond. Ella is about 14km northeast of Bandarawela that has been better known as a holiday town. When I visited Ella earlier this [...]
Save the Children Sri Lanka’s unique project to raise living standards of plantation residents
Save the Children Sri Lanka (SCF), in a reinvigorating development for the local tea industry, has put forward an unique proposal aimed at improving the lives of Sri Lanka’s estate community, while rejuvenating the Ceylon Tea brand by creating an industrywide value proposition. The proposed project represents a potential global first by seeking to drastically [...]
LFSUS helps low income settlers with housing loans
“There was a time when no bank would help me for a housing loan. Today thanks to LFSUS I have a roof over my head and a better shelter for my family”Low income housing for the underserved settlers of the society in Sri Lanka has had a beneficial effect on the lives of those living [...]
Better late than never – Saudi Arabia approves NGO Law
After a long delay, the Saudi cabinet last month approved a law that may pave the way for non-charity organisations to operate legally in the kingdom. The law- long overdue – is a significant advance for a country where civil society organisations are generally barred from operating, and activists are often jailed for speaking their [...]
Sri Lanka to introduce an export strategy soon, says Minister Samarawickrema
Sri Lanka is set to introduce an export strategy to provide a coherent framework in the area of export promotion and create an export friendly environment in the island. The Export Development Board (EDB) is in the process of devising this strategy on the directions of the Ministry of Strategic Development and International Trade, said [...]
Colombo Port City: “No insurmountable impact on the environment”, new EIA says
A (new) Supplementary Environmental Impact Assessment (SEIA) of the controversial Colombo Port City undertaken following demands from environmentalists for a proper EIA, has concluded in a report released this week that there is no ‘insurmountable impact” on the environment. “On the basis of the detailed analyses … presented in this study and on the assumption [...]
LOLC Micro Credit felicitates over 600 scholarship students
LOLC Micro Credit Ltd. (LOMC), a microfinance company and subsidiary of the LOLC Group, held its sixth annual “Isuru Diriya Sisu Upahara” felicitation ceremony for Grade 5 scholarship students at a ceremony held at the BMICH Colombo, the company stated. The Isuru Diriya Sisu Upahara programme is held annually to felicitate children of LOMC customers [...]
Investing in real estate a growing priority for many, investment experts say
The desire to invest or own real estate is generally very high amongst many people was the view of a global and regional capital markets expert. Naushervan Beg, CEO Entrust Capital Markets & Entrust Wealth Management, Sri Lanka made the above comment when he spoke on ‘Raising Capital & Channeling Savings into the Real Estate [...]
BOI yields high value projects in 2015
The Board of Investment (BOI), in the wake of the introduction of new procedures aimed at improving facilitation, attracted a number of important projects in key sectors of investment in 2015, a media release issued by this state agency said.Once these investments are realized a total of 66 new projects and 45 expansions of existing [...]
Rotary International’s Sri Lankan President to be appointed international ambassador
K.R. Ravindran, the recently appointed President of Rotary International, is to be appointed an international ambassador for Sri Lanka on completion of his Rotary assignment.The offer was made by Prime Minister Wickremesinghe, during a special ceremony last week, who said Mr. Ravindran had brought great honour to Sri Lanka through his achievement and that he [...]
Litro Gas completes terminal at Hambantota
Litro Gas said this week it has seen a sales growth of above 30 per cent in the domestic market during the first 10 months of this year and the recent decision taken by the government to reduce the price of 12.5kg domestic LP gas will further have a posiive impact on its sales and [...]
Some relief for Golden Key depositors after seven years
After being subjected to nearly seven years of tension and agony, Golden Key depositors received some solace as the GK Company began sending cheques to 2700 depositors this week following the transfer of Rs. 3.945 billion of tax payers’ money to the company account by the Treasury, officials confirmed.41 per cent of deposit money owed [...]
CSE announces changes to S&P Sri Lanka 20 Index
The Colombo Stock Exchange (CSE) announced the changes in S&P Sri Lanka 20 Index constituents made by S&P Dow Jones Indices at the 2015 annual index rebalance, a CSE press release said.”S&P Dow Jones Indices has announced that effective from the December 21, 2015 (after the market close of December 18, 2015), Bukit Darah PLC, [...]
SLT Mobitel successfully garners over 1 mn Facebook fans
SLT Mobitel said this week that it became the first Sri Lankan brand to achieve one million fans on Facebook recently.”As one of the leading telecommunications service providers, SLT Mobitel has been able to shape Sri Lanka’s ICT landscape, and experience immense growth over the years due to a strong and dedicated relationship built with [...]
RPCs get tough with estate worker demands
Warning that any ad-hoc increase of estate sector wages with no link to productivity would have dire consequences, the Planters’ Association (PA) of Ceylon – which represents the Regional Plantation Companies (RPCs) – has called for reasoned approach to the wage issue which does not endanger the sustainability of the sector.The association, in a media [...]
Clear land and condo laws needed to attract foreign investment, CB Governor says
Ambiguous laws relating to ownership of land and condominium property rights in Sri Lanka can thwart foreign investment flowing into the country. Central Bank Governor Arjuna Mahendran said that land and condominium ownership in Sri Lanka is an issue that has to be addressed as legislation in this regard in recent times has regrettably become [...]