‘Musical Engineers’ thrilled their colleagues
The Engineers band displayed their prowess at IESL engineering excellence awards night. Pic by Anuradha Bandara
Directors of Entrust Securities removed from other Group Cos.
The Securities and Exchange Commission (SEC) is flexing its muscles to sack directors at Entrust Capital Markets Private Ltd (ECMPL), the broking arm of Entrust Group whose beleaguered primary dealer, and Entrust Securities was taken over by the Central Bank (CB) early this month. The CB handed over its management to the National Savings Bank [...]
Budget amendments stretch the state expenditure and revenue
The Sri Lankan government’s expenditure and revenue are set to be stretched in two opposite directions by 16 amendments made to budget 2016 forcing the Treasury to introduce adjustments towards bridging the new deficit, officials said. Under this set up the government is forced to cut down the capital expenditure in the 2016 budget this year [...]
Touchwood liquidator reveals attempts to dupe creditors again
A former top Touchwood Investments official was recently found to have established a new company and carrying out maintenance of the liquidated company’s properties and charging fees from its creditors to the dismay of liquidator Sudath Kumar. Touchwood Investments Liquidator Kumar said in an interview with the Business Times on Thursday that a new company [...]
The Colombo port makes a downward slide
The Colombo port has made a downward slide of around 6 per cent growth last year compared to a 14 per cent growth in 2014 and the Jaya Container Terminal fully managed by the Sri Lanka Ports Authority (SLPA) has continued to make losses, SLPA statistics showed. The Colombo port annual throughput for 2014 was 4.9 [...]
CSE’s plans on SME board face a snag
The Colombo Stock Exchange’s (CSE) plans to set up a separate trading board for Small and Medium Enterprises (SME) have come up with a snag involving taxation by the recent budget. Officials said that the recent budget proposal to raise the annual registration fee of public quoted companies is a dampener on SME vying to list [...]
Can the Government deliver?
You can’t improve what you don’t measure! What we want today is development that will raise the incomes and living standards of all the people in this country. The main responsibility of fulfilling this great expectation of the people rests in the hands of the government. People believe that the state machinery consisting of public [...]
Fiscal reforms are needed for a progressive tax system
The persistent budget deficits are a major source of economic instability in Sri Lanka. These imbalances have not only exerted domino effects on the cost of living, balance of payments and debt burden but also preempted resources of the private sector restraining economic growth. Inadequate growth of government revenue to keep pace with the rapidly [...]
Crisis of remittances and jobs in West Asia
Will the oil crisis in some Gulf states and West Asia (Middle East) see a decline in not only remittances from thousands of Sri Lankan migrant workers but also employment opportunities? These are some of the concerns being raised in Colombo as Arab states face shrinking revenues from oil which has hit all-time lows, sinking to [...]
EU GSP plus possible by end this year, says EU delegation
Sri Lanka is to receive the EU plus facility in at least ten months but it depends on the government’s efforts to resume these trade ties in compliance with international conventions on human and labour rights, the visiting European Union (EU) delegation revealed last week. European Commission Deputy Head of GSP Plus Section and Director [...]
Global stationery giant PLUS launches in Sri Lanka withThef:;llstop
Japan’s PLUS Corporation, one of the world’s leading stationery suppliers, made its Sri Lanka debut with a collection of innovative products led by its universally popular correction tape, which, at 83 million pieces in 2015, is the best-selling product worldwide in its category. The launch of PLUS branded products in Sri Lanka in partnership with [...]
Market Research Society of Sri Lanka elects new committee
At the 3rd Annual General Meeting of the Market Research Society of Sri Lanka (MRSSL) held recently, former Secretary of MRSSL Ms. Himalee Madurasinghe was elected as the new President succeeding Mr. Ravi Bamunusinghe whose term as President ended after three years of valuable contributions, a media release issued by the society said. In her [...]
Regus to introduce a new way to work in urban and remote areas
The world’s largest provider of flexible workspaces, Regus, plans to introduce a new way to work, entrepreneurs in urban and remote areas by the setting up of high quality business focused locations countrywide. With the development of infrastructure facilities and restoration of political and economic stability as well as high internet penetration, Sri Lanka is poised [...]
Com Bank ties up with Bank Muscat Oman for instant money transfers
Instant, real-time fund transfers between Oman and Sri Lanka have become possible as a result of a tie-up between the Commercial Bank of Ceylon and Bank Muscat, the leading financial services provider in the Sultanate. Commercial Bank stated in a media release that account holders of Bank Muscat can now use the Bank’s all-new feature-rich mobile [...]
Empathy and change in PR vital for future industry growth, says Chris Graves
The public relations industry has changed vastly in the past 35 years and this has had a dramatic impact especially in Asia, an expert and former media industry veteran said in Colombo. Ogilvy Public Relations Global Chairman Chris Graves said that he had witnessed the arrival of a few to hundreds of channels coming up and [...]
Durdans expands laboratory services to the 50th location
Durdans Hospital through its diagnostics arm Durdans Laboratory Services opened its 50th location at Horana, housing a collection centre, modern equipment and certified and experienced medical laboratory technicians. Commenting on the opening of the facility the Executive Vice President of Durdans Hospital Upul Tudawe was quoted in a company media release saying, “Durdans Hospital has a [...]
Etihad Airways’ global sale in Sri Lanka
Etihad Airways, the national airline of the United Arab Emirates, has stated that it is offering travellers from Sri Lanka savings in its six-day Global Sale starting January 26. From Colombo, guests travelling in Business and Economy Class can choose from a wide choice of destinations across Europe, North America, Africa and the Middle East. Tickets [...]
“The National Chamber Concerns on Sri Lankan Economy”
World Bank Impression on Sri Lanka As per the World Bank information, Sri Lanka is focusing on long-term strategic and structural development challenges as it strives to transit to an upper middle-income country, by attracting investment, heightening human capital, enhancing the role of the private sector, including the provision of an appropriate environment for increasing [...]
CEAT radials chosen as original equipment for Micro Cars
CEAT’s radial tyre manufacturing operation in Sri Lanka has entered a new phase, being designated an Original Equipment Manufacturer (OEM) by Micro Cars Limited, the country’s prolific automobile assembly company, a media release issued by the company disclosed. The highest-selling radial tyre brand in Sri Lanka, CEAT tyres are now being fitted on to Micro [...]
UNDP suggests Central Banks to add ‘employment targeting’ mandate
Many Central Banks have a single mandate, namely inflation targeting. However, it is time that they also take on a secondary mandate, that of “employment targeting”, according to Dr. Selim Jahan, Director of the Human Development Report Office, of the United Nations Development Programme (UNDP). He also added that, thus far, the often advocated model of [...]
No foreign items at int’l Footwear and Leather show in Colombo
In a new step to enhance the global reputation of Lankan Footwear and Leather (F&L) sector, Sri Lanka’s apex export facilitator EDB locked the presence of any imported F&L items at the forthcoming international Footwear and Leather (F&L) show to be held in Colombo in February, thereby greatly re-assuring the prospective Lankan F&L exhibitors. Meanwhile, [...]
JICA proposes ways to Sri Lanka to become high income nation
Considering the stable economic growth in Sri Lanka there was a bit of an advice as to how the country could move from a middle income country to high income nation. The advice came from Kiyoshi Amada, Chief Representative, JICA (Japanese International Cooperation Agency) when he addressed as the Chief Guest at the Sri Lanka Engineering [...]
Golden Key completes payments of Depositors up to Rs.10 million
Golden Key Credit Card Company has completed the repayments of depositors with deposits up to Rs. 10.million. The final batch of cheques cleared by the auditors was posted on January 29 and it would reach the depositors in the coming week, Chief Executive Officer of the company Dinesh Perera said. He revealed that two separate [...]
Tea industry set for tough times
The tea industry was hit hard last year with crop production down by 9 million kgs and 2016 unlikely to pull through any better particularly due to the crises in key export markets. Total tea production in 2015 was 329 million kgs down by 2.4 per cent compared to 2014. Tea Traders Association Chairman Anslem Perera [...]
SL stocks down due to ‘uncalled for panic’
The Chinese markets are getting ‘hammered’ and major funds are pulling their investments out of China and investing in the West. This is a backlash that emerging markets such as the Sri Lankan capital market has witnessed as most such markets have ‘spillover’ effects from China, share market analysts say. Panic selling mostly by China’s array [...]
Reassessing the role of the independent directors
With the recent Entrust Securities saga, a call to reassess the role of the independent directors has come stronger. Independence stems from professionalism both at a corporate level in terms of how the company approaches the subject of board composition which isn’t evidenced by recent crisis in the financial sector. As all directors are the [...]
Lanka Ashok Leyland says lack of currency stability an issue
Lanka Ashok Leyland has said that the increasing import costs have eroded their margins and the rate of Rupee depreciation outpaces the company’s ability to implement price revisions. The company recorded a top line of Rs. 7.4 billion, a 27 per cent increase over the Rs. 5.8 billion recorded for the same period last year. The [...]
CSE announcements
ETI Finance to get US$ 100 mln foreign equity investment ETI Finance Ltd., the parent company of Swarnamahal Financial Services Plc., is to receive US$ 100 in equity investment from Australia and the Central Bank has approved the proposal to inject this cash as share capital, the company has said in a stock market filing. [...]
EPF back to old games?
Questions are raised in the capital market about the recent behaviour of the Employees’ Provident Fund (EPF) pertaining to a blue-chip company with many pointing fingers at the state pension fund for manipulating the share market. ”The EPF has called more than four stockbrokers and placed ‘sell’ orders on John Keells Holdings (JKH) in a bid [...]
CSE to launch US dollar denominated board this quarter
Foreign firms will be able to trade on the Colombo Stock Exchange (CSE) soon. The CSE has plans to launch a separate board for dollar denominated securities this quarter where foreigners can trade and the rules pertaining to this are being formulated , oficials said. ”We obtained exchange control approval to list foreign companies in [...]
Jinasena celebrate 110th Anniversary Bonanza Draw
Jinasena Pvt Ltd, recently had a “110th Anniversary Bonanza Draw” to celebrate its 110 years, Mrs. Ruvani Jinasena – Director, Mr. Nishan Jinasena – Deputy Chairman and Mr. Yasiru – Western Province – Revenue Department were present at the draw.
Tourism personality enters academia
Sri Lanka Convention Bureau (SLCB) CEO Vipula Wanigasekera steps down from the institution to pursue a full time academic career from next month. Having served in the private sector for 15 years in Trade, Sales, Shipping, Exports and Marketing, Mr. Wanigasekera joined the Tourist Board as Director – Marketing in 1995. His contribution under difficult circumstances [...]
Global power shifts to Asia, says top US bureaucrat
A global power shift from the west to Asia is taking place after many centuries due to the decline in the former’s economic conditions, a top US bureaucrat said in Colombo recently. Some of the big issues that we grapple with are global trends related to individual empowerment in civil society activity, taking into consideration both [...]
S. Lankathilake promoted to the post of CB Deputy Governor
The Monetary Board, with the concurrence of the Minister of Finance, has promoted Assistant Governor, Mr. S. Lankathilake to the post of Deputy Governor of the Central Bank of Sri Lanka (CB) with effect from 24th January 2016.Mr. S Lankathilake has more than 30 years of experience in the CBSL in the areas of Economic [...]
CAL goes online with mobile app for Trading in Sri Lanka
Capital Alliance (CAL), Sri Lanka’s leading full service investment bank is about to turn a page in Sri Lanka’s financial markets. In today’s world, people can do almost anything with their smartphones or tablet devices. From checking email, to staying connected via social media, to turning off the lights in the house while out on [...]
The case of Harry J vs OSH Holdings postponed for February 26
The case of Harry Jayawardena vs OSH Holdings (Pvt) Ltd and others came up before Colombo High Court Judge N V Karunatilleke, and was taken up for a decision, this week (last Thursday). The Judge overruled the objections made by the respondents and allowed the revision application and issued notice on the respondents and issued a [...]