Apparel industry to draw up 5-year plan
The apparel industry is currently in the process of drawing up its third five year plan that is being discussed among key stakeholders. With preparations underway to draft the next five year plan the industry is carrying out discussions on a number of issues particularly the trade concessions with the European Union (EU), a new US [...]
Revenue Bills delay and Tax Revision trigger a cash flow problem
The Government is facing an immediate cashflow problem owing to suspension of Value Added Tax ( VAT) and Nation Building Tax (NBT) revision and the delay in the passing of revenue bills in Parliament and issuing necessary circulars, gazette notification relating to amendments made in 2016 budget in an unprecedented manner. Just two months into the [...]
Kassim family to invest in IT businesses after divesting more Expolanka shares
Having sold most of their shares in Expolanka PLC, the Kassim family is gearing to expand their new business , under the Aberdeen brand and invest in IT related businesses, Sattar Kassim, a family member told the Business Times. Mr. Kassim, who is a shareholder at Expolanka said that the family will invest in next [...]
Stockbrokers’ risk based capital adequacy ratio to be implemented
The Colombo Stock Exchange (CSE) is to implement a risk based Capital Adequacy Ratio (CAR), which would ensure that stockbrokers retain an appropriate level of liquid capital in relation to the total risks faced by them when trading in securities, officials said. The CAR will replace the present net capital requirement of Rs 25 million [...]
Sri Lanka asks for IMF bail out
Sri Lanka has made an official request for a fresh bail out package from the International Monetary Fund (IMF) to help tackle a widening balance of payment deficit. This was confirmed by the IMF spokesperson who said that “they have received a request from the government for a programme”. The IMF has a precautionary facility but [...]
Capital outflows from Sri Lanka on the rise, but remedial policies are yet to come
The party is now over for emerging market economies like Sri Lanka which had greater access to low-cost borrowings in the global capital markets until things turned the other way with the rate hike by the US Fed from near-zero levels in last December, an the expected downturn in the global economy triggered by the [...]
Neglected and derelict public property, fraud and corruption
There is no effective control over properties belonging to the government and semi-governmental and other statutory bodies. Some buildings have been abandoned and trees have grown over them but it is of little concern to most to see at least whether the exist or have been encroached by others. There are instances where certain expensive [...]
When SL professionals are ignored …
While the previous regime pretended to use local professionals in economic development and economic diplomacy (the definition of trade promotion through foreign missions), the current rulers are not even pretentious in their thinking. Economic strategies and policy-making is in the hands of foreign experts while dubious contracts and tenders are raising questions with local companies and [...]
Lean management to replace feudal model on tea estates to improve revenues
The age-old feudal work structure on tea estates still in existence since time immemorial has to improve productivity and welfare of workers, a new research revealed. In this regard tea estate labour unions need to work regularly with plantation companies, policy makers and workers in consultation with ex-planters to push for more welfare facilities for the [...]
TJ associates to create awareness on current challenges on organic farming
TJ Associates, a firm providing a package of services to entrepreneurs and investors has stepped into create awareness on current challenges and provide recommendations and solutions on organic farming among interested stake holders. TJ Associates has organised a work shop with an international perspective for the benefit of growers, exporters, potential exporters, land owners, investors, [...]
Hemas Holdings PLC opens trading at the CSE
Hemas Holdings PLC rang opening bell to commence trading at the Colombo Stock exchange (CSE) on February which is an event in a series of Market Opening Ceremonies, featuring companies from the S&P SL20 index. Hemas Holding PLC (Hemas) Chairman Hussein Esufally, Group CEO Steven Enderby and Executive Director / CFO Malinga Arsakularatne represented Hemas at [...]
Reggee Edirisinghe wins two Sri Lankan Entrepreneur of the year awards
Reggee Edirisinghe managing director of Reggee Advertising Services (Pvt) Ltd, won two awards at the ceremony of Sri Lankan Entrepreneur of the year 2016 organized by the federation of chamber of commerce in Sri Lanka. He was honored with the western province silver award and national bronze awards for his outstanding contribution. Reggee Advertising Services [...]
Facebook and Google to enter Sri Lanka in June this year
While Sri Lanka being a developing island with many new innovations and technologies evolving, international big players and multibillionaires such as Facebook and Google are eyeing to enter the country in June this year. Minister of Telecommunications and Digital Infrastructure, Harin Fernando made this disclosure at the Sri Lanka Telecom (SLT) launch of South East [...]
Treasury Secretary spells out ill effects in bailing out failing financial institutions
A top Treasury official says the government should not bail out failing financial institutions, as it has to be borne by the tax payer’s money. This comment was made by Dr R H S Samarathunga, Secretary to the Treasury and Ministry of Finance, when he addressed the 20th Convocation of the Institute of Bankers of [...]
The public sector deprived of Chartered Accountants owing to meagre salaries, says the speaker
The public sector is deprived of the services of qualified Chartered Accountants owing to meagre salaries paid to public servants,the speaker of Parliament Karu Jayaruriya said. Mr. Jayaruriya, who was the Chief Guest at the ceremonial induction of the 23rd President of the Chartered Accountants of Sri Lanka held at the Cinnamon Grand Hotel in [...]
NCE expresses concerns over the upcoming signing of ETCA
Member exporters of the National Chamber of Exporters of Sri Lanka (NCE), have expressed concerns regarding the proposed Economic and Technology Cooperation Framework Agreement (ETCA) to be signed by India and Sri Lanka within the next two weeks and the ETCA Agreement proper proposed to be signed mid this year. The Chamber has written to [...]
Unilever Challenge finalists announced
Unilever Sri Lanka recently selected four undergraduate teams as finalists for the Unilever Challenge, a unique competition for undergraduate students which allows them to work with world renowned brands and experience brand management as a career. The event attracts over 115 teams in its preliminary rounds, empowering Sri Lankan university students with real world business [...]
Jaffna International Trade Fair 2016 opens a gateway to the North
The largest exhibition and consumer fair, JITF 2016 opened for the 7th consecutive time at the Municipal Grounds, Jaffna. The Event is organised by the Lanka Exhibition and Conference Services (Pvt.) Ltd (LECS) together with the Chamber of Commerce and Industries of Yarlpanam (CCIY) with the support of Sri Lanka Convention Bureau (SLCB). The exhibition [...]
India-based green energy firm launches a Dendro power project in Vavuniya
Sustainable Green Energy (Pvt) Ltd, a Sri Lankan company headed by an Indian entrepreneur, has launched its ambitious industrial venture of going green with a bamboo cultivation project in the North last week. The company has laid the foundation stone for the factory site of the Dendro power project with an investment of US$20 million in [...]
Ceylon Chamber supports Sustainable Energy Authority to promote ‘Biomass Energy Production and Modern Bio Technologies’
Ceylon Chamber of Commerce, the country’s premier business chamber will conduct a seminar on Sustainable Biomass Energy Production and Modern Bio Technologies in a bid to help the government’s drive towards increasing the production of biomass based energy sources in the Island,a media release issued by the CCC said. The seminar, which will be held [...]
CB promises yet another investor to Standard Credit
The Central Bank (CB) has in a fresh turnoff events said that they have ‘renewed’ efforts to find a new investor for The Standard Credit PLC (TSCPLC), earlier handed to the now under-fire Entrust Group, CB sources said. On January 12, CB officials had promised depositors of TSCPLC, formerly Ceylinco Investments and Realty Ltd that [...]
An Indian expert outlines Automation for microbiology
In a bid to develop the field of Microbiology in Sri Lanka Professor of Neuro microbiology National Institute of Mental Health and Neuroscineces in Bangalore, India Dr. R. Ravikumar was recently invited to speak to a gathering of leading local Microbioloists, and members of the Council of Microbiologist, Sri Lanka. At the discussion facilitated by Analytical [...]
Tourism development gets Rs.4 billion funding for 2016
The Sri Lanka Tourism Development Authority (SLTDA) has been allocated Rs.4 billion by the Treasury to carry out infrastructure and development work this year, Tourism Minister John Amaratunga said. He told the Business Times on Wednesday,that out of the Rs.4 billion allocation, a sum of Rs.3 billion would be spent on the construction of a convention [...]
Open double deck tour expands fleet and travels
The Ebert Silva operated Colombo City Tour is looking at expanding its open deck double decker bus fleet and services by travelling to the regions of tourist interest. The double decker bus fleet comprises of four buses that would be joined by two more which are custom built according to suit the services that it needs [...]
Sanken constructs for leisure, more hotels in the pipeline
Sanken Lanka, the construction firm, has taken a bold initiative to move into the leisure sector by now owning at least two hotels with plans to open up two more in Sri Lanka, one in the Maldives and another in Seychelles. Plans are underway to construct one hotel on the South West coastal belt and another [...]
Aitken Spence boosts arrivals, attracts charters for 2016
Aitken Spence, which has attracted the highest arrivals as a company, has been carrying out an intensive marketing in India and has been able to attract a number of charters this year. The travel arm of the company has been able to attract more charters to the destination this year with TUI planning three charters, two [...]
Jetwing first Lankan firm to sign UNWTO Global Code of Ethics for Tourism
Jetwing has signed up for the Global Code of Ethics for Tourism with the United Nations World Tourism Organisation in Paris, France thereby becoming the first company in Sri Lanka to do so, a media release issued by the company said. Adopted in 1999 by the General Assembly of the World Tourism Organisations as a fundamental [...]
JKH Cinnamon Life held up due to contractor delays
The John Keels Holdings (JKH) says their Cinnamon Life mixed-development project has encountered delays due to the monsoons and this is slated to be completed in three years, officials said. ”This site (at Slave Island, Colombo 2) has a high water table and the project has to go through piling 1200 piles for some 1 [...]
A range of new instant Masala pastes from Mc Currie
Mc Currie, the trusted brand among housewives for spice products for over three decades in Sri Lanka has introduced a special instant Masala paste which could be added in preparing curries in less time with much ease, a media release issued by the compay revealed. Mc Currie Masala paste has been specially designed to bring [...]
Piramal Glass upbeat on export growth if furnace oil prices drop
Piramal Glass Ceylon PLC says that it can increase its exports if the furnace oil prices come down. ”The cost of furnace oil which is a residual of crude oil is the main energy source in manufacturing glass and it still remains a very grave concern. The price which was set at Rs. 90 per litre [...]
Ceylon Chamber to compile a SME registry
The Ceylon Chamber of Commerce, the country’s premier business Chamber has started to collect data from Small and Medium Businesses spread across the country in order to compile a new Small and Medium Enterprises( SME )Registry. The main objective of the new Registry is to help SMEs find potential business partners to further enhance their [...]
Is Sri Lanka Tourism on the right track ?
The tourist industry in Sri Lanka was identified as a thrust industry capable of creating rapid economic revival post war and was set on an accelerated footing by the government in 2010 with a 5 year Master Plan for development and promotion from 2011 to 2016. Over the last 5 years the industry has indicated considerable [...]
Stockbrokers to go hi-tech
In three months the Colombo stockbrokers are set to have their systems integrated and hi-tech making it seamless for them to transact. This will lead to Delivery versus Payment, Central Counter- party along with risk management that will lead to new products being introduced such as short selling and derivatives, officials said. ”Short-selling for an [...]
Sri Lanka promotes pharmaceutical exports
Pharmaceutical exports from Sri Lanka in the future are expected to surpass earnings of tea export revenue. This was revealed at a media briefing convened in connection with the launching of a Pharmaceutical Manufacturing project at the Koggala Export Processing Zone. The largest state of the art Pharmaceutical Manufacturing plant will be set up at the [...]
Professionals for good governance call on the President not to repeat previous regime’s mistakes
A group of Sri Lankan professionals looking forward to good governance expressed their dismay on the new government’s stance of adopting the same practices of the ousted Rajapaksa regime like unsolicited bids for some investment projects ignoring local expertise. In letter to President Maithripala Sirisena under the signatures of Prof. Lalithasiri Gunaruwan, Prof Amal Kumarage and [...]
SriLankan Airlines to replace staff vehicles with hybrid cars
Debt ridden SriLankan Airlines in a bid to announce its recent achievement of being ranked 17th for having the lowest carbon footprint airlines in the world, says that it’s planning to upgrade the current staff vehicles to hybrid cars, despite the recent fluctuation on prices of hybrid vehicles. The airline which is financially in an [...]
Sri Lanka to sign ETCA with India by June
Sri Lanka is to enter into Indo – Lanka Economic and Technology Co-operation Agreement ETCA by mid this year while strengthening its free trade agreements with India and Pakistan, and negotiating an FTA with China, Minister of Development Strategies and International trade Malik Samarawickrama, said. He made this disclosure when he addressed the ‘Invest in East [...]