A ‘Horsey’ affair
Wendy Wood, a renowned Australian horse racing expert (kissing a horse), says he wants to bring back horse racing to its former glory in Sri Lanka by joining the newly established Royal Turf Club, Nuwara Eliya as its first Stipendiary Stewards Chief Exective Officer and Chairman. Pic by M.A. Pushpakumara
BT exposure sees one team heading for study at Harvard University
A Business Times (BT) exposure on the cost-effectiveness and viability of sending two separate government teams for a high-level Harvard University course has resulted in the authorities deciding to send one delegation. Hence only the top level 7-member team from the Prime Minister’s Office took part in the February 7-12 study course aimed at kicking off [...]
Confusion again on special interest rates for senior citizens
Even after nearly three months of the approval of the 2016 budget, the Government is yet to enact revenue bills and issue necessary circulars, gazette notifications and guide lines to implement its proposals including the special interest rates for deposits from senior citizens. There is also a lot of confusion over some budget proposals. The Central [...]
Top Nepal group to seal cement deal in Sri Lanka
CG Group Chairman Binod Chaudhary, the Nepalese billionaire, is likely to spend more money focusing on the construction of a cement manufacturing facility in Sri Lanka. Having already invested in the hospitality industry, Mr. Chaudhary has plans to open a cement manufacturing facility in the North East of the country. This is expected to come under the [...]
CB probe finds enough ‘meat’ to act against top Entrust officials
A due diligence study conducted by the Central Bank (CB) on the affairs of troubled Entrust Securities PLC has revealed that there’s enough evidence to prosecute the company’s senior management, CB officials said. CB Governor Arjuna Mahendran was tight lipped on it but confirmed that the due diligence was concluded. He said a forensic audit that’s [...]
Treasury moves ahead with board seats in listed cos.
The Treasury has asked the Securities and Exchange Commission (SEC) to implement a budget proposal allocating a board seat for any individual holding 10 per cent in a commercial bank or 15 per cent in a listed firm, a senior Treasury official said. ”We wrote to the SEC last month on this which is in line [...]
Weak SL Rupee 68 years after independence reflects economic setbacks
Having celebrated Sri Lanka’s 68th anniversary of independence a few days ago with much political rhetoric, it would be appropriate to look back the journey of the Sri Lankan Rupee (SLR) during the post-independence period. The local currency had been known as Ceylon Rupee before the country became a Republic in 1972. A country’s currency is [...]
Megapolis -the panacea for all ills?
Megapolis has become the current hot topic of discussion only second in priority to the Constitutional Reforms’ riddle facing the country. Portrayed as a novel concept much needed above other immediate requirements in the country’s rapid development programmes it has come to stay as another silently digested proposal with not much criticism from the opposition [...]
Budget once again ties up senior citizens
Senior citizens must indeed be an unhappy bunch — when it comes to implementation of budget proposals. Sri Lankan retirees either the public and private sectors seeking to enhance their income from fixed deposits to counter mostly rising bills from inflation and cost of living, for the second year in succession have been cheated of their [...]
Technological breakthrough to identify the dead in natural and manmade disasters in Sri Lanka
When disasters – natural and manmade – occur deaths happen and piles of dead bodies cannot be identified. Also in accidents and murders with the facial damage, identification would be difficult. In cultures like in Sri Lanka, more than capturing the person who committed the crime, the relatives are more concerned about giving a dignified burial [...]
BMICH rolls out new plans as conference facility
The landmark conference facility BMICH is planned to roll out as a host for international concerts and an eco-friendly hall with an amphitheatre in the future, its Director/ CEO Sunil Dissanayaka said in a media release. Mr. Dissanayake has outlined a number of ‘exciting’ plans in the pipeline, stating “We created our business plan for the [...]
Commercial Bank supports ‘Ransalu’ loyalty privilege programme for apparel sector
Sri Lanka’s apparel sector associates are to be backed by the country’s largest private bank with an exclusive Debit Card that confers special benefits, under a partnership between the Commercial Bank of Ceylon, the Joint Apparel Association Forum (JAAF) and Channel 17, the company tasked with managing an employee loyalty programme for the sector. The [...]
Royal Turf Club launched, promotes sports tourism
The Royal Turf Club (RTC) Nuwara Eliya was launched on Tuesday geared to promoting horse racing in Sri Lanka to its “highest level” that is expected to lure tourists to witness a numberof events scheduled from March this year. The newly-launched club is set to herald a new phase in horse racing in the country with [...]
“Independent directors blew whistle on Entrust”
With reference to a story appearing under the above headline on January 24, S. Jeyawarman, a former director of Entrust Securities, has sent the following clarification: ”I write with reference to the above article published on 24th January 2016 and wish to send a clarification of my position as a Non- executive director on the Board [...]
Pension funds directly to a mobile phone via eZ Cash
Pensioners across Sri Lanka can now receive their monthly pension disbursements directly to their mobile wallet, following an innovative partnership between the country’s largest mobile money network, eZ Cash, and the Department of Pensions. The ground breaking partnership empowers any pensioner connected to the Dialog, Etisalat or Hutch mobile networks to receive a self-defined portion [...]
Mihin Lanka flies Tamil Nadu commerce chamber delegation to Sri Lanka
Mihin Lanka, Sri Lanka’s national low-cost carrier, flew the Tamil Nadu Chamber of Commerce and Industries (TCCI) delegation from Madurai to Sri Lanka for investment talks and attending a trade fair. The main purpose of their visit was to take part in the Northern and Eastern investment promotions, hold a series of meetings and attend [...]
Thotupola Lakeside Resort transforms into a place to unwind
The moment arriving at the Thotupola Lakeside Resort overlooking the picturesque Bolgoda Lake at Piliyandala, one begins to realise the stillness and calmness that pervades in the vicinity unlike any other resort in the country for that matter. What is unique about this resort is that it is not a place to host wedding ceremonies [...]
Asian Alliance extends support to next generation of insurance industry leaders
Asian Alliance Insurance PLC, supporting academic excellence of youth with the potential to become future leaders of the country’s insurance industry and seeking further development of the company, has entered into a mutually-beneficial agreement with the Department of Finance (DFin) of the University of Kelaniya. The Memorandum of Understanding (MoU) signed recently paves the way for [...]
SEC extends ban on Nation Lanka Equities
The Securities Exchange Commission (SEC) has extended the ban on Nation Lanka Equities (Pvt) Ltd from canvassing for new clients due to continuous non-compliance with the SEC Act and stockbroker rules of the Colombo Stock Exchange (CSE), sources said. The SEC had deliberated on the matter last month after Nation Lanka Equities had brought Rs. [...]
Footwear investors from Kenya and Oman look for SL partners to start plants there
Investors in the footwear business from Oman and Kenya were in Colombo last week looking for Sri Lankan partners interested in setting up manufacturing facilities in those countries. This was revealed during interviews the Business Times (BT) had with foreign companies attending the 8th annual Footwear and Leather Fair 2016 held last week at the BMICH. Speaking [...]
Pan Asia Bank official gets Gold Medal at banking exam
Mariam Shazrina Ukkas Thassim was recently awarded a Gold Medal for the subject “International Trade and Finance” for her performance at the Diploma in Applied Banking and Finance (DABF) examinations in 2015. Ms. Mariam Thassim completed the DABF examinations inclusive of the relevant subject with a distinction and with the highest marks at the first [...]
“SriLankan Airlines to replace staff vehicles with hybrid cars”
SriLankan Airlines has sent the following clarification to the story under the above headline carried last week: ”SriLankan Airlines prides itself on the many pioneering environmental friendly initiatives it has launched to be carbon neutral espousing planet friendly aviation. Unlike other regional and world carriers with financial strength, SriLankan Airlines has not had the luxury [...]
CSE on an innovative, cost saving marketing drive
The Colombo Stock Exchange (CSE) has embarked on a cost effective marketing drive with plans to rope in foreign governments and (local/foreign) firms to sponsor roadshows in those countries, a top official says. ”In a cost saving measure, the CSE is planning to get other countries/institutions to sponsor roadshows in different countries,” Vajira Kulatilleke, Chairman [...]
RED 107.8, Sri Lanka’s 24-hour English radio channel aiming to be the station of the future
With a well thought out blend of predominantly 80s and 90s music mixed with the best current hits, RED 107.8, Sri Lanka’s newest English radio channel, says it will churn out many songs and sounds familiar to local audiences. In a media release, the station said RED 107.8 will combine an uber-modern style along with old [...]
Zinc Journey in Sri Lanka to brand hospitality
A top Nepalese businessman on the Forbes list of billionaires has invested heavily in the Sri Lankan hotel sector establishing his Zinc Journey brand and will be exploring other sectors as well. CG Group Chairman Binod Chaudhary who has a 35 per cent stake in the Taj Hotel in Colombo and 50 per cent each in [...]
Clarification on Touchwood liquidator’s statements
In reference to the article titled “Touchwood liquidator reveals attempts to dupe creditors again” published in the Business section of the Sunday Times on January 31, Sintech Plantation has denied the accusations made by the Touchwood Liquidator Sudath Kumar and clarified thus: “Sintech Directors are also property owners of Sandalwood and Mahogany and since they [...]
Pelwatte Dairy helps local dairy farmers to make Sri Lanka self-sufficient in milk
Pelwatte Dairy Industries Ltd, a leading manufacturer of locally produced dairy products, has been supporting a multitude of local dairy farmers for many years. Locally produced full cream milk powder, butter, a variety of yoghurt and ice cream are among the list of products produced at Pelwatte Dairy’s ISO 22000: 2005 world food safety certified [...]
Most Asian politicians cannot resist illegal election financing
Many Asian countries do not have a legal framework to limit election campaign finances, according to an international expert. Country Director of the International Foundation for Electoral Systems Beverly G. Hagerdon, speaking on election campaign financing, said that politicians cannot resist illegal contributions to finance their election campaign. She made these comments at a discussion [...]
World Bank project to improve water and sanitation in estates
A 5-year World Bank funded programme to improve water and sanitation in plantations in the Nuwara Eliya, Kandy and Hatton regions with a financial commitment of more than Rs. 1,800 million, will commence this year, Regional Plantation Companies (RPCs) said in a joint media release. The project will benefit over 16,000 households in 20 estates and [...]
New partnership between LAUGFS and AIRMAN, Japan
LAUGFS International (Pvt) Ltd, a subsidiary of LAUGFS Holdings, recently acquired the authorised dealership for AIRMAN in Sri Lanka. At a launch ceremony held recently, LAUGFS International opened its doors to an exclusive showroom featuring AIRMAN products. The showroom was declared opened by LAUGFS Chairman W. K. H. Wegapitiya, LAUGFS Managing Director Thilak De Silva [...]
SL to welcome new entrepreneurial breed in 5-10 years – Hilmy Cader
Within the next five to 10 years, Sri Lanka will witness the introduction of a new breed of entrepreneurs challenging conventional business models, according to Hilmy Cader, the Chief Executive of MTI Consulting, quoted in a statement. Mr. Cader made his comment in relation to the unveiling of the MTI-sponsored “idea2fund”, an initiative with the stated [...]
After agriculture self-sufficiency, strong need to develop industry
The NERD Centre (National Engineering Research and Development Centre) at Ekala , Ja-Ela resembled a ruined ancient city – a vast land devoted to industrial research and development perched on the Ekala Industrial Estate. Dr. T. A. G. Gunasekera, Chairman, NERD Centre made the above comment when he addressed the launch and the media briefing of [...]
Kaira Technologies appoints MyDeal.lk as Online Channel Partner in Sri Lanka
Regional distributor of IT peripherals, storage, networking, display products and services, Kaira Technologies recently appointed MyDeal.lk (Pvt) Ltd and MyStore.lk (Pvt) Ltd as its exclusive Online Channel Partners in Sri Lanka for the entire range of Srontium products. Headquartered in Singapore, Kaira operates distribution offices in Singapore, Malaysia, Hong Kong, South Africa, Mauritius and Sri [...]
360* ELECTRIC programme to support BMW
Prestige Automobile, sole representative of BMW in Sri Lanka has introduced BMW i3 – a purpose-built electric vehicle with maximum safety and BMW i8 – the plug-in hybrid sports car to the local market. Along with the launch of BMW iseries an all-inclusive 360* ELECTRIC programme will be implemented to provide electric charging facilities for [...]
Wasana Trading unveils flagship showroom with green concept
Wasana Trading Lanka (Pvt) Ltd has cut the ribbon on its flagship showroom recently with a green concept to promote knowledge on alternate energy and the green mobility. Managing Director of the company, Indika Sampath Merenchige told the Business Times that they have moved to a green concept building at Negombo Road, Nagoda, Kandana that [...]
High taxation, Rupee and Yen fluctuations hit the local vehicle market
The depreciating rupee, appreciating yen, high excise duties and other taxes have hit Sri Lanka’s automobile market hard raising import costs sharply in a sector which is already under pressure from a continuous slide in vehicle sales over the last four months, motor traders said. A recent tax hike aimed at curbing car imports and [...]
Sri Lanka to introduce advanced public transportation system
As heavy traffic congestion engulfs the city of Colombo, the government is set to improve its public transportation system, Deputy Minister of Public Enterprise Development Eran Wickramaratne said. Over 500,000 vehicles enter the city daily which was creating air pollution, traffic jams and also causing a loss of much needed man hours, he pointed out. He [...]
Japanese used car market in Sri Lanka gets beating from heavy taxes
Sri Lanka’s used and re-conditioned car sales recorded a new high of around 56,000 units last year doubling the number of cars sold in 2014 although it has come down to a great extent during the months of November and December due to the tax hike, Motor Traffic Department data showed. Almost all of those were [...]
Geometry Global Sri Lanka wins prestigious accolade at the 2015 PMAA Dragon of Asia Awards
Geometry Global Sri Lanka secured the limelight at the recently concluded PMAA Dragon of Asia Award 2015; when they won the coveted Navy Dragon Award for Best Campaign in the Country that recognized its ‘Pears Happy Baby Learning Campaign (HBLC)’. The PMAA Dragons of Asia is a prestigious awards platform that recognizes best in results-driven [...]
Jordan says to issue quick visas to Sri Lankan businessmen
Jordanian envoy to Sri Lanka Hassan M. Al Jawarneh has said his embassy will help Sri Lankan businessmen to access quick visas to Jordan. However, he said, such a request should be recommended by the Ceylon Chamber of Commerce (CCC). This was stated when Mr. Al Jawarneh and the Honorary Consul of Jordan in Sri Lanka [...]
People’s Bank publishes memoirs of late Chairman, W. Karunajeewa
The People’s Bank recently released the memoirs of the late W. Karunajeewa, former Chairman of People’s Bank and People Leasing and Finance PLC titled Janajeewa Karunajeewa, which was written by Bandara Eheliyagoda. The book outlined his various achievements in both his professional life and his impactful work as a humanitarian. Janajeewa Karunajeewa was published by [...]
H-Connect awarded global industry excellence award for its unique shared services delivery
H-Connect Pvt Ltd, a leading provider of Global Business Process management (BPM) services, was awarded the Bronze prize at the 2015 Shared Services Excellence Award for ‘Best Team’ by the Shared Services and Outsourcing Network (SSON), presented at the 18th Annual Asian Shared Services and Outsourcing Week in Singapore. A media release from the local [...]
Celebrity Chef Marco Pierre White says Cinnamon Air is ‘fantastic’!
Cinnamon Air, Sri Lanka’s premier domestic airline, has carried world-famous culinary legend Marco Pierre White onboard during his visit to Sri Lanka organised by Cinnamon Hotels & Resorts in collaboration with the British High Commission and SriLankan Arlines. Mr. White chose Cinnamon Air to travel across the island while he was in Sri Lanka, a [...]
Ceylon Chamber and IRD to hold seminar on ‘RAMIS’ Tax System
The Ceylon Chamber of Commerce in collaboration with the Inland Revenue Department (IRD) will hold a seminar to discuss the ‘Benefits of RAMIS for Business’ on February 18, being the first private sector forum on the new system to pay and collect taxes online, launched by the IRD recently. The seminar, to be held at [...]
DFCC Bank rewards winners from Dubai concert raffle draw
Lanka Money Transfer (LMT) of the DFCC Bank recently sponsored Rhythm Night, a concert organised for the Sri Lankan migrants working in Dubai. About 4,000 Sri Lankans living in Dubai were present and a special raffle draw was held at the end of the concert, the bank said. The winners nominated a relative living in Sri [...]
SAARC Energy Regulators to establish Regional Regulatory Body for cross border trade
SAARC Energy Regulators, a movement of energy regulators representing all SAARC member counties, held its second meeting earlier this week in Colombo with the participation of India, Bangladesh, Bhutan, Maldives, Nepal, Afghanistan, Pakistan and Sri Lanka. Director, SAARC Secretariat, Ali Haider Altaf opened the 2nd Meeting of the SAARC Energy Regulators and in accordance with [...]
NDB Bank links up with GVR Lanka to promote Dynasty Residence in Kandy
NDB Bank joined hands with GVR Lanka (Pvt) Ltd to promote Dynasty Residence, the luxury apartment project in Kandy, among its premier customers in the Central Province. GVR Lanka and NDB Bank recently hosted an exclusive event for key NDB customers at the Earls Regent, Kandy. Dynasty Residence is an exclusive development on the banks of [...]
Hela Clothing acquires Foundation Garments with HNB’s US$ 18 million financing
HNB’s Corporate Banking business announced the US$ 18 million financing of veteran apparel industry expert Dian Gomes’ new venture, Hela Clothing’s strategic acquisition of Foundation Garments. “Today, 20 years since its inception, Hela Clothing, the British owned apparel manufacturing group, with its acquisition of Foundation Garments, is poised to contribute significantly to the growth of Sri [...]
OPA ‘Think Tank’ steps into resolve public issues
The Organisation of Professional Associations (OPA) is to make use of its ‘Think Tank’ to initiate innovative approaches towards resolving public interest matters. The organisation’s ‘Think Tank ‘comprising eminent experts in various fields is ready to extend their expertise to move the country towards innovative development path. This was disclosed by the newly inducted President, Prof. [...]
GK fiasco takes a new turn with the return of Sicille Kotelawala
The Golden Key fiasco takes a new turn with the return from UK of Sicille Kotelawala who ran way from justice seven years ago and wanted by the Sri Lanka Police for questioning in the GK financial fraud case. GK depositors expressed dismay about her arrival to the island from London as he was absconding from [...]
Colombo South Acupuncture Clinic Opens its Doors to Patients
Used for centuries in Asia to treat everything from migraines, muscle strains and sleeplessness to digestion issues, a chronic illness, or simply stress, acupuncture can create a state of relaxation and wellness. And to make it more affordable, Colombo South Acupuncture Clinic is offering the treatment at its new location at No. 35/1, 1/1, Jayasevana Mawatha, [...]
CCC Rural Economic Empowerment Project heads to North Western region
The ‘Rural Economic Empowerment Programme’, a joint effort between the CCC Solutions of the Ceylon Chamber of Commerce and CITI Bank, Sri Lanka, which is aimed at nurturing prospective rural entrepreneurs, will conduct its inaugural “entrepreneurship’ training programme in the district of Puttalam . This training programme will focus on an introduction to entrepreneurship and [...]
Cargills Bank brings banking at its customers fingertips
Cargills Bank steps into bring banking at its customers fingertips by becoming truly digital bank to provide new services focused upon 21st century technologies. The bank strives to compete in this new space by exploiting new technologies specifically computer and mobile internet a media release revealed. In this new age of the mobile internet, where cloud [...]