Sri Lanka-Thailand trade ties
Thai Deputy Prime Minister of Thailand Dr. Somkid Jatusripitak addressing an investment meeting involving a visiting Thai delegation. Pic by Anuruddha Bandara.
Ripple effect from VAT and other tax changes
Planned increases in VAT, other taxes and the re-introduction of the Capital Gains Tax announced this week by the Government will have a ripple effect on Sri Lankan society, economists say urging authorities to take proper stock of the situation. Declining foreign revenue from key sources like remittances from Sri Lankan workers in the Middle [...]
Sri Lanka devises reform plan ahead of IMF support facility negotiations
Sri Lanka is putting together an economic reforms plan with government spending cuts and tax rises which is close to what was suggested by the International Monetary Fund (IMF) during the end of its country surveillance process. The government is likely to receive IMF assistance this year to enhance dwindling foreign reserves and tackle the [...]
Sri Lanka overwhelmed by Chinese tourists
Careful! You just might bump into a Chinese on the street don’t be surprised – they are taking Sri Lanka by storm from its workers in a state-run projects and now its travellers spilling over to this far-flung island to taste the tropics. China is set to become the next biggest source market for Sri [...]
Govt. not involved in SL investment summit in Singapore
Questions have been raised about in-the-news Perpetual Treasuries Ltd (PTL) being one of the lead sponsors of the Sri Lanka Investment Summit being held in Singapore on March 15. A newspaper advertisement recently promoting the event also revealed PTL’s big-time involvement. PTL is linked to Central Bank Governor Arjuna Mahendran’s son-in-law, Arjun Aloysius. However a [...]
Dian Gomes wants to share ‘Hela’ wealth
Hela Clothing, a clothing group which recently came under apparel expert Dian Gomes, plans to go public while also investing in Kenya, a source market for the US. The company plans to go public in about four years once it becomes a US$400 million organization, company Chairman Dian Gomes told the Business Times. He said [...]
SL economy in distress with debts and deficits, corrective policies yet to come
Sri Lanka is saddled with heavy debts compounded by widening deficits in the government budget and balance of payments. The total amount of external debt service commitments for the next 12 months is large, as much as three- fourths of the country’s foreign reserves. The budget is overburdened with heavy debt service payments which are [...]
‘After Enrique’ – Managing event risks
December 2015: In comes the amazing Enrique Iglesias and his rhythmic voice echoes across Colombo sky for a while on a night themed ‘sex and love.’ “I wanna be contigo…. And live contigo… And dance contigo…. Para have contigo… Una noche loca…. Ay besar tu boca….” Enrique sang and danced to a thrilled house and [...]
Sri Lanka’s credit- card economy
At a local pub, Citizen Perera told ‘Eternal Grumbler’ Silva that he was amused by a recent media report where well-known Minister Sarath Amunugama had spoken on the topic “What’s so special about Sri Lanka” at an investment conference. “Why?” asked Silva. “Well … what’s so special is that we keep changing the goalposts on [...]
Airtel-Dialog deal likely to see light of day
The much-discussed (and denied) merger deal between Bharti Airtel’s wholly-owned Sri Lanka unit and Dialog Axiata, the Malaysia-based Axiata group’s telecom arm, is likely to go through this year, Datuk Azzat Kamaludin, Dialog Axiata Chairman told the Business Times. On the sidelines of the inauguration of the ‘Sri Lanka Investment and Business Conclave 2016’ organised [...]
WorkInSriLanka Quarterly Meet-up on March 15
WorkInSriLanka (WISL) will be holding a Quarterly Meet-Up on March 15 as its first event of the year, the organisers said in a media release. This is a networking event, exclusively for professionals who have recently moved to Sri Lanka or those who are thinking of moving in the near future. It will be an [...]
Taxes: “Grand art of levying so as not to oppress”
The Prime Minister made a special statement in the Parliament on March 8 to specify certain amendments to the budget proposals 2016, to clear the mist prevailing in the arena of taxation. This seems to reconcile the tax changes to be implemented and are in line with the tax policies stipulated in the Prime Minister’s [...]
Sri Lanka’s farming goes hi tech with a Russian firm’s assistance
Sri Lanka enters into ‘exact farming technology’ exploring the potential between space and agriculture to ensure local farmers get maximum possible benefits utilising modern space technology for the first time in the agri industry, Agriculture Ministry officials revealed. ‘Exact Farming’ is a platform jointly developed by SupremeSAT and Silicon Valley’s Exact Farming Inc (a Russian [...]
Sri Lanka and Thailand to improve business and trade relations
A high powered business delegation from Thailand led by the Deputy Prime Minister of Thailand Dr. Somkid Jatusripitak arrived in Sri Lanka last week sequel to the visit by President Maithripala Sirisena to Thailand, to promote business investment in both countries. State Minister of International Trade Sujeewa Senasinghe, speaking at a business forum in Colombo [...]
“Seylan in merger talks with NDB”
Tilan Wijeyesekera, Deputy General Manager – Marketing and Personal Banking, Seylan Bank PLC has sent in the following statement denying the Business Times story under the above heading which appeared last week. His letter is as follows: “I regret to inform you that the above mentioned article is incorrect. Seylan Bank is NOT engaged in [...]
Fishermen and other affected groups mull protests against port city
The government’s intention to review the Colombo Port City project is causing a hornet’s nest along the sea coast from Ma Oya (Waikkala, Kochchikade) to around Moratuwa with fishermen along these areas flexing their muscles for a gigantic protest campaign island wide as this disaster not only affects the fishing industry, but is also a [...]
Gender equality: Strong call to end Colombo’s old boys’ clubs syndrome
A 2012 report by the Credit Suisse Research Institute says that stocks of large cap companies with at least one woman board director outperformed those with all-male boards by 26 per cent over a period of six years. This is a four year old statistic and despite increased efforts by companies and governments around the [...]
Leo Burnett Sri Lanka is ranked 175th most creative agency in the world
Leo Burnett Solutions Inc. (LBSI), the local office of the global advertising network Leo Burnett Worldwide , was recently ranked as the 175th most creative agency in the world, by the Directory Big Won Rankings List for 2015. The rankings are compiled annually by Directory magazine, which analyses the creative recognition gained by the million [...]
Global Towers invests Rs. 85 mln on rooftop open air ballroom ‘The Dome’
Global Towers, the first commercial property to open on the Marine Drive in Wellawatte in 2002, this week unveiled Sri Lanka’s first panoramic ballroom ‘The Dome’ on its rooftop. The ballroom can accommodate 250 guests for a wedding, corporate event, dinner dance or product launch. The Dome Bar, a fully-fledged lounge bar is also based [...]
Schueco India partners Colombo’s Asoka Glass & Mirror
Schueco India in partnership with Colombo’s Asoka Glass & Mirror Schueco India, part of Germany-based Schueco, has tied-up with Asoka Glass & Mirror to market its products in Sri Lanka, the local company said. Schueco, an Aluminum Extrusion giant, has its presence in around 80 countries worldwide and is the leader in the Architectural Aluminum [...]
Softlogic opens new outlet ‘Fossil’; looks for another store for ‘French Connection’
US iconic mid-century brand ‘Fossil’ was launched in Sri Lanka at the Arcade Independence Square last week at the same venue where UK’s ‘French Connection’ (FCUK) opened two years ago. There were two outlets of FCUK in Sri Lanka, one at the Arcade Independence Square and the other at the Fairline Building in Kollupitiya. Both [...]
Chinese are coming: Beijing now rules Lanka’s holiday offerings
More Easterners are meeting the Western arrival figures that has resulted in a change in the profile of visitors to Sri Lanka with more Chinese as opposed to Europeans preferring to holiday in the country. The sharp rise in Chinese arrivals in February has created a stir which was coming for some time and some [...]
Sri Lanka “Most Popular Destination” at Guangzhou Fair
Sri Lanka bagged the “Most Popular Destination” award at the Guangzhou International Travel Fair (GITF) this year in the same month when Chinese travellers were highest to the island. Sri Lanka Tourism Promotion Bureau (SLTPB) in collaboration with the Consul General of Sri Lanka in Guangzhou participated at GITF – 2016 from February 25 to [...]
Tourism industry at 50th ITB Berlin
Sri Lanka is participating at the ITB International Travel Trade Show Berlin) the largest travel industry event held annually in Berlin, Germany which marks 50 years of showcasing tourism products from around the globe. This year ITB Berlin celebrates its Golden Jubilee attracting large number of tourism professionals and visitors from 185 countries around the [...]
Kingsbury Colombo: No issue with minimum rates, plans expansion
The newest General Manager at a key Colombo hotel says that the minimum rates in the city need to stay. The Kingsbury Colombo which has become a key host for international conferences, conventions and weddings has plans to open a new Japanese restaurant, a food festival next month and another ballroom later this year, the [...]
Authorities target change, “structured marketing”
Sri Lanka will be able to attract 2.2 million visitors by the end of this year that could go up to 4.5 million by 2020, according to Sri Lanka Tourism Development Authority (SLTDA) Chairman Paddy Withana. He noted that the visitor arrivals previously targeted at 2.5 million by 2016 was not a realistic target and [...]
Apparel entrepreneur Dian Gomes opens business school in Colombo
Renowned apparel expert Dian Gomes has established a business school in Colombo with the patronage of corporate leaders to promote leadership in the private and public sectors. The Colombo School of Business Management (CSBM) was established on March 4 at Ward Place with the aim of ensuring that graduates will be suitably qualified to enter [...]
Coca cola celebrates Sri Lanka’s rising women entrepreneurs
The Coca Cola led global initiative titled 5by20 programme facilitated locally by Women In Management (WIM) has helped women run successful entrepreneurial ventures in marking women’s day it celebrates the life stories of two such Sri Lankans. On International Women’s Day, the 5by20 programme celebrated Ereshika Pushpakumari Samarasinghe and Nirmala Nilmini Navaratne, two programme participants [...]
Sri Lankan journalists shown latest Canon photo equipment at Tokyo Canon fair
The latest products of Canon cameras were introduced at CP+ CAMERA & PHOTO IMAGING SHOW 2016 held in Yokohama in Japan recently. The company introduced their latest products CANON EOS 1 DX MARK 11 and CANON EOS 80 D at the CP+ CAMERA & PHOTO IMAGING SHOW 2016 at the February 24-28 event. The special [...]
Aitken Spence eyes more Port management deals abroad
The Aitken Spence group (Spence), hot on the heels of securing (part) ownership and management of all ports in Fiji, is searching for more regional opportunities to manage ports, officials said. According to them opportunities in the African region for port technical handling remain a top “priority”, a senior official told the Business Times. Aitken [...]
Dhammika interested in more healthcare business
Dhammika Perera, Sri Lanka’s biggest entrepreneur/businessman, increased his presence in the healthcare sector, buying a larger stake in Nawaloka Hospitals (NHL) and raising his total holding to 24 per cent on Thursday. He told the Business Times that he’s interested in this sector and that he’s open to more deals such as this, triggering speculation [...]
Cultivating rubber in the north
According to a news item in the Business Times last week, Rubber Research Institute (RRI) is going to cultivate large extents of rubber in non-traditional areas such as Vavuniya, Mulativu, Hambantota, and Puttalam . Rubber plays a very important role in the economy of the country. In the year 2014 this sector earned nearly Rs. [...]
Leo Burnett opens millions of eyes to blindness
In Sri Lanka, around 200,000 people are believed to be blind and over 400,000 are having low vision. In many cases the low vision can be cured with a replacement and the availability of a healthy pair of eyes. The Sri Lanka Eye Donation Society wanted to use the White Cane Day to encourage donors [...]
Blue Mountain’s latest project at Rajagiriya sells out on launch day
Blue Mountain Properties (Pvt) Ltd this week announced that their flagship real estate project in Rajagiriya was sold out on launch day. The exclusive project, Antara, is located in the administrative capital of Sri Lanka, Rajagiriya and consists of spacious plots ideal for building luxurious homes, the company said. This gated community comprises of 24-hour [...]