Avurudu ‘kade’
Hemas Group CEO Steven Enderby and Group Director Abbas Esufally (right, inside) play ‘kade mudalali’ with happy youngsters at Avurudu celebrations held recently at Hemas Piyawara Pre-School in Wadduwa.
Development Bill to remove obstacles to growth, new tax incentives
The government will regulate and properly plan development activities in the country with the aim of accelerating economic growth and promote Foreign Direct Investments (FDI), moving away from the present system of foreign investment project approvals. A Development Special Provisions Bill has been finalised by the Prime Minister’s Ministry National Policy and Economic Affairs for [...]
Sri Lanka, in an unusual move, promotes visitors to China
Sri Lanka’s top state tourism chief found himself, recently, in an unusual position of promoting travellers to another country, besides Sri Lanka. When a delegation from the tourism authority of Guangdong Province in China visited Sri Lanka late last month to promote tourism in that region, Sri Lankan Tourism Chairman Paddy Withana was invited as [...]
Sri Lankan team in Washington for IMF talks
A top official level Sri Lankan team headed by Central Governor Arjuna Mahendran is currently visiting Washington DC for further talks with the International Monetary Fund (IMF) on an economic programme supported by a 36-month Extended Fund Facility (EFF), IMF officials in Washington revealed. These talks would be continued till both sides arrive at a [...]
Troubled Entrust sued by a client, others to follow
One client of Entrust Securities PLC (Entrust) has taken the company to courts over non-payment of funds while some others are contemplating the same move, sources said. A former director at a top Colombo firm has sued Entrust for Rs. 100 million in the Colombo High Court. “There are others (clients) who are also planning [...]
Poverty in Rural Agriculture: Case for niche marketing
(Formerly Sri Lanka Export Development Board; former Consultant of the Commonwealth Secretariat, London and presently an importer of Sri Lankan groceries based in Melbourne) What Sri Lanka needs is a marketing system that would address market identification and marketability of produce based on the principle of competitive pricing, quality and services. The strategy proposed in [...]
Voting rights to migrant workers
When discussing labour migration or Sri Lanka’s migrant workers (as they are often referred to), one name that springs up, as a dedicated supporter of the rights of these workers, is David Soysa. It was Soysa, a retired labour department officer, in the late 1990s who fashioned a stream of social groups (later transformed to [...]
To go or not to go? Govt. politicians provide contrasting views on West Asian labour migration policy
Contrasting statements by government politicians on economic and state policy surprised the audience attending an event connected to the proposed Cinnamon Trading Academy at Kosgoda, near Bentota last week. Initially Sarath Amunugama, Minister of Special Projects deputising for President Maithripala Sirisena (chief guest), speaking at the laying of the foundation stone for Stage 2 of [...]
AIA offers more facilities to clients
AIA claimed this week that it has become the first insurer in the country to equip its entire Wealth Planner force with the revolutionary mobile insurance premium payment platform, the e-wallet. AIA joined forces with Sri Lanka’s National Mobile Service Provider Mobitel, to offer its customers the best of convenience and cutting edge technology with [...]
Police inquiry into BT journalist’s complaint against Harry J
Police have begun probing a complaint filed by senior Business Times reporter Quintus Perera against powerful businessman Harry Jayawardena over an issue of abuse at a hotel event last month. After the complaint was filed at Police Headquarters, the journalist was summoned to Negombo Police SP’s office on April 1 in the presence of Negombo [...]
More French firms to invest in Sri Lanka, says French envoy
While Sri Lanka is gearing up to attract more foreign investments, French conglomerates are also eyeing the country for business opportunities particularly infrastructure, says French Ambassador in Sri Lanka, Jean-Marin Schuh. “A lot of French companies are eyeing to invest in Sri Lanka if they are successful in initial geophysical surveys. French companies are more [...]
SLT says seeks new investments amidst high operating profit, lower post-tax profit
State-owned SriLankan Telecom (SLT) says it is racing ahead with new developments, a larger reach in the North and the East, returning far-better-than-expected operating profits and seeking new investments. “We are proud to announce that our operating profits for 2015 has exceeded expectations and we are now looking at fresh investments,” noted Sri Lanka Telecom [...]
Sri Lanka’s GDP in 2016-17 seen at 5.3%, World Bank says
WASHINGTON – Sri Lanka’s economic growth is expected to grow at 5.3 per cent in 2016 and 2017 driven by increased public investment and postponed investments in 2015, according to a World Bank announcement on Monday. According to Sri Lankan economists, this would be lower than GDP growth in 2015. ”The challenging global environment has [...]
‘Boom’ led to ‘substantial’ increase in household appliances, vehicles – Nielsen
A “boom in consumerism” locally has resulted in “substantial” increases in household appliance ownership and motor vehicle purchases in 2015, according to the “2015 Consumer and Retail Trends Sri Lanka” Report, issued by market research firm Nielsen at the end of March 2016. In terms of cars and vans registered in 2015, there were almost [...]
Say goodbye to smelly and sweaty shirts with new stain and water-resistant fabrics
Very soon the shirt you wear won’t need a wash for a long time while also serving as a protection against the transmission of diseases. Produced abroad? Not really. That technology, which has been around for a while globally , has been re-developed for industrial use by a local textiles firm involved in the production [...]
Energy crisis will provide lessons for the future, says deputy minister
Though Sri Lanka was faced with a recent crisis in electricity supply, it became more of a challenge to the authorities in finding ways of overcoming such situations (now and in the future), Deputy Minister of Power and Renewable Energy Ajith Perera has said. Speaking at the recent launch of the www.greenenergychampion.lk website in Colombo, [...]
Virtusa launches ‘Future Architects’ Programme
Virtusa has launched a ‘Future Architects’ programme to enhance the skills of its senior software consultants and create a competitive edge for business through innovation and creativity. The programme will take place over three months and consists of four assignments, two challenges and continuous evaluation and feedback. The assignments for participants include simulated client problems [...]
Growing need now for creation of more mixed development managers – Jones Lang (JLL)
Most real estate developments underway in Colombo are mixed-use developments, paving the way for facilities and property management companies to thrive in managing real estate for occupiers of condominium units and retail space. In this context, Jones Lang LasSalle (JLL), one of the largest property management companies currently managing over 55 properties, is urging other [...]
Successful facilitation by BOI paves the way for Volkswagen assembly plant
A land in the Kuliyapitiya area has been finally secured for setting up the Volkswagen assembly plant in Sri Lanka through the successful facilitation by Upul Jayasuriya, Chairman of the Board of Investment of Sri Lanka (BOI) and his officials, working closely with the Ministry of Lands, the BOI said in a media release. This [...]
Husein Esufally takes over as Chairman of Janashakthi Insurance PLC
Husein Esufally, a leading business personality in Sri Lanka, has taken over as new chairman of Janashakthi Insurance, following the retirement of its incumbent Chairman and Director, Mr. W. T. Ellawala, the company said last week. Mr. Esufally, prior to the appointment, held the position of Deputy Chairman of the Board of Janashakthi Insurance PLC [...]
Tea exporters want taxes in 2016 budget reduced
Sri Lanka’s Tea Exporters Association (TEA) has called for a reduction of taxes imposed in the revised budget proposals and the annual license fee for all companies as part of the previous announcements. The TEA has stated that exporters were facing a grave situation in the wake of the low demand, low prices, recent oil [...]
Central Bank fills up funding gaps, reserves
Sri Lanka’s Central Bank said last Tuesday that they would be able to get the economy on the right track by improving foreign reserves through internal financing and raising revenues through renminbi bonds and IMF assistance to fill its US$2 billion funding gap for the year. The government will be searching for Lead Managers for [...]
Commercial Bank supports budding mobile game developers
The Commercial Bank of Ceylon has come forward to support budding mobile game developers by recognising their creativity and capability through a mobile game competition. It said in a media release that the ‘Combank Mobile Game Development Challenge’ conducted by the bank via Facebook over three months saw more than 100 applicants including individuals, companies [...]
Registrar of Companies’ deplorable service to the public
There have been many articles in the newspapers protesting against the annual license fee imposed on all companies of Rs. 60,000 upwards, with valid suggestions that this fee should be more reasonable. However, I wish to comment on this license fee in a different light. The Department of Registrar of Companies (ROC) is an inefficient [...]
Share transaction levy back at the stock market
The Colombo Stock Exchange (CSE) is to reimpose the Share Transaction Levy (STL) on all transactions with effect from Friday, April 15, a move that was reported in the Business Times in its April 3 edition. On Tuesday, a day before the Sinhala and Hindu New Year, the CSE said in an announcement that the [...]
Give2SriLanka – crowd fundraising for charities
‘Give2SriLanka’ was launched recently with the aim of working for improvement of living conditions for needy Sri Lankans. The organization, formally registered as GIVE2LANKA, is the brainchild of internationally recognized consultant and former Chairman of Berendina, the largest conglomerate of local non-profit humanitarian service organizations in Sri Lanka, Dulan de Silva. He said the company [...]
Providing public access to scientific research that benefits mankind
The National Science Foundation (NSF) along with the Colombo University and with the support of the International Network for Availability of Scientific Publications (INASP), recently launched the “Sri Lanka Journals Online (SLJOL)” at the NSF auditorium with a cluster of researchers and scientists. A 2-day workshop followed the inauguration. At the workshop matters like ‘Introduction [...]
Trinco port eyes big prospects
The government is planning to get on track one of its key ports, Trincomalee as part of a larger development plan for the city. In this regard, the Trincomalee port’s short term plans are currently in progress where the Sri Lanka Ports Authority (SLPA) is expanding its operations to handle coal starting from end April, [...]