Port City work resumes
With the all-clear signal given to the once-controversial Colombo Port City to resume, work has begun at the site. Pic by Indika Handuwala
Sri Lanka needs long term plan and political will to implement it
A long term plan with clear guidelines and the political will to implement it without change is what Sri Lanka needs most, a departing envoy has said. “The government needs to have a long term plan with clear guidelines and stick to it without having so many changes in policies from time to time,” noted [...]
“Don’t issue any more licenses for finance companies” plea from depositors’ group
“Please do not issue any more licenses to commence finance companies”, is the plea made to THE Central Bank (CB) by the Central Investment and Finance Ltd Depositors Association (CIFLDA). Reflecting on a decision of the CIFLDA, its President, K.W. Gunawardena told the Business Times (BT), this week that the CB has already issued nearly [...]
Entrust owes Rs. 9 bln to clients
The liabilities in the bond market by Entrust Securities, a primary market dealer under-fire since early this year, is at Rs. 9 billion and not Rs. 5 billion as earlier estimated, latest data revealed. Informed sources told the Business Times that Entrust has some Rs. 5.3 billion that it owes to just three institutions – [...]
15% interest finally for senior citizens
Here is good news for senior citizens. The Government has finally – after hemming and hawing over a November 2016 budget proposal offering a 15 per cent interest on deposits – agreed to its implementation. There is also an added bonus. The proposal will cover both finance companies and commercial banks; will apply to anyone [...]
Most Sri Lankans prefer national carrier to be managed by the state – RCB poll
Most Sri Lankans have expressed a view that the loss-making national carrier should continue under state control and management, despite management weaknesses. According to a street poll undertaken by Research Consultancy Bureau (RCB), the Business Times (BT) polling partner, about three weeks ago on the future of the SriLankan Airlines (SLA), most respondents were in [...]
IMF bailout facility instills confidence of donor agencies on Sri Lanka, says IMF Deputy Director
I am sitting at a posh office room on the 7th floor of the IMF headquarters in Washington D.C., waiting for Kalpana Kochhar, deputy director of the IMF’s Asia-Pacific department. When she arrives, walking along the corridor neatly dressed in black, I am surprised over her resemblance to my one time favourite Hindi film star [...]
Five day week: SL private sector wants it, unions oppose it, workers unsure
COLOMBO – A 5-day week with the weekend off would surely warm the hearts of many, hard-working Sri Lankan workers but unions here are opposing the move for different reasons. Some workers say they are happy to get two off days but are unaware that this process could find their overtime, a valuable component of [...]
Understanding knotty economic issues
Earlier this month, a poll conducted by the Business Times (BT) and polling partner Research Consultancy Bureau (RCB) on the future of the loss-making national carrier, SriLankan Airlines (SLA), provided a lot of food for thought on how Sri Lankans think and perceive politics, the economy and social issues. The ‘food for ‘thought’ was not [...]
Sri Lanka’s 2015 consumption boom which fuelled an economic crisis, unlikely to continue this year
The consumption boom in Sri Lanka last year is unlikely to continue throughout 2016 as the country is now facing a tight economic situation, reserves and emerging balance of payments problem, the CEO of a leading consumer goods company said. “However, given Singer’s brand name and market standing, we are very optimistic about maintaining a [...]
Slovenia keen to increase trade with Sri Lanka, visiting envoy says
Slovenia is keen to upgrade and increase trade with Sri Lanka with special emphasis on enhancing tourism as well as providing technical help in the areas of renewable energy. “We can offer knowledge for the development of the tourism industry in Sri Lanka which has huge potential. The island is beautiful but very few people [...]
People’s Bank pensioners allege fraudulent happenings at the bank
A pensioners’ association representing retired staff of the People’s Bank (PB) has raised several strictures on the bank’s accounts urged the Auditor General to carefully scrutinize the bank’s accounts. “The financial position of the bank has to be published in a realistic way and should not be permitted to be window-dressed to display a distorted [...]
Too much ‘bonding’ at CB auctions: Greater transparency urged
Recent controversies pertaining to the issue of Central Bank (CB) Treasury bonds alleging insider dealing are triggering urgent calls for more transparency in such transactions. “This is not a new issue. Even during the earlier (Governor Ajith Nivard Cabraal) years too there were questions raised about the manner in which bonds and other securities were [...]
Culprits at large, mafia still powerful to thwart action, good governance activist says
Good governance activists in Sri Lanka are taking umbrage with the government over broken promises and lack of action against corrupt elements. “President Maithri (Maithripala Sirisena) and Prime Minister Ranil (Wickremasinghe), won on the pledge of eradication of corruption, abuse of power and radical change in the Yahapalana government. The mafia (however) seems to be [...]
Unfair practices and dumping: Trade remedies are a double-edged sword
Trade remedies are like a double-edged sword and need to be used in accordance with World Trade Organisation (WTO) rules which require a lot of exercise and precision since dumping and subsidized goods are considered unfair practices in international trade. This was stated by Seref Gokay Coskum, Technical Trade Specialist, WTO Geneva addressing a workshop [...]
SC Bank pensioners meet
The Standard Chartered Bank Pensioners Association – Sri Lanka held its AGM recently at the YWCA, Union Place, Colombo 2. The following were elected as office bearers for the year 2016: President – Ponniah Dharmaratnam, Vice Presidents – Lal Wijesena and Nalin Bandaranayake, Secretary – Jerome Seneviratne, Asst. Secretary – Videha Wijesinghe, Treasurer – Neville [...]
WISTA Sri Lanka to host WISTA international meeting in Colombo
WISTA Sri Lanka this year is playing host to the “WISTA International Spring Board Meeting” being held in Colombo on May 5. Women’s International Shipping & Trade Association (WISTA) is an international networking organization for women at the management level who are involved in the maritime transportation business and related trades. The meeting will be [...]
Sri Lanka’s first real estate exhibition next month
Lamudi Sri Lanka is hosting Sri Lanka’s first local real estate fair titled ‘Real Estate Expo 2016’ which will take place on May 7-8 at the Sri Lanka Exhibition and Convention Centre (SLECC). The exhibition involves the country’s top real estate developers who will be showcasing their brand new developments and projects that are currently [...]
National awareness seminar by Shippers’ Academy Colombo
Effective July 1, 2016, any shipping container leaving from any port in the world must be accompanied by a shipping document signed either electronically or in hard copy by the shipper on the bill of lading listing the verified gross mass of a container in order to be loaded onto a ship. The container weight [...]
SEC’s proposed whistle-blower policy to award ‘bounty’ to corporate staff spilling beans
Amid a growing number of scams and corporate swindling in listed firms, Sri Lanka’s securities watchdog is to make it mandatory for listed firms to have a whistle-blower policy for their employees and directors in a bid to take would-be perpetrators to task, officials said. “This is popular in many developed nations and provides an [...]
Holcim Lanka become Technical Consultancy Partner for second year in a row at National Safety Awards 2016
Holcim Lanka recently signed a memorandum of understanding (MoU) with the National Institute of Occupational Safety and Health (NIOSH), affirming its commitment to be associated with the 2016 National Safety awards process as the “Technical Consultancy Partner”. The MoU was signed by Philippe Richart, CEO, Holcim Lanka and John Senawirathne, Minister of Labour, Ministry of [...]
SriLankan Airlines losses owing to political influence and not systems failures – RCB Poll reveals
Contrasting views have been expressed in two polls carried out by the Business Times (BT) and polling partner, Research Consultancy Bureau (RCB) on the future of debt-ridden SriLankan Airlines. Questions were asked from respondents on whether SriLankan Airlines (SLA) should cut routes; hand over management and part ownership to another operator; operated as a regional [...]
Sri Lanka’s rapidly ageing population poses serious socio-economic challenges
Sri Lanka’s rapidly ageing population poses serious challenges on several fronts. Selected socio-economic challenges of this demographic transition are highlighted in this article, drawing the attention of policy makers to implement fruitful interventions to preserve the rights of the elderly and to ensure their financial stability, social security and easy access to healthcare. Statistics shows [...]
Leo Burnett Worldwide takes majority stake in Sri Lankan operation
Leo Burnett Worldwide, a part of the Publicis Groupe , trhis week announced the acquisition of a majority stake in the Solutions Group, the leading communications company based in Sri Lanka. As part of the acquisition, Leo Burnett Sri Lanka and Arc Worldwide Sri Lanka will now be fully integrated into Publicis Communications, one of [...]
NDB Wealth plan for ‘Financial Freedom’
NDB Wealth’s ‘Money Plus’ and ‘Income Plus’ funds are an alternative to traditional fixed deposits, yielding a higher rate of return with only a one year commitment. In a media release this week, NDB Wealth described the ‘Money Plus’ fund as simple and an ideal starting point which offers almost double what most bank savings [...]
Don’t perceive Hambantota Port and Airport as white elephants!
Some politicians call this a white elephant project, either for political gain or without having any knowledge about such projects. These projects could be transformed into profitable ventures with proper planning and guidance. The Hambantota port, geographically located in the world’s busiest shipping routes between East and the West and Mattala airport located just 20 [...]
Govt. to review Colombo city’s minimum hotel rates
The government is currently reviewing the policy pertaining to minimum rates applicable to Colombo city hotels which the industry believes needs to be continued for at least two more years. The minimum rate is under consideration as there are differing opinions on the subject, Tourism Minister John Amaratunga said in an interview with the Business [...]
Sigiriya to become iconic tourist destination
The government has evolved plans to highlight Sigiriya as an iconic tourist destination by developing its environs and related facilities together with the Tourism Development Ministry and the Sri Lanka Tourism Development Authority, the Authority said in a media release last week. Considering the historic, wildlife and cultural richness of the Sigiriya Rock Fortress and [...]
Promoting Sri Lanka under new strategy
A new tourism promotion strategy would be enforced by the local authorities with the aim of improving on marketing destination Sri Lanka and selecting one company to implement this proposal. The Sri Lanka Tourism Development Authority (SLTDA) will be involved in selecting a company to carry out all of its campaigns. In this respect, the [...]
OV Holidays wins Indian Ocean’s “Leading Luxury Tour Operator ” for third consecutive year
OV Holidays has again bagged the coveted Indian Ocean’s Leading Luxury Tour Operator award at the World Travel Awards Africa & Indian Ocean held on April 9 in Zanzibar, Tanzania, the company said in a media release. This is the third consecutive year that OV Holidays has walked away with the award, which is testament [...]
Sri Lanka attracts more cruise liners
Sri Lanka will play host to nearly 33 cruise liners this year which are scheduled to call at local ports, a media release stated recently. Considering the growth of the cruise tourism, an important niche segment, Sri Lanka Tourism participated at the Seatrade Cruise Global 2016 with three local operators at the Broward Country Convention [...]
SLTDA mobile service goes online
The Sri Lanka Tourism Development Authority (SLTDA) last month re-launched its flagship mobile service after a long absence. This facility provided various SLTDA services such as hotel inspections, issuance of business licenses, tourism training, etc in Arugambay at the end of last month, a media release from the organization said. The concept behind the mobile [...]
Focus on tourism research in Sri Lanka
A tourism symposium held recently focusing on enlightening and integrating sustainable tourism development through industry interactive tourism research held recently has discussed some key issues. Among these is that the industry is at a crucial stage of development and needs trained manpower to meet demands of international hotel chains investing in Sri Lanka. The April [...]
Sri Lanka to resume EU fish exports by July, says SEASL
Sri Lanka will be able to resume tuna and chilled swordfish exports to the European Union (EU) by July this year once the final decision to revoke the ban would be made before this time, the local fish exporters grouping said in a media release on Friday. The EU announced on Thursday that it had [...]
Dilemma of continuous funding of Sri Lankan NGOs and not-for-profit organisations
Funding for development work in Sri Lanka is seen steadily declining during the last decade, except for short bursts during a few post-Tsunami years and briefly for the North, post 2009. Canada, UK and Netherlands amongst others have refrained from all state funding for Sri Lankan NGOs, whilst major INGOs such as Novib and Cordaid [...]
HNB in discussion on links with Chinese banks
The Hatton National Bank (HNB) is in discussion with a few Chinese banks in a bid to set up business links, a top official said. “We are in discussion with two banks in China and these are at the second and third stages (of negotiations),” Jonathan Alles, CEO HNB told the Business Times, affirming that [...]
MTI’s ‘idea2fund’ evaluates 60 concept presentations
‘idea2fund’, a venture challenge platform powered by MTI Corporate Finance successfully concluded the first round of presentations at Hilton Colombo Hotel recently, MTI said in a media release that the concept presentations from the first wave of ‘idea2fund’ included 60 shortlisted business ideas which were presented to the judging panel. The first round consisted of [...]
SLT powers first ever “Internet Governance Forum” held in Sri Lanka
The inaugural Internet Governance Forum (IGF) in Sri Lanka was successfully held recently with the participation of industry professionals from all around the country. Sri Lanka Telecom (SLT), the national ICT solutions provider and the leading broadband and backbone infrastructure services provider in the country was the principal sponsor of the event which was held [...]
CEAT India picks Sri Lanka for mega sales and regional conference
Several key strategic decisions relating to the tyre business were taken at a high-powered conference in Colombo last week when manufacturing giant CEAT Limited conducted its annual sales and regional conference in Sri Lanka for the first time. More than 200 delegates, 188 of them from India, congregated in Colombo for this event which included [...]