Rising from Sri Lanka’s flood of destruction
Technology came to the fore in much of the rescue efforts this week as Sri Lanka grappled with the worst floods in at least two decades with several dead (still counting as this edition went to print) and a mighty week-long blow to the economy. Facing a near tsunami -like disaster, the private sector executives [...]
CB, NBFIs agree to restrict deposit mobilisation on some conditions
The modalities of restricting finance companies (NBFIs) from mobilising public deposits are to be worked out in consultations, compromise and consensus with relevant financial institutions. This agreement was reached following an assurance given by Central Bank (CB) Governor, Arjuna Mahendran to involve representatives of NBFIs in the process of devising new regulations and modalities pertaining [...]
Mega PR campaign in India by SriLankan Airlines
SriLankan Airlines (SLA), on the back foot vis-à-vis a gigantic debt running into billions of rupees and desperately seeking a new management partner, is driving ahead with a mega public relations campaign in its most profitable market, India. The company has called for pitches from public relations companies here with Indian links and in India [...]
Remuneration of directors of banks under CB review
The notion that banks’ and finance company directors in Sri Lanka are wildly overpaid, is indeed becoming true. The Central Bank (CB), in a possible bid to better monitor salaries to enhance corporate governance of this sector, has written to all banks to send details of the remuneration of their directors. CB Governor Arjuna Mahendran [...]
Mobile number portability desirable or not?
Many users of telecom services in Sri Lanka after a while tend to stick with their respective mobile service provider. This tends to be the case even when rival service providers offer attractive incentives such as free minutes, free messaging, etc. One reason for this is due to the lack of number portability which means [...]
Tears from heaven
To many it was not ‘tears from heaven’ but a ‘flood of destruction’ as the skies opened out across Sri Lanka this week, causing tragedy, destruction and trauma. In this hour of grief however, the business community aided by technology coming together – helping even rivals or competitors – and rising above petty jealousy or [...]
Pawned jewellery, the poor man’s asset, needs more protection from ‘bank’ snatchers
When all other banks were not willing to touch pawning service, even by a bargepole, the People’s Bank, a state-owned bank pioneered this service right from its inception in 1961. It was mooted more as an antidote to the usurious interest, foreclosing, confiscation after one year and other malpractices found in abundance in the practices [...]
BOI rejuvenates the Chinese sector promotion division
The Board of Investment of Sri Lanka (BOI), keen on attracting more Chinese Investments and promote trade after mending Sino –Lanka strain relations to improve the country’s economy, is rejuvenating its Chinese-sector promotion division. The Chinese sector (division) functioning under the Investment Promotion Department of the BOI would be strengthened to facilitate investors from China [...]
Sri Lanka to chair ‘Abu Dhabi dialogue’ among Asian countries of labour origin and destination
Sri Lanka has been unanimously elected to be the next Chair-in-Office of the 17 member ‘Abu Dhabi Dialogue’ (ADD) among Asian countries of labour origin and destination, it was announced this week by Sri Lanka’s Permanent Mission in Geneva. Senior officials representing member governments of the ADD at a meeting on May 11- 12 in [...]
Letter: T-bond allegations: “They do not know what they are doing”
Many people have spoken on Treasury bond issues and it has even spread to village level where it is speculated to be a big scam in Sri Lanka. However those who say so are unaware how the bond market works, why they are issued and how the dealers make profits or losses buying or selling [...]
Singapore’s trade minister leads delegation to Colombo for talks
Singapore’s Trade and Industry Minister S. Iswaran, is leading a business delegation to Sri Lanka on June 1 for talks and discussions on a range of business, trade and economic issues. The Ceylon Chamber of Commerce (CCC), making the announcement, said the delegation includes potential investors organized by the Singapore Business Federation (SBF), and International [...]
President invited to 30th anniversary celebrations of global joint venture with De La Rue
Sri Lankan President Maithripala Sirisena visited De La Rue Lanka Pvt Ltd on Monday to mark the 30th anniversary of the joint venture between the Government of Sri Lanka and De La Rue, the world’s top currency and passports’ printer. The government holds a 40 per cent share in the organisation which employs over 300 [...]
SL certification body first to receive ISO 14064 accreditation in the region
The Sustainable Future Group (SFG) – a newly established environmental verification and certification services provider in Sri Lanka-, recently became the first regional body to be awarded international accreditation for ISO 14064. The ISO 14064 series of standards provides governments, businesses, regions and other organisations with an integrated set of tools for programmes aimed at [...]
Watawala Tea Ceylon shares its success with employees at a convention
Watawala Tea Ceylon (WTC) held its Annual Convention in gala fashion recently, in celebration of its remarkable success last year and to reward the employees who played an instrumental role in assisting the company to achieve several key milestones. Watawala Tea Ceylon (WTC), a member of the diversified Sunshine Holdings conglomerate, had much to celebrate [...]
Google Street View Trusted gives inside look into businesses
Local businesses can now reach their customers through virtual tours on the Internet with the launch of Google Street View Trusted, a platform giving interactive 360 degree views of hotels, restaurants, shops, retail spaces, schools and offices. Award winning Google Trusted photographer Felix Steck was in Sri Lanka this week, photographing several hotels such as [...]
Nations Trust Bank re-launches popular leasing scheme for professionals
Nations Leasing, an arm of Nations Trust Bank PLC, in response to a growing demand for its personalised leasing solutions, is re-introducing to customers, its popular ‘Salaried/Professional Campaign 2016’. This is a limited offer specifically designed to cater to the exacting needs of young salaried professionals with an income of above Rs. 50,000 per month [...]
Finco launches products tackling damp walls in homes
Three innovative water proofing chemical solution products for households – the Mapestop, Masterpel 777 and the Magic Box solutions were launched by Finco Engineering Ltd Colombo at a ceremony held at the Jaic Hilton Colombo recently. Finco Engineering (PVT) Ltd’s Marketing Manager Vindhya Fernando said the three new products will bring a lasting solution for [...]
MTD Walkers PLC expands to Maldives
MTD Walkers PLC, an integrated infrastructure and engineering solutions provider, has expanded its operations to the Maldives. Walkers CML International (Pvt.) Ltd, a subsidiary of MTD Walkers PLC was incorporated in the Maldives to meet the growing demand of infrastructure development activities in the country. The group also hopes to work with local partners and [...]
Ceylon Chamber, A-PAD appeals for disaster relief for affected families
The Ceylon Chamber of Commerce and the National Platform of the Asia Pacific Alliance for Disaster Management (A-PAD) on Tuesday appealed for help on behalf of thousands of people affected by the prevailing bad weather. The chamber appealed to its members and the business community to come forward and support with urgent requirements to provide [...]
Planning for your retirement the AIA way
You may not have even thought about your retirement as yet, but it is inevitable. It makes sense that you take a minute to think about what sort of a retirement you fancy, so you can start planning early to make sure it turns out just the way you want it to, according to AIA [...]
Tourism Minister to woo Chinese and Indians for weddings in SL
Minister of Tourism Development John Amaratunga on his visit to China to participate in the World Conference on Tourism for Development last Tuesday said he has plans to woo the Chinese to hold their weddings in Sri Lanka. “I was approached by many Indian parties to host their weddings here and also a few Chinese [...]
Plans for PPP to upgrade state bungalows and hostels
The Ministry of Tourism is planning to upgrade all holiday bungalows and hostels under the state authorities, Tourism Minister John Amaratunga said. “I will prepare a concept paper on upgrading all these properties and this can boost tourism for both locals and foreigners. This is a great way to bring in earnings for the tourism [...]
SL Tourism to host mega French travel conference
The Ministry of Tourism is aiming to guide and invigorate French visitors, the fifth largest source market for Sri Lanka tourism, by hosting the JEV 2016 Congress (formerly known as SNAV 2016 Congress) in Colombo in October, through the Sri Lanka Convention Bureau (SLCB), the apex body handling MICE tourism in the country. It is [...]
SriLankan Airlines submits its details and ideas on restructure
Sri Lanka’s national carrier, following Prime Minister Ranil Wickremasinghe’s announcement that the government was looking to partner Sri Lankan Airlines with a foreign airline, in an effort to convert the airline into a profit making venture, has submitted its financial statistics, restructuring and in general their view on the restructure, Chairman Aji th Dias said. [...]
SLTD finalises Colombo land for MICE venue
The Ministry of Tourism has finalised a land in Colombo for the proposed Meetings Incentives Conferences and Exhibitions (MICE) centre that was announced in this year’s budget, officials said. Chairman, Sri Lanka Convention Bureau (SLCB) Prema Cooray told the Business Times on the sidelines of a press briefing on JEV 2016 Congress (formerly known as [...]
Vesak sights on the Colombo city tour
The Colombo City Tour, a venture by Sri Lanka Tourism and Ebert Silva Holidays, is offering mesmerising evening tours to both foreign visitors and Sri Lankans to view Colombo like never before during the national festival of Vesak, on board its open deck double decker buses, according to Ebert Silva Holidays. The tours will commence [...]
Room rates under pressure with possible opening of new hotels, Serendib Hotels
The room rates will be under pressure with possible opening of new hotels in the coming year, according to Serendib Hotels PLC. In his statement on the interim results for the fourth quarter of the financial year 2016, Ranil de Silva, Managing Director Serendib Hotels PLC (Serendib) has said that guest arrivals to the country [...]
Letter: 124th Death Anniversary of James Taylor, the father of “Ceylon Tea”
May 2 marked the 124th death anniversary of James Taylor, the man who introduced tea plantations to Sri Lanka (then Ceylon) James Taylor who was born in Scotland on 29th March 1835, took up an assignment as an assistant supervisor on a coffee plantation in Ceylon at the tender age of 16 years. Five years [...]
Commercial Bank thwarts hacking attack
Sri Lanka’s biggest, private commercial bank said on Monday that it had thwarted a hacking attack on its website. Commercial Bank said “there was a hacking attack on our website and the bank took immediate corrective steps. Our systems are fully secure and operational. The hacking attack was also immediately communicated to the relevant authorities”. [...]
“Want to break a coconut”? Coconut auctioneer sought
The Coconut Development Authority (CDA) is seeking an auctioneer to conduct its weekly auctions, according to an announcement by the authority. The CDA conducts fresh coconut and copra auctions every Thursday at the CDA office in Colombo while a fresh coconut auction is also held every Tuesday at the Sirimadura Reception Hall at Kuliyapiitya. In [...]
CCC launches SME registry
The Ceylon Chamber of Commerce has launched a ‘Registry of Small and Medium Enterprises of Sri Lanka’, providing a vital source to track SME operators in the country and also help local SMEs find potential business partners. The latest registry, which is Volume 1 of the issue, contains contact details and business descriptions of SMEs [...]
HDFC Bank teams up with NEDA for SME development
HDFC Bank of Sri Lanka has signed a Memorandum of Understanding with the National Enterprise Development Authority (NEDA) for developing the SME sector in Sri Lanka. It was signed by HDFC Bank General Manager/CEO Upali Hettiarachchi and NEDA Chairman/ Director General Omar Kamil With this move HDFC Bank will act as the official banker of [...]
Government sharply cuts rubber tax to be competitive in global market
Around 130,000 Sri Lankan rubber smallholder families will benefit from a government decision to sharply cut cess (tax) on natural rubber exports at a time when the industry has been hit by lower prices and increased cost of production. The rubber sector provides over 300,000 direct and indirect job opportunities to Sri Lankans. With Sri [...]
Much-sought-after forensic accounting to the fore through CA Sri Lanka
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is launching a Certificate Course in Forensic Accounting, a system of accounting which has been in the news recently as being used to decipher various financial frauds. Forensic accounting is also being used in the probe into the failed Entrust Securities. The 15-week course, [...]
Technology plays vital role in flood relief efforts
Economic activity has been adversely affected by the heavy rains accompanied by floods hampering paddy cultivations in Anuradhapura, Kurunegala, Batticaloa, Ampara, Polonnaruwa, and Trincomalee. But a proper assessment on crop damages has not been made so far as, government officials said as priority was being given to provide relief to the affected people, Agriculture Ministry [...]
Sri Lanka seen as a hub for Islamic banking in South East Asia
Will Sri Lanka emerge as a hub status for Islamic banking in South East Asia? “It was two decades ago that the Islamic banking and finance concept was introduced in Sri Lanka and the Central Bank of Sri Lanka later readily accepted our proposal to regulate Islamic banking principles and norms that were in conformity [...]
Salons and spas offered digital space through Club Soirté
Soirté Links (Pvt) Ltd has announced the launch of Club Soirté, Sri Lanka’s first virtual beauty reservation engine for salons and spas. Club Soirté is a new entrant to the Sri Lankan reservation software market and will act as an agent between salons, spas and clients to find the best stylists/therapists to fit the client’s [...]
Foreign entity wants a bamboo biz on state plantation
A foreign firm has sent a proposal to the Ministry of Public Enterprise Development for a bamboo plantation at a suitable plantation owned by the Janatha Estate Development Board (JEDB) under this Ministry, official sources said. “This is for a 500 acre land and the particular foreign party wants us to give them a proposal [...]
Tighter rules for Finance companies opening new branches
Sri Lanka’s monetary authority, the Central Bank (CB) has tightened the rules on opening new branches of Finance Companies ((Non-Bank Financial Institutions -NBFI). The CB has issued a directive under the Finance Business Act no 42 of 2011 that NBFIs should take prior approval from the Monetary Board to open new branch at any place [...]
Police bar hapless depositors of Standard Credit and Finance from protesting outside Central Bank
Several dozens of hapless depositors of the Standard Credit Finance Lanka Ltd (TSCFC), protesting near the Central Bank (CB) headquarters in Fort on Monday, were however unable to seek an ‘audience’ with the Central Bank Governor Arjuna Mahendran. The depositors, many aged and ailing, stayed outside the building for four hours (9 am to 12 [...]
German minister in town
German Ambassador Jürgen Morhard hosted a cocktail reception on Monday in honour of the visiting Parliamentary State Secretary at the German Federal Ministry for Economic Affairs and Energy, Uwe Beckmeyer (centre in picture) at the DIMO headquarters in Colombo. Here they are seen with DIMO Chairman Ranjit Pandithage.
SriLankan Cargo sets record for cargo handling at BIA Cargo Centre
SriLankan Cargo, the freight handling arm of SriLankan Airlines, set a new record for the amount of tonnage handled during a single month at the Cargo Centre of Colombo’s Bandaranaike International Airport (BIA), with 21,743 metric tonnes in the month of March 2016. SriLankan Cargo is the sole cargo handler at BIA, where it deals [...]