Measures to re-appoint Mahendran as CB Governor under consideration
Measures got underway this week as a section of the Government led by Prime Minister Ranil Wickremesinghe sought to retain under-fire Arjuna Mahendran as the Central Bank Governor, in the event of his clearance by the Parliamentary Committee on Public Enterprises (COPE) probe. In this process, the authorities either knowingly or unknowingly violated provisions of [...]
Some cancellations as SriLankan Airlines seeks to cut routes
Some tourists visiting Sri Lanka have made immediate cancellations and flight changes following SriLankan Airlines’ announcement to pull out of the European sector barring London. But industry spokesmen were divided on the outcome with some optimistic the “show will go on.” Sri Lanka Association of Inbound Tour Operators (SLAITO) President Devendra Senaratne told the Business [...]
Treasury begins 2017 budget plans with thorough review
In the midst of Central Bank Governor Arjuna Mahendran ending a controversial tenure in office and uncertainty amongst several senior Finance Ministry officials under the present system, the Government is planning to strictly ban supplementary estimates next year. With the budget planning process to get underway, the Treasury Secretary has directed all Ministry Secretaries to [...]
Another committee: Now to screen viable FDIs
A high powered investment committee to channel foreign direct investments (FDI) into the country is to be set up under the aegis of the Prime Minister Ranil Wickremesinghe, a top official source revealed to the Business Times. He said this will be akin to the Singapore Economic Council and will vet FDI proposals before directing [...]
Five small state banks to be restructured
The Government is to restructure five small state banks in an effort to make it not only stable and resilient but also competitive, official sources revealed. The Public Enterprises Development Ministry has made a recommendation to the Cabinet Committee on Economic Management (CCEM) on the rationalisation of the activities of State Mortgage and Investment Bank [...]
Legal pundits want expansion of CIABOC, FCID powers
A Sri Lankan team of legal experts are planning to make recommendations to the government calling for the expansion of powers of the key institutions looking into bribery and corruption and the police’s new financial crimes division. The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) requires an enhancement of its powers to cover [...]
Sri Lanka gears up for economic transformation with McKenzie
Sri Lanka is gearing up for a significant economic transformation in the next one and a half years with the expertise of a Hong Kong-based law firm amidst a global economic meltdown and the ripple effect of ‘Brexit’ on the global economy. Law firm Baker & McKenzie has been assigned with the task of coordinating [...]
MG Consultants invests in Nimbus Venture
MG Consultants (Pvt) Ltd, a leading provider of multi-disciplinary consultancy services in Sri Lanka, has expanded their portfolio by investing in local IT start-up Nimbus Venture (Pvt) Ltd. Nimbus Venture (Pvt) Ltd specializes in GPS vehicle/asset tracking and management offering an extensible product which can be integrated with other systems to meet the needs of [...]
Plantations Committee set up by Public Enterprise Development Ministry
A ‘Plantations Committee’ to peruse a host of investment proposals for state-owned plantations has been set up by Kabir Hashim, Minister Public Enterprise Development, ministry officials said. ”We’re looking for expertise on a restructuring model for the plantations. We get many proposals by investors and we’re aiming to see what works best for specific plantations,” [...]
Taking stock: Has the economy achieved the desired progress after January 2015?
It is necessary to examine whether the goal or goals of the present government have been achieved after one and a half years in power. According to the Policy Statement made on 5th November 2015 (PS 2015) by the government its goal is enhancement of the wellbeing of the people, meaning more jobs, real (inflation [...]
Sri Lanka Megapolis initiative kicks off with light rail project
A Light Rail Transit (LRT) system for mass transit in the Western Province has been approved by the Cabinet of Ministers, kicking off Sri Lanka’s much-hyped Megapolis project., While the long term plan developed by the Megapolis team includes an LRT network of approximately 75 km, the initial investment is to cover around 25 km [...]
Sri Lanka’s‘pita-pita’ bond game
More than the uncertainty and guessing games over whether former Central Bank (CB) Governor Arjuna Mahendran is guilty or not in tainted Treasury bond issues is the very existence of the present administration. Both President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe have publicly given contradictory views on Mahendran exposing a major political leadership crisis [...]
Plans to upgrade state bungalows to cater to Chinese tourism demand
The Ministry of Tourism is planning to upgrade all holiday bungalows in state plantations in a bid to cater to the rising demand from Chinese tourists, ministry officials said. “The Ministry will be calling for tenders on Public Partnership (PPP) when upgrading these properties,” an official told the Business Times. According to him there’re many [...]
SL Tea Board at 4th World Tea & Coffee Eexpo 2016, India
Buoyed by the success in previous edition, the Sri Lanka Tea Board has placed faith in this annual expo at Mumbai and considers World Tea & Coffee Expo (WTCE) held from October 20 – 22 in Mumbai as the definite platform for doing business with India’s tea and coffee sector, a media release issued by [...]
I, Robot or the Human Touch?
The Terminator wasn’t around thankfully yet there was an air of Doomsday inside the ballroom at The Kingsbury Colombo earlier this week as we heard the talking heads at the forum on ‘Software Robots Friend or Foe?’ explain the latest “paradigm shift” in our lives that is taking place unseen to the casual observer. “Paradigm [...]
SOSTAC Certification to be launched in Sri Lanka
PR Smith’s SOSTAC planning framework which has been used globally as a user friendly planning model in varied industries by academics and professionals will be launched in Sri Lanka on July 1. Company officials said that the overall aim of extending the usage of best practice in planning by organisations, government officials and individuals, SOSTAC [...]
Re-negotiating trade with UK is vital following Brexit crisis
One-third of Sri Lanka’s exports last year went to the European Union valued at US$3 billion and this included $1billion to the United Kingdom (UK). “I am pleased to say that exports to the UK 2015 increased by 17 per cent. Eighty per cent of exports to the UK were apparel, foot ware and Ceylon [...]
Lanka Tiles PLC to set up a fibre cement plant
Lanka Tiles PLC (Tiles) is to set up a fibre cement plant in a 100 acre land in Divulapitiya in a bid to diversify its operations, officials said. The company invested in Beyond Paradise Collection (Pvt) Ltd in FY 2016 which owns this property, they said adding this firm was bought to solely develop the [...]
India promotes religious tourism to attract Sri Lankan travellers
While many Sri Lankan Buddhist pilgrims visit India for religious purposes, there are a lot of untapped Buddhist hotspots that pilgrims have not heard or seen in India. Andhra Pradesh which is in the East of India has many Buddhist hotspots. This was revealed at the ‘Incredible India Road Show’ held at the Taj Samudra [...]
Public Sector inefficiencies: Unfortunately whether you work or not, monthly wage is guaranteed, says Minister
Labour efficiency and better land usage with modern technology are the main ingredients required to compete in the global market, according to an entrepreneur-turned- politician. Daya Gamage, one of the well-known entrepreneurs in the country and now the Minister of Primary Industries, expressed this view when he addressed the ‘Meet the Minister’ event last week [...]
Britain’s exit from the EU: The uncertainty continues
Britain’s shock departure from the European Union (EU) could trigger turmoil, strengthen right-wing fascist groups thereby weakening currencies in Europe and the process create global uncertainty in trade, finance and investment, economists here said last week. With the EU being the world’s largest trading bloc, any uncertainty will have a huge impact on countries that [...]
Businesses should not restrict employees from experimenting new things – Dr. Dragos, NASA scientist
Most business entities restrict its employees from experimenting new things to improve the quality and standard of the organisation, which should not be the case. Dr. Dragos Bratasanu, an award winning scientist and consultant from NASA, making this comment, said: “Thinking about a problem is the worst way of trying to solve the problem. Do [...]
Central Bank releases PMI Survey Statistics
The Central Bank of Sri Lanka (CB) released statistics on the Purchasing Managers Index (PMI) launched in May 2015, focusing on the manufacturing and services sector in the country. In a media release, the Statistics Department of the CB stated that the purpose of the survey is to provide purchasing professionals, business decision-makers and economic [...]
Amana Takaful Life announces IPO
Amana Takaful Life Ltd (ATLL) announced an Initial Public Offering (IPO) this week via an Offer for Sale of Rs.75 million, becoming the first segregated life insurer in Sri Lanka to do so following the mandatory segregation of Life and General insurance companies on February 1, 2015. The company is a fully owned subsidiary of [...]
Spicing up development assistance to Sri Lanka
Sri Lanka’s Ambassador and Permanent representative to the World Trade Organisation (WTO) recently highlighted how technical and funding assistance from international agencies such as the WTO, United Nations Industrial Development Organisation (UNIDO), International Trade Centre (ITO) and the World Intellectual Property Organisation (WIPO) are important for small economies such as Sri Lanka in sustaining performance [...]
Commercial Bank launches Sri Lanka’s first Remittance Card
Commercial Bank of Ceylon has launched Sri Lanka’s first Remittance Card, a branded debit card along with an ATM Card licensed by Visa Inc. A media release this week by the bank stated that the Remittance Card which was officially launched on June 16 is issued locally to recipients of remittances and eliminates the need [...]
Top global tourism players to address Sri Lanka Economic Summit 2016
Senior executives from globally acclaimed tourism players are expected to speak at the upcoming Sri Lanka Economic Summit 2016 to discuss the country’s highly potential tourism sector. According to a media release from the Ceylon Chamber of Commerce (CCC) this week, executives from Shangri-La International, Australian Tourism, AirBnB, DERTOUR and John Keells Holdings (JKH) will [...]
Tata Nano re-establishes itself as one of the most fuel efficient cars in Sri Lanka
Diesel & Motor Engineering PLC (DIMO), the authorised distributor of Tata vehicles in Sri Lanka, recently selected the most fuel-efficient Tata Nano car at the “Tata Nano Challenge Mileage Rally 2016″ held recently. The Tata Nano Challenge Mileage Rally 2016 was flagged off from Colombo with the objective of raising customer awareness and highlighting the [...]
Sri Lankan motor trade urges level playing field for all stakeholders
Sri Lanka’s motor trade representing the world renowned manufacturers of major automobile brands, is urging the authorities to maintain consistent policies, and look at the industry as a whole without targeting and favouring certain segments of the market. Motor traders made this appeal at the 96th Annual General Meeting of the Ceylon Motor Traders Association [...]
Carmart receives the ISO 9001:2008 certification
Carmart (Pvt) Ltd, authorised importer for Peugeot and Mazda in Sri Lanka, has been awarded the ISO 9001:2008 certification for quality standards of its operations. The company decided to obtain ISO 9001 certification, not because of industry or client requirements but because it believes in the systems approach to management, Yasendra Amerasinghe Director/ CEO Carmart [...]
Ashok Leyland resumes its bus delivery to Seychelles
Lanka Ashok Leyland will re-start its bus delivery to Seychelles after a hiatus of a few years, Umesh Gautam CEO Lanka Ashok Leyland PLC told the Business Times. ”Some time ago we sent them 50 buses and now we’re renegotiating a deal for 12 special buses to Seychelles,” he said. The company also shipped 22 [...]
Modern100 million- rupee track to test local drivers
Testing Sri Lankan drivers is to be streamlined under the government’s new road safety strategy by enhancing facilities for testing and licencing by the Motor Traffic Department (MTD). The government has undertaken to construct a driver training track of international standard at a cost of Rs.100 million at the Werahera Office premises to conduct tests [...]
Classic Car Club of Ceylon organises Annual Members Day
The Annual Member’s Day of the Classic Car Club of Ceylon was concluded recently, under the sponsorships of SML Frontier Automotive (Pvt) Ltd and McLarens Lubricants Ltdb. The Annual Member’s Day, which is much looked forward to, due to the camaraderie and entertainment amongst both, young and old Members was celebrated at Independence Avenue Colombo [...]
DIMO organises Mercedes-Benz Star Experience in the city of Gems
Diesel & Motor Engineering PLC (DIMO) recently organised a ‘Mercedes-Benz Star Experience’ event at Silver Ray Hotel, Ratnapura. Mercedes-Benz owners, jeep owners and potential customers in the Ratnapura district and the vicinity were invited to this event. Invitees experienced the latest Mercedes-Benz vehicle range which included the Mercedes-Benz C 180, Mercedes-Benz C-Class Coupe, Mercedes Benz [...]
Raw talent, unique ideas and new business concepts at Venture Engine Finale 2016
It was an evening of unbelievable business models showcased by local startups in Sri Lanka at the 16th edition of the Venture Engine Finale on Wednesday at the Kingsbury Hotel in Colombo. Unique ideas and business models were presented by up and coming young Sri Lankans looking for capital to start a business. A mother [...]
$3 billion liquefied natural gas projects lined up at BOI
Four liquefied natural gas (LNG) projects totalling 2,040 Mega Watts (MW) of power are before the Board of Investment (BOI) and will soon be approved, officials said. “They are British, Indian and two US companies,” an official told the Business Times adding that together these will fetch some US$3 billion. Energy World International Ltd, a [...]
Sri Lanka’s ad hoc tax policy boosts Japanese and Indian small cars
Sri Lanka has reduced import tax on Japanese and Indian made 800 and 1000 cc small cars while increasing duty on higher engine capacities, vehicle importers alleged. Issuing a gazette notification, the Finance Ministry has brought down the import duty on 800 and 1000 cc cars. This move will benefit Japanese and Indian made smaller [...]
US investors look for sound and predictable business environments
If the Sri Lankan Government could ensure attractive, steady, predictable business opportunities, US investors could be pursued to invest in Sri Lanka, according to Atul Keshap, US Ambassador for Sri Lanka and Maldives. These comments came from Mr. Keshap who was the Chief Guest at the 177th AGM of the Ceylon Chamber of Commerce (CCC) [...]
Taking pictures from smartphones, a new and emerging trend
The need to take quality and decent pictures is drifting rapidly from a professional DSLR camera to a hand-held smartphone device. Around 350 million pictures that are posted on Facebook, Instagram, Twitter and Snapchat or any other social media platforms are taken from a simple smartphone device. All major smartphone manufacturers are mainly focusing on [...]
Lankan-designed swim wear to hit Indian shores
The local fashion industry has taken a progressive step forward moving into the Indian subcontinent with Sri Lankan designs to flavour the swim wear appeal. Ajai Vir Singh, a pioneer of the Colombo Fashion Week is now looking at making Sri Lanka the Asian capital of swim wear by looking at grabbing the large market [...]
Ceylon Shipping Corp secures full-term certificates For “MV. Ceylon Breeze”
A new vessel built for Ceylon Shipping Corporation (CSC) has been added to the registry of the DNV GL, leading classification society with 150 years long tradition in maritime industry and presence in over 100 countries. Bulk carrier “Ceylon Breeze”, built at AVIC Weihai Shipyard Co., Ltd China will be flying the Sri Lanka Flag, [...]