Blues musician and ad guru Nimal in new role
Advertising group Bates Strategic Alliance is transforming its organisation and future with a new campaign featuring its CEO and founder Nimal Gunawardene in a new avatar as a “humanoid pitchman”. (More details inside)
Confusion over VAT: Is it 11% or 15 %?
A flurry of statements from government leaders as a result of a Supreme Court interim ruling on Value Added Tax (VAT) has caused confusion and uncertainty about the enforcement of this tax. While consumers and traders are in the dark on how the tax should be implemented, the Inland Revenue Department (IRD) on July 12 [...]
Govt. lends RPCs Rs.1 bln to hike estate worker wages
Holding fast to electoral promises, the Regional Plantation Companies (RPCs) will be loaned Rs.1 billion from the Treasury to pay off the higher salaries to workers on the estates for the next two months. Plantations Ministry Secretary Upali Marasinghe told the Business Times in an interview that his department had requested the Treasury to allocate [...]
Banks directed to double capital to Rs.20 bln
Commercial banks are to be directed to double their capital to Rs. 20 billion to manage possible financial crises and act as a buffer against financial problems. The Central Bank (CB) is to issue a directive to commercial banks shortly with capital increase guidelines with the rule in place by December 31, 2017, CB sources [...]
Dubai-based Lokuwithana eyes Holcim cement stake
LafargeHolcim, which is selling its local arm Holcim Lanka, declined on Friday to provide details of negotiations with potential buyers amidst speculation that controversial Sri Lankan businessman Nandana Lokuwithana was eying the stake. “You will understand that at this stage we are not in a position to give you any further details on the divestment [...]
Sri Lankans urged to use plastic money
The Central Bank (CB) has launched a public relations exercise to encourage Sri Lankans to use plastic money – debit and credit cards – instead of coins and currency notes as the main form of financial transactions, officials said. In advertisements in local newspapers, the CB urged the use of payment cards for financial transactions [...]
Sri Lanka’s main international airport begins Stage II improvements by November
KATUNAYAKE -Sri Lanka’s main international airport at Katunayake, the Bandaranaike International Airport (BIA), will commence work on its second phase with a new lotus roof atop the new terminal and increasing total capacity upto 15 million passengers that is set to break ground by November. The stage II operations would ensure that capacity be increased [...]
Where are the people?
PASSIKUDAH – It was a great conference; the accolades said it, there were many warm handshakes and gentle pats of ‘well done’ on the backs of organisers. Delegates were ‘wowed’ by the beauty of Sri Lanka but where were the people? The need for economic inequalities, the need for proper training of village youth in the [...]
Roadmap ready to merge two local housing banks
The government, in its quest to bring about a strong banking sector, has drawn up a roadmap to (initially) consolidate smaller state banks including the two housing banks. ”In this roadmap we identified that Housing Development and Finance Corporation (HDFC) and the State Mortgage and Investment Bank (SMIB) need long term funding. We aim to [...]
IRD strengthens all systems aimed at reversing two decades of falling tax collection
With the Government struggling to raise revenue for state expenditure and the International Monetary Fund calling for broader tax reforms in return for the Extended Fund Facility (EFF) of US$1.5 billion, the Inland Revenue Department (IRD) has been strengthening all its systems to reverse a two-decade decline in tax revenues, Treasury and IRD officials said. [...]
CIMA Business Leaders’ Summit 2016 next month
CIMA Sri Lanka’s flagship event, the Business Leaders’ Summit will be held on August 23-24 at the Cinnamon Grand Colombo. An annual event, the event will be held on the theme “Joining the dots” this year. In a media release, CIMA said speakers include Dr. Noel Tagoe (Executive Director, CIMA), Prof. Mahendra K. Chouhan from [...]
Moneragala and Mullaitivu cooperatives share knowledge on International Co-op Day
To commemorate the ‘International Day of Co-operatives’ on July 2, the United States Agency for International Development (USAID)-supported VEGA/BIZ+ programme brought together two of its cooperative business partners – the Moneragala-based Koularagama Industrial Cooperative Society Limited and the Mullaitivu-based Visuvamadu Farmers’ Multi-Purpose Cooperative Society. This was to share knowledge on sustaining and growing the businesses, [...]
Moody’s assigns (P)B1 rating to Sri Lanka’s global bond offering
Singapore — Moody’s Investors Service has assigned a provisional rating of (P)B1 to the Government of Sri Lanka’s announced US-dollar denominated bond offering. The Government of Sri Lanka’s issuer rating is B1, with a negative outlook. Moody’s expects to remove the provisional status of the rating upon the closing of the proposed issuance and a [...]
Venture capital fund BOV Capital urges reducing red tape
BOV Capital (Blue Ocean Venture (BOV Capital) based in Sri Lanka and Singapore which announced a Rs. 2 billion fund focused on Sri Lankan startups to grow regionally and globally is calling for less cumbersome procedures for venture capitalists to move their cash when funding startups. This fund is a collaboration between Lanka Angel Network [...]
Sri Lanka debuts in the JLL Global Transparency Index 2016
Sri Lanka has made its debut in JLL’s 2016 Global Real Estate Transparency Index. Compared to similar market sized countries like Myanmar (ranked at 95) and Vietnam (ranked at 68), Sri Lanka (ranked at 69) is a stronger debutant and better placed to move up in the next (2018) assessment given the reforms being rolled [...]
Sri Lankan built race car flown to Silverstone by Emirates SkyCargo
When Emirates flight EK651 took to the skies from Bandaranaike International Airport (BIA) on Sunday, July 10, its cargo hold held a unique example of Sri Lankan ingenuity and mechanical proficiency – a racing car designed, developed and built by students of the University of Moratuwa. ‘D-MORA P1′ was on its way to the iconic [...]
RCL gearing to set up in Myanmar
Three firms under businessman and entrepreneur, Dhammika Perera are gearing to band together and venture to Myanmar, industry sources said. Royal Ceramics Lanka PLC (RCL), Lanka Tiles and Alumex PLC are set to do so, according to official sources. “The plan is to ‘bundle’ products in these three firms and set up as one total [...]
“Social media the tool to develop businesses”
In the article which appeared last week under the above heading, the designation and company name of one of the speakers should read as follows: Naresh Abeyesekera, CEO – SECQUORO is a Chartered Management Accountant (Lon), Chartered Global Management Accountant (Lon), Fellow Chartered Accountant and MBA (PIM).
Draft legislation of Public Enterprise Development Act ready
Draft legislation of the Public Enterprise Development Act, providing for governance and efficiency for state owned institutions has been prepared by the Ministry of Public Enterprise Development, officials said. They said that the Act will facilitate the setting up of a Public Enterprise Development Board (Board) under which all State Owned Enterprises (SOEs) will be [...]
Singapore aiming to be global air hub
Singapore, long seen as a powerful commercial and shipping hub, now plans to specialize in the manufacture of pharmaceutical goods and build a global air hub. “We want to specialize in the production of pharmaceutical goods in the region and build a global air hub network in future with enhance airport facilities, shopping complexes and [...]
Brexit could trigger balance of payments’ issues for Sri Lanka – Moody’s
Moody’s, in an assessment of the impact of Brexit on countries in Asia, said the crisis in Europe could trigger balance of payments’ issues for Sri Lanka. In a statement, it said market volatility would affect sovereigns dependent on external financing. “Out of those Asia Pacific countries that have large current account deficits, Mongolia relies [...]
Sri Lanka’s Human Capital Summit next month
The Sri Lanka Human Capital Summit 2016 – titled ‘Towards a Future-Ready Workforce’ will be held on August 11-12 in Colombo. The organisers said the event is being held to establish a Human Capital Vision 2020 for Sri Lanka. The Summit is a public-private collaboration organised by the Association of Human Resource Professionals (HRP) in [...]
Supreme Court terminates proceedings in the case against Colombo Port City Project
The Supreme Court last week decided to terminate the proceedings in the Fundamental Rights Application No. SCFR 151/2015, filed by the All Ceylon Fisher Folk Trade Union, represented by Attorney J.C. Weliamuna. Chief Justice K. Sripavan and Justice K.T. Chitrasiri issued the ruling, taking the view that the petitioner had not satisfied court of any [...]
Ban on weedicides affects production, increases costs to tea owners
Not affording the due place and appropriate remuneration to Sri Lankan intellectuals and researchers in the public sector could hinder the development process of the country while the investment, on the other hand, in research and development (R&D) appears to be very low. Research institutes in the country also appear to be obsolete. Navin Dissanayake, [...]
Fly Mihin Lanka ; enjoy visa on arrival in the Maldives, Jakarta and Seychelles
Mihin Lanka now flies to the Maldives, Jakarta and Seychelles, three holiday destinations that allow travellers visa on arrival facilities. “These destinations all provide unique experiences to be enjoyed by the whole family. With the August school vacation approaching, the theme parks in Jakarta, the nature tours in the Seychelles and the thrilling water sports [...]
UN body aims to return to conflict zones to measure peace thro’tourism
PASSIKUDAH, Batticaloa: Sri Lanka? Wasn’t there a war there? This was a question that confronted Trevor Claringbold, British-based Editor of Pro-Traveller magazine and Creative Director of Globetrotter Television channel, when he told friends and colleagues he was travelling to Sri Lanka. ”More than one person asked me … Ah! Sri Lanka was that country at [...]
Sri Lanka’s $1.5 bln Dual-Tranche International Sovereign Bond Issuance draws huge interest
The Central Bank of Sri Lanka (CB) “marked its return to the U.S. dollar bond markets” with a successful issuance of US$500 million 5.5-year and $1 billion 10-year International Sovereign Bonds (Bonds) on July 11, the CB said in a media release on Tuesday. “This marks Sri Lanka’s 10th US Dollar bond issuance and the [...]
Bates announces agency transformation to embrace the future of communications
Bates Strategic Alliance on Friday announced that it was fully committing to transforming the agency offering in anticipation of the future of marketing communications. The agency is the pioneering leader in Integrated Marketing Communications which in 1993 pioneered the introduction of public relations into the services offered and backed it up with strong foray into [...]
Terror no deterrent to tourism, says UNWTO SG
Global tourism destinations like France could be impacted in the short term due to the recent terror attacks but not in the medium and long term, a top international tourism official said on Friday. Addressing the media after a UNWTO Conference in Sri Lanka, the organisation’s Secretary General Taleb Rifai said that international terror attacks [...]
Singapore Foreign Affairs Ambassador-at-Large to address CFA Awards
The annual flagship event of the CFA Society Sri Lanka, the CFA Sri Lanka Capital Market Awards which each year features eminent personalities whose knowledge and expertise on the global markets is legendary, this year has invited the Ambassador-at-Large of the Ministry of Foreign Affairs Singapore Bilahara Kausikan as its keynote speaker at the July [...]
Ceylon Chamber’s giant LED Wall helps businesses promote their wares
The Ceylon Chamber of Commerce, which is engaged in facilitating local businesses to grow has launched a ‘LED Wall’ at the Navam Mawatha Business Square to help businesses promote their products and services. The new move, will enable local businesses to catch the attention of nearly 300,000 business persons and others passing the Navam Business [...]
First-ever research symposium on transport and logistics concludes successfully
The Chartered Institute of Logistics and Transport Sri Lanka (CILT SL) in partnership with Sri Lanka Society of Transport and Logistics (SLSTL) held a joint research symposium recently titled Research for Transport and Logistics Industry (R4TLI). According to a media release issued by the CILT SL, this is the first time a research symposium was [...]
Insights into putting money in Colombo’s stock market
Investing in the Colombo Stock Market can be an unfamiliar business for a new investor, who has not had prior experience in stock markets. A number of elements need to be considered when you turn your mind to the prospect of investing in shares. Process of investing in securities through the CSE Investing in securities [...]