Family feud or impending corporate battle?
A family feud at Mackwoods Group, one of the oldest corporate establishments in Sri Lanka, has taken different forms and points to a long and protracted court battle. While plantation workers protested outside the company office in Colombo last week, a stock market deal was halted pending investigation. (See story on this page). Pic by [...]
Tax on garbage on the cards
The government is set to introduce a new tax called ‘tipping fee’ compelling Sri Lankans to pay charges for garbage collection and disposal with the aim of encouraging the private sector to provide garbage collection services, official sources said. ‘Tipping fee’ is defined as a flat charge levied though local government authorities from households and [...]
Legal tangle affects Krrish square project
The US$650 million-Krrish square project on the 4.3 acre Transworks house building site in Fort has been temporarily suspended owing to a case pending at the Colombo Magistrate Court and ongoing investigations into an alleged payment of Rs. 70 million (US$ 500,000) to MP Namal Rajapaksa. The former President’s son was remanded for seven days [...]
Claridge stockbrokers in the hot seat over Agalawatte sale
The family feud involving the children of the late Sriyani Nonis, chairperson of the Mackwoods group, to wrest control of the company, came to the Colombo stock market this week after the Securities and Exchange Commission (SEC) suspended the sale of plantation asset in the group. Following a complaint, the SEC suspended the sale of [...]
Former banker Ranjit Fernando resigns as UDA chairman
Former banker Ranjit Fernando, a close associate of Prime Minister Ranil Wickremesinghe, has resigned from the post of chairman of the Urban Development Authority (UDA) with the reasons for the resignation unknown, official sources said on Wednesday. Dr. Jagath Munasinghe assumed duties as acting chairman last week, a senior official of the Ministry of Megapolis [...]
Treasury delays Lankaputhra Chairman’s removal
The Treasury is seen delaying the removal of Lankaputhra Bank Chairman Lasantha Goonewardena following the regulator’s order in June to do so in the light that he is unfit to hold the post. Asked whether an inquiry has been initiated by the Public Enterprises Ministry to look into the above issue, ministry secretary Ravindra Hewawitharana [...]
Top of the pops at Diyawanna talk shop
What next? We are obsessed with rankings. There is a gnawing hunger to find out who is the best in everything, from the music industry to sports, from top-10 hotels to the best universities. From American Idol to the ICC’s unfathomable Test and One-Day International rankings we have our fill of dedicated listings. Now add [...]
SriLankan Airlines – marrying off an unattractive bride with no dowry
The SriLankan Airlines has got a handful of proposals in response to its Expressions of Interests (EOI) for the national carrier’s restructure and its budget carrier Mihin Lanka is to merge with the parent with the brand image of the smaller airline being discontinued, it was announced on Thursday. Public Enterprises Development Minister Kabir Hashim [...]
“Open Sesame” for Mattala
One thing you cannot grudge against the Government! Things are happening: Committees (too many?) are appointed; taxes are imposed, disposed or suspended; mega development projects like the Megapolis are on the cards, etc. Among these are some significant developments in the travel and tourism sector. While Sri Lanka this year marks 50 years of organised [...]
Good governance activist K.C. Vignarajah appointed Special Representative for industries chamber
Good governance activist, K.C. Vignarajah has been appointed a special representative to the Ceylon National Chamber of Industries (CNCI) to serve the industrialists and chambers in the North and East of the country. A past chairman of the chamber, Mr. Vignarajah is a senior advisor who is conversant with the chamber movement and enterprise development. He [...]
CIFL depositors lament that President, Harsha have not kept promises
Despite promises made more than a year ago from President Maithripala Sirisena to resolve the crisis at the failed CIFL (Central Finance and Investment Ltd), the woes of many small scale depositors continue. These issues came to the fore at the AGM of the CIFL Depositors Association (CIFLDA) held this week at the Colombo Public [...]
Kind Dutch lady, architect of Beredina helps underprivileged children
Concerns about people living below the poverty line in Sri Lanka’s plantation sector led to the creation of NGO Berendina, founded by Ms Berendina Borst from the Netherlands. She had visited Sri Lanka in 1982 and found pathetic conditions in the villages at Garagoda, Yatiyantota. She began providing assistance to support livelihoods of these marginalised [...]
TORO golf equipment powers Shangri-La Hambantota golf course
TORO and the local distributor, Turf Equipment Ltd has tied up with the ShangriLa Group to provide equipment and maintain the golf course at the hotel’s spacious Hambantota property which opened last month. TORO equipment is used for all the golf course operators in Sri Lanka such as Royal Colombo GC, Victoria Golf and Country resort, [...]
Sri Lanka a magnet for Indian and Chinese travellers
Many Indian and Chinese tourists are visiting Sri Lanka far more than before. There is a lot of potential in the tourist industry judging by the tourist arrivals in the country where more than one million tourists arrived during the past six months, a 16 per cent increase from last year. There are more Indians [...]
Grand Hyatt’s new design in 3 floors to fetch US$ 13,500 a day
The Grand Hyatt Colombo, owned by Sri Lanka’s biggest insurance and pension fund, now has a new structure and design with better space utlisation expected to fetch the government some US$ 13,500 income per day on some floors, according to Ministry of Public Enterprise Development officials. They said this project which was commissioned under the [...]
Despite attacks, it’s safe to visit France, French envoy assures
French companies are very interested in coming to Sri Lanka to invest and do business especially with regard to the Megapolis project development. In this context there are a number of companies in France who are specialised in urban development, urban transport, health, sustainable systems such as waste management, water purification and a whole range [...]
Sri Lankan vehicle importers to campaign for import of eco-friendly vehicles
The Vehicle Importers Association of Lanka (VIAL) says it is campaigning to encourage the Sri Lankan Government to promote and import eco-friendly vehicles to the country. This was stated at a recent conference in Colombo hosted by VIAL for a group of delegates from Japan on the theme “Setting Goals towards Eco-Friendly Auto Market by [...]
One stop-shop Central Steering Committee takes charge of investment projects
The Sri Lanka government is to set up a one-stop shop-type Central Steering Committee to decide on all critical matters relating to clearances and agreements for upcoming investment projects in the country. The committee will have over–riding decision-making authority in the process of clearing and approving local and foreign investment projects to ease setting up [...]
Galle Face Hotel doorman clocks 50 years of service
50 years ago, Rathnayaka Mudiyanselage Punchi Banda carried his first barrel of beer into the tap room at the Galle Face Hotel. Now – at 71 years old – the loyal employee is still earning his keep at Sri Lanka’s oldest and most fabled property, the hotel said in a media release. Mr. Banda was [...]
New smartphone to avoid riding and talking at the same time
The Samsung Galaxy J3 featuring the S bike mode, is a revolutionary industry-first feature for two-wheeler riders that is designed to provide a stress free bike ride. Once activated at the beginning of a ride, any caller trying to reach the Samsung Galaxy J3 user will be notified through an automated answering machine that the [...]
Future of Ayurveda in Sri Lanka lies in promoting this medicine amongst affluent societies
Infrastructure provided for Ayurveda in Sri Lanka is considered excellent and matches international standards, an international expert has said. Considering the response and the enthusiasm of the Ayurveda doctors, the future of Ayurveda in Sri Lanka seems to be bright. In future, emphasis should be on creating the awareness about the principles of Ayurveda and [...]
Weblook International awarded ISO Certification
Weblook International (Pvt) Ltd, a pioneer interactive and innovative ICT solutions provider from Colombo, has been awarded the prestigious ISO 9001 certification for excelling in its operations. The recognition of the commitment to excellence demonstrated by the company was received just as Weblook prepared to celebrate 20 years of service. The globally recognised accreditation certifies [...]
FlipBeats wins big at UN World Summit Awards
FlipBeats, a trend-setting music app by hSenid Outsourcing, was selected as the winner at the United Nations World Summit Awards 2016 under the World’s Best Digital Content in the Entertainment and Lifestyle category. The event was held in Singapore earlier this month. The World Summit Awards is a highly diverse and democratic awards system that [...]
India to be sixth largest business travel market by 2019: GBTA
(TTG Asia e-Daily) – India will jump four spots to become the world’s sixth largest corporate travel market in the next five years, based on forecasts in a Visa-sponsored report by the Global Business Travel Association (GBTA) Foundation. GBTA also expects India to leapfrog Brazil this year and surpass both South Korea and Italy in [...]
PNB intensifies investigations to uncover Brazilian connection in 90 kg cocaine haul
In the wake of an over 90 kg cocaine haul at the Customs yard in Colombo last month, the Police Narcotics Bureau (PNB) has intensified investigations to uncover ties between Sri Lankan drug kingpins and Brazilian drug dealers. This largest cocaine seizure with a street value of around Rs.2 billion rupees (US$13.8 million) has aroused [...]
Crisis at Sanasa?
Posters have sprung up in the city of Colombo highlighting a crisis at SANASA Development Bank PLC this week. However the management said that there was no problem in their financial operations. Pic by Indika Handuwala
Malaysia’s State Chief Minister and Indian Minister to address Sri Lanka Human Capital Summit
Dr. Abdul Kadir, the Chief Minister of Perak State, Malaysia and Shri K. T Rama Rao, Minister for IT and Urban Development, Government of Telangana are among a host of high profile speakers who will address the Sri Lanka Human Capital Summit that is to be held in Colombo next month. The Sri Lanka Human [...]
JobStreet Lanka to host tourism business development seminar
JobStreet Lanka (JSL), part of a global business conglomerate which provides eRecruitment, BPO and corporate training services, is hosting a travel and tourism business seminar. The seminar is part of JobStreet Lanka’s international seminar and workshop series intended for the corporate sector and entrepreneurs, who want to start or expand tourism-related businesses, according to a [...]
Asian growth steady despite weak global prospects, Brexit
MANILA – Growth in Asia and the Pacific’s developing economies for 2016 and 2017 will remain solid as firm performances from South Asia, East Asia and Southeast Asia help offset softness from the US economy, and near-term market shocks from the Brexit vote, according to a new Asian Development Bank (ADB) report released on Monday. [...]
Amana Takaful Life’s IPO oversubscribed on opening day
Insurance company, Amana Takaful Life Ltd’s Initial Public Offering (IPO), the sale of shares worth Rs. 75 million was oversubscribed on its opening day (July 21), demonstrating strong investor confidence in the company’s vibrant prospects and high growth potential. The company said in a media release that it had offered 50 million ordinary voting shares [...]
Stock Market player/businessman Nimal Perera does it again
As predicted ‘correctly’ by many industry analysts at the onset, Nimal Perera, networth investor, one time close confidante of business tycoon Dhammika Perera and director of many firms controlled by the latter, sold Kalamazoo Systems Plc, dealing in paper accounting ledgers, less than a year after he bought it. In early September last year Mr. [...]
Hayleys goes to Maldives
Hayleys Plc, among the top four resort operators in the country through its leisure brand Amaya, has ventured into the Maldives with a US$ 23 million investment (around Rs. 3.4 billion) to buy a luxury resort with 51 villas, which the Business Times (BT) first reported on May 15. Responding to BT’s story, the company [...]
Rules for Dollar trades at CSE to be finalised
To provide an enabling environment for foreign firms to trade on the Colombo Stock Exchange (CSE), the CSE says that they are framing the rules to entertain foreign listings. “The rules committee has almost finalised the said regulations and we are hopeful that they will be approved by the Securities and Exchange Commission next month,” [...]
Due diligence on three state owned hotels
The Ministry of Public Enterprise Development is doing a due diligence on the three state hotels including Hilton, Grand Hyatt and Grand Oriental, which has come on the back on Prime Minister Wickremesinghe’s statement recently saying that offers will be invited from investors to invest in these hotels, according to ministry officials. “We are calculating [...]
IOSCO team here to conduct a country review
The International Organisation of Securities Commission (IOSCO), recognised as the global standard setter for securities regulation, is visiting Sri Lanka this week as part of a country assessment study, officials said. ”The IOSCO team comprising officials from the US, Australia, etc came today,” a Securities and Exchange Commission (SEC) official told the Business Times. He [...]
New owners of Browns Hydro aim to apply for PPP in state plantations
Lotus Renewable Energy (Pvt) Ltd (Lotus), which purchased 72.13 per cent of the shares in Browns Hydro Power PLC (Browns Hydro) recently and is gearing to make a mandatory offer to the shareholders of this company, says that their aim is to use this new company to expand in the renewable energy space. ”We will [...]
Hayleys Fabric’s inno brand secures top customers
Hayleys Fabric PLC, a textile manufacturer which is also the largest manufacturer of polyester in the country, has got new clients into its fold with its own brand of fabric called “inno”, officials said. Created according to the brand specific requirements and high demand from customers, inno, created by this subsidiary of Hayleys PLC is [...]
SAP gearing to digitise rural Sri Lanka
Imagine Sunil Somadasa of Aranayake obtaining a copy of his birth certificate via e-mail? Ms.P. Jeyaranee in Vakarai getting her start up business registration digitised? That just might be the future if talks with SAP India (P) Ltd. (SAP) and the Sri Lankan government authorities go through. SAP which assists streamline processes, giving entities the [...]
Sri Lankan team BitMasters makes its way to International Imagine Cup Finals
The BitMasters, a group of students from the Department of Computer Science and Engineering, Faculty of Engineering at the University of Moratuwa, is on its way to the Imagine Cup World Finals, hosted by Microsoft, after having won the Sri Lankan leg of the competition. Microsoft’s Imagine Cup is an annual competition which brings together [...]
Now Emirates economy class gets amenity kit including toothbrush, comb
Emirates has launched the world’s first interactive amenity kit in Economy Class providing a more comfortable travel experience. The stylish new amenity kits utilise augmented reality (AR) technology to unlock immersive content on mobile devices. The kit bags come in six designs inspired by six regions in Emirates’ global network – Australasia, Latin America, Middle [...]
New International Chamber of Commerce Photographic Award
The ICC (International Chamber of Commerce) Photographic Award 2016 was recently launched in New York to coincide with United Nations High-Level Political Forum on Sustainable Development. The theme for the second edition of the award is #PeoplePlanet. The award invites professional and amateur photographers to submit entries exploring the relationship between humanity and our natural [...]
Citi to partner Sri Lanka in $1.5 billion international bond issue
Citi partnered the Central Bank of Sri Lanka (CB) on behalf of the Sri Lankan Government to successfully raise US$1.5 billion in a dual-tranche 5.5- and 10-year bond offering. The notes were priced at a coupon and re-offer yield of 5.750 per cent and 6.825 per cent for the 5.5-year and 10year tranche, respectively. Both [...]