Mr. President they would look nice on you!
The 26th FACETS Gem & Jewellery Show was opened at the BMICH in Colombo on Thursday by President Maithripala Sirisena who is seen here checking out a display rack. An interested visitor to the exhibition looks at one of the products. Pix by Ranjith Perera
Revenue targets caught between the devil and the deep blue sea
The government is heading for a revenue shortfall this year due to a delay in the implementation of several tax amendment proposals in the 2016 budget as well as VAT and NBT revisions made by the Prime Minister in April. Central Bank Governor Dr. Indrajit Coomaraswamy on Tuesday warned that the Government’s revenue targets could [...]
Dismissed Mackwoods’ staff to resort to union action
The ongoing drama at Mackwoods Pvt Ltd took a different turn last week when some 60 workers were fired and the management allegedly taking steps to dissolve the company, disgruntled employees, seeking union action. Eleven employees have resisted an ex-gratia payment of three months. Some of these workers told the Business Times that they are [...]
High level of awareness on controversial issues
An unusual discovery: The working class and other middle and lower segments of society in Galle have shown a surprisingly high level of awareness on the Colombo Port City, the Central Bank bond issue and the coal tender compared to those in Colombo, a BT-RCB poll this week revealed. The poll tackled some fundamental issues [...]
Tea Board to Finance Ministry: Law doesn’t permit fund transfers
The Sri Lanka Tea Board (SLTB) has told the Finance Ministry that it is unable to transfer monies from a special fund to the ministry’s Consolidated Fund due to the legal impediments to do so. In an August 26 (Friday) response to a letter from the Finance Ministry received on August 24, it said according [...]
When Irish eyes are smiling…
Heck – this was one great way of delivering a serious development sermon laced with wit, entertainment and zany facial expressions. It indeed woke up the audience and the hour passed with everyone wide awake and glued to their seats. This is about a presentation at an recent ILO event in Colombo hotel this week. [...]
Public awareness on development issues
Many issues have confronted the public over the past year like the Central Bank bond issue, the coal tender, highway contracts and the Colombo Port city project among many others. How the public perceives these projects was the focus of this week’s BT-RCB poll. Most of the additional comments came from street interviews conducted by the [...]
Sri Lanka Tech Start-up Ecosystem: Need of the Hour
For eager tech entrepreneurs, investors and supporting institutions in Sri Lanka’s fast evolving start-up space, collective success is predicated upon the realisation that this is a market that rewards novelty, action and differentiation. Not only are consumers both discerning and savvy, but they also have very low switching costs. As the window to win grows [...]
A world of a difference in 3D
You have a sudden craving for ice cream. Who do you call? You can’t find a spare part for your car. Who do you call? You need a unique one-off wedding dress for the big day. Once again who do you call? The Ghostbusters might have exorcised many demons but if you want the devil [...]
Watson to the rescue : Start-ups slated to elevate to the next level
Think about it. Everything in life is a trade-off. Where to build your dream home, which outfit to wear, which hospital to admit to, what target market to reach, etc – Whether in personal life or in business, one has to make choices. Chetan Naik, Vice President – Enterprise and Mid Market, IBM India/South Asia [...]
All that shines is gold and ‘Glitteray’
COLOMBO – Rayhana Iyne learned a valuable life lesson early in her career – never give up. Even when you have the door slammed shut in your face. As a teenager, one of her first jobs soon after O-Levels was selling encyclopedias going door-to-door. She found it quite a humbling experience with house-owners rudely cutting [...]
Attracting ‘smart’ capital for your tech start-up
Despite being relatively young, Sri Lanka’s tech start up eco system has witnessed tremendous growth over the past few years. Home to world-class human capital, an envious geographical location, an increasingly favourable business climate, and relatively superior infrastructure to other countries in the region, Sri Lanka is well poised to become a thriving start-up hub. [...]
China calls for India to join hands and develop Sri Lanka
China’s top diplomat in Sri Lanka openly welcomed India to “join us and develop this country” while stressing economic ties, and not geo politics, would be the strong foundation for close relations between Sri Lanka and China. Referring to the Colombo Financial City, formerly known as Port City, Chinese Ambassador in Sri Lanka Yi Xianliang [...]
Walkers Colombo shipyard successfully builds first vessel
Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of MTD Walkers PLC, has successfully completed the construction of its first vessel, a barge named ‘Seagulf 1’. The barge designed and constructed entirely by in-house engineering teams under the guidance of Dr. Sarath Obeysekera, Managing Director of Walkers Colombo Shipyard (Pvt) Ltd, was launched recently at the [...]
Sri Lanka joins 13th CAEXPO as Special Guest Country
The Consulate General of Sri Lanka in Guangzhou has confirmed that Sri Lanka will join the upcoming China-ASEAN Expo (CAEXPO) as a Special Guest Country. Minister of Industry and Commerce of Sri Lanka, Rishad Bathiudeen will lead a delegation to the 13th CAEXPO on September 11-14 and deliver a speech during the opening ceremony. Besides, [...]
Google balloons and Wi-fi but law and order behind the times
In this day and age of Google balloons and the promise of Wi-Fi across Sri Lanka, one would expect government ministries to keep abreast with new technology. This is not the case. During the flash floods, the Business Times pointed out how the website of the National Disaster Management Centre was a disaster itself as [...]
Etihad Airways’ global sales with up to 50% off to 58 locations
Etihad Airways has launched its global sales campaign, targeted at business and economy class guests, with fares available on a wide range of destinations served across the world and fares available for travel until June 2017. Guests travelling on the airline’s twice-daily flights from the capital Colombo can make the most of this offer over [...]
CICT partners NAITA to offer training for Quay Crane Operators
Colombo International Container Terminals (CICT) is support the National Apprentice & Industrial Training Authority (NAITA) of Sri Lanka by providing facilities for training Quay Crane (QC) operators at the Colombo South Terminal. A new initiative under CICT’s corporate social responsibility (CSR) agenda, the partnership will see the first batch of 10 selected NAITA students undergoing [...]
Passion for music and food keeps DJ Harpo in the groove
ON SONG DOWN GREGORY’S ROAD: The vinyl record is coming back much to the delight of Harpo. For someone who was brought up on a wholesome diet of visceral music accompanied by the hiss and crackle of the turntable creating a rich sound, the return of vinyl is testament to the fact that though styles [...]
WB-Sri Lanka: Building on 6 decades of partnership toward a promising future
COLOMBO, Aug 31 – Sri Lanka amazes me in many ways, with its smiling faces among a rich tapestry of cultures, diversity, and natural wonders. On this fourth visit and first time in the Northern Province, I once again found a resilient and industrious people eager to build their lives and advance the country together. [...]
WP’s ailing public transport system to improve
Sri Lanka is set to introduce far-reaching improvements to the Western Province’s ailing public transport system, a senior Government Minister disclosed. Public transport intervention is to be given priority under this initiative where the railway is expected to play a vital role with a Rapid Transit System (RTS) providing fast access to Colombo central and [...]
Mabroc Bubble Tea flagship store launched with a unique range of Bubble Teas
The concept of Bubble Tea which originated in Taiwan has found its way across the world and has been brought to life in Colombo with Mabroc Teas recently unveiling their flagship Bubble Tea store at the basement food court of Colombo’s premier shopping destination, Liberty Plaza. This is the first of many Bubble Tea stores [...]
Guru.lk achieves milestone in sale of study packs for banking exams
Guru.lk (www.guru.lk), Sri Lanka’s leading provider of online study courses in multiple disciplines, has reported a milestone in the sale of study packs for banking examinations conducted by the Institute of Bankers of Sri Lanka (IBSL), the company said. It said the sale of subject courses for the Intermediate in Applied Banking and Finance (IABF) [...]
SL tourist sector perturbed over high rates at tourist visit sites
Sri Lanka’s private-driven tourism industry has urged the authorities to improve facilities at local sites frequented by tourists where entry rates have sharply risen. While the Sri Lanka Tourism Development Authority (SLTDA) has promised to intervene, the agency says that since these sites don’t come under the SLTDA it can request but not direct changes. [...]
Turkey tourism: An industry in crisis
TURKEY, June – The group of British tourists playing water polo in the pool could shriek as loudly as they liked: there were virtually no other guests they’d disturb. The four-star Garden Resort Bergamot Hotel in Kemer, just outside Antalya, should be 70 per cent full at this time of year. But just 25 of [...]
Tourists make beeline to SL for tattoos
Sri Lankan tattoo artists have raised the bar in the local tourism industry, attracting travellers specifically for this purpose. Visitors, mostly Europeans and Asians are making a beeline to Sri Lanka to get a tattoo done because it’s cheaper than other countries. Recently the Business Times came across a tourist from Paris in France who [...]
Thai travel agents on fam tour
Sri Lanka Tourism in collaboration with tourism industry stakeholders, Sri Lankan Airlines and the Sri Lankan Embassy in Thailand arranged a familiarization tour of Sri Lanka for 10 key travel agents from Thailand, a media release stated. The tour was arranged to coincide with the Kandy Esala Perehara, in line with SLTPB’s strategy of promoting [...]
Hotel Asia propels Lankan hospitality to Maldives
The Sri Lankan hospitality industry and its stakeholders will converge at Hotel Asia 2016 from September 5-7 for the largest trade exhibition and culinary competition of its kind in the Maldives. It has been an annual event for many years now. The exhibition has a history of drawing in crowds to Dharubaaruge where it will [...]
Cometh the hour, cometh the man – A tribute to Deshamanya Cyril Herath
The eighth of September this year is the fifth death anniversary of Deshamanya Cyril Herath, former IGP, Defence Secretary, and Chairman of National Savings Bank (NSB); and also a distinguished alumnus of the prestigious University of Ceylon, Peradeniya. On this occasion, we think we have a duty to tell the people of Sri Lanka, the [...]
Swear on VAT; no sweat on foreign cash – CB says
The Central Bank (CB) this week reiterated that the issue of the troubled Value Added Tax (VAT) has to be sorted speedily but noted that there’s no need for any foreign borrowing in the short term. ”A major part of the government’s stabilisation programme is fiscal consolidation and a major part of that is increasing [...]
VirtusaPolaris – as ‘Highest Foreign Exchange Earner of Computer Related Services’ at Presidential Export Awards
VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd, was recognized as the ‘The Highest Foreign Exchange Earner of the Computer Related Services’ for 2014 at the recent 20th Presidential Export Awards. The event recognized export performances for the years 2014 and 2015. A company media release said that developing cutting [...]
LOLC gearing for micro-financing in Pakistan
The LOLC group will start a micro-sfinance operation in Pakistan in a bid to further expand regionally, officials said. LOLC which saw its financial services sector companies lead the group to record strong profits in the first three months of 2016/17 with a profit before tax (PBT) of Rs. 3.2 billion when compared to the Rs. [...]
Railway Electrification: Game changer in public transport, now firmly on track
During peak hours, roads in-and-out of Colombo are heavily congested and the trains excessively packed. Reaching Dehiwala from Fort by bus after work – a distance of 11 km – may well take more than one hour. Though many use the train to cut the trip time, the journey is arduous, with many a dozen [...]
Ceylinco Life’s 6-mth income up 14% to Rs 11 billion
Ceylinco Life has reported that total income grew 14 per cent to Rs 11.028 billion in the six months ending 30th June 2016, with robust growth in both gross written premium and income from investments enabling the life insurance leader to consolidate its position at the helm of the sector. Gross premium income at the [...]
Kelaniya Medical Faculty to host silver jubilee exhibition on Sept. 23-20
To mark the Silver Jubilee of the Kelaniya University Medical Faculty, the faculty is organising a medical exhibition titled ‘Medikel 2016′ aimed at profiling avenues of medicine and medical practices. It will be held on September 23-29 at the faculty premises at Ragama. Prof. W. Abeywickreme, Chairman, Exhibition Committee, told reporters at a briefing to [...]
Six troubled finance companies to be bailed out
Six troubled finance firms which can’t keep their head above water are being negotiated for bail-outs by several investors and among them the former Entrust-managed Multi Finance tops the list, according to Central Bank officials. The Central Bank (CB) is evaluating proposals to resurrect the Entrust subsidiary and is close to finalise a potential investor [...]
SL, US in trade pact in five years
Sri Lanka and the US have agreed to a number of trade related benefits and market access to be achieved within five years. The Joint Action Plan aims at reaching its goals based on the commitment to increase tariff preference arrangements to access the US market; the US to provide additional information on possible mechanisms [...]
SL to partner SAARC economies in financial hub
Sri Lanka has called on SAARC regional countries to partner in the establishment of the international financial centre on the planned Colombo Port City project that has got the government nod to go ahead. Finance Minister Ravi Karunanayake addressing the 8th SAARC Finance Ministers Meet in Islamabad, Pakistan this week urged SAARC regional countries to [...]
Today’s workers aim for many jobs in a short spell
Young Sri Lankans regularly changing jobs is one of the biggest dilemmas faced by CEOs and heads of organisations in sustaining an organisation with the best of talent. Today’s youngsters who look for jobs after A/L or university graduation often are disinclined to be attached to one organisation for a long spell. The Business Times [...]
AGM of the Sunday Times Business Club
The annual general meeting of the Sunday Times Business Club (STBC) was held on Tuesday, August 30 at the Kingsbury Colombo. Picture shows the new executive committee: (From left, seated): Treasurer – Anura Perera, Immediate Past President- Amal Fernando, President – Sampath Kulathunga, Secretary – Shantha Dias Gunaratne and Vice President – Harsha Pathiraja. (Standing [...]
Microsoft ways of improving education through technology
Microsoft Sri Lanka and Headstart (Pvt Ltd) recently recognized 15 local schools that have come on board their joint project of ‘Teaching with Technology’. Sixteen teachers and 13 students from these schools recently gathered at the Microsoft Sri Lanka office in Colombo to discuss the new experiences that technology has made possible in their classrooms. [...]
Desperate UB Finance depositors say Central Bank has failed to deliver on its promises
The depositors of another failed finance company – UB Finance – say they are undergoing untold miseries for the last eight years which includes 48 suicides. They put the blame on the Central Bank (CB) which they allege has at every turn deceived and mislead the depositors on the pretext of helping them. These depositors [...]
FCCISL had set up a Japan –Sri Lanka Chamber of Commerce in Japan
Several Memorandum of Understanding (MOUs) on trade and investment have been signed with countries by the Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL) to boost trade potential this year. “We have signed an MOU with AMANA centre in Karachi in Pakistan to develop a fully fledged institute for entrepreneurship development in [...]
LOLC Finance sets the benchmark in Sukuk issuances in South Asia
LOLC Finance PLC has successfully issued a Rs. 500 million (US$3.37 million) Sukuk from the domestic market, setting a precedent for corporate Sukuk issuances in South Asia. Sukuk is commonly referred to as ‘Sharia’h compliant’ bonds which is a fast emerging source of alternative funding often referred to as Islamic Bonds, the company said in [...]