A sucker is born every minute, nay every second
Athula Devapriya, our roving photographer, this week came across a crowd surrounding a woman seated on the ground busily pouring what looked like engine oil into small bottles. The woman seated on the pavement at Olcott Mawatha had a brisk business for dozens of gullible Sri Lankans, many young waiting impatiently with a 100-rupee note [...]
SriLankan Airlines’ losses in excess of US$56 mln during airport closure
SriLankan Airlines is set to lose at least US$56 million in revenue in addition to other costs owing to the 3-month day-closure of the Bandaranaike International Airport (BIA) next year for emergency repairs on an ageing runway. “Approximately $56 million will be lost in revenue due to cancelled flights. Other costs due to disruption will [...]
Four-month amnesty for unregistered motor cycles raises eyebrows
The Sri Lanka Government has rejected claims that a 4-month amnesty for motor cyclists to register motor cycles being used without registration was a ruse to legalise an illegal motor cycle assembly operation. When questioned about these allegations, Minister Nimal Siripala de Silva vehemently denied that the amnesty was to cover up any illegal activity [...]
RPC Chairman summoned by SEC
The drama at Richard Pieris & Co (RPC) is continuing with the latest development being its Chairman Dr. Sena Yaddehige summoned by the capital market regulator over alleged securities fraud, a source close to the group said. But the latter is abroad and the company has informed the Securities and Exchange Commission (SEC) that he [...]
More offers for card payments in next budget
Sri Lanka’s 2017 budget due in November is likely to spell out more concessions for the card payment industry with the banking regulator asking consumers to use less cash. Referring to the concessions made to card payments in last year’s budget, Central Bank Director Payments and Settlements Department Director Dharmasiri Kumaratunga said they were expecting [...]
All you need is love …
Hold your horses … here’s a news alert and not a particularly nice one: Many of the Sri Lankans committing suicide these days are over 70 years old. An unbelievable statistic, it’s like turning a page from Ripley’s “Believe It or Not”. While this information came out for the first time in Parliament about 10 [...]
War-time Sri Lanka had efficient public officials in battered areas unlike many other countries in conflict
When the International Labour Organisation (ILO) in late 2010 began preparing for a post-conflict rural economy development project in Sri Lanka’s war-torn northern region, it encountered many issues. Among them were disenchantment by locals, fear of the military presence, fear of taking initiatives, fear to speak and a general sense of despair and ‘where do [...]
Travails of a bus and rail commuter
ON THE ROAD TO HIKKA: With the Beamer parked in the driveway, Kishu Gomes and his wife Shami, decided one Saturday morning to experience what it was like to use public transport to get around this lovely island of ours. The goal was to get up-close-and-personal and a feel for how the people travelled. The [...]
Ceylon tea to brew well in US, China
Sri Lanka is trying to secure emerging tea markets like China and the US that are already over US$50 million worth sectors. US and China are the two main emerging markets, Sri Lanka Tea Board (SLTB) Chairman Rohan Pethiyagoda told the Business Times on Thursday. He noted that they were currently studying these markets and [...]
MTI links Cambodia to help Sri Lankan companies enter
The nascent stage and high growth of the Cambodian economy is attracting significant regional business interests and this provides Sri Lankan businesses an opportunity to be an early mover in the development phase of this fast emerging Mekong valley region, a top consultancy firm has said. MTI Consulting, with experience in the ASEAN region, has [...]
Sampath CEO Aravinda to accept NDB CEO slot?
A new Director/CEO – possibly one who is currently heading a private bank – has been approached by National Development Bank (NDB) board to steer the bank, following Rajendra Theagarajah’s impending exit, and that may be Aravinda Perera, Managing Director at Sampath Bank. This came after Sampath Bank (Sampath) on Friday announced the appointment of [...]
Treasury support for soya and maize farmers
Treasury support has been assured to Sri Lankan farmers to create a sustainable purchasing system connecting them directly to relevant industries that require their produce. This promise was made by Finance Minister Ravi Karunanayake when he recently met a group of maize and soya bean farmer representatives of Mahaweli H Zone in Huruluwewa in the [...]
CDS signs MoU with Pakistani Depository Company
Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE) and the Central Depository Company of Pakistan (CDC), recently entered into a Memorandum of Understanding (MoU) regarding strengthening corporation on mutual development and knowledge sharing. It was signed in the backdrop of the 25th anniversary celebrations of the CDS, [...]
Emirates extends Facebook competition in Sri Lanka
Emirates has announced an extension of its competition currently on Facebook to fans in Sri Lanka, to enable more people to participate and stand a chance to win an exciting visit to Dubai. The competition invites participants to tell Emirates in 35 words or less, why they want to visit Dubai. It is accessible to [...]
Advantis provides port side logistics support to USS Frank Cable
Advantis Marine, the marine services arm of Hayleys Advantis Ltd, provided end-to-end port side logistics support to the USS Frank Cable (AS-40) submarine tender vessel during its recent refueling and port visit to Sri Lanka. Advantis provided all port agency and husbandry services to the vessel while it was berthed at the East Container Terminal [...]
Computer Society urges SL to ensure safeguards for IT professionals
The Computer Society of Sri Lanka (CSSL) has urged the Government to ensure many safeguards to protect local IT professionals from a possible influx of foreign workers in the sector under proposed new trade and services agreements with many countries. Among them are proper verification of a foreign national’s qualification, pre-determined visas and taxing such [...]
Government wishes to stay in power forever?
Judging from reader responses to the previous article on the complete rejection of the ‘Yahapalana’ regime by capital markets, those who are politically aligned to this house of cards are bitter at the negativity of it all. What is a writer to do when the evidence provides nothing but negative news? Hide the truth or [...]
Silueta – first company in Sri Lankan apparel industry to get ISO 9001:2015 certification
Silueta (Pvt) Ltd, a subsidiary of MAS Holdings, was awarded the ISO 9001:2015 certification, for the first time in the history of the apparel industry in Sri Lanka. The certification was awarded in recognition of the company’s commitment to ensuring the highest quality in its products. The company, located in the Biyagama Export Processing Zone, started [...]
Sri Lanka –China FTA concludes third round negotiations
Sri Lanka is closing in on a Free Trade Agreement (FTA) with China after ending a third round of negotiations with senior officials hopeful that the deal could be concluded next year. The FTA is now being finalised to open up the huge Chinese market to Sri Lanka’s producers, manufacturers and exporters, Commerce Department officials [...]
No new licences to be issued for finance companies, CB says
No new licences for the establishment of finance companies will be issued by the Central Bank (CB) and therefore “licences of existing companies will have a high market value in the future which is a key factor encouraging new investors”, according to the CB on Friday. It said a major overhaul of the regulatory framework [...]
Lankaputhra: Supreme Court issues interim order on GM’S post
In the wake of the removal of the Lankaputhra Bank Chairman Lasantha Goonewardena on Monday, the Supreme Court two days later issued an order temporarily barring the appointment of a new General Manager. This came when the Fundamental Rights application filed by the bank’s former General Manager Lasantha Amarasekara was taken up for hearing. Mr. [...]
Step on the gas in Sri Lanka
The Global Fuel Economy Initiative is supporting Sri Lanka to assess the fuel economy of its vehicle fleet numbering around 4.5 million and develop new policy measures. The country should harness maximum benefits from this initiative by implementing a clean air action plan which will contain proposals for vehicle fuel economy labelling and fiscal incentives. [...]
Vehicle tax collection seen falling amidst drop in sales and under-invoicing
The Government has promised Sri Lanka’s motor trade that a controversial form of taxation on vehicles will only be for a period of two years. This is in reference to the unit rate of excise duty for the vehicles on the basis of cubic centimetre which is expected to raise revenue of Rs. 20 billion, according [...]
DIMO brings Mercedes-Benz experience to Galle
Diesel & Motor Engineering PLC (DIMO) recently organised a Mercedes-Benz ‘Star Experience’ at the Dutch Hospital Shopping Precinct, Galle. Mercedes-Benz owners and enthusiasts, jeep owners and enthusiasts and potential customers in the south were present at the Mercedes-Benz event. The invitees experienced the latest Mercedes-Benz vehicle range which included the Mercedes-Benz C-Class, the all new [...]
Volkswagen car plant building starts next month
Volkswagen AG’s local joint venture partner Senok Automobile (Pvt) Ltd will next month start to build the Volkswagen car plant in Kuliyapitiya in the Kurunegala District, government sources revealed. Fresh doubts emerged last week on the implementation of Sri Lankan government’s much publicised project following a statement made by Deputy Minister of Public Enterprises Development [...]
Eurocars launches Porsche ‘Driving Experience’ here
Eurocars, official agent of Porsche cars in Sri Lanka, will host the first-ever exclusive Porsche ‘Driving Experience’ in mid-September, where Porsche enthusiasts will get an opportunity to experience six German-built top-of-the-range sports cars that have never before been seen or driven in the country, a media release issued by the company disclosed. It will consist [...]
Visiting German technician improves Audi car care in Sri Lanka
With a view to ensuring Audi customers the optimal operation of their Audi cars, Senok Automobile (Pvt.) Ltd, the sole agent for Audi in Sri Lanka, has conducted a dedicated ‘Flying Technician Programme’ for customers providing them with finer points in taking care of Audi cars by a German technical expert. Christian Holzapfel, an Audi [...]
MA’s creates effective transition to its next generation
MA’s Foods has been in business for more than 25 years with 300+ staff. MA’s is a family-owned business started by Mario de Alwis and backed by his wife Suzette De Alwis. MA’s is one of the family owned organisations with notable successes in managing the transition from first generation to the next generation. Today [...]
E-commerce and tourism
In the Business Pages of the Daily Mirror dated September 5 it was stated that the Minister of Finance Ravi Karunanayake is seriously contemplating bringing in new legislation to regulate e-commerce in order to prevent the flow of foreign exchange out of the country. It is indeed a wise decision, albeit rather late in the [...]
Walkers Piling commences Sri Lanka’s first sea piling project
Walkers Piling (Pvt) Ltd, a subsidiary of MTD Walkers PLC announced this week that it has commenced work on Sri Lanka’s first sea piling project at the Mutwal Harbour. The piling work is being carried out to enable the installation of a state of the art Shiplift and Transfer System at the Mutwal Harbour. The [...]
ZMAX Fairway brings smart luxury to Colombo
The ZMAX Fairway hotel set to open on Thursday September 15 with 181 rooms will become the next modern business leisure space located in Fort, opposite the World Trade Centre, a media release issued by the hotel said. The hotel, a ZMAX branded outlet, comprises 181 rooms, meeting rooms, high speed wifi, a gym, 24 [...]
Oman Air uses Virus-Guard disinfectant wipes to protect against global health threats
Oman Air this week announced that it was joining a long list of major aviation leaders who now use Virus-Guard’s disinfectant wipes. Designed for protection against swine flu, H1N1, H7N9, Ebola, Mers and Zika, Oman Air’ staff members currently use the wipes to disinfect aircraft galleys, lavatories and door handles. “We are committed to maintaining [...]
Microimage Mobile Media showcases flagship product at broadcast technology show in Indonesia
Microimage Mobile Media, Sri Lanka’s leading broadcast, software tech company, featured its flagship solutions at Broadcast Indonesia 2016 at the Jakarta International Expo from 31st August to 3rd of September. The latest version of Microimage mStudio, the flagship radio automation solution offers radio broadcasters the capability to redefine the way radio is experienced by listeners. [...]
PM calls for ‘complete report’ on depositor woes at UB Finance
Prime Minister Ranil Wickremesinghe on Tuesday said he has asked the Central Bank (CB) to submit a ‘complete’ report on the issues faced by a section of the depositors at UB Finance. Responding to a request in Parliament by MP and JVP leader Anura Kumara Dissanayake for an investigation into some issues at UB Finance, [...]