Christmas is here!
A family looks at a Christmas tree and other decorations at the Christmas Fest organised by the Tourism Ministry at the Indeoendence Arcade in Colombo on Wednesday. Pic by Indika Handuwala
No ‘Santa’ for public servants
Sri Lanka’s anti-graft body has come down firmly on gifts through hampers and other expensive items to public officials during this festive season from the private sector, saying these ‘gifts’ fall within the purview of a ‘bribe’. While in reality the distribution of hampers is a practice carried out by private sector companies to their [...]
Japanese buyer in BOC-Seylan deal shell-shocked
The Japanese buyer in the deal that went sour involving Seylan Bank’s 7.5 per cent stake in Bank of Ceylon (BOC) this week is shell-shocked. Murtaza Jafferjee, CEO JB Securities which did the transaction, told the Business Times that his client, the Japanese investor is in Colombo now and is not a happy man. “The [...]
CB orders curbs on Perpetual Treasuries
The Central Bank (CB) has ‘curtailed’ primary dealer, Perpetual Treasuries Ltd from trading in the capital market and declaring company dividends, following the company’s controversial deals in bond trading last year, informed sources said. Earlier the CB had said that it would take action against Perpetual Treasuries but unspecified this at a recent media conference. [...]
Drop in tourist arrivals in Q1 2017
The airport closure is set to steer a drop in visitors to the island in first quarter 2017 just as Sri Lanka Tourism is gearing for a promotional drive and is drawing up new rules of how public private partnerships could work in future. “Already we have recorded a drop in booking,” City Hoteliers Association [...]
Tea budget proposal for discussion in January
The government is likely to take up for discussion next month the budget proposal on limiting land leased and managed by Regional Plantation Companies (RPCs) to 5000 acres. At present this is only a statement and Treasury is expected to initiate a discussion on this matter, Plantation Ministry Secretary Upali Marasinghe told the Business Times [...]
Heading for turbulent times
Heard this week in the corridors of a Colombo brokerage: “Machan, I hope the FCID will not come knocking at my door!” It was said in jest over Prime Minister Ranil Wickremesinghe’s order to the CID to probe the sale of a 7.5 per cent stake in Seylan Bank by the Bank of Ceylon (BOC), [...]
Govt. committee to probe BOC-Seylan transaction
The state-owned Bank of Ceylon’s (BOC) controversial sale of a 7.5 per cent stake in the private Seylan Bank and its subsequent reversal according to many in the capital market reeks of unpleasantness and suspicion. A government committee is being appointed to examine the circumstances by which this happened, but not without a heap of [...]
Nairobi hub for Sierra Cables’ East African exports
Sierra Cables PLC which began operations in Nairobi, Kenya recently is eyeing the East African region for exports with Nairobi as the hub, officials said. The company has already commenced commercial operations in Kenya in line with the rural electrification programme being implemented there. “We want to use Nairobi as the launch pad and market [...]
First housing scheme for old, retired couples in Jaffna
In the good old days, parents lived with their children and grandchildren after they (children) got married as one big extended family. However, now in most other countries which is also becoming a custom now in Sri Lanka, married children live separately in a different house or apartment or have migrated abroad. Lonely and stranded [...]
Bangladesh’s Gemcon Group retains MTI for 8th consulting project
The Gemcon Group, one of Bangladesh’s top business conglomerates (including the leading supermarket chain Meena Bazar), has engaged MTI for the 8th project since MTI’s inception in Bangladesh in 2006. “This reflects Gemcon’s trust and confidence on the advisory services of MTI Consulting and also MTIs ability to generate bottom-line impact for the development of [...]
Fresh blood, new thinking among ruling classes a must if country is to take off
An infusion of fresh blood, both in politics and business, is needed if Sri Lanka is to avoid the doomsday scenario of slipping back into the sad and bad days of ‘Big Man’ illiberal democracy (read the Rajapaksa era), leading economist Prof. Razeen Sally declared. The Sri Lankan-born associate professor at the Lee Kwan Yew [...]
CICT ‘Highly Commended’ at Lloyds List awards in Dubai
Colombo International Container Terminals (CICT) has been presented with a ‘Highly Commended’ certificate in the ‘Port Operator’ category at the prestigious Lloyd’s List Middle East and Indian Subcontinent Awards for 2016. The accolade recognises the view of the panel of judges that the CICT-managed Colombo South Terminal of the Port of Colombo “is a Terminal [...]
SLASSCOM’s “Future X” finals mobilizes new talent and innovative ventures
FutureX was organized to encourage tech innovations which will address socio economic issues in Sri Lanka and to develop and promote innovation and technopreneurship among the university students. The event saw 12 teams that had won their way to the finals, competing for the grand prize of a half a million rupees in cash at [...]
Practise what you preach
The ‘lion’ roared to make the elephant shiver. Bravo to the President of Institute of Charted Accountants of Sri Lanka who had the courage to tell the Minister of Finance face to face to regularise his implementation skills to make the budget proposals a reality. In a recently concluded Post-budget seminar, the President of CA [...]
Banks should contribute to Sri Lanka’s development
The People’s Bank has played a pivotal role in building the country’s agricultural and the small and medium enterprises sectors since it was formed 1961, said the Minister of Public Enterprises Development Kabir Hashim unveiling the new People’s Bank logo by switching a computer at a ceremony held at the Hilton Hotel Colombo by last [...]
Ambitious export earnings’ target should not rely solely on FTAs, research study shows
Sri Lanka has set an ambitious target of export earnings of US$30 billion by 2020 which cannot be achieved solely through the negotiation of Free Trade Agreements (FTAs), says a new research study. This was presented by Verité Research, in partnership with the Lanka Fruit & Vegetable Producers, Processors and Exporters Association (LFVPPEA) during a [...]
Mastercard partners with Uber, few free rides to cardholders
Mastercard and Uber have announced a partnership to reward cardholders in Sri Lanka with some free Uber rides for payments made using their Mastercard credit cards on the Uber app. New users signing up for the Uber App for the first time will be awarded two free rides (of up to Rs. 250 each) when [...]
Bleak festive season and future for depositors in failed fincos’
Majority of the depositors of some failed finance companies this year too are in for a bleak festive season, because, neither their deposits on maturity are paid, nor the interest on which these depositors lived on, has been paid. According to W. Gunawardena, President, CIFL (Central Investment and Finance Ltd) Depositors Association (CIFLDA), there are [...]
Maliban only food company to win world class award at APQO Conference 2016
Maliban Biscuits, Sri Lanka’s top biscuit manufacturer, has become the only food company in the world to be awarded a World Class Award under the Large Manufacturing category at the Global Performance Excellence Award (GPEA) by the Asia Pacific Quality Organization (APQO) at the 22nd APQO International Conference on Quality held in Rotorua, New Zealand. [...]
Jaffna International Trade Fair on January 27-29
The Jaffna International Trade Fair (JITF 2017), the largest Consumer Exhibition and Trade Fair in the northern region of Sri Lanka will be held from January 27 to 29 for the 8th consecutive year, with all arrangements in place to make it a great success for private and public sector companies, suppliers, buyers/procurers, academics, students [...]
Datsun bounces back in Sri Lanka after a 60-year absence
After gap of more than half a century, Datsun – once Sri Lanka’s best known car – is bouncing back into the country. The return of this once, popular brand comes with the latest addition to its model lineup, the all-new Datsun redi-GO, a vehicle developed for the middle class and youths ‘bubbling with aspirations [...]
Greening Sri Lanka’s transportation: Will it ever really happen?
The world is experiencing the greatest transformation in the transport system since the early 1900′s when gasoline powered cars first triumphed over electric, also replacing horse-drawn carriages. Lithium batteries have enabled electrified transportation to finally catch up with gasoline, giving designers more vehicle design options and opening the door to ending the dominance of the [...]
Volvo enters Sri Lanka opening state-of-the-art showroom at Peliyagoda
Swedish car brand Volvo Car Group has entered Sri Lanka in a big way by appointing IWS Holdings Group as its local importer and distributor and opening a state-of-the-art showroom and fully-fledged service facility in Peliyagoda recently. Volvo Cars Sri Lanka, a new subsidiary under the IWS Holdings Group, hosted the grand launch of its [...]
Pre-budget demand maintains vehicle registration momentum last month
Vehicle registration momentum continued in November due to pre-budget demand with motor cycles in the forefront, a JB Stockbrokers research report said Total car registrations recorded 3,574 units in November up from 3,402 units the previous month but down from a very high number of 10,084 12 months ago, the report revealed. Brand new car [...]
MTD swings into action against under-taxing vehicle import scam
An under-taxing scam involving import of super luxury vehicles by a cartel of car importers working hand-in- glove with some officials of the Department of Motor Traffic (MTD) and Sri Lanka Customs has been bared. An internal audit query sent to the MTD on a tip off revealed that several super luxury vehicles had been [...]
BOC Debenture Issue oversubscribed on opening day
The Bank of Ceylon (BOC)’s Rs.8 billion-worth debenture issue on Wednesday was snapped up by investors at the Colombo bourse on the same day with the controversial reversal of a BOC sale of its stake in Seylan Bank not figuring at all in buoyant, buying sentiment. The bank issued 50 million rated, unsecured, subordinated, redeemable [...]
CB should hike interest rates faster than desired to limit capital outflows, Moody’s says
Sri Lanka’s (B1 negative) elevated debt burden, large fiscal deficits and high external borrowing costs continue to expose the country to potential shocks, Moody’s Investors Service says in a new report. While the programme with the International Monetary Fund (IMF) has helped establish an ambitious roadmap to fiscal consolidation and structural reform, implementation will be [...]
Government in integrated promotions for Sri Lanka
The government will kick off an integrated promotional campaign, putting on hold the promotions for vital industries like tea and tourism as the state plans to invite 2400 factories to be relocated from China to Sri Lanka. There would be a “concerted and targeted” effort, International Trade and Development Minister Malik Samarawickrama said on the [...]
Temporary BIA Jan-Apr closure set to drop passenger traffic by 12%
The re-construction of the Bandaranaike International Airport’s runway, at an estimated cost of Rs.7.2 billion, is likely to result in a drop in arrivals and departures by about 12.8 per cent with the cancellation of about 10 flights per day and rescheduling of others. SriLankan Airlines has cancelled six flights per day and others about [...]
Colombo port to employ female gantry crane operators
Sri Lanka is set to have its first female gantry crane operators, a sector dominated by males, Ports and Shipping Minister Arjuna Ranatunga said on Thursday. “Normally there are male gantry crane operators in Sri Lanka. We changed that pattern. We have given that training to females. They are assuming duties on January 8 as [...]
Key audit matters – liability of auditors and directors
By Ruwani Dharmawardana,Attorney-at-Law The new International Standard of Auditing (ISA 701), pertaining to communicating key audit matters (KAMs) in the auditor’s report, to be effective for audits of financial statements for the period ending on or after December, 15, 2016, has brought changes to the traditional audit report written in boiler-plate language limiting to a [...]
Lagarde keeps IMF job, escapes penalty after negligence conviction in France
PARIS, Dec 19, REUTERS – International Monetary Fund Chief Christine Lagarde escaped punishment and kept her job on Monday despite a conviction on negligence charges over a state payout made while she served as France’s finance minister in 2008. The executive board representing the IMF’s 189 member countries reaffirmed its full confidence in Lagarde’s ability [...]
Lucky winner of SriLankan Airlines passenger survey
Ms. Mayuri Sri Rohanan from the Interpid Group has as emerged as the lucky winner of the draw for the month of July 2016 organised by SriLankan Airlines. The draw was held to select a winner from the passengers who have taken part in the passenger survey conducted by the airline to collect their feedback, [...]
Road safety/ accident prevention:
1. Illuminate pedestrian crossings on either sides of the road. 2. Install flickering amber lights on both sides of the road so that the motorist is made aware in advance that they are approaching a pedestrian crossing. 3. All push cycles should be provided with tail lights red on both sides of rear mudguards. 4. [...]
Festive mood at ST Business Club year-end party
The Sunday Times Business Club (STBC) held its Christmas/end-year party on a grand scale at the Kingsbury Colombo, the club’s host hotel, on Sunday December 18. Games, dancing competitions, face painting for children and gifts from a host of sponsors dominated the proceedings enlightened by a professional choir singing carols and the ubiquitous Santa Claus. [...]
Global platform needed to drive social entrepreneurship
The International Conference on Social Entrepreneurship (ICSE), held for the first time in Sri Lanka recently, came to a successful conclusion by fulfilling an essential requirement of creating a global platform for establishing a much needed drive towards social entrepreneurship in Sri Lanka. Though the first of its kind, the participation at the conference was [...]
Ira Sevaya and knowledge in Science
Every year, the Sri Pada season begins on the Unduvap Full Moon Poya day and the season ends on the Vesak Poya day in the following year. As you know, the present Sri Pada season began on December 13 with traditional religious practices. Apart from the religious gains through worshiping the Lord Buddha’s foot print, [...]