Indrajit in the ICU: Ravi in hospital?
Central Bank Governor Indrajit Coomaraswamy is seen in a pensive mood in this picture taken by BT photographer Indika Handuwala at Tuesday’s presentation of the bank’s ‘2017 road map’ in Colombo. The Governor’s statement about the economy moving ‘out of the ICU to the hospital’ piqued Finance Minister Ravi Karunanayake who thundered at a news [...]
In-a-flurry Nimal Siripala flags off work on BIA runway
Airport and Aviation Minister Nimal Siripala De Silva was firing shots at almost everyone (in sight) when delivering his speech at Friday’s ceremony held to commence construction work on the resurfacing of the runway at the Bandaranaike International Airport (BIA). The minister said that the construction of the runway was an important work that would [...]
Committee named to probe BOC-Seylan deal
A 3-member committee to ascertain the circumstances in which the state-owned Bank of Ceylon (BOC) had sold its 7.5 per cent stake in Seylan Bank has been appointed by the Ministry of Public Enterprises Development. Kabir Hashim, the minister in charge of this Ministry told the Business Times that he has appointed this committee to [...]
Blow to tyre exports from a US determination
Sri Lanka’s tyre exports to the United States got a severe blow this week following the US Commerce Department’s final affirmative determination against the island in the anti dumping duty investigation on “market-distorting” effects caused by “injurious dumping and unfair subsidisation” of imports. The US Department took the decision on Wednesday January 4 after inquiring [...]
ETCA delayed to June
The Indo-Lanka Economic and Technology Cooperation Agreement (ETCA) earlier scheduled to be finalised by end 2016, has been delayed to June this year as the third round of talks between the two countries ended inconclusively, officials said. Both sides have failed to reach a consensus on non tariff barriers, negative lists and several other matters [...]
Master Sir, will you be my friend!
Going through the tea market report of a reputed tea broker the other day, I was surprised as to the composition of the countries that have become Sri Lanka’s main tea buyers. Surprise may not be the right choice of words. Probably puzzled would be a better one. Scanning the list of 15 plus key [...]
SL’s new development paradigm: Factory jobs vs desk jobs in 2020
According to the economic development plans declared by the government, it is clear that industrialisation has been identified as a catalyst to propel Sri Lanka’s economic development. Industrialisation would be an appropriate development strategy for Sri Lanka due to its strategic location in the Indian Ocean and high investment in public infrastructure. It would attract [...]
PM says Hilton Colombo, Grand Hyatt will be listed this quarter
The much discussed and debated ‘hot topic’ of publicly listing key State owned Enterprises (SOE) is slated to happen this year, according to Prime Minister Ranil Wickremesinghe. Capital market sources told the Business Times that after the Bank of Ceylon (BOC)-Seylan Bank saga which has left a bad taste in the share market, the PM [...]
Micro scale Urubokke businessmen receive loans under Citi – CCC project
Under the Citi – CCC Rural Economic Empowerment Programme, Hatton National Bank provided loan facilities to a group of micro scale businessmen in the Urubokke area of the Matara district to commence new businesses as well as for expansion of existing businesses. A total of 37 entrepreneurs, who were earlier trained by the Citi – [...]
SL – Pakistan Business Council supports Pakistani fair in Colombo
The Sri Lanka – Pakistan Business Council of the Ceylon Chamber of Commerce (CCC) will be partnering with the High Commission of Pakistan in Sri Lanka, Trade Development Authority of Pakistan (TDAP) and the Sri Lanka Export Development Board to organise the Business Matchmaking Session at the ‘Single Country Exhibition of Pakistan’, on January 13-15 [...]
Central Bank unveils ‘flexible’ inflation targeting framework
The Central Bank (CB) has officially announced its plan to migrate towards a flexible inflation targeting framework gradually replacing the monetary targeting framework. Inflation will remain in the mid-single digits, around 4-6 per cent this year. This announcement was made by CB Governor Indrajit Coomaraswamy when he unveiled the ‘Road Map: Monetary and financial sector [...]
Pannipitiya Private Hospital gets OHSAS 18001:2007 Quality Certification
Pannipitiya Private Hospital, said to be one of Sri Lanka’s top rated hospitals, has received the international OHSAS 18001:2007 Quality Certification. This certification was presented to hospital Chairman and Managing Director Dr. (Engineer) Ananda Kuruppuarachchi by President Maithripala Sirisena at the 20th anniversary celebrations of the Pannipitiya Private Hospital held at Hotel Grand Monarch, Thalawathugoda, [...]
Making headlines 21 years on
Headlines PR, Sri Lanka’s leading independent public relations agency developing and executing strategic communications campaigns for businesses across a broad range of industries, completed its 21st anniversary recently. Anusha David, Chairperson of Headlines PR, founded the company in 1995 to deliver a full suite of communications services including corporate reputation management, crises and issues management, [...]
Tsemach introduces ‘Art of Detailing with Chemical Guys’
Tsemach Global Automotive, the detailing studio that revolutionised how to take care of your vehicle, recently introduced the world-renowned professional automotive detailing supplies brand Chemical Guys to Sri Lankan vehicle enthusiasts. The state-of-the-art product store was opened recently at Gregory’s Road, Colombo 7, according to a Tsemach media release. Run by an ardent vehicle enthusiast [...]
Major crisis in Sri Lankan plantations due to ban on weedicides
The Planters Association of Ceylon (PA), faced with devastating crop losses in excess of Rs. 15 billion in 2016, is urging the Government to immediately provide a rational and effective solution to the management of chemical weeding in the estate sector in a commercially viable manner. Since the Government imposed its blanket ban of glyphosate-based [...]
Asanga Ranasinghe appointed to LAUGFS Boards
LAUGFS Holdings this week announced the appointment of Asanga Ranasinghe to the boards of LAUGFS Holdings and LAUGFS Gas PLC as Executive Director. He has also been appointed as the Sector Managing Director of the Consumer and Retail cluster of LAUGFS Holdings, and further holds the position of the Group Marketing Director, the company said [...]
SL economy on right track — Ravi K
Sri Lanka’s economy has been ‘discharged from the Intensive Care Unit (ICU)’ since the regime change two years ago, an emotionally-charged Finance Minister Ravi Karunanayake told reporters on Thursday. The minister said this, in a heated response to a statement by Central Bank (CB) Governor Indrajit Coomaraswamy who had said that the local economy is [...]
Huge potential to expand manufacturing sector to boost exports – MAS Holdings Chairman
With a strong visionary mind and confidence in Sri Lanka’s international competitiveness especially in manufacturing, MAS Holdings Chairman Mahesh Amalean says there is a lot of potential to expand the manufacturing sector in Sri Lanka with specific reference to exports. He made this statement at a ceremony held on Tuesday, where the company commenced operations [...]
Magic ‘line’ that makes us rich or poor
(WALK the LINE is a monthly column for the Development Page of the Business Times contributed by CEPA, an independent, Sri Lankan think-tank promoting a better understanding of poverty related development issues. CEPA can be contacted by visiting the website www.cepa.lk or via info@cepa.lk) The presidential declaration of 2017 as the ‘Year of Poverty [...]
SL’s healthcare, education quality has improved
Prosperity, measured by the Sri Lanka Prosperity Index (SLPI) which is a composite indicator that measures and compares the level of prosperity of the country and across its provinces, has improved to 0.864 in 2015 from 0.804 in the previous year. Analysing the movements in 2014-2015 period, the SLPI improved along with the improvements in [...]
Teejay first in the industry to develop green fabric
Managing the carbon footprint from “Cradle to Factory Gate” Teejay, South Asia’s leading fabric manufacturer, has taken the lead in producing green fabric for some of their key customers. This green initiative is an initial step by Teejay towards driving a sustainability agenda in all aspects of the business, according to a company media release. [...]
National policies on health information and elders approved by cabinet
A national policy on health information, a national elderly health policy and new coordinating authority for science and technology were among the proposals approved by the Cabinet of Ministers at its meeting on Tuesday. Given are the details of the proposals from www.news.lk: National policy on health information When essential health services, prevention and treatment [...]
BOC to divest Grand Oriental Hotel
The Bank of Ceylon (BOC) is gearing to divest the Grand Oriental Hotel (GOH) in a move to augment its capital base, informed sources said. Sources said that BOC has completed an appraisal of the GOH building, which also comes under a heritage conservation project (See box story). “The next step is to take permission [...]
Unilever becomes strategic partner of University of Kelaniya
The University of Kelaniya’s Department of Marketing signed an MOU with Unilever Sri Lanka last week at the university premises in Kelaniya, as a strategic partner of the department. The MOU focuses on the Certified Professional Marketing Graduate (CPMG) qualification offered by the Marketing Department and Unilever Sri Lanka, as a strategic partner, will recognise [...]
Ceylon chamber cheers CB plans to reduce forex market intervention
The Central Bank (CB)’s decision to avoid, as far as possible, intervention in the foreign exchange markets has been welcomed by Sri Lanka’s main business chamber. In a media statement on Thursday, the Ceylon Chamber of Commerce (CCC) said the CB’s ‘Road map 2017’ has announced an important shift in thinking with regard to exchange [...]
Sri Lanka’s main airport begins night-time-only flight operations
AT THE AIRPORT: The Bandaranaike International Airport (BIA) was abuzz on Friday morning with heightened activity amidst the congestion and increased staff working round the clock to ensure there would be a smooth operation to ease passenger traffic on the first day when the facility was scheduled to close by 8.30am. The runway at the [...]
Govt. urged to ‘think before leaping’ into Hambantota Port deal
Several Sri Lankan eminent economists warned this week that the Hambantota port deal with China Merchant Ports Holding Company Ltd would be the beginning of selling the family silver to pay massive debts and could drive the country towards abject poverty while becoming a playground of super powers. They noted that if this deal is [...]
Stuart Chapman joins Janashakthi Life as CEO
Janashakthi Insurance PLC has announced the appointment of Stuart Chapman as Director/Chief Executive Officer for its Life business with effect from January 1. Mr. Chapman, a professional with extensive expertise in the Life insurance business, will focus on Life sales and distribution, Life operations and training, and Life complaints management at Janashakthi, adding greater value [...]
CASA warns of losses to Colombo port on ECT delays
Colombo Port is reaching its maximum capacity and post April (2017) the arrival of mega vessels is likely to add to the problem amidst regional competition to maintain business as delays prolong the commencement of operations at the East Container Terminal (ECT), the shipping industry stated recently. The industry has forecasted container volume throughput at [...]
Walkers Colombo shipyard salvages dredger in Hikkaduwa
In a unique salvage operation, Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of MTD Walkers PLC, salvaged the 600 tonne dredger Sayura, belonging to the Fishery Harbour Corporation, which was grounded near the Hikkaduwa Fishery Harbour. Sayura, a high capacity grab-type dredger belonging to the Fishery Harbour had run aground on an outer break-water reef [...]
VirtusaPolaris supports inaugural Jaffna ‘Big Data Workshop’
VirtusaPolaris supported the inaugural Jaffna Big Data Workshop organised by Colombo Big Data Meetup Group and held recently at the Faculty of Engineering, University of Jaffna, Kilinochchi. The session began with Dinesh Priyankara, Microsoft MVP and Founder/Principal Architect at dinesQL delivering a session on “Processing Big Data – the Microsoft Way”, explaining the process of [...]
RC threatens action against legally closed firms
As a director of a private company that had closed after following the due legal procedures in 2011, I received a letter dated December 14, 2016 from the Registrar of Companies (RC) informing me that the company has not submitted the annual returns for seven years commencing 2010 and threatening legal action if not submitted [...]
‘Miss England’ contest here to promote Sri Lanka
The Miss England beauty contest is set to become the next event to be held in Sri Lanka together with Miss Premier Ceylon that would feature Sri Lankan contestants as well vying for an international title. The Miss England pageant’s finalists would arrive in the island in July and tour the island on photo shoots [...]
Oman Air introduces new Baggage Concept
Oman Air is introducing a new baggage piece concept this month enabling the airline to standardise and in many cases reduce the charges currently in place for additional luggage. All passengers travelling Oman Air from the launch of this new concept will receive one 30 kg piece of Checked-in baggage linear dimensions 158cms with some [...]