Lotus Tower to blossom in March next year
Projecting a massive shadow over Slave Island, the 350 metre Lotus Tower is set to open by March next year standing tall from the rest in Colombo’s rapid changing skyline, a senior official of the Telecommunication Regulatory Commission (TRC) divulged. The construction work of structure has already been completed and the finishing of interior and [...]
Govt. makes largest demand for estate lands
Key estate lands amounting to approximately 6120 hectares have been requested for acquisition, the largest extent requested from the Regional Plantation Companies (RPCs) for establishment of industrial zones under the Board of Investment (BOI). Planters Association Chairman Sunil Poholiyadde highlighted this issue at the recently concluded 163rd AGM where he stated that the government had [...]
Doubtful times for debentures
Upcoming debentures will be challenged by the recent changes in the tax structure in the new Inland Revenue Act, analysts say. Under the earlier law, tax on debt listings was exempt but now it’s taxable. Analysts say that earlier people bought debentures as it was tax free but now it will be a deterrent for [...]
Walkers invests Rs.5 M on revamped booking site
Walkers Tours has revamped its booking website investing Rs.5 million to develop it to attract Sri Lankans to some of the best hotel deals in the island. The Walkers Tours website titled cvisit.com, considered to be Sri Lanka’s premier online travel brand, will serve to attract Sri Lankans to some of the best hotel deals [...]
Removal of taxes on exporters including Cess on the cards
The Government is making a renewed effort towards greater integration into regional and global supply chains, higher levels of FDI, thereby enhancing prospects for private sector investment, official sources said. It will consider removing taxes imposed on exporters including Cess which would help to encourage more exports, a senior official of the Ministry of Policy [...]
Freshness of Europe
WARSAW – Kussi Amma Sera would have been overwhelmed! Visiting a local fruit, meat and vegetable market in Warsaw, the capital city of Poland, I was amazed at the freshness of produce. And I could hear Kussi Amma Sera, lurking in the background if she were around, whispering: “Mahattayo, mewagey elavalu ha palathuru thiyanavanam lankawey, [...]
CMPH to make Hambantota port operational soon
The much debated Hambantota port will become operational in November under the management of the China Merchant Port Holdings (CMPH) unlocking the country’s potential to be a global maritime centre, an official at the helm of the Chinese company divulged at Colombo’s Ceylon Chamber of Commerce seminar last Friday (September 22). CMPH will have to [...]
PM says Sri Lanka’s strategic location to attract Asian traveller
Prime Minister Ranil Wickremesinghe said on Tuesday that Sri Lanka should focus on taking advantage of its strategic location as Asia becomes the next centre of tourism. Addressing the tourism industry at the Cinnamon Future of Tourism Conference held at the Cinnamon Grand on Tuesday he noted, “If Asia is going to be the centre [...]
Dhammika to consolidate his hotels in the South
Businessman Dhammika Perera, after his Hayleys-led ambitious forays into Singer PLC and Sri Lanka Shipping Company, is expanding his leisure sector business in the South. After gaining control of the majority stake in the Beach Resort Ltd. for Rs. 330 million last December with plans to invest Rs. 2.1 billion for another resort through one [...]
Time to move estate workers out of plantations
The rightful place for the estate workers is in the towns and not in the estates, a key government official said recently highlighting the plight of the Indian origin people employed in the plantations in Sri Lanka. Sri Lanka Tea Board Chairman Dr. Rohan Pethiyagoda, chief guest at the 163rd AGM of the Planters’ Association [...]
AV Productions marks 25 years with gala celebration
Sri Lanka’s integrated audio visual solutions pioneer AV Productions commemorated its 25th anniversary with a gala celebration at Waters Edge recently. Encompassing a night of celebration and felicitation, the event also recognised key staff, clients and suppliers, as well as other important stakeholders and supporters, for their contribution to the business’s success over the last [...]
Women’s Chamber of Industry and Commerce elects office bearers
The Annual General Meeting of Women’s Chamber of Industry and Commerce was held at Galadari Hotel In Colombo on Friday 28. Prof. Maithri Wickremasinghe was the chief guest. The new Board was elected on the occasion. Mrs. Chathuri Ranasinghe was elected as the new Chairperson. Other office bearers are Mrs. Indrani Fernando First Vice Chairperson, [...]
Hilton marks 30 years in Sri Lanka
Hilton Hotel in Colombo will be moving to all tourist locations in Sri Lanka with a wider reach across the destination as it completes 30 years in operation in the country. Hilton Worldwide would reach 100 years since its establishment and in Sri Lanka it would be marking 30 years, Hilton Colombo GM Manesh Fernando [...]
Sri Lanka Tourism’s top IT official wins CIO of the Year award
Udana Wickramasinghe, Director ICT at Sri Lanka Tourism has picked up the CIO of the Year 2017 award from the Computer Society of Sri Lanka (CSSL), The CIO of the Year Award is presented in recognition of exceptional leaders who contributes to Sri Lanka’s ICT industry and impacting its evolutionary course, according to a media [...]
EFC HR/IR forum discusses recruitment, retention and succession
The third edition of the EFC HR/IR Forum, for 2017 was held recently at the Employers’ Federation of Ceylon (EFC). The forum which provides a platform for sharing best practices and discussion of common issues faced by employers deliberated on the topics of ‘recruitment’, ‘retention’ and ‘succession,’ according to a media release from the EFC. [...]
Flemingo Duty Free introduces new marketing strategy at BIA
Flemingo Duty Free will be introducing a new in-store marketing strategy to improve sales in Sri Lanka’s duty free environment, a top official of the company said. CEO-Flemingo Duty Free, Sri Lanka, P.K. Thimmayya revealed to the Business Times on the sidelines of a media conference in Colombo on Tuesday that he is looking to [...]
Motor traders up in arms over small car tax reduction attempt
Widespread confusion prevails in the country’s motor trade following local media reports that the government is to bring down prohibitive taxes on small cars of less than 800 cc engine capacity and offer greater incentives for electric vehicles in the 2018 budget. Former Finance Minister Ravi Karunanayake had increased taxes on vehicles in his 2016 [...]
Mental health certificate compulsory to obtain driving licence
A mental health certificate will also be compulsory along with the medical fitness certificate in the issue of driving licences in Sri Lanka, the head of the National Council for Road Safety (NCRS) Dr. Sisira Kodagoda said. The aim of this initiative is to minimise ever increasing road traffic accidents due to reckless driving in [...]
Ideal Motors collaborates with Mahindra to produce ‘people’s car’
Ideal Motors Ltd will produce a ‘people’s car’ soon in collaboration with its long standing business ally Mahindra & Mahindra of India by setting up a vehicle assembly plant in Sri Lanka. This is the first time that a genuine automobile manufacturer plans to enter the vehicle assembly arena in the country, and for his [...]
Heavy losses to state coffers from ‘grey’ luxury car imports
Sri Lanka is losing millions of rupees in tax revenue owing to the imports of luxury cars made to suit cold weather conditions by classifying them as used cars taking advantage of loopholes in the Customs import duty structure, Treasury sources revealed. Customs value a used car at the manufacturer’s selling price for a basic [...]
Mitsubishi’s Outlander takes a major step towards petrol –free driving in SL
Mitsubishi’s Outlander PHEV, the world’s first plug-in hybrid electric SUV is especially designed to create more than just a regular driving experience, United Motors Lanka, the sole distributors for brand new Mitsubishi vehicles in the island said. Since its launch globally in 2014, the Outlander’s clean, green power of electricity combined with a petrol engine [...]
Expectations of level playing field for motor traders
The Sri Lankan automotive market is quite volatile but motor dealers believe that customers are used to this dynamism in the industry, which is a normal phenomenon. Motor traders are very positive and look forward to a marketplace that will prove to be promising, now that key economic activities have stabilised and investments have become [...]
Two local women entrepreneurs: Daring to be different
Although Sri Lankan entrepreneurs have gradually grown in the country during the past few decades, very few women have joined this sector except for some who have dared to beat all odds and venture into businesses hitherto dominated by males. What drives women to take such risks and ventures into business is a case in [...]
Social Innovation Lab in SL defines future solutions
Finding solutions to key social issues particularly for state run agencies would be in future crafted by the Social Innovation Lab, established by the United Nations Development Programme (UNDP) and the Ministry of Science and Technology. Funding for this lab would be shared jointly by the two agencies with an initial investment of US$20 million [...]
Imagine part-time scientists working on a side-project to reach the moon?
We won’t be surprised if you abandon reading this further, but at the same time your curiosity will be piqued at this ridiculous idea that you just might read it to share with your colleagues tomorrow at work. Like many before him, Robert Boehme, CEO and Founder PT Scientists, a start-up grew up being inspired [...]
Interbrand releases 2017 Best Global Brands Report
Interbrand, one of the world’s largest brand consultancies, has announced the Best Global Brands for 2017. Now in its 18th year, the theme of this year’s Best Global Brands report is “Growth in a Changing World”, and examines three key components: People, Technology and Brands. The combined total value of the world’s top brands, US$1,871,730 [...]
Innovation Centre – Answer to dumb and disconnected education
Undeniably the ability to innovate and to bring innovation effectively to the workplace is a critical determinant of the global competitiveness of nations over the next few years. Many policymakers agree that innovative activity is the main driver of economic growth and a latent factor in encountering global challenges in the economy. Though it’s fairly [...]
SL development not influencing return of expats
While the government is encouraging Sri Lankan expatriates to return back to the country, their return not influenced by the development that is taking place in the country, a top official in the private sector made this remark at a recent forum. At the Chamber of Young Lankan Entrepreneurs (COYLE) organised the Sampath Bank Chairman’s [...]
SLASSCOM,PwC launch annual Compensation and Benefits Study for 2017
SLASSCOM has launched its Compensation and Benefits study for the IT and BPM industry for the seventh successive year. This year’s study will be conducted by PricewaterhouseCoopers (PwC), who partnered with SLASSCOM during 2011-2015 to produce this study, according to a SLASSCOM announcement. The study was initiated recently at a workshop with representation from many [...]
Selection of the ‘correct’ CEO important to success of an organisation
The overall success of an organisation depends on getting the right person as its CEO, the one who is in a commanding position with adequate, trusted and delegated power. However the wrong selection of a self-serving person would destroy the organisation. This was stated by Prof. Errol D’Souza, Director-in-Charge, Indian Institute of Management, Ahmadabad while [...]
SL Govt. should focus on telecom investment, not subsidies
The Sri Lankan government should be focusing more on investment and not subsidies to develop telecommunications in the country, says Rohan Samarajiva Chairman of LIRNEasia. Addressing the second Broadband Forum held at the Galle Face Hotel in Colombo recently Mr. Samarajiva said that the Government said, “The Sri Lankan government should focused more on investment [...]
IMF positive on SL economic progress
The International Monetary Fund (IMF) on Friday asserted their confidence in the government’s achievements in line with their programmes in meeting targets set out to bring about economic stability and increase its revenues following the implementation of the new Inland Revenue Act in 2018. The fiscal economic policy has been strong and the government’s level [...]
Hemas’ pharma arm Morison launches new logo
J.L. Morison Son & Jones (Ceylon) PLC (JLM) owned by Hemas Holdings PLC launched their new logo, the hexagon but their old emblem, ‘the ship’ hasn’t quite sailed away. Morison PLC Managing Director and Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) President Trihan Perera told the Business Times on the sidelines of this launch on Wednesday [...]
Microsoft partners meet at Southeast Asia summit
Microsoft held its second annual Southeast Asia New Markets Partner Summit in Bangkok, Thailand last month, bringing together 138 attendees from nine markets –Bangladesh, Bhutan, Brunei, Cambodia, Laos, Maldives, Myanmar, Nepal and Sri Lanka – as well as partner leaders from Malaysia, Singapore and Thailand. Under the theme ‘Connect, Collaborate & Win together’, the summit [...]
Pay levels for management accountants high despite low global inflation
The latest annual salary survey from the Association of International Certified Professional Accountants (CGMA) reveals average earnings for qualified Chartered Global Management Accountant designation-holders in Sri Lanka is an annual Rs. 2.17 million, rising by an average of 12 per cent in the next 12 months. Pay prospects for CGMA trainees are also bright, with [...]
New SL export strategy targets $20 bln revenue in 2020
Regional Consultations as part of an effort to design Sri Lanka’s National Export Strategy (NES) took place in Kandy recently. The NES is being developed as a comprehensive and carefully structured five-year strategy aimed at increasing exports and generating enhanced revenue for Sri Lanka’s SMEs and exporters, according to the Export Development Board (EDB). The [...]