Sri Lanka’s Mr. Egg
Surrounded by rows of eggs, Desapillai Periyannan talks to the Business Times (see interview on Page 6) at his Bambalapitiya office on the road to stardom in this lucrative business. Pic by M.A. Pushpa Kumara
E-passport tender award challenged in Supreme Court
Sri Lanka’s new bio-metric E-passport project has been embroiled in a legal mesh as a result of the attempt made by the authorities to award the contract to De La Rue Lanka Currency and Security Print Ltd (De La Rue Lanka Ltd) through a non-transparent and unsolicited, single-source procurement process. Objecting to the award, a [...]
CSE gears to weed out bad eggs on its boards
At least 20 per cent of Sri Lanka’s listed companies at the Colombo bourse have run afoul of regulations pertaining to the prescribed minimum percentage of shares held by the public. Figures as at September 2017 show that 59 listed companies are non-compliant with the minimum public float rule of the Colombo Stock Exchange (CSE). [...]
No consent yet to Singapore FTA; professional groups say
Professional groups in Sri Lanka, engaged as key stakeholders in discussions with the Government on proposed Free Trade Agreements (FTAs) with India, China and Singapore, have said they have not provided any consent to an FTA being signed with Singapore. This came after the Ministry of Foreign Affairs on Tuesday announced that Singapore Prime Minister [...]
“Elections” blockbuster at Jan.30 STBC meeting
The Sunday Times Business Club (STBC) moves into its new ‘home’, Movenpick Hotel Colombo this year kicking off proceedings with a blockbuster discussion on January 30 on the upcoming elections. Titled “Elections and new processes” the eminent panel consists of Nalin Abeysekera, member of the Election Commission (EC) and former Legal Draftsman, Rohana Hettiarachchi, Executive [...]
Board meeting Thursday, new UL directors yet to be appointed
While the next board of directors meeting at SriLankan Airlines is scheduled for Thursday January 25, the current directors are still awaiting the appointment of a new board or board of management, as stated by the Government. On January 5, Public Enterprises Minister Minister Kabir Hashim said the Government had accepted the resignations of the [...]
Politicians at your doorstep
It’s that period of the year when script writers are in demand, kavi kola karayas make a killing, and ingenious artists, singers and four to 8-piece bands are laughing all the way to the bank. Not to forget, the stage and platform makers. And the politicians are at your doorstep pleading for your support. Hooray [...]
New Convention Centre, increasing events in Colombo to boost tourism
Longer opening hours for pubs and restaurants to sell liquor and streamlining the liquor licence process which last week raised the ire of President Maithripala Sirisena and some hardliners, were in fact recommendations made by a committee to improve the tourism infrastructure in the country. It was one of many recommendations by a 13-member tourism [...]
Hayleys among firms interested in taking over state plantations
Hayleys PLC, NMK Holdings and Hettigoda Industries are among companies that have expressed interest in taking over state-owned plantations and have sent proposals under the request for proposals by the Public Enterprises Ministry, informed sources say. Altogether the Government has received 36 proposals for areas of 50 acre land extent and worth Rs. 100 million [...]
Increase in wheat flour consumption in Sri Lanka
Serendib Flour Mills holds 27 per cent of the wheat flour market share in Sri Lanka where the consumption pattern has grown to 60,000-65,000 of metric tonnes a month. “People now eat more flour-based products due to changing lifestyles. The other factor was that owing to an influx of tourists in the country they eat [...]
Etihad A380 stops over at BIA
A second airline, Etihad Airways has taken to the Colombo skies to land its largest aircraft A380 on Wednesday at 10 pm due to technical requirements. Airport and Aviation Services Ltd. Executive Director Johanne Jayaratne told the Business Times on Friday that Etihad’s A380 landed at the Bandaranaike International Airport (BIA) for a crew change [...]
Trade exhibitions have tremendously helped Jaffna’s growth
The country should refocus its political and economic policies towards creating opportunities for individual creativity and private investment in business. In this context the Jaffna International Trade Fair 2018 is a great opening especially where the Northern business community can enhance its business connectivity with the business community in Colombo. These comments were made by [...]
WPC, in rare move, asks public to name new office complex
The Western Provincial Council (WPC), in a rare move, has asked the public to provide a suitable name for its 16 storeyed new office complex being constructed at Denzil Kobbekaduwa Mawatha in Pelawatte, Battramulla. Normally large, new buildings are named after politicians or some other dignitary. Deviating from the normal practice of consulting a literary [...]
George Koumendakos takes over as GM at Mövenpick Hotel Colombo
Dutch national George Koumendakos has taken over as the new General Manager at Movenpick Hotel Colombo, the hotel announced last week. This is Mr. Koumendakos’ first appointment in Sri Lanka and the group as he joins Movenpick Hotels from InterContinental Hotels Group, having successfully managed the 300-room Crowne Plaza Dubai-Deira in the UAE, while overlooking [...]
INSEE Ecocycle provides safe disposal solution for cocaine
The sustainable waste management arm of the INSEE Group, INSEE Ecocycle joined hands with the Sri Lanka Police Narcotics Bureau (PNB) and National Dangerous Drugs Control Board (NDDCB) to responsibly dispose 928kg 229g of waste Cocaine Hydrochloride through its Cement Kiln co-processing for the first-time in Sri Lanka. The event was held on January 15 [...]
GDP should be corrected, not replaced
ZURICH – Respected economists have long pointed out that gross domestic product is an inadequate measure of economic development and social well-being, and thus should not be policymakers’ sole fixation. Yet we have not gotten any closer to finding a feasible alternative to GDP. One well-known shortcoming of GDP is that it disregards the value [...]
Digitisation is good but expensive, says Cisco expert
While the world is going digital and every transaction is done with the touch of a button, cost factor plays a pivotal role when large corporates make decisions to go digital in Sri Lanka, an industry expert reveals. “The process of decision-making whether to go digital is slow in Sri Lanka. Large government and private [...]
Thunder & Neon wins at the National Business Excellence Awards
Thunder & Neon Group, a leading manufacturer of high-end signage and the largest distribution chain of advertising raw material, was awarded the Merit Award for its contribution in the category of Manufacturing – Non-Traditional Sector for the second consecutive year at the National Business Excellence Award (NBEA) – 2017 held in Colombo recently. The company [...]
GSP+ revival has doubled Sri Lanka’s export growth to the European Union
The mid-2017 restoration of GSP + which provides duty free access to more than 80 per cent of Sri Lankan exports to Europe has contributed to a near doubling of export growth, a Sri Lanka delegation has told European Union (EU) officials during talks in Colombo. The occasion was the 21st meeting of the European [...]
“Tourism in a tizzy: Minister Amaratunga wants control”
Tourism Minister John Amaratunga has sent the following response to the article published in the Business Times last week under the above heading. “I wish to inform you that the tourism industry is not ‘running helter skelter’ as stated in this article and (the industry) only sought to clarify certain matters at a recent meeting [...]
Maggi noodles’ high quality standards recognised by SLSI
Nestlé’s much loved Maggi noodle range was recognised for its high quality standards by SLSI (Sri Lanka Standards Institution) at a recent awards ceremony. Maggi’s entire noodle range is now SLS certified, including Maggi Chicken, Curry, Daiya, Tikiri and Double Pack noodles as well as Maggi Devilled Chilli Chicken and Spicy Blast noodles. A Nestle [...]
Periyannan’s nest egg at Bamba keeps growing
BAMBALAPITIYA – In the case of Desapillai Periyannan the egg came first, 20,000 eggs to be exact – the number he sells every day to restaurants, bakeries as well as customers who walk in off the street and into the Colombo Egg Centre in Bambalapitiya. “The egg changed my life,” says the proprietor of one [...]
MillionSpaces, new portal offering unique spaces
MillionSpaces, a marketplace where guests can discover, pay and book unique spaces online, was recently launched by the Silicon Valley based technology solutions firm, Auxenta. The platform hosts a range of spaces that accommodate parties, conferences, meetings, interviews, trainings, photoshoots, weddings, hot desks, sports and concerts. Venue owners can list their space by entering some [...]
Stakeholder strategy for not-for-profit organisations
Who is a stakeholder? A stakeholder is defined as ‘any group or individual who is affected by or can affect the achievement of an organisation’s objectives’ (Freeman, 1984). In other words, a stakeholder is someone who has a ‘stake’ in an organisation. There are dozens of stakeholder classifications. One of the most widely accepted and [...]
Sampath Bank seminars for SMEs, other stakeholders on international trade
Sampath Bank recently hosted over 100 representatives of Small and Medium Enterprises (SMEs) at the second edition of the Bank’s “Obe Diyunuwata Ape Maga Penweema” interactive seminars on imports and exports in Galle. Spearheaded by the bank’s Trade Services unit, the event brought together a host of government institutions, trade bodies and other stakeholders to [...]
Most stocks traded are undervalued
Most stocks that are traded on the Colombo Stock Exchange (CSE) are undervalued estimated by analysts to at least 40 per cent, experts say. “When analysing price to book value of certain shares that are trading on the CSE, their book value is higher,” an industry expert noted to the Business Times. “These are the [...]
Raigam Wayamba Saltern begins industrial chlorine production
In the wake of large potential and high demand for industrial salt, Raigam Wayamba Saltern PLC, a subsidiary of the Raigam Group, will be diversifying its range of products to include Caustic soda (sodium hydroxide or NaOH), Chlorine and Hydrochloric acid in the near future, Raigam Chairman Ravi Liyanage told a media conference in Colombo [...]
Northern Myliddy, once second largest fish producer, slowly returns to normal
Myliddy in Sri Lanka’s northern Jaffna region, which once had the country’s second largest habour until the raging ethnic conflict destroyed that, is slowly returning to normal. For 27 years, the area was controlled by the army until last July when the Myliddy jetty was released to the public bringing happiness to the people. But [...]
STAX’s Head of Research recognised at Global Peter Drucker Forum
Piyumi Kapugeekiyana, Ph.D, Head of Research at STAX, was recently a finalist and received special mention for having the ‘Most Original Submission’ within the Professionals Category at the ‘Peter Drucker Challenge’. This was organised for the 9th consecutive year by the Global Peter Drucker Forum. The Institute is dedicated to its namesake, Peter Drucker (1909–2005), [...]
CEAT plans first sri Lankan-built Truck Bus Radials
A state-of-the-art plant in Kelaniya to build Truck Bus Radials (TBRs) by CEAT Kelani Holdings PLC will happen in two years when the company will pump Rs. 3 billion to this venture along with other expansion plans, top officials say. The company’s Chairman Chanaka de Silva told media recently that the first ever domestic production [...]
IPM Past President Lalith Wijetunge inducted as President, OPA
IPM Sri Lanka Past President Lalith Wijetunge was inducted as the 37th President of the Organisation of Professional Associations (OPA) of Sri Lanka on Thursday at the Cinnamon Lakeside, Colombo. Over 200 distinguished professionals representing member associations were present at this important annual event. IPM Sri Lanka, the only professional body for the human resource [...]
edotco introduces smart telecom infrastructure solutions
At the ground-breaking ceremony for the first pole of its kind last week, Suresh Sidhu, Chief Executive Officer of edotco Group said, “Independent sharing solutions based infrastructure is a key pillar of the telecoms industry where reliable network services are imperative especially in a growing economy like Sri Lanka and independent infrastructure companies like us [...]
NDB to hold walk-in interviews at EDEX Expo 2018
The National Development Bank PLC (NDB) will have walk-in interviews for vacancies at the bank on January 19-21 at the BMICH during the education exhibition. The bank is the official banking partner for EDEX Expo. An individual’s future and goals are often determined by their career options. NDB understands the job market available for many [...]
Fresh petition to challenge gender-bias, alcohol law against women
Petitioners of a case filed in the Supreme Court on Wednesday challenging a decision to revoke an order to allow women to be employed in places of the production and sale of alcohol, were preparing to file a fresh petition tomorrow. This came after the Minister of Finance Mangala Samaraweera on Thursday issued the gazette [...]
Hemas acquires Atlas, a popular brand of school and office needs
Hemas Holdings PLC has acquired 75.1 per cent of Atlas Axillia Co (Pvt) Ltd, Sri Lanka’s leading school and office brand, for a consideration of Rs. 5.7 billion. The existing shareholders of Atlas will retain a stake of 24.9 per cent in the company post-acquisition, Hemas said in a media release. Nirmal Madanayake, Managing Director [...]
CAL at the forefront of Lankan capital markets
Capital Alliance Partners Limited (CAL) has entered 2018 on a high note, having completed a number of high profile transactions last year in debt capital markets, equity capital markets and Mergers & Acquisitions (M&A) advice. In a media release, the investment banker said the transactions highlighted CAL’s ability to liaise with investors and clients alike [...]
Eran meets Oxford Business Group: Focus on Budget 2018
Sri Lanka’s plans to increase the contribution made by smaller-scale businesses to exports and lift foreign direct investment (FDI) in 2018 were main discussion points at a meeting held recently between Eran Wickramaratne, state minister of finance, and a team from Oxford Business Group (OBG). During the talks, Mr. Wickramaratne said the budget for 2018 [...]
Sri Lanka exporters at world’s largest consumer goods show in Frankfurt
Ambiente is the world’s biggest and most international association of trade fairs for the consumer-goods industry and with a clear target-group specific structure within the Dining, Giving, Living and Sourcing. Sri Lanka has been participating in Ambiente for over 30 years and a number of industries have developed from this fair such as Ceramic and [...]
Lanka Tiles wins Gold in “Social Dialogue and Workplace Collaboration” awards
Lanka Tiles PLC has won praise for its industrial relations in the workplace, winning a Gold Award in the medium scale manufacturing industry segment at the recently concluded “Excellence in Social Dialogue and Workplace Collaboration Awards 2017” held at the BMICH. Organized by the Labour Department of Sri Lanka, the awards encourage a greater commitment [...]
Religion, poverty and post-war Sri Lanka
Why, asks an article in the magazine The Humanist, are the poor more likely to be religious? The article references a 2014 study by Jason Beyers that looks at the effect that poverty has on religion and religious orientation. The Humanist article ends with a dismissal of the relationship between religion and poverty, suggesting, as [...]
Sri Lanka rolls out new tax law with IMF help
Sri Lankan authorities and the International Monetary Fund (IMF) are actively engaged in the preparation of the implementation of the new Inland Revenue Act (IRA) with effect from April 1. The new Act will make the tax system more efficient and equitable, and generate resources for social and development programs. IMF is one of the [...]
Importance of proper safety in buildings
It is not an easy picture to see when bodies are lying under the debris of a crumbled building. This has happened in many countries including Sri Lanka due to collapsing buildings. Builders have to be extremely careful when constructing a building to see that the structure is safe in every aspect. The first thing [...]