SL business confidence in negative territory
Business confidence is seen in negative territory while achieving targets set this year for economic growth, foreign investment and tax revenue would be “challenging”, a Business Times (BT) poll this week has revealed. The poll conducted on email and reaching out to a cross-section of Sri Lanka’s business community, academics and professionals saw mixed views [...]
SEC exercises vigilance on Janashakthi share trades
The Janashakthi Insurance PLC’s (Janashakthi) Rs. 16.4 billion sale earlier this month of its general insurance business to multinational insurer, Germany’s Allianz, has rung alarm bells at the stock market regulator after a spurt in the share price just before the sale, informed sources said. The Securities and Exchange Commission (SEC) is investigating a sharp [...]
US tech CEO, business leader Murtaza Esufally invest in Takas.lk
New investors have come into Takas Pvt Ltd in the form of US-based Velan Thillairajah, Founder/Chief Executive Innovator of EAI Technologies and Murtaza Esufally, board director at the Hemas Group. Mr. Thillairajah will be also joining the Takas Advisory Board, according to Lahiru Pathmalal, CEO/Co-founder , Takas Pvt Ltd. “We are thrilled to have Velan [...]
US $ seen stabilising in Colombo markets
The US dollar which rose to a high of Rs.157 earlier this week on speculative trading due to political uncertainty in Sri Lanka stabilised to Rs. 155.25/Rs. 155.40 levels on Friday. Some money market dealers said they believed the Central Bank (CB) pumped in dollars into the market to stem the demand and calm the [...]
Minister Arjuna’s Natural Gas Company plan ‘goes for a six’
An ambitious plan to establish the Sri Lanka Natural Gas Company (SLNGC) Ltd under the Petroleum Resources Development Ministry to handle operations of natural gas industry in Sri Lanka has been shot down on the directions of President Maithripala Sirisena recently. Minister Arjuna Ranatunga has submitted a cabinet proposal to set up this company to [...]
“Land like no other” in a trance
It was as if Kussi Amma Sera had gone into a trance. She kept on mumbling, “Ehe yanawa, mehe yanawa … ehe yanawa, mehe yanawa (Going here, going there)”, while preparing the morning tea in a smoke-filled kitchen. Puzzled at first and about to ask what she meant, I recalled a friend saying that the [...]
Exchange rates: Surge in buying demand
Last week Sri Lanka’s exchange rate hit a record low with the US dollar being traded at over Rs. 155. As some reports were saying, it was for the “first time” in the Sri Lankan history! Obviously, when the rupee exchange rate rises all the time, every day can be a “first time”. I remember [...]
AAT first choice for AL students
AAT Sri Lanka this week said in a media release that it’s the first professional choice of students who sit for G.C.E. (O/L). AAT is one of the most sought after professional courses to which registrations are accepted with pending O/L results. The qualification paves the path to students to sit for their A/L examination [...]
Sri Lanka’s main tourism fair to attract more visitors
Aimed at attracting large numbers to visit the travel industry’s eighth edition of the travel and tourism trade fair Sancharaka Udawa in Colombo from May 4-5 the outbound travel market will be present this year with attractive offerings. Organised by the Sri Lanka Association of Inbound Tour Operators (SLAITO) in collaboration with the Sri Lanka [...]
Bankers association holds public seminar on finance and economic issues
The Trade Finance Association of Bankers held its annual Public Seminar recently at the ‘Golden Rose’, Boralesgamuwa as part of its 20th anniversary celebrations on the theme ‘International Trade at the Tipping point’. Jonathan Alles Managing Director/CEO, Hatton National Bank, delivering the keynote, said that the government policy is to grow exports through Public Private [...]
Life is not just a beach for some as Port City emerges
At 87, Professor B.L. Panditharatne is quite frail and his one-hour long analysis on the ‘Proposed Development of Colombo Metropolis, Western Province and the Colombo Port City’ this week was understandably studded with personal reflections which while interesting, wasn’t really newsworthy. For instance: “When I did my doctorate there was only one building in Colombo [...]
Sri Lanka-Singapore FTA heads in the right direction
The conclusion of a Free Trade Agreement between Sri Lanka and Singapore is an indication of a positive signal that Sri Lanka was ready to open up to the outside world and engage with them, said Chief Negotiator of the National Negotiating Team of Sri Lanka, K.J. Weerasinghe. He was speaking at a seminar held [...]
Sri Lanka’s printing industry moves into new era of globalisation
Sri Lanka’s printing industry has been moving into a new era with many local printers acquiring combined offset/digital facilities to go global. The industry is now opening its doors to transform the country as a global printing hub that would create more business avenues and much needed foreign revenue, a frontline office bearer of the [...]
Commercial Bank’s loan scheme for apparel sector employees
The Commercial Bank of Ceylon has launched a special personal loan scheme for employees in the apparel manufacturing industry, to help them fund personal requirements that enhance the quality of life. The bank’s personal loans can be obtained to fulfill any financial requirement, such as travelling overseas, completion of higher education, funding weddings or other [...]
zMessenger – Sri Lanka’s sole nominee Media APAC Awards 2018
zMessenger, the multiple-award winning, full spectrum digital solutions agency in Sri Lanka, has been nominated for the Festival of Media APAC Awards 2018. The nominated campaign comes under the category “Best Not-For-Profit Campaign” of the awards. zMessenger is the only Sri Lankan agency to be nominated for these prestigious awards, the company said in a [...]
Behind the scene at Sound of Music
Some big theatre ‘travelling’ shows have as much as 20-25 container loads of equipment which travel from country to country via sea lanes accompanying the cast and crew who fly to different destinations for the next show. In a new foray into the “travelling show’ circuit in Sri Lanka, the highly-acclaimed “Sound of Music” production [...]
AICPA and CIMA join to ‘future proof’ finance profession
The membership bodies of the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) that created a new international accounting association last year called the Association of International Certified Professional Accountants (Association) is now representing more than 600,000 accountants worldwide, a top accounting professional says. “This was done in a bid to [...]
Foreign construction workers outshine local counterparts
Chinese workers have come in; Indian workers are competing and over-running the Sri Lankan labour force. Now Nepalese and Myanmar workers are also part of the local workforce as the government has already given the approval to employ them in Sri Lanka’s construction industry. Adding ‘insult to injury’, Major (Rtd) Ranjith Gunatileke, President, Chamber of [...]
Architecture mired in astrology
Astrology, unfortunately, has been mixed up with architecture causing much confusion among people. “We are not against astrology but architecture is a different science and an art altogether that we have studied for seven years,” said the President of the Sri Lanka Institute of Architects (SLIA) D.H Wijewardene at a media conferance held at the [...]
25th anniversary of JKH-backed Kala Pola today
The 25th anniversary of Kala Pola, Sri Lanka’s celebrated open air street fair presented by the George Keyt Foundation and the John Keells Group happens today along the sidewalks at Ananda Coomaraswamy Mawatha in Colombo. It is open to the public from 8 am to 9 pm and expected to draw a much bigger crowd [...]
McLarens Lubricants stresses importance of food grade oils in F&B
McLarens Lubricants Ltd, local agent for Mobil Lubricants in Sri Lanka, has underscored the benefits for the food and beverage industry in Sri Lanka in the use of ‘Food Grade Oils’. The use of these oils extensively lowers the risk of food contamination while offering longer life span for machinery as well as performance improvement, [...]
RDB seeks ADB assistance for sustenance
Sri Lanka’s Regional Development Bank (RDB) is seeking Asian Development Bank (ADB)’s assistance as the bank’s present growth momentum is constrained by inadequate capital. In a memorandum submitted to the Cabinet Committee on Economic Management (CCEM), the RDB indicated that its projected growth in lending to micro, small and medium scale enterprises as well as [...]
Seylan Group post-tax profit of Rs. 5 bn, 24% rise from 2016
The Seylan Banking group has recorded a post-tax profit of Rs. 5 billion for fiscal 2017, the highest profit reported in its history, while the bank itself reported a post-tax profit of Rs. 4.4 billion. Net interest income recorded a moderate growth of 15.03 per cent as a result of the strong balance sheet growth, [...]
DentsuGrant Sri Lanka joins Dentsu’s regional conference in India
The Dentsu Aegis Network (DAN) recently held its trail blazing annual conference in Hyderabad, India. The conference saw an in-depth sharing of knowledge on market dynamics, unique networking opportunities, an in-depth discussion on emerging industry issues and a way-forward harnessing digital tools. The DentsuAegis Network also took this opportunity to welcome Sri Lanka’s advertising giant [...]
Digital, strong customer service boost HNB post-tax profit to Rs 16.7 bn
HNB, successfully weathering the challenges that arose in 2017 while leveraging upon new growth opportunities, posted a post-tax profit (PAT) of Rs 16.5 billion, up by 16.4 per cent from 2016. Group PAT improved to Rs. 16.7 billion while the group’s asset base crossed the Rs. 1 trillion milestone, during the year. In a media [...]
Ceylinco Life’s net profit surges 95% to Rs. 6 bn
Ceylinco Life has posted a net profit of Rs. 6 billion for the year ending December 2017 while reaffirming its market leadership in Sri Lanka’s life insurance industry for the 14th successive year, with premium income of Rs 15.7 billion. The company posted a pre-tax profit of Rs 6.3 billion, up by 70 per cent [...]
New model for bank finance for rice production
There are many compelling reasons for banks in Sri Lanka which are the biggest providers of finance to the private sector to assume a major role in providing finance for paddy cultivation. According to the Central Bank 2016 annual report, total loans and advances given by all commercial banks in Sri Lanka as at December [...]
MAS augments supply chain with Best Pacific JV
MAS Holdings (Pvt) Ltd (MAS) has through its direct wholly-owned subsidiary signed a joint venture agreement with a wholly-owned subsidiary of Best Pacific International Holdings Limited (Best Pacific). This is aimed at enhancing the expertise and capabilities of Trischel Fabric (Pvt) Ltd in producing warp and weft knitted synthetic fabrics in Sri Lanka. This significant [...]
CISC moots Electronic Identity Card for construction labourers
An action programme entailing retirement/pension scheme for the construction labourers has been proposed by the Construction Industry Skills Council (CISC). The existing administrative and documentation procedures and methodology in implementing the EPF and ETF schemes are very much archaic and not compatible with the construction industry and practically does not serve the purpose, the CISC [...]
CB to mandate ‘escrow accounts’ for builders
The Central Bank (CB) is in discussion with apartment builders to put in place an ‘escrow’ mechanism that can screen their loans to real estate firms and keep a closer tab on the end use of funds. This is in a bid to primarily prevent long delays in projects and use of home buyers’ money [...]
Buoyant property market at the Lanka Property Show 2018
The 2018 edition of the Lanka Property Show organised by Sri Lanka’s leading property website LankaPropertyWeb.com which was concluded recently is the largest property show in the country, according to a media release. “The show featured a plethora of the latest luxury apartments, villas, land projects and previews of new property launches from 24 exhibitors [...]
Rs. 1 trillion into construction annually in past three years
While more than half the growth of the country’s national economy is made up of two sectors namely tourism and construction, more than Rs. 1 trillion worth of construction activitiy has been progressing annually in the past three years, says Minister of Megapolis and Western Development, Patali Champika Ranawaka. Attending the inauguration of the Architect [...]
Mount and Dehiwela residents respond to public consultation request by UDA
Residents Associations of Dehiwela and Mount Lavinia on behalf of the public have suggested that all the buildings defined under the 1986 planning and building regulations as high-rise building should be located in a specially designated area, without juxtaposing it among the highly residential areas. This response was sent during a public consultation request by [...]
Corrupt state sector key impediment to maritime hub
Corruption happens when there are givers and takers and if the giving stops so would the taking, a top state official said calling on the shipping industry to collectively curb the practice of bribing officials at the Colombo port. Sri Lanka Ports Authority (SLPA) Managing Director S. Premachandra said, “If there is a giver there [...]
Crabs to Kaema Sutra – a heady mix for Dharshan Munidasa
AT THE DUTCH HOSPITAL IN FORT: Take a moment to savour this tasty morsel of news. Last year, more than 300 million rupees worth of crab was eaten by patrons at Sri Lanka’s best-known restaurant! That sounds like a lot of crustaceans. But you must also take into account that dining at the Ministry of [...]
BoC’s new GM/CEO Senarath Bandara assumes office
Senarath Bandara who was appointed the new General Manager/Chief Executive Officer of the Bank of Ceylon, on Thursday assumed office. He replaces D.M. Gunasekera, a career banker completing 34 years, who was appointed GM/CEO in January 2013, and has retired. A senior banker with an illustrious career at Bank of Ceylon spanning 28 years, Mr. [...]