Changing of the guard at Bernards
Bernard and Gayani (left), children of Janaka Botejue, Managing Director Bernard Botejue Industries, have infused new life into the company which marks 70 years next month. Please turn to page 8 for complete story. Pic by Indika Handuwala
TRC allows release of Hutch’s 4G equipment
After some three months delay, Hutchison Telecommunications in Colombo is able to clear its 4G equipment at the Colombo Port. Telecom regulator, Telecommunications Regulatory Commission (TRC) signed the crucial documents this week to get the equipment released at the Port, according to Hutchison sources. They were unable to launch the new 4G technology owing to [...]
Tax on interest income from 2017 budget
Confusion and concern surround a tax that is being enforced from April 1 on all interest-earning deposits that also applies to foreign remittances, a tax which is overdue by almost a year in its implementation. The 5 per cent tax cut on interest income of savings accounts in banks and other financial institutions as withholding [...]
SriLankan Airlines’ new board
A new board of directors to SriLankan Airlines has been finalised and expected to be appointed next week with a former banker tipped to be appointed chairman, airline sources said. They said that the delay in the appointment of a new board after the current board chaired by Ajith Dias, agreed to step down on [...]
IBSL’s Ms. Sugathadasa steps down
Insurance regulator, the Insurance Board of Sri Lanka (IBSL) is headless after its Chairperson, Indranee Sugathadasa stepped down last month. Two names – Mano Tittawella, Senior Adviser to Finance and Media Ministry, and Manjula de Silva, Chairman of the National Insurance Trust Fund Board – are still being debated as the replacement, industry officials said. [...]
Political bourgeoisie kill Ceylon Tea
Threats, intimidation and political pressure are mounting against the tea industry, the minister and Tea Board officials by factory owners opposing detections that revealed 53 factories had adulterated the 150 year old Ceylon Tea. Out of the 740 tea factories in the country the Sri Lanka Tea Board (SLTB) found 53 to have added sugar [...]
Seeing red in blue-green Lanka
An agitated Kussi Amma Sera was red in the face (anger, not embarrassment) after something she appeared to have read in Thursday morning’s newspaper. A vociferous reader, peering occasionally to see the big print with an old set of spectacles, she spends at least 30 minutes in the morning while preparing tea scanning the headlines [...]
Netherlands farmers and Sri Lankan doctors
Sandra was born to a Sri Lankan mother, and adopted by a Dutch mother. She was a 12-year old child, when I met her and her foster parents, some time ago in the Netherlands. Sandra’s foster parents wanted me to help her. I was there on a scholarship, studying for my doctorate at the Free [...]
Swadeshi awarded ISO 9001:2015 certification
The Swadeshi Industrial Works PLC, Sri Lanka’s leading herbal-based personal care products company, has received the prestigious ISO 9001:2015 International Quality Management Certificate from the Sri Lanka Standard Institute (SLSI). The company, which manufactures and markets an extensive range of personal care, baby care and laundry care products led by its flagship brands ‘Khomba’ and [...]
Idea Group’s i-Roof product secures export markets
Idea Group of Companies, that offered local consumers the revolutionary roofing product i-Roof, has ventured into the export market by exporting its first i-Roof consignment to India. Goods shipped in February this year were ordered by a leading construction company in Bangalore, Idea Group said in a media release. i-Roof will be exported to many [...]
Bankers in limbo on debt repayment levy
Commercial banks haven’t still received clear directions on the tax on transactions proposed in the last budget, despite their official communication to the Treasury through the Sri Lanka Bankers’ Association (SLBA) more than five months ago, officials say. The budget proposed a 0.02 per cent tax (this is down from 0.05 per cent 2016 when [...]
Economic elephant now in Sri Lanka’s room: CB Governor
“The economic elephant in the room is the situation of the country and it should not deviate from the present consolidation process despite any political challenges for progress and growth,” Central Bank (CB) Governor Dr. Indrajit Coomaraswamy said in Colombo on Tuesday. Inaugurating the development process for Sri Lanka’s National Financial Inclusion Strategy (NFIS), he [...]
Unimo’s Bezza “Most Affordable Sedan” in Sri Lanka
Malaysia’s first Energy Efficient Vehicle (EEV) ‘Perodua Bezza’ has become one of the best-selling brand new sedans in Sri Lanka in a short period of time, a media release issued by United Enterprises Ltd (UEL), a fully-owned subsidiary of United Motors Lanka PLC, revealed. This was due to its all options and most importantly the [...]
New National Transport policy aims to improve public transport
Sri Lanka will give high priority to improve quality and reliability of public transport services through the introduction of the newly, revised National Transport Policy. The new policy devised by the National Transport Commission is aimed at promoting public transport systems that are safe, comfortable and can provide reliable service, Transport Ministry sources said. It [...]
Sri Lanka’s multibillionaires drive super luxury vehicle market
Sri Lanka’s super luxury and luxury vehicle market is growing at present continuing the upsurge recorded a few years ago with high spending multibillionaires throwing money to import Lamborghinis, Ferraris, Porches, BMWs and Mercs. These super luxury cars have been bought by leading local billionaires, young businessmen and sons of politicians or sons of businessmen [...]
Vehicle registrations rebound following duty cuts
Sri Lanka’s vehicle registrations in January this year recorded a rebound compared to December 2017 specifically in the small car segment, motor cycles and heavy trucks following the duty cuts in the 2018 budget. In the car segment registrations in January there were 5,306 units significantly up from 3,394 units in December and 3,487 units, [...]
Rising vehicle ownership shatters go-green plan
Sri Lanka’s plan to go green by removing petrol or diesel vehicles from the roads by 2040 will become a difficult task with the rising number of vehicle owners in the island, motor traffic experts warned. In terms of vehicle ownership, Sri Lanka has overtaken its neighbour – India with 76 cars per 1000 people [...]
MTD calls bids for high tech vehicle number plates
Sri Lanka’s Motor Traffic Department (MTD) has called for local and international bids to procure vehicle number plates and stickers with Radio-frequency identification (RFID) with a view to introducing new high tech security number plates for vehicles within the next few months. The tender issued by the Cabinet Procurement Committee on behalf of the MTD [...]
Softlogic Automobiles steps into luxury tourist transportation
Sri Lanka’s tourist transportation service especially for travellers from the Asia Pacific region will be further streamlined and strengthened owing to tie-up between Softlogic Automobiles (Pvt) Ltd and May Flower Holidays (Pvt) Ltd, a destination management company. The luxury tourist bus fleet of May Flower Holidays has been enhanced by adding 10 King Long luxury [...]
Kandy hoteliers plan destination push
Having incurred a loss of approximately over Rs.1 million for 982 room cancellations during the week communal clashes hit the hill capital, Kandy hoteliers are drawing up plans to once again sell the dream destination. Of the cancellations, at least one hotel recorded over 250 cancellations as revealed at a March 17 meeting at the [...]
Treasury amendment to condo builders on VAT sees sharp rise in apt. sales
The recent budget proposal to impose Value Added Tax (VAT) to condo builders which will be applicable on the sale of new condominium housing units with effect from next month has seen a sharp rise in condo sales, developers say. The Treasury promised Condominium Developers Association of Sri Lanka (CDASL) in response to a letter [...]
Government mulls replacing vehicle tax formula 3 mths after its introduction
Almost three months after presenting the Blue-Green budget in Parliament, the government is mulling to replace the current engine capacity based taxation formula with vehicle engine power output based taxation (engine horse power) criterion, official sources revealed. The revenue loss incurred under the present taxation formula has prompted the government to change the present system, [...]
First 60 units of ‘The One’ sold to overseas Sri Lankans, businessmen here
While the demand for residential properties is on the rise despite the upcoming 10 per cent capital gains tax and 15 per cent VAT, Sri Lankan millionaires living overseas and some high end businessmen in the country have purchased the first 60 residential units of the luxury landmark development ‘The One’ in Fort. The three [...]
Siyapatha Finance profits surge in 2017
Siyapatha Finance, the largest subsidiary of the Sampath Bank Group, has reported an after-tax profit of Rs. 498.86 million for 2017, an increase of 52 per cent from Rs. 327.28 million reported in 2016. Total interest income grew exponentially by 62 per cent year on year to Rs.4.6 billion in 2017, which was made possible [...]
SL cigarette prices highest in Asia:Report
Prices of cigarettes in Sri Lanka are the highest in the Asia Pacific region and the second highest in the world with the island rapidly turning into a cigarette smugglers ‘paradise’. These comments were made by Roshan Madawala, Managing Director, Research Intelligence Unit (RIU) at Tuesday’s launch of the “Research Report on Taxation in Sri [...]
Techneed’s foray into Sri Lankan IoT industry
Techneed (Pvt) Ltd, one of Sri Lanka’s growing high-tech internet of things(IoT) start-ups, last week announced the deployment of its “Nurve IoT Gateway” in one of the largest telecom service providers in Sri Lanka. Essentially the gateway enables the service provider to centrally monitor the environment variables in the machine room, such as temperature, humidity, [...]
Orion City, Dialog to build SL’s first-ever High Density Data Centre
Sri Lanka’s premier connectivity provider, Dialog Axiata Group, recently announced a joint venture partnership with Orion City to build and manage the island’s first ever High-Density Data Centre at the Orion City IT Park in Colombo. The proposed Data Centre will be established through Digital Realty (Pvt) Ltd, a company jointly held by Dialog Broadband [...]
Earth Hour: Mövenpick Hotel teams up with St Mary’s Girls School, Kollupitiya
With Earth Hour fast becoming one of the world’s largest grassroots movement for the environment, Mövenpick Hotel Colombo teamed up with St Mary’s Girls School, Kollupitiya, to not only celebrate this event but also carry out a long-term plan through a tea planting programme. The initial programme was conducted by Dr. Varuna Fernando, an Environment [...]
Inequality of the Sri Lankan tax system
Taxes are the primary source of income for any government to expend on education, health, defence, maintaining roads (and not to mention the lavish lifestyles of the politicians and their friends and families). All these expenses are met by collecting taxes in different forms from the general public. Other secondary objectives of taxes are import [...]
Hotel sector shares slated to rise
East West Properties PLC’s letter of intent to sell a stake in subsidiary, Weligama Hotel Properties Ltd and with a slew of city hotels in the market, the share market has seen a keen interest in hotel sector stocks, analysts say. East West Properties is the property owner of recently opened Weligama Bay Marriot Resort [...]
Securitisation Bill to be ready by next year
The Securities and Exchange Commission (SEC) is revisiting an old piece of legislation in a bid to step into the future. The Securitisation Bill, drafted in 2009 at the height of the global financial crisis, is being re-considered by the regulator in a bid to hold those who deal in securitisation more accountable, SEC officials [...]
Cautious optimism from Jones on SL’s real estate market
Global real estate consultancy Jones Lang La Salle (JLL) has expressed cautious optimism about Sri Lanka’s real estate market in 2018 and beyond, “We remain optimistic about the commercial sector real estate space,” noted JLL, Lanka, Managing Director Steven Mayes. “However, we are advising our clients to remain cautious about retail and residential markets, both [...]
Need for top class printing school in Sri Lanka: PM
While there is so much growth and potential seen in the printing industry in Sri Lanka, the country needs a top class printing school, Prime Minister Ranil Wickremesinghe emphasised. Attending the Sri Lanka Print Awards 2018 organised by the Sri Lanka Association of Printers at the Shangri-La Hotel in Colombo last Sunday as the chief [...]
Cabinet approval sought to remove Glyphosate ban
Proposals submitted by the Agricultural Ministry and the Plantations Industries Ministry for the re-introduction of glyphosate on the plantations will be taken up next week by the cabinet, Plantations Minister Navin Dissanayake told reporters this week. He noted that the ban on glyphosate would be lifted following a decision taken by the National Economic Council [...]
Critical Dialogue: Conversation with a purpose
“I think it is time I ask my boss for a promotion. It’s been four years. I have sacrificed much for this job. I sincerely think I deserve it as I am already doing the work of a manager at the moment,” says Sumal. “You should. What’s the problem?” asks his colleague from a different [...]
A marriage made in heaven behind Bernard Botejue’s success
It wasn’t quite Romeo and Juliet. Bernard Botejue borrowed a friend’s motorcycle and went to visit Hema one day in 1955. He was one her many suitors and 17 years her elder. Inexplicably, she agreed to marry him, and thus became the driving force behind Bernard Botejue Industries which on April 1 celebrates its 70th [...]
Sri Lanka’s Statistics Dept. defends credibility of its economic data
Shielding the credibility of the country’s economic data by the Department of Census and Statistics (DCS), its top bureaucrat says “they had to withdraw its 2017 full-year and fourth quarter GDP data on March 16, a day after posting it in the official web site as the calculations were done hurriedly without some data by [...]
Coconut growers promote home garden coconut cultivation
Aimed at overcoming the growing demand for coconuts, the Coconut Growers Association (CGA) has taken the initiative to introduce coconut palm plants in home gardens, the association stated in a media release this week. Due to adverse weather conditions as a result of the prolonged drought in 2016 and 2017 the agriculture sector faced a [...]
Leo Burnett Sri Lanka earns Carbon Neutrality Certification
Leo Burnett Sri Lanka was recently awarded the Carbon Neutrality Certificate after a thorough analysis of the manner in which the agency conducts its business operations keeping in mind the natural environment. The certificate was handed over to Arosha Perera – CEO, Leo Burnett Sri Lanka. The CarbonNeutral® Protocol guarantees the integrity and credibility of [...]
Scarcity of office space in Colombo
There is a major scarcity of office space in Sri Lanka where the demand is more for 1000 – 2500 square feet and this is where Ekroma wants to fill that void, said Ekroma’s Managing Director Onesh Subasinghe at the launch of Ekroma Fortune Commercial space launch held at the Cinnamon Grand Hotel last week. [...]
First National Symposium on data for SDGs
Sri Lanka’s First National Symposium on Data for the SDGs jointly organised by the Government and UNDP was held in Colombo on Tuesday. It was inaugurated by Speaker of Parliament, Karu Jayasuriya, Deputy Speaker of Parliament and Chairman of the Parliament Select Committee for the UN 2030 Agenda for Sustainable Development, Thilanga Sumpathipala, and the [...]
Fairfirst Insurance co-partners with the IWMI for Climate Risk Management in Sri Lanka
The International Water Management Institute (IWMI) in partnership with Fairfirst Insurance and Epic Research and Innovations recently organised a workshop on agricultural insurance in Sri Lanka. The workshop was aimed at bringing together various stakeholders in order to understand how insurance can contribute to agricultural and rural development, according to a media release from Fairfirst. [...]