Negombo tourism in the hot seat
Locals relaxing on the Negombo beach. This popular tourist town is faced with many issues, including harassment and intimidation, that are affecting many hotels. (Full story on Page 7). Pic by Priyantha Wickramaarachchi
US dollar gains on political uncertainty
The US dollar hit dizzy highs this week against the rupee due to demand from mostly foreign banks amidst a likelihood of the Central Bank (CB) intervening in the market to stabilise the local currency. The demand for dollars was not to feed imports but based on an exit by foreigners from stock and debt [...]
Five RPCs under the scanner
The Government is keeping a check on at least five regional plantation companies (RPCs) over their performance threatening to cancel their lease agreements if they did not meet expectations, and thereby making way for new investments to enter an already ailing sector. Plantation Industries Minister Navin Dissanayake told the Business Times that he had had [...]
Hutch, Etisalat merge Sri Lanka mobile ops
Hutch Sri Lanka, which overcome a near 3-month hurdle to clear its 4G equipment from the Colombo Port, is merging with Etisalat, according to an official announcement on Thursday. It said Hong Kong-based CK Hutchison and UAE-based Etisalat have agreed to merge their mobile businesses in Sri Lanka, operating under the names Hutch Lanka and [...]
EPF follows streamlined methodology in investing in CSE and Unit Trusts
The Employees Provident Fund (EPF) has been directed to follow a transparent and standardised methodology in making investments in Colombo Stock Exchange (CSE) and Unit Trusts following an evaluation made during a period of seven years from January 1 – 2010 to December 31 – 2016. The criteria followed by the fund and operating procedures [...]
Latest 2017 data on ‘suspicious’ financial transactions next month
The 2017 study on Suspicious Transaction Reports (STRs) – particularly money laundering attempts -, probed by the Financial Investigation Unit (FIU) of the Central Bank (CB) will be released next month, officials say. They said that FIU suspended funds amounting to Rs. 146 million in 2016, but declined to comment on how much it was [...]
“If only we were squirrels”
Sri Lankans have faced so many shocks that nothing surprises them anymore. The 26-year conflict (1983-2009) along with two violent insurrections (1971 and 1988-1991) insulated the country’s people so much so that nothing shocks or startles them now — even the struggle for power and greed by today’s powerful politicians. It was, therefore, a welcome [...]
“Wave” that changed the shape of the world economy
Ten years ago by this time – that was early 2008 -, people in the US were living happily, earning more than a quarter of the world’s total income. They were also the biggest consuming nation in the world; their household consumption alone accounted for 30 per cent of the world total. In fact, it [...]
Sri Lankan political unrest testing reforms:Fitch
Recent political developments in Sri Lanka have triggered uncertainty over reform momentum and fiscal consolidation while prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22, Fitch Ratings warned in a report on Thursday. “That said, the unrest has had limited economic impact so far, and Sri Lanka’s ‘B+’ sovereign rating [...]
Central Bank pledges to sustain the rupee at a reasonable value
Defending the current flexible exchange rate policy, the Central Bank (CB) this week pledged to sustain the rupee against the dollar at a reasonable value but assured intervention in the financial markets if the pressure was ‘unbearable.’ Governor Indrajit Coomraswamy told a media conference in Colombo convened in connection with the release of the bank’s [...]
Union Bank: 37% growth in post-tax profit in 1Q18
Union Bank has reported a pre-tax profit and VAT of Rs 246 million in the first quarter 2018, up by 47 per cent from the same 2017 quarter, the bank said in results released to the market. “A significant growth in core banking operations contributed to the robust performance of the bank during the period [...]
John Keells Foundation interaction with Morawewa farmers
John Keells Foundation (JKF) recently organized a “Govi Hamuwa” for the benefit of farmer organizations of the Morawewa DS Division in collaboration with Morawewa Irrigation Project Management Office (Morawewa Major Irrigation Projects) and World Vision Lanka. This initiative was organised under the village adoption project of Livelihood Development focus area with the aim of poverty [...]
Extensive overhauls at CPC’s Sapugaskanda oil refinery
The Ceylon Petroleum Corporation’s (CPC) Sapugaskanda Oil Refinery successfully completed a colossal 35-day overhaul and renovation programme recently, aimed to boost efficiency, reliability and productivity of the refinery. The 50-year-old facility, which is the only oil refinery in Sri Lanka, refines imported crude oil to supply 30 per cent of the energy demand of the [...]
Almost a quarter of the 2017 budget proposals became broken promises
The government’s transparency in disclosing information on the progress of 2017 budget proposals has improved significantly although some ministries and state institutions were reluctant to reveal details despite its public obligation to do so, two researchers of Verité Research, a think-tank revealed in Colombo on Tuesday. Almost a quarter of the promises made in 2017 [...]
EPF Office: Beneficiaries subjected to a lot of inconvenience
I spent three days at the Labour Department trying to hand over the EPF benefits claim and in the interest of thousands of others who would be filing their claims, I thought of relating the inconvenience that one goes through. I took the claim form and went to the Labour Department ground floor counter along [...]
Lubricant market in Sri Lanka hurt by adulteration
Although the total market share of the lubricants in Sri Lanka is Rs. 65 million, some 20 per cent of the traders are engaged in selling adulterated lubricants. “I have brought this to the notice of the Public Utilities Commission (PUC) and the Ministry concerned regarding 30 such traders who sell adulterated lubricants but have [...]
DentsuGrant’s 60 years of building brands
DentsuGrant recently celebrated its 60th anniversary, making it the longest running agency in the country. Seen here is Neela Marikkar, Chairperson of DentsuGrant Group, with some members of a loyal staff.
Strategic merger of two key LOLC units good for regional expansion
A recent strategic merger between two units in the LOLC Group has resulted in the creation of the country’s largest non-bank financial institution (NBFI) with a total assets base of Rs. 212 billion and a lending book of Rs. 152 billion. The merger was between LOLC Micro Credit Ltd (LOMC) and LOLC Finance PLC (LOFC) [...]
EDB forms committee on “Go-Global initiative” for the printing industry
The Export Development Board (EDB) recently formed a steering committee from high level stakeholders and experts in the printing industry, to assist the drive towards enhancing exports in three major areas, packaging, stationery and publishing, This action was taken at a meeting between the EDB printing sector team and frontline members of the Sri Lanka [...]
J’pura University trio picked for Unilever’s Future Leaders’ League in London
Madusha De Silva, Nayomi Fernando and Umendra Abeynayake of team Innovints from the University of Sri Jayewardenepura were adjudged winners of Unilever Challenge 2017 held recently in Colombo. Emerging on top of three teams from 10 universities after three intense rounds, they will be representing Sri Lanka at the Unilever’s Future Leaders’ League to be [...]
Sri Lanka set to benefit greatly from Mahindra’s success
Sri Lanka’s automotive industry is to benefit greatly in the wake of Mahindra & Mahindra Ltd’s achievement of high market capitalisation in the Bombay Stock Exchange, Ideal Group, the Indian company’s local partner in a vehicle assembly joint venture(JV) said on Monday. “With the shares of the Mahindra & Mahindra Ltd (M&M)surging more than 2 [...]
Bajaj ‘Qute’ quadricycle entry into local market
After an over 2-year struggle, the ‘Qute’ quadricycle manufactured by India’s Bajaj Auto Ltd is now on sale in Sri Lanka, following its inclusion in a separate category of under section 203 in the Motor Traffic Act. The Ministry of Transport and Civil Aviation has promulgated regulations in a gazette extraordinary recently approving quadricycle as [...]
Porsche car owners club launched in Colombo
Porsche Club Sri Lanka (PCSL), an exclusive club for Porsche car owners in the country, has been launched in Colombo recently at the Porsche Breakfast Drive with Chopard and Mobil. Chopard is a watch brand while Mobil is a supplier of lubricants. The club aims to hold events, trainings and gatherings exclusively for the members [...]
Vehicle importers motor show to offer big deals
The LB Big Wheels Motor Show, is set to take place on May 18 to 20 from 10 am to 10 pm at the Nelum Pokuna-Colombo 7. The inaugural LB Big Wheels Motor Show is organised by the Vehicle Importers Association of Sri Lanka (VIASL), the leading voice representing the brand-new and reconditioned automobile importers [...]
Micro promotes small MG utility cars in Sri Lanka
MG, the famous British car brand now owned by the Chinese, is all set to popularise its new compact semi luxury car with modern specifications in partnership with Micro Cars Pvt Ltd through its subsidiary, Euro Sports Auto Lanka Ltd as the island wide distributor, Micro officials said. Previously Unimo Enterprises Ltd., a fully owned [...]
United Motors Lanka PLC launches after sales Mobile App
United Motors Lanka PLC, in another pioneering venture, recently launched the first after sales mobile application for the vehicle industry in Sri Lanka. In an attempt to further engage with its customers this mobile app will enable customers to reserve appointments for servicing and mechanical repairs, call in for 24/7 breakdown assistance, order spare parts [...]
CPN meeting in Colombo
Prime Minister Ranil Wickremesinghe was the chief guest at the final session of the 22nd annual global conference of Cargo Partners Network (CPN) held at the Shangri La Colombo on Thursday. Seen here the PM being greeted on arrival..
“CNN media blitz to get 3% increase in footfalls”
My attention was drawn to a newspaper article published in the Business Times last week under the above headline where the current managing director of Sri Lanka Tourism Promotion Bureau has said that “No campaign had been carried out during the last four years”. I would like to draw your attention further that, as claimed [...]
Gem export industry in the doldrums, falling apart
Sri Lanka’s Gem and Jewellery industry is falling apart, accusing the government of neglect, not properly fostering the sector and removing a key tax concession in recent tax developments. Industry officials, referring to these issues at a media briefing last week, said exports were in jeopardy due to the current practices and policies of the [...]
Modern update to David Ogilvy’s Advertising Bible
For many people and for many years “Ogilvy on Advertising” was somewhat of a Bible on Advertising. It was, says author Miles Young former CEO and Chairman of Ogilvy Worldwide, a storming success and while it is still relevant “Ogilvy on Advertising in the digital age” launched readers in to 21st century. Ogilvy on Advertising [...]
All debt payments in 2018 will be honoured: CB
Sri Lanka’s Central Bank (CB) has vigorously denied reports that it was short of cash to pay for huge debts this year. “The CB has observed media reports erroneously highlighting lack of funds to pay-off Treasury bonds before their date of maturity,” the banking regulator said in a media release on Wednesday. The reports were [...]
Maldives , still a magnet for luxury travellers
MALE – That the Maldives will continue to attract travellers as a luxury destination was restated at a recent conference which drew general managers from more than 50 luxury resorts. On the sidelines of the conference, hotel managers said that February and March were good months despite concerns raised over political unrest in the country’s [...]
UNDP partners with NYSC, Cisco and Citi on e-learning programmes
The United Nations Development Programme (UNDP) in Sri Lanka has partnered with the National Youth Services Council (NYSC), Cisco and Citi to conduct e-learning programmes in 20 locations across Sri Lanka to build on national priorities placed on strengthening the knowledge on ICT skills among youth. e-learning is a powerful tool that has the potential [...]
Sri Lanka is softly killing its tourism industry
NEGOMBO – An attack similar to what transpired in Mirissa on tourists by a group of drunk Sri Lankans could happen anywhere else in the country – with the next hotspot likely to be Negombo where anti-tourism incidents are going on unabated. Even as I write this story on the situation in Negombo what is [...]
Headline inflation eases in March
Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100), which is compiled by the Department of Census and Statistics (DCS), eased in March, continuing on its declining trend since November 2017. Year-on-year NCPI headline inflation decreased to 2.8 per cent in March, the lowest since April 2016, from 3.2 [...]