Siddhalepa to expand India operations
Hettigoda Industries, manufacturers of the world renowned Siddhalepa products, will be focusing on expanding its operations in India by establishing a factory. Currently the company has a distributor network operation for sale of its range of products in India and will be increasing its presence by establishing a factory as well, Hettigoda Industries Managing Director [...]
JKH poised for growth under new blood
As the country recovers from the nation’s worst political crisis in recent times, the country’s most diversified conglomerate, John Keells Holdings (JKH) PLC is gearing to partake in Sri Lanka”s growth story. JKH’s new Chairman, the young Krishan Balendra in an exclusive interview to the Business Times this week noted that the group is betting [...]
Sri Lanka facing milk powder shortage
Sri Lankans are to be deprived of their morning and evening cup of milk tea as several leading milk powder importers have taken a collective decision to suspend imports due to heavy costs. Milk powder companies cannot continue to run their business like this anymore and are left with no choice but to stop imports [...]
CSE: Lowest turnover in a decade
The Colombo Stock Exchange (CSE) recorded its lowest turnover in a decade on Friday, in the wake of the current political and economic uncertainty in the country, CSE data shows. Friday’s turnover was Rs.68.8 million, the lowest since Rs. 64.3 million recorded on April 28, 2009. Market analysts said this is the worst as it’s [...]
NY bonanza for Ministry Secretaries hit by political crisis
In a damage control move of correcting an injustice caused to several ministry secretaries by the sudden action to sack the Yahapalana (Good governance) Government creating public administration paralysis, President Maithripala Sirisena has ordered to rectify and regularise the anomaly of such senior officials affected by the political turmoil. In the aftermath of dissolution of [...]
Retirement and ageing gracefully
Walking down the lane armed with a walking stick, Watson Perera, an elderly neighbour, waved at Kussi Amma Sera and her two friends while also shouting out, “Ayubowan”. At 72 years and retired from a public service job, Watson keeps fit by gardening and tending to a sizable vegetable plot in his backyard. He also [...]
“Reservoirs are full, oil prices are down”
On Wednesday, the Governor of the Central Bank Dr. Indrajit Coomaraswamy presented the Central Bank’s “Road Map 2019 – monetary and financial sector policies for 2019 and beyond”. It provides an outline of the Central Bank’s policy directions for the year guiding us to figure out where we intend to move in an uncertain and [...]
LB Finance hopes for economic upturn, will provide “good “credit this year
LB Finance PLC is gearing to manage three challenges this year while eyeing expansion in the region in the medium term. “This year will be tough,” Sumith Adhihetty, Managing Director LB Finance PLC stressed sitting down for an interview with the Business Times in Colombo. He explained that managing non-performing loans (NPL) is the first [...]
New policy to transform export landscape
Cabinet approval has been given for an initiative viz the Enterprise Innovation Scheme from 2018- 2022 that will soon get underway with the collaboration of the Export Development Board (EDB). This will change the landscape of exports in the country, said the Minister of Development Strategies and International Trade, Malik Samarawickrema at a media briefing [...]
UK travel personality “Gamit” passes away
Well known travel trade personality Gamini Ameresekere, better known to friends and business acquaintances as ‘Gamit’, passed away at his home in London on January 1. The proprietor of ‘Taprobane Travels and Tours’, Gamit Ameresekere’s firm was the leading tour operator and a pioneering consolidator in specialist markets in the UK since Air Ceylon and [...]
Central Bank continues to foster a vibrant, resilient and strong financial sector
The Central Bank will continue to foster a vibrant, resilient and strong financial sector, facilitating economic growth through efficient allocation of resources while promoting dynamic and stable financial institutions along with efficient payment and settlement systems. This was revealed by Central Bank Governor Dr. Indrajit Coomaraswamy when he unveiled the bank’s Road Map 2019 outlining [...]
“Khomba Baby Soap” re-launched
“Khomba Baby Soap”, Sri Lanka’s top herbal baby care product, has been re-launched with new herbal ingredients and new soothing fragrances with an expansion of the portfolio. The predominantly Margosa (Neem/Kohomba) based range of products has undergone significant improvement with the addition of Coconut milk, Aloe Vera, Olive oil, Rathmal, Rose water and Venivel, making [...]
GRI goes Green by installing a 1.2 MW solar power system
GRI, a leading producer of Speciality Tyres in Sri Lanka, has reinforced its commitment to sustainability and environmental protection by installing one of the largest roof top solar systems in the country. With a capacity of 1,200kW (1.2MW), the solar panels are expected to generate 136,557kWh of electricity per month. This green initiative spans across [...]
Emirates makes ‘flying better’ in 2018
Emirates, the world’s largest international airline, delivered another year (2018) of trendsetting product and service initiatives across its fleet and network to make ‘flying better’ for its customers. In the last 12 months, Emirates carried over 59 million passengers on over 3,700 passenger flights on average per week. The airline served a diverse menu of [...]
Munchee’s ‘One Book’ campaign to enrich the lives of youngsters
In a bid to inculcate the habit of reading amongst children across the country, Munchee recently stepped forward to drive a island-wide campaign named – ‘One Book’. While inculcating the habit of reading is important, according to official data, about 2000 Government schools in Sri Lanka do not have access to proper library facilities. Under [...]
CICT ends 2018 with 2.65 mn teus, 38% of Colombo Port’s volume
Colombo International Container Terminals (CICT) has handled 2.65 million teus for the 12 months ending December 2018, recording a 13 per cent increase in its annual throughput and contributing 38 per cent of the Port of Colombo’s volumes in the year just concluded. A significant factor in the achievement of 7 million teus by the [...]
State tourism bodies’ heads to roll this week
An undue delay in the appointment of heads of institutions to the respective tourism state bodies has caused concern among the industry that is keenly watching the situation unfold as days are closing in on the long-awaited global promotion campaign set to kick off in Berlin in March this year. The campaign that has been [...]
Big win for start-up Tracified at Oslo Innovation Week 2018
Tracified, an innovative digital platform for food traceability that uses Blockchain technology to empower both vendors and consumers by providing end-to-end information on food products, was a key highlight at the Oslo Innovation Week 2018. The product, with its cutting-edge technology, saw it emerge the winner of the Best Oslo Sustainability Start-up Pitch, amidst many [...]
Capitol TwinPeaks construction continues ahead of schedule
Capitol TwinPeaks, the flagship venture of the Sanken Group, located on the Beira lakefront in Colombo 2, is forging ahead of schedule with 35 floors completed, to ensure timely delivery of their investment for maximum profitability, amidst general unrest and doubt, in today’s volatile market. The twin 50-storey high interlocking skyscrapers are an architectural interpretation [...]
People’s Bank opens 200thSelf Banking Unit in KKS
People’s Bank, marking an iconic milestone in Sri Lanka’s banking sector, recently opened its 200th Self Banking Unit in the premises of the Kankasanthurai (KKS) Railway Station in Jaffna. The bank has also taken steps to open several Self Banking Units at Chavakachcheri Court premises, Palali Army Camp, Thirunelvely, Inuwil and Chankanai areas. In a [...]
Paintbrush and roller brand Harris now from JAT Holdings
With effect from September 2018, the No.1 paintbrush manufacturer in the UK, L.G Harris & Co. Ltd has appointed JAT Holdings (Pvt) Ltd. as exclusive manufacturer, distributor and marketer in Sri Lanka for its range of Harris® branded paintbrushes, rollers and accessories. The Harris® paintbrush has been patronized by Sri Lankan painters for close to [...]
SL’s MullenLowe ends 2018 on a record high
MullenLowe Sri Lanka ended 2018 on a record high in creative reputation and financial performance. The Sri Lanka office, a recently acquired company by the New York based IPG group was named by Campaign South Asia as the Creative Agency of the Year in the rest of South Asia category. This recognition came hot on [...]
Sri Lanka to seek an extension of IMF Extended Fund Facility
Sri Lanka is now considering the possibility of getting an extension to the International Monetary Fund’s (IMF) economic reform programme with additional financial facility as the 3-year US$1.5 billion Extended Fund Facility (EFF) is scheduled to end in the first half of this year. The need to extend this facility has arisen owing to balance [...]
PayMedia ends 2018 with 11 awards
PayMedia, a rapidly evolving Financial Technology (Fin-Tech) company in Sri Lanka, won 11 awards in total in 2018, and was highly commended for the leadership of its Founding Director/CEO, Kanishka Weeramunda, who was recognised with multiple leadership awards himself. “These accolades won by PayMedia, which are a testament to the company’s innovation and creativity includes [...]
New coins for the New Year
New coins in the denomination of Rs. 1, Rs.2, Rs.5 and Rs.10 have been issued for 2019 by the Central Bank. These coins can be obtained from any commercial bank branch and can be used for payments amongst other currency notes and coins in circulation. The bank in a public announcement said the diameter and [...]
Tokyo Cement creates new dialogue at Society of Structural Engineers
Question Time is a monthly discussion forum organised by the Society of Structural Engineers of Sri Lanka (SSE-SL), the apex body of the structural engineering fraternity. It is the platform where professional as well as student members of the SSE come together to discuss new technological trends and developments in the engineering and construction fields, [...]
Port of Colombo handles record breaking 7 millionth TEU
The Port of Colombo handled its 7 millionth TEU on December 31 and a special function was held at the Jaya Container Terminal (JCT) of Sri Lanka Ports Authority (SLPA) to celebrate the event. The function was graced by Minister of Ports, Shipping and Southern Development Sagala Ratnayake with the participation of the Secretary of [...]
Tourism growth impact on real estate
Real estate and tourism are two different industries that correlate and influence on one another, says real estate firm Lamudi.lk. “Especially, by the end of the 30 year-long civil war, the country was able to resolve all its security issues, establishing confidence in entering different parts of the country for locals as well as tourists [...]
Fiji Ports Terminal wins Fiji Business Excellence Award for year 2018
Fiji Ports Terminal Ltd has won the Fiji Business Excellence Awards this year which were given away at a gala ceremony held at Sheraton Fiji resort in Denarau Fiji, last month by the President of the Republic of Fiji Islands Maj. Gen. (Retd) Jioji Konusi Konrote in the presence of a host of high ranking [...]
Property giant LankaPropertyWeb.com acquires Lamudi.lk
Sri Lanka’s leading property portal LankaPropertyWeb has announced the acquisition of the country’s no.2 property portal lamudi.lk, firmly establishing the company as the dominant portal in the country. The acquisition includes the lamudi.lk domain and all its listings, plus the local operations of Lamudi Sri Lanka, LankaPropertyWeb said in a public announcement. With this acquisition, [...]
Nveloop’s new Gem and Jewellery Store Management System
Nveloop has launched a Gem and Jewellery Stores Management Software System with integrated E-Catalogue Module. “This software system is tailor-made for the gem and jewellery industry, taking into consideration of specific needs of the trade. The Gem and Jewellery Store Management Software System fulfil a long wanted need of the industry. Nveloop identified the need [...]
Eco Engineers Co wins Gold at Green World Awards
Eco Engineers & Company, Sri Lanka’s pioneer waste water management company, was recently awarded Global Gold Winner status at Green World Awards organised by Green World Organisation based in the UK – the organiser of the biggest environmental awards campaign on the Earth. Speaking on the company’s achievement, Eco Engineers & Company founder, Sri Lankan [...]
66th anniversary of the SL – China Rubber – Rice Pact
The historic Rubber-Rice Pact between Sri Lanka (then Ceylon) and the People’s Republic of China was signed on December 18, 1952 by then Minister of Commerce, late R. G. Senanayake and his Chinese counterpart in the presence of the then Prime Minister of China, Zhou En Lai in Beijing (then Peking). This was five years [...]
Cathay Pacific makes good on first-class ticket blunder
HONG KONG, REUTERS, Jan 3 – Cathay Pacific Airways said it would guarantee thousands of first and business-class flights sold at huge discounts after a ticketing error, calling the mistake a surprise special on New Year’s Day. The Hong Kong based carrier acknowledged the error on its twitter feed on Wednesday, stating; “we made a [...]
Apple cuts sales forecast as China sales weaken
US, REUTERS, Jan 3 – Apple Inc on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around US-China trade relations. The news, which comes as a spotlight grows on Beijing’s attempts to revive [...]
Drug companies greet 2019 with US price hikes
NEW YORK, REUTERS, Jan 2 – Drug makers kicked off 2019 with price increases in the US on more than 250 prescription drugs, including the world’s top-selling medicine, Humira, although the pace of price hikes was slower than last year. The industry has been under pressure by US President Donald Trump to hold their prices [...]
Superapps will starve the rest in Southeast Asia
SINGAPORE, Jan 2 (Reutersviews) – Southeast Asia’s apps-for-everything will dominate in 2019. Cash is being lavished on Grab and Go-Jek, as they dabble in everything from ride-hailing to groceries. It’s a Chinese approach to luring and keeping consumers who are moving online fast. The region from Myanmar to Indonesia is one of the world’s fastest-growing [...]
Hyundai scion emerges from father’s shadow, says to complete ownership revamp
SEOUL, REUTERS, Jan 2 – The heir apparent of Hyundai Motor Group said on Wednesday he will complete a restructuring in 2019 as he moves to formally take over from his father at the helm of South Korea’s second-biggest conglomerate. Euisun Chung made the comments in his first New Year address to employees in the [...]
Google wins US approval for new radar-based motion sensor
WASHINGTON, REUTERS, Jan 1 – Alphabet Inc’s Google unit won approval from US regulators to deploy a radar-based motion sensing device known as Project Soli. The Federal Communications Commission (FCC) said in an order late on Monday that it would grant Google a waiver to operate the Soli sensors at higher power levels than currently [...]
Government prepares to present a populist budget for 2019
The United National Front Government has its last chance to shore up the economy providing relief for the poor and middle class families in rural and urban areas when it presents a crucial budget in parliament on March 5, ahead of provincial, presidential or general elections. Finance Minister Mangala Samaraweera has directed Treasury officials to [...]
BOI’s Seethawaka Export Processing Zone, raises US$ 294 m in export earnings
The Board of Investment (BOI)’s Seethawaka Export Processing Zone, contributed US$294 million (Rs.52,842 million) in export revenue as at end of October 2018 compared to Rs. 65,791 million in 2017. The Seethawaka Export Processing Zone is the only zone located in the Colombo district. It is 47 km from Colombo via Low level road and [...]
Digitised settlement infrastructure for listed firms
The Colombo Stock Exchange (CSE) has urged listed firms to initiate paying dividends to shareholders through the digital process. CSE officials told the Business Times that digital payment methods need to be deployed now to settle shareholder funds. “This is especially true for dividends,” an official noted saying that about two months ago, the CSE [...]
CA Sri Lanka schols for top three commerce achievers
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) continued to be the “choice of champions” with the highest achievers of the commerce stream of the 2018 GCE Advanced Level examination choosing CA Sri Lanka to kick start their journey to be Chartered Accountants. President of CA Sri Lanka Jagath Perera recently presented [...]