Albert Edirisinghe Opticians celebrates 70th anniversary
Savinda Samarakoon, Managing Director, Albert Edirisinghe Opticians Ltd (in white shirt), makes the first sale to a customer at the reopening in Kollupitiya on Friday of the company’s first-ever branch. The company celebrated 70 years on February 4 (as old as Sri Lanka’s independence) and offers top brands catering to lower and upper income groups. [...]
Ratmalana Airport in over Rs.800 m upgrade
The Ratmalana Airport will be handed over to civilian operations this month, establishing clear cut demarcations as per civil aviation requirements and after upgrading facilities with an investment of Rs.825 million. In two weeks’ time the Ratmalana Airport will be officially handed over by the Civil Aviation Authority (CAA) to the Airport and Aviation Services [...]
Rupee gains: Boost in confidence
The settlement of a US$1billion + debt repayment by the Government last month has restored confidence in the money markets, easing pressure on the rupee. The rupee which was once pegged at a high of Rs. 184 per US dollar, a few weeks ago, has gained against the US currency and was trading at around [...]
Sampath to sell its broking arm
Sampath Bank is negotiating with a certain party to sell its stockbroking entity, SC Securities (Pvt) Ltd, according to sources close to the deal. They said that in this deal, Sampath Bank will be selling the broking licence which is valued at Rs. 150 million. SC Securities is a licensed member of the Colombo Stock [...]
LOLC aims to be at the top slot
Having grown tremendously in the last decade, LOLC Group PLC is aiming to be in the top three of the most profitable listed companies in Sri Lanka. This has become a very short term goal for them as some 60 per cent of their profit comes from the many overseas ventures LOLC has cottoned on [...]
Banks to customers: Use SMS alerts to combat fraud
To safeguard against frauds, all bank customers have been urged to subscribe to a mobile alert service. “All customers should subscribe to a Short Messaging Service (SMS) alerts by banks so that account holders are aware of all their transactions,” a senior industry official opined to the Business Times. He said with SMS alerts any [...]
Youth aspirations
What are today’s youth seeking? What are their aspirations? Are they looking for jobs where they have to work hard as older generations did or easy-going, more flexible-hour jobs? These thoughts lingered on my mind after attending a recent discussion on this matter and being further provoked when Kussi Amma Sera and her friends discussed [...]
Honourable Minister’s “dishonourable list”
One morning I walked into the office room of the University Registrar – the highest administrative officer of a state university. As I entered I saw him working with two loads of folders laid in front of him on his table. Over the folder loads I looked at him and asked: “What are all these [...]
Global campaign launch at ITB on course, says Kishu
Newly appointed Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes has plans to take a deep dive into the current initiatives undertaken and launch the global promotion campaign in time for the travel fair ITB in Berlin in March. Mr. Gomes told the Business Times on Thursday [...]
Top priority to appoint Tax Ombudsman
The need for a Tax Ombudsman is now more urgent than ever before due to the changes in the income tax regime and the implementation of the Revenue Administration Management Information System (RAMIS) — to prevent taxpayers running from pillar to post. “I believe the time is opportune to address the concerns of the tax [...]
State banks to bring in experienced professionals as banking heads
The Finance Ministry is now clearing high level procedures in appointing heads to state banks almost two months after the reinstatement of the UNF government with the aim of invigorating the state banking sector with experienced professionals. Most of the state banks are currently embroiled with dysfunction in policy and decision-making in managing and administering [...]
PwC’s Academy workshop on digital forensic investigation
With computer related crimes seeing an upward trend in recent years, PwC’s Academy will introduce a two -day workshop on Digital Forensics Investigation next month to help the country’s public and private sectors strengthen their capabilities in combatting such crimes and educate professionals on how to conduct a thorough investigation that will even be accepted [...]
SL youth reluctant to take hard-working jobs
Youth reluctant to take hard-working jobs and dependency on their parents, among other issues came to the fore during a discussion on “Crisis in Employment” organised by the Sunday Times Business Club (STBC) last week. The panel comprised Fayaz Saleem, Principal Consultant/MD of Executive Search; Rozaine Cooray, Business Psychologist and founder of Forté Consultancy and [...]
Sunshine Holdings forges ahead with digitisation
The diversified group, Sunshine Holdings PLC is committed to digitisation of its processes — deploying drone technology in their agricultural sector. Officials said in this regard, the company uses drone technology to gather field data. “We are working with two start-ups in this case. If a field is left without weeding, then drone technology helps [...]
Speaker bravely wards off threats in Parliament
Safeguarding democracy in Sri Lanka is quite painful at times as the Speaker of Parliament to withstand chairs, chillie powder and threats of acid being flung at you and also face the threat of shooting during Parliament session, Speaker Karu Jayasuriya told a chamber audience last week. Speaking as chief guest at the 60th Annual [...]
Manohari Abeyesekara appointed CIMA’s country network panel chair
Manohari Abeyesekara, FCMA, CGMA, Head – Strategic Business Development of Hayleys PLC, and Director Hayleys Group Services has taken over the Country Network Panel Chair for 2019. She was the Vice Chairperson of the Panel last year. An alumnus of KPMG, Manohari is a Fellow Member of The Chartered Institute of Management Accountants (CIMA) and [...]
World Pulses Day today
World Pulses Day will be commemorated today (February 10) with the local Essential Food Commodities Importers and Traders Association (EFCITA) marking the event by distributing pulses to 3500 patients at the National General Hospital Colombo, and 1500 patients at the Maharagama Cancer Hospital. In a media release, the local organisation said that world population is [...]
Government cracks down on spice re-export racket
While prohibiting cinnamon imports, Sri Lanka Government is set to tighten entrepot trade regulations with the aim of cracking down on spice re-exporting rackets being carried out by unscrupulous exporters enjoying tariff relief under free trade agreements, Sri Lanka Customs sources said. The Department of Customs has been directed to strengthen its Surveillance Division and [...]
Ceylinco Life policyholders offered rebates
Ceylinco Life has announced that the company’s policyholders are eligible for up to 50 per cent off on the costs of radiation therapy at Ceylinco Healthcare Services Ltd (CHSL), a wholly-owned subsidiary that offers the latest advancements in cancer treatment. A cancer fund launched by the country’s life insurance leader six years ago, finances special [...]
50 mini diesel power generators ‘open a can of worms’
Sri Lanka’s emergency power supply programme aimed at maintaining uninterrupted supply of electricity for the people by installing 50 mini diesel power generators has been accused of tender malpractices in the procurement process, according to the Ceylon Electricity Board (CEB) Engineers. The tender called by the CEB for the supply , installation and commissioning of [...]
LVL Energy Fund posts 17% growth in PAT in 2018
Energy Fund PLC sustained its strong profitability path by posting 17% growth in profitability within nine months of operations. Announcing its provisional financial results for the 9-month period ending December 2018, LVL Energy Fund PLC recorded a profit before interest and tax of Rs. 710 million for the period compared to Rs. 628 million in [...]
AA Secretary felicitated
The Staff Welfare Society of the Automobile Association of Ceylon (AA) recently felicitated AA Secretary Devapriya Hettiarachchi for being elected as a Member of the Federation Internationale de I’Automobile Mobility Services Commission at its annual assembly held in Russia in December. A plaque was given to him on this occasion. AA President Dhammika Attygalle, Exco [...]
ComBank awarded Greenhouse Gas verification statement
The Commercial Bank of Ceylon has been awarded a Greenhouse Gas (GHG) verification statement by Sri Lanka Climate Fund (Pvt) Ltd. under the Ministry of Mahaweli Development and Environment, after verifying that the bank’s total Greenhouse Gas emissions for 2017 in accordance with ISO 14064-1:2006 were at a “reasonable level of assurance.” This certification was [...]
Haycarb’s 9mth end Dec 2018 post-tax profit at Rs. 672 m
Sri Lankan multinational Haycarb PLC has reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31st December 2018. Post-tax profit stood at Rs. 672 million, the company said in a media release. It did not contain comparative figures for the same period in 2017. Haycarb [...]
BOC recognised at Best Presented Annual Report Award at SAARC Anniversary Awards
The Bank of Ceylon’s “ABC of BOC” Annual Report for 2017 was recognised as the Winner of the Best Presented Annual Report Award in the Public Sector Banking Institution Category at the South Asian Federation Accountants (SAFA) Awards Ceremony held in Pune, India recently. The bank’s Deputy General Manger- Finance and Planning Vipula Jayabahu received [...]
MAS Holdings’ Mahesh Amalean receives prestigious Humanitarian Award
Mahesh Amalean, Chairman and Co-founder of MAS Holdings was honoured with the Humanitarian Award at The Underfashion Club’s annual Femmy Awards Gala held on February 4. The Femmy Awards, sponsored by The Underfashion Club, honours individuals and companies that contribute significantly to the growth and creativity of the intimate apparel industry. This annual Gala is [...]
EU supports Sri Lanka public sector financial reforms
The European Union (EU) is set to continue financial contributions to the Sri Lankan government towards strengthening Public Financial Management (PFM) and Accountability, improving public services, addressing poverty and stimulating economic growth. Despite the challenging context in a time of political and economic uncertainty in the country, the EU strives to resume its ongoing projects [...]
HNB announces landmark partnership with CyberSource
HNB has announced a landmark new partnership with Visa to launch its globally renowned integrated ecommerce payment management service, CyberSource, across the bank’s entire merchant network. “HNB acquires the single largest merchant network in Sri Lanka. Through the new partnership, HNB will offer its merchant network enhanced e-commerce and m-commerce functionality, enabling them in turn [...]
Fitch Ratings: Recalibration of Sri Lanka National Rating Scale
Fitch Ratings said on Tuesday that it will recalibrate the Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following the downgrade of the country’s sovereign rating to ‘B’ from ‘B+’ on December 3, 2018. The recalibration will result in rating actions for some issuers with Sri Lankan [...]
Creativity on show at 2018 ANBD exhibition at SLIIT
Sri Lanka will play host to a new generation of intelligent machines that is expected to create competition for the human brain at the Asia Network Beyond Design (ANBD) exhibition scheduled to take place on February 11-15 at the Sri Lanka Institute of Information Technology (SLIIT) Malabe. The special conference and exhibition will take place [...]
Southern Smart Company launches e-commerce facility for mosquito net ‘Smart Net’
Southern Smart Pvt Ltd, manufacturers of a world-class mosquito net product and celebrating its 21st anniversary, recently launched its e-commerce facility at an event at the BMICH, Colombo. On an invitation by Southern Smart Company’s Chairman, H.M. Bandulasena, www.smartlk.com website was unveiled by Prof. Chandana Jayarathne, Space scientist at Colombo University. The first purchase via [...]