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Sri Lanka’s loss, Myanmar’s gain

Diesel and Motor Engineering PLC (DIMO), hard on the heels of second hand car market dealers setting up business in Myanmar, is also considering venturing into the former Burmese nation to trade in vehicles. The country is attracting second hand and new car dealers alike from Sri Lanka, which is grappling with a sales crisis. [...]

Rubber plantations in the North-east

New rubber plantations would be established in Sri Lanka’s north-east region aimed at meeting growing world market demand for the product. The next budget would propose new lands for cultivation in Ampara, Vavuniya, Mullaitivu, and Kilinochchi as it has been found that the climate conditions were favourable for rubber production, said Minister of Plantation Industries [...]

Vasu now after SAGT privatisation

Vasudeva Nanayakkara, a combative and spirited Minister in President Mahinda Rajapaksa’s cabinet, is at it again: This time he is probing the privatization and creation of the South Asian Gateway Terminals Ltd (SAGT). In a September 18 letter to the Treasury Secretary, Mr Nanayakkara, Minister of National Languages and Social Integration but better known for [...]

Abans building super luxury hotel on CCC land

Abans Group, a diversified conglomerate in Sri Lanka, is stepping into the tourism sector with plans to build a super luxury hotel at the Colombo Commercial Company (CCC) land facing the Beira Lake at Sir James Peiris Mawatha, government officials said. The company has made a part payment upfront to lease a block of land [...]

Sri Lanka to modernise Registrar of Companies

The Sri Lankan Government is to modernise the Department of Registrar of Companies, introducing an electronic document management system to reduce the time for registration and filing of statutory information and to improve the data quality for both the government and the public. Registrar of Companies D.K. Hettiarachchi told the Business Times that the department [...]

Most Sri Lankans say judiciary is not independent: BT-RCB poll

A joint survey cum poll by the Business Times (BT) and the Colombo-based Research Consultancy Bureau (RCB) this week on concerns relating to the judiciary found an overwhelmingly number of respondents saying there is interference in the judiciary. A similar number agreed that Sri Lankan judges are unable to discharge their duties and deliver judgments [...]

Local implications of China growing at 8%

Judging by the visitors over the last two weeks, this is the season for lords of finance to visit Australia. As impressive as the visitors and engagements were, there was surprising uniformity in questions that were discussed. All roads eventually led to China. The obsession with Australia in the midst of weakening Chinese economic growth [...]

Most Asian economies to grow in 2013 : SCB report

While growth in the region had slowed down over much of 2012, it would again kick up in the first half of 2013, with most countries in the region following in this regard, according to a 2013 forecast of Asian economies, compiled by Standard Chartered Bank (SCB). The report, entitled “Standard Chartered Asia Focus: The [...]

Crisis in governance

If former Securities and Exchange Commission (SEC)Chairman Thilak Karunaratne was frank and forthright on what ails Colombo’s stock market, then respected banker Ranjit Fernando was even, more blunt. “There is a pattern in the country where dissent is opposed and there is no (room for) free discussion,” he told a rapt Colombo audience. Speaking at [...]

No decision on tea imports, smallholders to be consulted

The Government has assured producers, particularly smallholders that no decision would be taken to endanger the future of Sri Lanka’s tea industry as per proposals to import cheap teas. Plantation Industries Minister Mahinda Samarasinghe, speaking at the annual general meeting of the Ceylon Planters Society in Colombo last week, said any decision on tea imports [...]

GMI, Sri Lanka’s First Tempering Plant, awarded ISO 9001:2008 certification

Globe Mirror Industries (GMI), the first tempering plant to be established in Sri Lanka in 1969, has been awarded ISO 9001:2008 certification, the company said. GMI was started by the late Mohammed Nawaz and has since grown to be one of the most respected entities in the construction trade today. Mr. Nawaz started his empire [...]

Jailed Sri Lankan domestic workers held incommunicado in Jordanian prison

Jailed Sri Lankan domestic workers held incommunicado in Jordanian prison

‘Close the Sri Lankan Embassy in Jordan or replace its officials with better people as they are not sufficiently concerned for the safety and protection of Sri Lankan domestic workers in that country’. This was the angry plea by a group of 19 ‘runaway’ Si Lankan workers who arrived at the Katunayake airport in the [...]

Eminent professionals on Golden Key Hospital’s Advisory Committee

The Golden Key Eye & ENT Hospital has announced the appointment of an Advisory Committee including leading medical professionals to assist in the management of the hospital and its further development, the hospital company said. Professor Rohan Jayasekara, Senior Professor at the Faculty of Medicine of the University of Colombo is Chairman of the Advisory [...]

Hambantota IT Park receives cabinet approval

An 5,000 acre IT park to be set up in Sri Lanka’s southern port city of Hambantota has cleared its latest hurdle with the project recently receiving cabinet approval, according to H.M. Gunasekera, Secretary – Ministry of Telecommunication and InformationTechnology. He also added that the IT park would attract 100 high-end investors that would be [...]

Disclosure provisions of CSE rules

Section 8.1 under which the CNLD disclosure was made refers to ‘Immediate disclosure of price sensitive information’. It says that a listed entity shall make immediate disclosure of price sensitive information to the CSE in order to ensure the maintenance of a fair and orderly securities market. 8.2 (b) refers to the ‘Content of Announcement’. [...]

Alleged ‘Conflict of Interest’ relating to Dr Nalaka Godahewa

Nalaka Godahewa, Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), has in a newspaper interview last week claimed that he is being singled out over allegations of ‘conflict of interest’. The issue is over his position as Chairman of the Sri Lanka Tourism Development Authority (SLTDA) and Chairman of the Colombo Land [...]

MTI’s ‘The Knowledge Conglomerate’ concludes successful event with Dr. Gupta

MTI’s ‘The Knowledge Conglomerate’ (TKC) recently concluded its third one day workshop in Colombo conducted by Dr. Sunil Gupta, Chief Innovation Instigator, of IDEAS Management Consultants renowned Life time master trainer of Dr. Edward de Bono tools. The workshop was a move away from the conventional learning surroundings. From the content to the learning methods [...]

Sri Lanka and Tamil Nadu Chambers of Commerce and Industry agree to facilitate business links

The Tamil Nadu Chamber of Commerce and Industry (TNCCI) and the Ceylon Chamber of Commerce and Industry (CCCI) signed a Memorandum of Understanding (MoU) last week to facilitate business links and provide a wide range of assistance to entrepreneurs involved in trade and investment in Tamil Nadu and Sri Lanka. The MoU was signed by [...]

Lalan Group model: Treating workers with respect, dignity

Lalan Group model: Treating workers with respect, dignity

SAPUMALKANDE, Deraniyagala – When workers at the nursery at Lalan’s rubber plantation at Deraniyagala, some 55 km off Avissawella, achieved target production of plants, they were in for a surprise. One morning a luxury bus turned up and took the 30-plus workers on a trip they would never forget. Nishantha Seneviratne, General Manager of Lalan [...]

Etisalat partners Sarvodaya in rural development scheme

Etisalat partners Sarvodaya  in rural development scheme

Mobile telecom provider Etisalat Sri Lanka in partnership with Sarvodaya-Fusion, the ICT arm of the Sarvodaya Movement, launched the Etisalat Android Village Hub recently. The programme is designed to create information and telecommunication resource hubs in the villages of Sri Lanka with an aim of empowering and connecting communities using Android Technology. Under the initiative, [...]

American International Assurance Company enters SL with NDB Aviva

American International Assurance Company Ltd (AIA) signed a deal on Thursday to buy a 92.3 per cent stake in Aviva NDB Insurance for US$ 109 million, from British insurer Aviva and Sri Lanka’s National Development Bank (NDB), officials told the media. This deal was done through Aviva NDB Holdings Lanka (Pvt.) Limited. “The remaining 7.7 [...]

GK depositors a organize a protest march to gain redress

Golden Key (GK) depositors are to stage a peaceful protest march in Colombo on Friday demanding the authorities to mete out justice having suffered for the past three years and nine months without repayment of their deposits. The Golden Key Depositors Society and the GKCC All Depositors Association will join hands in organising this protest [...]

DIMO contemplates going into marine- related services

Diesel and Motor Engineering PLC (DIMO) which in recent years has diversified into areas such as building management systems, integrated management systems, LED (light-emitting diodes) lighting solutions, etc, is also eyeing marine services such as ship repairs, hull repairs, etc, officials said. Ranjith Pandithage, Chairman and Managing Director DIMO told the Business Times that the [...]

Sharva resigns from Dilith-associated companies

Sharva A. Ameresekere has resigned from five companies – Divasa Equity (Pvt) Ltd., Citrus Leisure PLC, Kalpitiya Beach Resort PLC, Waskaduwa Beach Resort PLC and Passikudah Beach Resorts Ltd, the Colombo Stock Exchange was informed this week. These companies are directly or indirectly associated with well-known investors Dilith Jayaweera and Varuni Amunugama Fernando, founders of [...]

KPMG gets top ranking in Universum’s ‘World’s Most Attractive Employer’ survey

KPMG has won the number two spot for the third year in a row in the annual ‘World Most Attractive Employer’ Universum survey rankings of over 75,000 business students from the world’s top academic institutions. “KPMG careers are fascinating, challenging and well rewarded. We are consistently being recognized for our professionalism, innovation, commitment to constant [...]

Eisenhower Fellows of South Asia meet in Colombo

The Eisenhower Fellowships programme is expected to continue its commitment towards raising the bar through new idea formation, its US-based President John Wolf said on Thursday. He was addressing the Eisenhower Fellowship South Asian Regional Conference in Colombo from September 27 – 30 with the participation of visitors from different countries mostly from the region. [...]

RAM Ratings Lanka reaffirms rating for StanChart local branch

RAM Ratings Lanka has reaffirmed the respective long-and short-term financial institution ratings of Standard Chartered Bank – Sri Lanka Branch (SCBSL) at AAA and P1. “The ratings are firmly anchored by the credit profile of Standard Chartered Bank PLC of the UK, the parent bank,” RAM said. SCBSL is currently the second-largest foreign bank in [...]

Delhi-based developer launches ‘Krrish Square’ project in Fort

Delhi-based developer Krrish group this week launched its US$460 million, 4-tower mixed development project in Colombo Fort. The company will build four towers on a 10-floor podium block on a 4-acre land where Sri Lanka’s ‘Transworks House’, a British colonial era administrative building is located. The project and its approval by the Cabinet were earlier [...]

Global business coalition announces human trafficking initiative

New York, –Some of the most iconic names in global business have joined together to form The Global Business Coalition Against Human Trafficking (gBCAT), a group of global corporations that recognizes that business can play a role in the effortto end human trafficking and all forms of modern day slavery. According to the International Labour [...]

Perpetual Capital Holdings to go public with W.M. Mendis and Company

Perpetual Capital Holdings, the new owners of liquor manufacturer, W.M. Mendis and Company say they are looking at going public in the medium term with this latest acquisition. “We now own 80 per cent in W.M. Mendis and we’re looking at listing the company in the Colombo Stock Exchange (CSE),” Arjun Aloysius, Chairman / CEO [...]

SEC seeks public comments on consultation paper on related party transactions

The Securities and Exchange Commission (SEC) has called for public comments on a consultation paper on ‘Related Party Transactions’ which sets out proposed guidelines to improve disclosure and governance. Comments have been sought on the likely compliance costs, practical problems in compliance and other impacts, costs and benefits. “Where possible, we are seeking both quantitative [...]

Sri Lanka’s securities regulator soon to celebrate 25th anniversary

The Securities and Exchange Commission’s (SEC) report to the Parliamentary Committee on Public Enterprises (COPE) details the progress of investigations and probes or inquiries since 2010. Copies of the report were received by COPE members last week. The report, sent to COPE on August 17, the day SEC former Chairman Thilak Karunaratne tendered his resignation, [...]

Last winter season shows strong tourism growth trajectory for this year – Analysts

During the 2011/12 winter season the Colombo city occupancy levels topped 90 per cent, while the resort occupancies surged to some 85 per cent increasing the overall occupancy level of the country to average 85-90 per cent showcasing the strong growth trjectory for this year, according to a TKS Securities Research Ltd report. “The growth [...]

Stock market vs lottery: Financing local community swimming pool against stock promoters’ home pool

What’s the difference between buying a lottery ticket and buying a penny stock? In the first case, you help finance your local community swimming pool. In the second case, you help finance the stock promoters’ home pool. This was amusing preamble to former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne’s presentation on ‘The overview [...]

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