SEC says to continue old and new investigations ‘to the very end’
The Securities and Exchange Commission (SEC) has seen a ‘few’ stock market offences during the past three months, its new chairman Dr Nalaka Godahewa now nearly three months in the hot seat said, but reiterated that the regulator will continue the past, pending and new probes to the end. Krishan Balendra Chairman, CSE “We have [...]
Will racing cars overtake Marutis?
The government has controversially reduced duties on racing cars while increasing excise duty on small cars with engine capacity of less than 1000cc through last week’s budget – a fact that was not disclosed by President Mahinda Rajapaksa during his speech. Many people said this has shattered the dream of Sri Lanka’s middle income earners [...]
BoC to secure more than Rs 6 bln from debenture
Bank of Ceylon’s (BoC) latest debenture issue of Rs. 3 billion, which opened on Thursday has witnessed a lot of local interest, having been oversubscribed within a few hours of opening, a BoC official said. “The Bank of Ceylon has already received subscriptions running over Rs. 3.5 billion and it’s almost all local subscriptions,” P.A. [...]
Made in Sri Lanka expensive for international retailers
International buyers Marks and Spencer, NEXT and Tesco are on the lookout for cheaper markets as the Sri Lankan apparel companies feel the impact the loss of GSP plus concessions this year with falling exports. MAS Holdings Director Ajay Amalean told the Business Times, in the wake of the European economic crisis, that European buyers [...]
SEC says NSB-TFC deal referred to AG
The Securities and Exchange Commission (SEC) has said it has completed the probe pertaining to The Finance Company Plc (TFC) and National Savings Bank (NSB) deal and referred it to the Attorney’s General (AG) department for action. “We completed our part and now it’s with the AG,” Dr. Hareendra Dissa Bandara, Director General SEC said. [...]
67 % of Sri Lankan females against 25 % in South Asia have bank accounts – World Bank survey reveals
Most of us use, and talk a lot about, financial services daily. And often complain about their price, quality, and many other aspects. But we seldom talk about how a country’s population use financial services. This is because until recently little was known about this aspect of financial services. Neither central bankers nor academics paid [...]
Strong, public support for BT-RCB polls
Polls through email and on the street jointly conducted by the Business Times (BT) and the Colombo-based Research Consultancy Bureau (RCB) have drawn a tremendous response in recent ties. Last week’s poll on the budget conducted over less than 24 hours was another ‘hit’ with Sri Lankans quickly sending in their responses on email and [...]
Ethics and morality over greed
‘The rationale that everyone fudges, or that you have to cheat to stay competitive is a powerful lure, to be sure. The path to perdition is enticing, slippery and all downhill’ – Jon Huntsman, ‘Winners Never Cheat’, 2005. This is a quote contained in an interesting article we are running in this section headlined “Ethical [...]
Corporate Citizen Awards: SL firms realise that money and profit are not everything
The growing trend of CSR (corporate social responsibility) shows that companies are beginning to understand the need to do more than making profit and be part of a greater social solution which was amply displayed at the recently held Best Corporate Citizen Award 2012 organised by the Ceylon Chamber of Commerce. There is now a [...]
Budget serves capitalist business interests : CFL
The 2013 Budget is in line with his earlier budgets — promoting the business interests of the capitalist class, hiding more than the real thing and painting it in rosy terms, a leftist trade union stated. The Ceylon Federation of Labour (CFL) said the working poor, wage earners in the private sector and those who [...]
Lankan builders welcome budget
The Ceylon Institute of Builders (CIOB), the premier professional body of building and construction industry professionals in Sri Lanka, has welcomed the budget, recognising it as development-oriented and fiscal strategy to consolidate the post-war economic development momentum in the country. “The CIOB is particularly happy to note that the construction industry has been recognized as [...]
Ransalu exhibition expands to attract more sectors
The government is poised to opening the national handloom show “Ransalu” running now for 21 years to the apparel, handlooms and textile industry. “It is time that we begin to harmonise desparate handloom, textile, power looms and apparel and fabric sub sectors. The 22nd Ransalu event this December has now been expanded to national apparel, [...]
Help the less fortunate this Xmas with Hameedia
Sri Lanka’s leading menswear Hameedia has launched its Christmas season this year with a project to help the less privileged children of society. “My Friend’ is one of its social service initiatives which embraces and lends a hand to under privileged children across the country. It also helps improve their education standards, the company said. [...]
Vignarajah complains over Coco Lanka rights
K.C. Vignarajah, campaigner for the rights of independent investors, has raised some issues relating to Coco Lanka, new offer of rights issues. In a letter to the directors of the company just before its EGM on Friday to seek shareholder approval, Mr Vignarajah said that the Controlling Interests (CI), advisers managers to the issue and [...]
A nation on the road
I am now old but did not feel so until I realized that my attention had been gradually moving from ‘Fantasy’ to ‘Reality’. The other day I was driving myself in the morning. When a beautiful girl crossed the road and dumped a bag of garbage in front of a house right opposite to hers. [...]
Sri Lankan judge stresses the need to draft required maritime laws
Sri Lanka has enacted Maritime Legislation making its claim to the United Nations on extended continental shelf with the aim of expanding the country’s ocean area seventeen times larger than its land area, said Supreme Court Judge P.A. Ratnayake, PC when he delivered the keynote address at a seminar on “Shipping and Marine Pollution” held [...]
Five years after India, amante bras grip Colombo
Five years after the Indian woman took cover under the “amante” appeal the Sri Lankan woman is left to be enticed by MAS Holdings’ own brand label. The perfectly fitted bra is fashioned out of about 40 components that go into the making of a bra with care using the hands of around 150 machine [...]
Call for criminal charges against EPF plunderers
I was happy to read your editorial two weeks back. The country is facing one of the biggest challenges of our times. The government has impeached the Chief Justice. It seems they want to install a puppet CJ they can manipulate. What a shame? The Chief Justice from the time she was appointed should have [...]
Cathay Pacific expands cargo network with new freighter service to Colombo
Cathay Pacific Airways has announced the launch of a new weekly freighter service to Colombo in Sri Lanka commencing 2 December 2012. The new service will expand Cathay Pacific’s cargo presence in the South Asia region and give shippers in Sri Lanka greater choice and flexibility for connecting to the airline’s international cargo network through [...]
Sri Lanka’s jaywalkers taken to task in Traffic Court
Sri Lanka’s pedestrians will now have to watch their step as the traffic police of Colombo city and suburban areas has been implementing a drive against jay-walkers to bring a semblance of sanity to the traffic on the city’s roads. But the manner in whic they were caught and produced before the Colombo Traffic Court [...]
Sri Lanka’s private bus service is to be amalgamated with the SLTB
Sri Lanka ‘s private bus service is to be amalgamated with the Sri Lanka Transport Board (SLTB) to provide a better service for commuters , private and public transport sector officials said. Transport Ministry officials said that the private buses will operate with an SLTB logo under a common time table with SLTB buses. The [...]
Sathosa Motors imports Isuzu buses
Sathosa Motors plc is now importing Isuzu luxury and standard buses for Sri Lankan markets, which in turn will contribute to the bottom line of the company, its Executive Director Tilak Gunasekera said. He noted that this decision is as a result of the waiver of duty and VAT on buses in the 2012 budget. [...]
DIMO awarded the highest EM1 recognition by ICTAD
Diesel & Motor Engineering PLC (DIMO), one of Sri Lanka’s leading and diversified engineering companies, has been awarded the ‘Electrical & Mechanical 1′ (EM1) recognition in five main categories by Institute for Construction and Development (ICTAD). ICTAD is the apex accreditation institute for construction and development in the country. The EM1 grading in five categories [...]
Ideal Motors to set up new automobile and solid tyre plants in Hambantota industrial zone
As a part of its global strategy, Ideal Motors will set up a new automobile assembly plant and solid tyre manufacturing plant in a 22-acre site at the Hambantota port industrial zone in collaboration with India’s Mahindra Group and Apollo Tyres, Chairman of the company Nalin Welgama told the Business Times. These two state-of-the-art factories [...]
Hemas plans hospitals in residential towns, banks on rising middle class
The Hemas Group, bullish on the healthcare sector, is planning hospitals in residential middle class locations, officials said. “There’s a real opportunity with the growth in the middle class (in this sector), so we’re planning locating hospitals in residential, middle class neighbourhoods,” Husein Esufally, CEO Hemas told the Business Times. He also said that the [...]
Textured Jersey plans venturing into Indian sub continent
Textured Jersey Lanka (TJL), manufacturing knit fabric has plans for a couple of projects in the Indian sub continent, officials said. “As market contractors we are considering regional play. We are looking at the Indian sub continent for a couple of projects,” TJL Chairman Ashroff Omar told the Business Times. He said that TJL is [...]
NDB to finalise Dubai, India partnerships by Dec
NDB is close to finalising it’s partnerships in Dubai and India which will mirror the NDB DBS partnership they sealed in September last year, officials said. “NDB sealed a memorandum of understanding with Singapore’s DBS Bank in a bid to form a strategic alliance in terms of raising funds for large scale projects. This alliance [...]
Uganda urges Sri Lankans to invest there
Uganda is urging the Sri Lankan business community to invest in that country benefiting through duty free access to the United States, European Union and China with low labour costs but a skilled workforce. Addressing a packed audience of Sri Lankan business leaders at the Export Development Board auditorium in Colombo on Tuesday, visiting Ugandan [...]
Aviva NDB revenues drop in Jan-Sept 2012
AVIVA NDB Insurance, in which the American International Assurance Company Ltd (AIA) is the biggest shareholder subject to procedural approvals, has seen consolidated revenues drop marginally by seven per cent to Rs 9.3 billion in the first 9 months of 2012 ending on 30 September. The decline was due to a fall in sales volumes [...]
Lanka Ashok Leyland expects sales boost with improved liquidity
Lanka Ashok Leyland, following last week’s budgetary allocations to different Ministries by the Treasury, believes the liquidity in the market will improve prompting vehicle sales, officials said. “As an example, this year’s budget has allocated Rs 1,000 million to the Ministry of Transport for their capital expenditure. This will prompt them to kick-start their activities. [...]
Italian agents win SriLankan Airlines awards
Srilankan Airlines along with the Distal Group hosted the Annual Awards Night recently at the Sheraton Hotel in Rome. The 3 Travel Agents who won awards in order of merit were: First Place -Ridi Lanka Travels – 2ND Place – Solo Viaggi and 3rd Place – Avventure Nel mondo. Pictured above are the winners for [...]
Employment opportunities for unemployed youth in Nuwara Eliya
Berendina Employment Centre (BEC), a unit of the Berendina Development Services (Gte) Ltd, recently conducted a “Job Fair and Vocational Promotion Programme” in Nuwara Eliya. In a media statement, BEC said this was its biggest job fair so far and was organised in collaboration with the Vocational Training Authority of Sri Lanka’s Nuwara Eliya division. [...]
SriLankan Airlines spreads wings to orphanage in Jaffna
About 230 orphaned children in Jaffna were greeted by a team from Sri Lankan Airlines last week with a gift pack as the airline continued its efforts to support the region’s oldest orphanage in the country in Thilunelvely. Orphans from the age of four to eighteen most of them victims of terrorism, are taken care [...]
Ethical road to success: Is it worth travelling?
The present business environment has changed drastically where any actions can be justifiable if it reaps a higher reward, be it financial (e.g., higher increments, commission) or non-financial (promotion, social status). Such actions are becoming the ‘accepted norm’ even if the means taken to achieve those ends were compromising to good governance and more importantly [...]
Wavenet ranks among top 30 best result oriented emerging companies in the world
Wavenet, A Sri Lankan telecommunication value added services company has been rated amongst the world’s most innovative companies at the i7 Global summit held in Chantilly, France recently, Chief Executive Officer (CEO) of the company Suren Pinto said the i7 Summit is a gathering of selected participants who are active in supporting technology, innovation and [...]
Spa Ceylon receives 2 international accolades
Spa Ceylon, Sri Lanka’s premier spa lifestyle brand, has been recognised in Asia’s Spa Industry and has been nominated for the AsiaSpa Crystal Awards 2012 under the category of “Natural Product Range of The Year”. It has also received the TripAdvisor Certificate of Excellence for the year 2012. This award from TripAdvisor which has become [...]
Commercial Bank results
There was an error in last week’s story headlined “ComBank’s 9-month post tax up 25% to Rs 10.9 bln” . It should have read as “ComBank’s 9-month pre- tax up 25% to Rs 10.9 bln” (indicating that this figure was before tax and not after).
Ramco launches new logo, signs up entertainer Sunil
Sri Ramco Lanka (Pvt) Ltd, a wholly owned subsidiary of Ramco Group, India, celebrated several events in Colombo on Wednesday including the introduction of new brand logo, receiving Sri Lanka Standards – ISO 9001 and inducting entertainer Sunil Perera as its brand ambassador. Ramco Group, established in 1965 in Tamil Nadu, has diverse businesses such [...]
hSenid partners with Lasith Malinga’s Melbourne Stars
Sri Lankan IT company hSenid announced that it had signed on as a partner and Human Resources (HR) solutions for the Melbourne Stars, an Australian domestic Twenty20 (T20) cricket team competing in the KFC T20 Big Bash tournament. The team is captained by Shane Warne and features popular Sri Lankan bowler, Lasith Malinga, who was [...]
Top Indian business delegation led by Adi Godrej visiting on Sunday
A top Indian business delegation, the second in four months, led by Adi Godrej, Chairman of Godrej Industries arrives in Sri Lanka on Sunday on a 3-day visit to embrace investments and trade. Ministry of Commerce officials said the visit of the Confederation of Indian Industry (CII) delegation would enhance business links between the two [...]
Silver coin for 60 Years of diplomacy with Japan
A commemorative one thousand rupee silver frosted proof coin was issued this week to mark 60 years of diplomatic relations between Sri Lanka and Japan. The frosted proof coin has been struck with twenty grams of sterling silver and has a diameter of 35 mm, which is a new weight and size for Sri Lanka [...]
SriLankan to break even by end 2014/15; searching for recovering revenues
National carrier SriLankan Airlines, currently operating at a loss is looking to break even by 2014/15, its CEO Kapila Chandrasena said at the recently concluded International Air Travel Association (IATA) Global Aviation Human Capital for the second yea in Colombo this week. However, he said this would depend greatly on jet fuel noting that these [...]
