Business Times
Pakistani investor shuts apparel factories, over 1,500 lose jobs
Pakistani investor, the ZM Group which ran three apparel factories in Sri Lanka have closed down the factories and left the island, employees said. The Board of Investment-approved factories; ZM Vertiko PVT Ltd at Padukka, ZM Kasuals at Kottawa and ZM Vision at Kiriella, were closed with over,1,500 workers losing their jobs. The management had [...]
Business Times
Under-fire Treasury Secretary struggles to balance budget
Will PBJ throw in the towel? By Bandula Sirimanna Plagued by financial constraints, the Treasury is resorting to local commercial borrowings anticipating difficulties in raising revenue through taxes this year, informed sources said. The Treasury officials are yet to work out modalities on balancing the revenue account as the 2013 budget proposal restricted foreign borrowings [...]
Business Times
German aviation expertise for Mattala airport
SriLankan Airlines is currently in discussion with a German aviation engineering organisation, Lufthansa Technik to jointly establish maintenance, repair and overhaul (MRO) services at Hambantota’s Mattala airport. Lufthansa Technik AG is one of the world’s leading providers of aircraft maintenance, repair and overhaul (MRO) services, the company’s website stated. This organisation is the Lufthansa German [...]
Business Times
Sri Lankan lottery creates 5 millionaires a week
Sri Lanka’s oldest lottery, the National Lotteries Board (NLB), produces at least five millionaires a week and 40-45 a year. The lottery, due to mark its 50th anniversary next year, reported a turnover of Rs.12 billion last year from Rs 10 billion in the previous year, a top official of the NLB said. The NLB [...]
Business Times
6000 rooms booked for Commonwealth summit
By Sunimalee Dias The government is planning ahead for the Commonwealth summit scheduled for November this year booking nearly 6000 rooms for the visiting delegates. With such demand, hotels are on a refurbishment drive to provide the necessary hospitality arrangements in this regard. City hoteliers and some in the suburbs are gearing up for the [...]
Business Times
WIPO pledges to assist Sri Lanka’s IPR protection initiatives
By Bandula Sirimanna MALDIVES – Sri Lanka’s enforcement mechanism on protecting intellectual property rights (IPR) has been rated high by a top official of the World Intellectual Property Organisation (WIPO). In an interview with the Business Times on the sidelines of a 2-day Regional Workshop on Building Respect for Intellectual Property (IP) on February 13 [...]
Business Times
No challenge to the authorities to ensure financial resources are properly spent
Last week’s BT-RCB poll on the cost of living and the challenges this year drew many comments from the regions, which were held back and not published due to lack of space. Here are excerpts of those comments (both adverse and in praise of the Government) received by the Research Consultancy Bureau (RCB), which conducted [...]
Business Times
BOI needs new strategy
When the United National Party (UNP) swept to power in July 1977, ousting the United Front government led by Sirima Bandaranaike, its leader Junius Jayewardene wanted a quick-fire solution to link the country to the global economy. While South Asia was struggling under the shadow of economies dominated by local industry and a trickle of [...]
Business Times
SLT posts Rs. 6.17 billion Group Operating Profit
Sri Lanka Telecom PLC. (SLT) made Rs. 6.17 billion Group Operating Profit, a growth of 19 per cent Year on Year (YoY) for 2012, according to results released by the stock exchange. On a normalized basis (without exchange loss on translation), the group has reported a Group Profit before Tax (PBT) of Rs. 7.2 billion, [...]
Business Times
CIC’s Dambulla dairy facility up by April
By Duruthu Edirimuni Chandrasekera CIC Holdings PLC will commission its dairy milk processing operation in Dambulla costing Rs 600 million by end April, officials said. “We will commission this production facility in Dambulla for dairy products by end April,” Samantha Ranatunga Managing Director/CEO CIC told the Business Times. He added this facility will have around [...]
Business Times
BQu Services brings global business expertise to Sri Lanka
BQu Services – a subsidiary of Peritempo Ltd in the UK – recently launched its services in Sri Lanka, offering tailored solutions to Sri Lankan businesses. “BQu Services is fully geared to serve its Sri Lankan clients in the areas of business research and analysis, website and application development, and Search Engine Optimization (SEO) and [...]
Business Times
Building Hambantota port now is “debatable” says expert
By Sunimalee Dias An international shipping expert and academic has found it “debatable” as to whether it’s the right time to construct a new port–, referring to the country’s Hambantota port, due to market instability. “Whether it’s the right time is very debatable as the lead time is five or eight years but in the [...]
Business Times
German tourists love Sri Lanka, says German ambassador
The importance of Sri Lanka as an important tourist destination for Germany, was recently stressed by Dr. Juergen Morhard, German Ambassador in Sri Lanka. Speaking at the Hotels Association of Sri Lanka (THASL) Interactive Evening session for its members in Colombo, he said German tourists have always enjoyed travelling to Sri Lanka and remain loyal [...]
Business Times
Branding Sri Lanka: identify uniqueness to market
By Sunimalee Dias A Country Branding Index Report on Sri Lanka states the island nation is currently at the 67th position of the tourism value system among 118 countries globally. The value system underlines the country’s political freedom, stable legal environment, freedom of speech, environmental friendliness and tolerance. This report would assist the local tourism [...]
Business Times
Gardiner Group gearing to refurbish its heritage properties
By Duruthu Edirimuni Chandrasekera The Gardiner Group is gearing to refurbish its heritage properties soon, officials said. “Refurbishment of Galle Face Hotel, Kandy’s Queens Hotel and Hotel Suisse is in the pipeline,” Chethiya Perera, CEO Vice President – Galle Face Hotel Management Company Ltd., (owned by the Gardiner Group) told the Business Times on the [...]
Business Times
Estonia helps to promote Sri Lankan tourism
Estonia’s Foreign Minister Urmas Paet has invited Sri Lanka’s tourism authorities to promote Sri Lanka in Estonia in view of the island’s natural and scenic attractions at its upcoming tourism exhibition. The Estonian Foreign Minister made these observations during a meeting with Economic Development Minister Basil Rajapaksa at his ministry Office recently. This is the [...]
Business Times
Ayubowan to Bangaloreans, says Sri Lanka Tourism
Sri Lanka Tourismwas scheduled to kick off this week a tourism promotion campaign in India starting in Bangalore in a bid to attract more travellers from the neighbouring nation that currently is ranked as producing the highest arrivals. The two day promotion from February 21-22 would be one of the first promotions initiated by Sri [...]
Business Times
Diplomats visit Hambantota chamber, meet tourism stakeholders
French Ambassador, Christine Robichon, British High Commissioner John Rankin and the German Ambassador Dr. Jurgen Morhard, accompanied by their trade counselors recently visited the Hambantota District Chamber of Commerce (HDCC) and also took the time to tour the harbour, International Convention Centre, airport development project and a large scale tourism development project in the Hambantota [...]
Business Times
K. Sivagananathan memorial lecture on March 6
K. Sivagananathan Memorial Trust (KSMT) and the Association of Professional Bankers of Sri Lanka (APB) will hold its 11th annual K. Sivagananathan memorial oration and awards ceremony on March 6th in commemoration of the late Mr. Sivagananathan’s contribution to the banking sector. An innovative banker, he contributed most to uplift, upgrade and grow to unprecedented [...]
Business Times
Ethics and professionalism must for SL pharmaceutical industry
Adherence to ethics and professionalism is the way forward for Sri Lanka’s pharmaceutical industry, Virender Lamba, Director Compliance (Nepal and Sri Lanka) of Sanofi India said addressing a recent workshop on ‘ethics and good practices’ in pharmaceutical marketing. The workshop was organised by the Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in Colombo. “Society demands [...]
Business Times
DIMO, HNB Assurance and HDFC win ACCA Sustainability Reporting Awards 2012
A group of Sri Lankan companies, said to be the most transparent and accountable business entities, were honoured at the annual ACCA Sri Lanka Sustainability Reporting Awards this week. Diesel & Motor Engineering Company (DIMO), HNB Assurance and HDFC Bank won trophies in the large, medium and small sectors, respectively. “Brandix Lanka in the large [...]
Business Times
Mobitel employs 68 army personnel to assist in latest network expansion project
Sri Lanka Telecom Mobitel recently hired 68 army personnel in the areas of BTS (Base Transceiver Station), Transmission and Power and Civil to assist the company with the next stage on the network development project. The army personnel were given comprehensive training in BTS and Transmission equipment installation in mobile networks, theoretical sessions and practical [...]
Business Times
Softlogic to get Rs 1.8 bn from sale of Asian Alliance stake
By Duruthu Edirimuni Chandrasekera Softlogic Holdings and Softlogic Capital, subsidiaries of Softlogic Group will receive Rs 1.8 billion from its part sale in Asian Alliance Insurance to two foreign firms in about 10 days time, officials said. The companies are; DEG – Deutsche Investitions Capital – Und Entwicklungsgesellschaft MBH of Germany and FMO – Nederlandse [...]
Business Times
PIM Opens Research Centre
The Postgraduate Institute of Management (PIM) has opened a Research Centre in its premises in Colombo. The Research Centre, the latest in a series of new initiatives of the institute will be dedicated to strengthen its research and publication activities. The key objectives of the PIM Research Centre which will be headed by Dr. J. [...]
Business Times
First mixed development project in Kandy
The Board of Investment (BOI) has signed an investment agreement with GVR Lanka Pvt Ltd to set up a mixed development real estate project in Kandy. The project is planned by two Sri Lankan-born US entrepreneurs and will be managed by an experienced team of hospitality sector professionals. Mahasen Samaravijaya – Chairman of GVR Lanka [...]
Business Times
SEC rules on related party deals ready by mid 2013
The Securities and Exchange Commission (SEC) is aiming to release a set of draft rules on Related Party Transactions (RPT) for public discussion by mid 2013, officials said. “We reviewed the comments that we received on the RPT consultation paper that was put out a few months ago,” a SEC official told the Business Times. [...]
Business Times
NDB investor forum draws striking response from market experts
NDB conducted its first ever Investor Forum on Monday with the participation of more than 100 participants from the country’s investment community. Stockbrokers, financial analysts, venture capitalists and investment advisors were among invitees, the bank said. Speaking at the event, Chief Executive Officer of NDB, Russell de Mel said, “As a truly universal banking conglomerate [...]
Business Times
Sri Lanka’s economy after 65 years
By Chandrasena Maliyadde Sri Lanka celebrated its 65th Independence Day in Trincomalee earlier this month with a lot of glamour and colour. The theme of this year’s celebration was ‘A Glorious Motherland – A Flourishing Tomorrow’ (Asirimath Mawubimak – Isurumath Heta Dinak). Where is the Sri Lankan economy 65 years after independence? Sixty five years [...]
Business Times
DFCC website goes trilingual
DFCC Bank’s re-launched website was supplemented by the Sinhala and Tamil options and introduced recently at its Branch Managers meeting. Not many websites in the country offer trilingual sites and the opportunity to capture an inclusive online community. Visitors to the DFCC site can select their preferred language on alighting at the home page and [...]
Business Times
Open letter to Minister Basil Rajapaksa from SME entrepreneurs
Letter What is the biggest problem faced by the SME and entrepreneur sector? The number one problem the country faces at this level is that ‘entrepreneurs at this level are not ticking’. Why? To understand and feel this, one must get into their shoes. Entrepreneurs at this level are actually struggling to get off the [...]
Business Times
EPF has not bought shares of TFC at inflated prices, CB says
The Employees’ Provident Fund (EPF) has rejected a recent statement by an Opposition MP that EPF bought shares of The Finance PLC (TFC) at inflated prices. In a statement the Central Bank said the factual position is as follows – 1) TFC offered 40 million shares at Rs. 40 each to the public on 21.01.2011. [...]
Business Times
SLAAS invites Dr. Nur Yalman
The Sri Lanka Association for the Advancement of Science (SLAAS) was recently honoured by a renowned anthropologist, Professor Nur Yalman of Harvard University. In the guest lecture organised by Section F (Social Sciences) of SLASS, Professor Yalman addressed on ‘The Rationality of Buddhism and the Future of Secularism’. The speech highlighted the rationality of the [...]
Business Times
SEC launches capital markets’ education book
The Securities and Exchange Commission of Sri Lanka (SEC) recently launched a book titled “Ayojanayata Mulapuramu” with a view to enhancing the knowledge on investing in the capital market of Sri Lanka recently. The book launch was held on February 13 at the SEC auditorium under the patronage of Dr. Sarath Amunugama, Senior Minister of [...]
Business Times
60 years in insurance, Nihal Senaratne shares some lessons
By Jagdish Hathiramani Any industry is bound to become unrecognisable over 60 years. In fact, it has been scarcely 30 years since the advent of the Internet, and we are now so inextricably interconnected with it that we cannot remember how we got by before. Likewise, the Sri Lankan insurance industry has also seen remarkable [...]
Business Times
J. L. Morisons appoints Prof. Ravindra Fernando as Director
Forensic Medicine and Toxicology expert Professor Ravindra Fernando has been appointed as the Non-Executive/Independent Director J. L. Morison Son and Jones (Ceylon) PLC with effect from 15th December 2012 , a media release issued by the company said. He is the Senior Professor of Forensic Medicine and Toxicology of the University of Colombo. He has [...]
Business Times
SEC launches capital markets’ education book
The Securities and Exchange Commission of Sri Lanka (SEC) recently launched a book titled “Ayojanayata Mulapuramu” with a view to enhancing the knowledge on investing in the capital market of Sri Lanka recently. The book launch was held on February 13 at the SEC auditorium under the patronage of Dr. Sarath Amunugama, Senior Minister of [...]
Business Times
Lanka’s first Handloom taskforce completes first year
Sri Lanka’s Handloom Taskforce, a unit set up to revive the sector and to promote Ceylon Handlooms brand globally, has completed its first year with many achievements. “In just one year of its operations and using less than $70,000, the taskforce has successfully hit multiple targets, specifically, expanding the much needed private sector involvement for [...]
Business Times
SJMS Associates signs MOU with CMA Sri Lanka as training partner
SJMS Associates, the well-known long established firm of chartered accountants and an independent correspondent firm to Deloitte Touche Tohmatsu, recently signed an MOU with CMA as an ‘Accredited Practical Training Partner’. CMA students will be provided with a minimum of two years practical training in accounting, internal auditing and management consultancy which would enable the [...]
Business Times
Compassionate children help Brandix promote water agenda
The thoughts of children on a topic of critical importance to Sri Lanka and the world — water –have helped several schools receive water supply systems and sanitation projects from apparel exporter Brandix under a novel community initiative. Hundreds of children aged 5 to 15 from all over Sri Lanka responded to an invitation from [...]
