Business Times
No lustre in new gold centre
The Government’s proposed exclusive gold centre at the former St. John’s wholesale fish market in Pettah has failed, for the second time, to attract the famous Sea Street jewellers. Informed sources said these jewellers have shown no interest in moving to the unique and sophisticated building being re-constructed by the army, and didn’t submit bids [...]
Business Times
AG urged to expedite TFC-NSB case
SEC letter follows request from COPE Sri Lanka’s Securities & Exchange Commission (SEC) has requested the Attorney General (AG)’s Department to expedite the investigation pertaining to the controversial TFC-NSB transaction involving Pradeepa Kariyawasam, a former bank chairman and husband of former Chief Justice Shirani Bandaranayake. Amidst allegations swirling in the marketplace that SEC Director General [...]
Business Times
Cash infusion for CIFL to overcome liquidity crisis
The Central Investment and Finance PLC (CIFL), which recently experienced a run on its deposits leading to temporary liquidity problems, is to be re-invigorated with a capital infusion of US$12 million following the intervention of the Central Bank, officials said. Touchwood Group Chairman Roscoe Maloney and wife have stepped in with an investment of US$ [...]
Business Times
New plan to pay Golden Key depositors
By Bandula Sirimanna The Golden Key fiasco is to take new twist with the intervention of the Central Bank (CB) in creating a repayment mechanism through a Special Purpose Vehicle Company (SPV) for the benefit of nearly 10,000 depositors, official sources said. The new plan is expected to come up before the Supreme Court hearing [...]
Business Times
Possible conflict of directors raised at Combank AGM
Dinesh retires next year; former CB staffer Dheerasinghe to take over Praise over a generous dividend payout to shareholders at Commercial Bank and concern over conflicts of interest among board directors figured at the bank’s annual general meeting (AGM) on Thursday. It was also revealed that current chairman Dinesh Weerakkody would retire next year having [...]
Business Times
Forget CEB: Shift to coal power and save Rs 1 bln daily
By Marcus Perera, Bsc.Eng (Cey), Dip.EE(Lond), FIET(Lond), FIE(Sri Lanka) The proposed flat power rate tariff is more draconian than the flat rate tariff that the Supreme Court threw out in 2008. The proposed flat rate tariff, in addition to being flat rate, is also a fuel adjustment charge; so how can the Public Utilities Commission [...]
Business Times
Rumblings at the SEC
Was it a powder keg or just a damn squib? Hareendra Disa Bandara, Director General of the Securities & Exchange Commission (SEC) rejuvenated a virtually, inactive stock market last week by announcing his resignation implying he was under pressure. When reporters called him as the news broke out on Thursday, he said he made the [...]
Business Times
NZ rugby captain visits Sri Lanka as Fonterra ambassador
Fonterra Ambassador and New Zealand All Black Rugby Captain Richie McCaw this week joined 50 Sri Lankan dairy farmers at Fonterra’s milk processing site in Biyagama, getting a close look at Fonterra’s contribution to the national dairy industry in Sri Lanka. As Fonterra’s global ambassador, Mr. McCaw was visiting Sri Lanka to learn more about [...]
Business Times
IRCON, an Indian Government entity, fast-tracks Northern railway project
By Bandula Sirimanna The India Railway Construction International Ltd, (IRCON), an Indian government-owned business undertaking, has fast-tracked reconstruction work on the crippled 252.5 km railway line in northern Sri Lanka, aiming to complete it by March 2014, company officials said. S.L. Gupta, IRCON General Manager, told the Business Times that the project will be implemented [...]
Business Times
Executive Search Ltd facilitates foreign support to Lankan orphanage
Executive Search Ltd, Sri Lanka (ESL) recently hosted a visit by Ms Susan Campbell-Beattie of Dubai Air Navigation Services to the Sri Jinananda Boys Orphanage, Colombo. During a visit in March 2012 she expressed a desire to engage in a suitable humanitarian project in this country, and thus the Sri Jinananda Boys Orphanage, which is [...]
Business Times
Veyangoda flyover to be opened in September
The Veyangoda flyover now being built on a request made by Economic Development Minister Basil Rajapaksa to meet the rush hour-traffic congestion in the Veyangoda town is due to opened in September, according to an official statement. Minister Rajapaksa’s ministry said (in the statement) that 80 per cent of the work on the flyover is [...]
Business Times
Brandix rewards workers for water projects
The Brandix group has pledged Rs 2.5 million for community water or sanitation projects as a reward for the unheralded community service of its employees in their individual capacities. Ten associates, as employees are referred to across the group, have been chosen for the work they have personally undertaken, of their own volition, to help [...]
Business Times
Garments: What happened and didn’t happen
By Chandrasena Maliyadde Former Secretary, Ministry of Plan Implementation There have been recent media reports on numerous difficulties and challenges faced by Sri Lankan garment industry. These difficulties were attributed to different reasons. Some hold the industry responsible for its failure to put the house in order and to improve the competitiveness. Others point fingers [...]
Business Times
Redbananan.lk- First Supermarket Android App in Sri Lanka
Genesis Marketing Private Limited has introduced the first supermarket Android Application in Sri Lanka, a company release said. The Android application can be downloaded from Google Play and it gives an easy, one-tap access to consumers, shopping list, directly fron the Start Screen. “This Smart Shopping application raises the bar by intergrating Consumers & Brands [...]
Business Times
Lion beer to raise Rs 3 bln from stock market
Lion Brewery (Ceylon) PLC, Sri Lanka’s largest beer brewer (Lion beer), is planning to raise Rs 3 billion from the Colombo stock market through a debenture issue, according to a rating agency. Fitch Ratings said it has assigned an expected National Long-Term rating of ‘AA-(lka) (EXP)’ to Lion’s proposed unsecured redeemable debentures. It also assigned [...]
Business Times
Hambantota ushered into the digital age through a City App
President Mahinda Rajapaksa, on March 18th coinciding with the opening of the Rajapaksa International Airport in Mattala, launched the Hambantota City App at the airport premises. The App running on Windows 8 provides travellers and investors a complete guide to Hambantota, according to a media release from Microsoft. The app unveiled by the President is [...]
Business Times
India, Singapore & Malaysia corporates target of April MICE promo
By Sunimalee Dias The Sri Lanka Convention Bureau (SLCB) is organising a promotional event in India next month followed by road shows in Singapore and Malaysia, all happening for the first time aimed at boosting chances for Sri Lanka as a venue to host meetings, incentive, conferences and exhibitions (MICE) at least for the next [...]
Business Times
Gamini-Thissa Monastery complex in Mottagala
Gamini-Thissa monastery complex in Mottagala was built in the third century BC by a provincial ruler Upathara Naga Naga, a royal member of the tenfold dynasty in East Sri Lanka. According to archeologists, the Gamini-Thissa Monastery built in the third century BC had developed into an immense monastery complex surrounding the Sagama tank. The inscriptions [...]
Business Times
Hotel Show kicks off this July
South Asia’s largest, comprehensive and most eagerly looked forward “Hotelling” exhibition- Hotel Show 2013 is scheduled to be held on July 26 -28 at the BMICH covering every sphere of the indusry in this bi-aanual show. Hotel Show 2013 is organised by the Ceylon Hotel School Graduates Association (CHSGA) in partnership with exhibition organiser- Lanka [...]
Business Times
Moscow venue for Sri Lanka’s tourism blitz
The “Mega Tourism Road Show” grand finale took place in Moscow in collaboration with the Sri Lankan Embassy in Russia and the Sir Lanka Tourism Promotion Bureau last week. The road show concluded on March 25, its first phase of a tourism campaign at the shopping mall “Mega Belya Dacha” in Moscow. The events were [...]
Business Times
Oman Air presents award winning seat at ITB Berlin
Oman Air has introduced seats to its Business Class that will talk with you and was part of a Facebook promotion at ITB Berlin tourism fair this year. “I am a seat, like me!” In recent years, boutique airline Oman Air has received many awards for its seats, including “Best Business Class Airline Seat in [...]
Business Times
CIC sets up satellite research lab in Bangladesh
CIC Holdings’ tissue culture lab is setting up a satellite facility in Bangladesh to support the processing of certain plant species, specifically targeting the expansion into Australia in particular. The company, detailing its research facilities, said it is currently extending its reach to the region. In the statement, the company said it leverages its ‘significant [...]
Business Times
Japanese support to establish bus rapid transport in Colombo
By Sunimalee Dias The Japanese government has teamed up with Sri Lankan authorities to establish a BRT (Bus Rapid Transport) service and ease congestion in Colombo. Authorities are currently working with the Japanese government which has agreed to assist in the establishment of a mass transport system and have even offered funding for the project, [...]
Business Times
20 % of Bank of Ceylon’s entire loan book to CPC
The loss-making Ceylon Petroleum Corporation (CPC) represents 20 per cent of the Bank of Ceylon (BOC)’s loan book (portfolio). According to Fitch Ratings, the BOC’s loan book has a high exposure to the state and state-owned entities (SOE) and while a sizeable portion of the exposure is state guaranteed, the resulting concentration risk is significant. [...]
Business Times
Sri Lanka qualifies as ‘Less Indebted Category’ in UN-ESCAP basket
Sri Lanka has qualified under the “less indebted” category in five out of six external debt indicators in accordance with the parameters defined in an UN-ESCAP basket of countries. This is the manual on Effective Debt Management of the UN-ESCAP, to assess the external debt vulnerability of a country, according to Sri Lanka’s Central Bank. [...]
Business Times
Nokia introduces Lumia 920, 820 and 620 to SL
Mobile phone maker Nokia has introduced its range of Lumia Windows Phone 8 smart phones into Sri Lanka, according to a statement recently issued by the company. First unveiled in 2011, the Lumia range was most recently refreshed as of November 2012, kicked off by the launch of the 920 and 820, which was soon [...]
Business Times
Union Bank’s ratings reaffirmed at BBB/Stable/P3
RAM Ratings Lanka has reaffirmed the respective long- and short-term financial institution ratings of Union Bank of Colombo PLC (UB) at BBB and P3; the outlook on the long-term rating is stable. The ratings are supported by the Bank’s healthy capitalisation but tempered by its small stature, below average asset quality, performance and funding levels, [...]
Business Times
Mobitel adds YouTube data plan
Sri Lanka Telecom celco subsidiary Mobitel recently announced three new customised data plans catering to users who have a preference for accessing video streaming via YouTube, or even social networking through Facebook, via a high speed link. According to the company’s announcement, the new data plans were identified, and priced, as follows; “Social Networking at [...]
Business Times
ComBank presents scholarships, laptops to 50 more undergraduates
The Commercial Bank of Ceylon has presented scholarships to 50 more undergraduates from seven universities, under the bank’s CSR Trust’s ‘Sarasaviyata Nawa Saviyak’ community initiative, and has increased the value of each scholarship by 20 per cent. They have also been given laptops. Undergraduates from 16 districts will each receive Rs 30,000 a year for [...]
Business Times
Zee Lanka teams up with Malaysian-based Ihandal Energy Solutions to lead Sri Lanka in energy efficiency
By Bandula Sirimanna In the backdrop of the electricity tariff hike affecting local businesses severely, a Sri Lankan offshore and marine specialist domiciled in Malaysia has teamed up with a renowned former civil servant and diplomat to lead the country in yet another field – energy efficiency. Herman Perera, Technical Director of Zee Engineering Ltd [...]
Business Times
Softlogic Finance gets additional $4 mln from Dutch dfi
Softlogic Finance PLC is receiving US$ 4 million (approximately Rs. 504 million) from Dutch Development Bank FMO through a Subordinated 5-year Term Loan which includes an option to convert to equity in the company. The funding received will boost the Tier II Capital Adequacy of Softlogic Finance over 16 per cent as at FYE March [...]
Business Times
SL needs capital for IT advancement – Hans
“While Sri Lanka has an abundance of Talent and Innovation in ICT, what is missing (relative to the Global ICT centres) is Capital”, according to top corporate leader Dr. Hans Wijayasuriya, who is also the Chief Executive of leading celco Dialog Axiata. He made these comments at the recently concluded ‘Spark iT’ venture capital competition, [...]
Business Times
Seminar on trade relations between SL and Bangladesh
The National Chamber of Commerce of Sri Lanka is organizing a presentation on trade between Sri Lanka and Bangladesh on Wednesday at the chamber auditorium in Colombo. The guest speakers are M. Sufiur Rahman, Bangladesh High Commissioner in Sri Lanka assisted by F.M. Borhan-Uddin, Counsellor. They will speak on the current business trend, trade potential, [...]
Business Times
Lankan market research professionals prepare for major launch tomorrow
The Market Research Society of Sri Lanka (MRSSL) will tomorrow (April 1) present a ‘global overview of market and opinion research’ at an event in Colombo, marking the inauguration of the MRSSL in Sri Lanka. MRSSL was established a few months ago with the cooperation of the leading market research agencies in the country. Keynote [...]
Business Times
Virtusa CEO named Business Leader of the Year by US magazine
Colombo – Virtusa Corporation, a global business consulting and IT outsourcing company, last week announced that the Worcester Business Journal had named its Sri Lankan-born founder Kris Canekeratne one of its Business Leaders of the Year (in the large business category). “I am delighted to have been named WBJ’s Business Leader of the Year. This [...]
Business Times
Ericsson appoints Todd Ashton as President of Malaysia, Sri Lanka
Ericsson last week announced the appointment of Todd Ashton as President and Country Manager for Malaysia and Sri Lanka as of February 1. Mr. Ashton has been based in Sweden since 1998, serving in various executive roles in Ericsson AB. Mr. Ashton said he expected mobile data traffic in the region to double in 2013. [...]
Business Times
Plastic coins to replace metal coins
Letter Last week I read in one of the newspapers that there is an acute shortage of coins in the country and that the Government has called for tenders for minting money. This is evident when we get our water, electricity and telephone bills where we get billed to the last cent. For instance I [...]
Business Times
Most fail to maintain Intellectual Property – mobile expert
Most emerging businesses fail to maintain ownership of Intellectual Property (IP), according to Dr. Geoff Gregson, Associate Professor of Innovation & Entrepreneurship at University of Edinburgh Business School. The keynote speaker at the first event of SLASSCOM’s 2013 Mobile Monday Colombo programme, Dr. Gregson also warned that a “weak approach to IP has proven to [...]
