Business Times
WPC mulls new rules for vehicle parking
The Western Provincial Council (WPC) is mulling the introduction of a Parking Regulation System (PRS) to streamline the building and maintenance of vehicle parking facilities in Colombo and the suburbs, officials said. The proposed system is a collaboration with the Urban Development Authority (UDA) and the Colombo Municipal Council (CMC). They noted that with the [...]
Business Times
Government hunts for more taxpayers
As tax revenue falls … By Bandula Sirimanna The Sri Lankan government, worried about dwindling revenue, is looking for new taxpayers with plans to reduce the taxable income levels to bring more public and private sector employees into the net, official sources said. At a recent Finance Ministry meeting, it was proposed to lower the [...]
Business Times
Hoteliers look for ways to cut huge energy bill
By Sunimalee Dias Hoteliers are aiming at reducing their electricity bill in the wake of the recent price hike but are unlikely to resort to seek legal remedies, similar to a previous rise in power rates, industry officials said. Last week hoteliers were readying to meet up with the electricity board authorities to ensure they [...]
Business Times
36-storey ‘Crown Colombo’ casino from Packer conglomerate
Australian Casino kingpin and billionaire James Packer has won the green light from the Sri Lankan government to build a 36-storeyed casino complex and super luxury resort coupled with a mega hotel in a 500 perch prime block of land at D.R. Wijeyawardene Mawatha in Fort, informed sources said. The blue print to commence the [...]
Business Times
Sri Lanka costs more to holiday
Tour operators set to tame hard selling destination Sri Lanka By Sunimalee Dias Sri Lanka has become an increasingly expensive destination to sell as room rates are at least 30-40 per cent higher than its competitors in the region. Tour operators have become increasingly worried that should the current trend of room rates as per [...]
Business Times
Son of legendary SL singer sings a different tune
Sunil Santha’s son stamps class as eco-entrepreneur By Quintus Perera Lanka, Santha, son of legendary singer Sunil Santha who sang the popular ‘Lanka, Lanka Pembara Lanka’ among other legendary hits, is stamping his class in a field different to that of his late father; eco-entrepreneurship. Mr. Santha, who lived in the US for 10 years [...]
Business Times
Sri Lanka and world trade
At the Geneva headquarters of the World Trade Organisation (WTO), the talk these days in the corridors of this powerful mechanism for global trade is about who will replace its head. Director-General Pascal Lamy ends his term in a few months’ time and the search for a new candidate is on by an internal committee. [...]
Business Times
Ceylon Oxygen to begin production of Argon for the first time in Sri Lanka
By Bandula Sirimanna Ceylon Oxygen Ltd, a member of The Linde Group, is to more than treble its production capacity with the launch of the operations of the new 62 tons per day (tpd) air separation unit (ASU) and Argon column in Sapugaskanda, top official of the company said. The total investment for the Linde [...]
Business Times
STBC discusses market research issues at April meeting
“Investing in market research in Sri Lanka’s corporate world” is the theme of this month’s monthly meeting of the Sunday Times Business Club (STBC) tomorrow, April 29. To be held at the host hotel, Cinnamon Lakeside, three members of the country’s marketing profession will discuss an issue that is gaining more credence amongst top companies [...]
Business Times
Drop in Gold Price: A plan for another round of Quantitative Easing?
By Sumanasiri Liyanage After the April 2012 drop in gold prices, the global gold market has registered a sharp drop in prices once again in April 2013. The spot gold price hit an intraday low of US$1,493.35 (Ł972.40) per troy ounce, putting it 22.3 per cent below September 2011′s intraday peak of $1,921.41. Thus gold [...]
Business Times
Grant McCann Erickson celebrates 55 years
Grant McCann Erickson (GME), Sri Lanka’s pioneering advertising agency, celebrated its 55th anniversary earlier this month. A power house today, the company has grown into a leading integrated agency network that covers the wide spectrum of marketing communications services, according to a statement from the organisation. “Exploring new ways of reaching our consumers has been [...]
Business Times
CECB gets new General Manager
K L S Sahabandu was recently appointed as the General Manger of the Central Engineering Consultancy Bureau (CECB), the premier and the largest multidisciplinary engineering organization in Sri Lanka. Mr. Sahabandu, an old boy of the Mahinda College, Galle and a graduate of the University of Peradeniya, joined the Bureau just after graduation in 1980 [...]
Business Times
Ceylon Grain Elevators records profits despite challenging year for poultry industry
Ceylon Grain Elevators (CGE) Plc, the largest operator in the poultry market of Sri Lanka, experienced a challenging 2012 reflecting poor performance in the poultry industry in the country. Group profits fell by a sharp 64 per cent from Rs. 419 million in 2011 to Rs.120 million in 2012. Chairman and CEO of CGE Cehn [...]
Business Times
SLT Rainbow Pages launches Tourist Directory 2013/14
SLT Rainbow Pages has launched a comprehensive Tourist Directory 2013/14 with the aim of providing much needed information including contact telephone numbers of important institutions in the island. The latest edition is encyclopedic in content and includes a comprehensive range of easy to find information on anything a tourist might need to know when visiting [...]
Business Times
Microimage to unveil latest HR innovations at HCM Connect 2013
Microimage, the software solutions firm, is showcasing its latest human resources technology innovations at HCM Connect 2013, scheduled to be held in Colombo early next month. HCM Connect 2013 is the second successive HR technology showcase event of the company. Themed ‘Experience a Social Evening’, the company will unveil some of its latest innovative work [...]
Business Times
Shrinking local exports of immediate concern : IMF rep
Sri Lanka’s tax collections have to be improved to strengthen the economy, according to the country’s International Monetary Fund Resident Representative Dr. Koshy Mathai. Further, he also noted that more private investment was needed to speed up projects and, while the local banking sector was already well developed, this sector still had room to grow [...]
Business Times
ComBank empowers 260 rural students under its English education programme
The presentation of certificates to the first batch of students that completed the inaugural course of an English language programme launched last year by the Commercial Bank of Ceylon as a community initiative, took place recently at the Kiriella Madya Maha Vidyalaya in Ratnapura. A total of 260 students were presented certificates by the Bank’s [...]
Business Times
Close to Rs. 1 bln investment to reinvent Liberty Plaza
Liberty Plaza is spending upto Rs 964 million to re-develop its mall, the first large-scale mall in Sri Lanka, creating a new experience. The owning company recently signed an agreement with the Board of Investment for this purpose, according to a company statement. Under the refurbishment/ revamping project of the existing Liberty Plaza, there will [...]
Business Times
CA Sri Lanka hosts top meetings of the South Asian Federation of Accountants (SAFA)
The 26th Board Meeting and a series of high-level committee meetings of the South Asian Federation of Accountants (SAFA) were held in Colombo recently, hosted by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). The meetings were held on the sidelines of the SAFA Best Presented Annual Report Awards Ceremony. The meetings [...]
Business Times
CIC hires MTI to chart new course, future direction
The CIC Group, one of Sri Lanka’s fastest growing multi-business conglomerates, has signed up the services of the international strategy consultancy MTI to chart a new course and future direction. “In the last five years, the company has made significant strides in the agri business, not merely in terms of the financial perspective, but is [...]
Business Times
Enabling Sri Lanka Tourism 2.0 and beyond
AMCHAM Sri Lanka and SLASSCOM are on the search for an innovative and compelling IT solutions that will spur the Sri Lankan Tourism industry to leap frog in becoming the destination of choice, a media release from AMCHAM said. The key outcomes expected through this event are to: – Facilitate for hotels and Destination Management [...]
Business Times
Cambio Healthcare donates IT research lab to University of Colombo
Board members of the Cambio Healthcare Systems AB led by the Chairman of the board, Göran Persson visited University of Colombo School of Computing (UCSC) to ceremonially declare open the Cambio Research Lab of the UCSC recently. Cambio Healthcare Systems is one of the largest companies in Sweden in the field of healthcare administration systems [...]
Business Times
SL’s education expenditure drops in past decade: CB report
A 0.3 per cent drop in education expenditure as a proportion of GDP from 2003-2012 had been reported in the Central Bank (CB)’s 2012 annual report. As at 2012 public spending on education constitutes 1.85 per cent of GDP, a 0.06 per cent reduction from 2011. Although budgetary allocations for education rose between 2004 and [...]
Business Times
Cruising hypes entertainment aboard “Legend of the Seas”
Calling at the Colombo port last week, luxury cruise liner “Legend of the Seas” by Royal Caribbean Cruises Ltd. with around 1800 guests opened up to give an in-sight into the world of cruises and vacations available onboard the vessel. Hemas Travels acting as the General Service Agents (GSA) for the cruise liner, said they [...]
Business Times
EML extends expertise to implement public and private sector projects protecting environment
By Bandula Sirimanna EML Consultants (Pvt) Ltd, an environmental consultancy service provider company, is diversifying into many fields including IT logistics, health, tourism, etc expanding its consultancies overseas as far as Australia and the United Kingdom, senior officials of the company said. The company conducts environment, water sanitation and other environmental assessments in countries such [...]
Business Times
Fitch rates Senkadagala Finance’s proposed debenture issues
Fitch Ratings has assigned Sri Lanka-based Senkadagala Finance PLC’s (SFC; BBB+(lka)/Stable) proposed issue of senior unsecured redeemable listed debentures of up to Rs. 1 billion an expected National Long-Term rating of ‘BBB+(lka)(EXP)’. SFC will issue the debentures subject to receiving the necessary regulatory approvals, the ratings agency said. The final rating is contingent upon the [...]
Business Times
Mixed performance in transport sector in 2012: CB says
The 2012 Central Bank report recorded unusual trends in the transport sector with the registration of new motor vehicles decreasing sharply in 2012 compared to 2011. The number of new vehicles registered in 2012 reduced by 24 per cent with the number of cars registered decreasing by 46 per cent compared to 2011. The number [...]
Business Times
NITF teams up with Lanka Hospitals
The National Insurance Trust Fund which provides insurance coverage for more than 650,000 government beneficiaries has joined with state-owned Lanka Hospitals by issuing an electronic card for Agrahara beneficiaries. As an extension of the existing 3-year old partnership between the two sides, the Agrahara Fund has introduced an electronic card which contains all personal details [...]
Business Times
Inflation in March falls, set to remain at these levels
Year-on-year (y-o-y) inflation in March fell significantly mainly due to the base effect and reflecting a continuing decline of food prices, the Central Bank (CB) said this week. Headline inflation (y-o-y), which remained at 9.4 per cent on average for nine months declined to 7.5 per cent, while core inflation (y-o-y) also declined to 6.8 [...]
Business Times
Tax headquarters moving out of Fort
Sri Lanka’s tax headquarters – the Inland Revenue Department (IRD) building – is moving out of the Fort-Slave island area, making way for tourism-related development amidst an outcry from employees, unions say. The building was only recently renovated following damages caused in LTTE suicide air attack at the building in 2009. Union officials were unaware [...]
Business Times
Intl cybercrime attacks accessed confidential Govt. data
Recent cybercrime attacks on government institutions gained access to confidential data, while also threatening the safety of countries, according to a statement by eCyberSec, an IT company specialising in application security. The company also went on to state that Sri Lanka needed a “strong cyber-security system to prevent these various kinds of sophisticated cyber-attacks by [...]
Business Times
SINGER spurs Huawei to 3rd position in Sri Lanka’s smartphone market
Huawei Sri Lanka has secured third place in the local smartphone market thanks to its local partner – Singer. “We are very pleased with this result,” said Huaging Sun, CEO Huawei Technologies Lanka (Pvt) Ltd, in a statement. “Huawei is committed to making smartphones more accessible and to enrich and empower the lives of our [...]
Business Times
Hayleys Group appoints Niran Ranatunga as MD of Mabroc Teas
Hayleys Group has appointed Niran R. Ranatunga as the Managing Director of its tea marketing and export business Mabroc Teas (Pvt) Ltd with effect from April 1. A founder member of Mabroc Teas, which was established in 1988, Mr. Ranatunga was appointed to the Board in 1990. He commenced his career in the tea industry [...]
Business Times
DFCC wins with Pyxle designed website
Pyxle, a top benchmark provider specialising in creative Internet Business Solutions, enabled DFCC Bank to win at the BestWeb awards for financial institutions. The deployed site offers the DFCC customer base a comprehensive website that consists of a multilingual platform together with mobile integration and branch locator, based on current web technologies. Pyxle, in a [...]
Business Times
Lighthouse Hotel PLC profits at over Rs.1 billion
The Lighthouse Hotel PLC has recorded a 14% growth in turnover compared to the previous year with profits at over Rs.1 billion, a media release issued by the organisation stated. The hotel that is a boutique property and a member of the Small Luxury Hotels of the World has recorded a turnover of over Rs.614 [...]
Business Times
Overseas Realty (Ceylon) PLC records strong earnings growth for 2012
Despite both local and international economic challenges, Overseas Realty Plc, Sri Lanka’s premier property development and investment holdings, experienced a bright 2012 with the company recording its highest earnings in history. The company’s 2012 profit before tax (PBT) excluding fair value gains was up by 48 per cent compared to the preceding year reaching an [...]
Business Times
HSBC Colombo’s global service centre now hires 550 people
Sri Lanka’s importance as a knowledge hub and source of talent for the finance and accounting industries was underlined recently at a meeting between HSBC, the Sri Lankan Association of Software and Services Companies (SLASSCOM), the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA). Together, these organizations are planning [...]
Business Times
Hayleys debenture given AA- rating by RAM
RAM Ratings Lanka has assigned a long-term issue rating of AA- to Hayleys PLC’s proposed Rs. 2 billion Listed, Rated, Unsecured, Redeemable Debentures. “Concurrently, we have reaffirmed the company’s respective long- and short-term corporate credit ratings at AA- and P1. The long term ratings carry a stable outlook,” the rating agency said. The ratings continued [...]
Business Times
Laugfs Capital enters financial services sector
Laugfs Group says it is set to cater to the needs of its Sri Lankan customers in Leasing, Business Loans, Hire Purchase, Personal Loans and Factoring through its new subsidiary, Laugfs Capital. A company media release said that it will seek to leverage on the years of experience in catering to the Sri Lankan demands [...]
Business Times
Demand for modern cars to boost high margins for Chevron Lubricants
The influx of modern vehicles would allow Chevron Lubricants Lanka to sell high end lubricants which will generate higher margins, analysts say. “Last year the company introduced its first new generation product in Sri Lanka for diesel engine vehicles named “Delo Sports Synthetic Blend SAE 10W-30” specifically designed to meet the requirements of sport utility, [...]
Business Times
Kelani Cables gets Australian export order
By Duruthu Edirimuni Chandrasekera Kelani Cables PLC has got a large export order to manufacture cables to Australia and is looking to capture more export markets, according to officials. “In addition to our existing export markets in the Maldives, India and Dubai during , this year we entered the lucrative Australian household wire market,” Mahinda [...]
Business Times
Life insurance penetration as a percentage of GDP still stands low
Although there’s a growth trend seen in life insurance penetration of nearly 4.3 per cent year on year to Rs 26 billion in the first six months of last year (based on total population), the life insurance penetration as a percentage of GDP stands at as low as 0.5 per cent for the same period, [...]
Business Times
Highest growth in profits last year from plantations sector in 2012
Highest growth was witnessed by the plantations sector last year, which saw its profits boosted by 375 per cent, a research report by NDB Stockbrokers (Pvt) Ltd says. Excluding non-recurring items (items of income or expense that is not a normal item and which has a one-off effect and/or is unlikely to occur again), sector [...]
Business Times
6 % GDP growth in 2013 will see Sri Lanka’s oil import bill at US$ 6.7 bln : Analysts
If GDP grows at 6 per cent this year, Sri Lanka’s oil import bill may reach US$ 6.7 billion analysts say. “Of this bill, $1.3 billion is for electricity,” a Capital Alliance Securities report has said. In 2012, over 30 per cent of Sri Lanka’s import bill was for petroleum products, but about 20 per [...]
