Long strides towards Budget 2014
President Rajapaksa is all smiles as he passes his predecessors’ portraits on the corridors of Parliament on his way to deliver the budget speech. Pic by Ranjith Perera
Delta Corp will halt casino plans if laws unclear, no level playing field
Delta Corp Ltd, an Indian firm operating primarily in gaming and hospitality, will re-think its proposed casino resort in Sri Lanka if the legislation is not clear and there is no level playing field, Delta Corp officials said. “The Sri Lankan government is still considering legislation for gaming in that country. Once we get clarity [...]
Traveller’s Cheques no more
The issuance of Traveller’s Cheques (TCs), a compulsory way of taking foreign cash on an overseas trip, has been discontinued since last month. This has been on a directive to banks by the Sri Lanka Bankers’ Association (SLBA), SLBA officials said. The world over issuing TCs has been stopped owing to most banking transactions being [...]
CB to urge small banks to merge with larger ones
The Central Bank (CB) in a medium term plan will be encouraging small commercial banks to merge with their larger counterparts, in a bid to have a robust banking system, CB sources said. “We want to have a few strong banks within the next two to three years,” a senior CB official said. He added [...]
IBSL questions a major fraud at MBSL Insurance
The Insurance Board of Sri Lanka (IBSL) has questioned MBSL Insurance (Pvt) Ltd on a major scale fraud which has seen the company’s Managing Director sent on compulsory leave, informed sources said. “An internal audit by MBSL Insurance has found that there has been a manipulation of the company accounts when paying commissions to insurance [...]
Queen’s Hotel Kandy closes public bar but alcohol available for guests
The grand Queen’s Hotel in Kandy, established in 1834 under British rule, this week closed its ages-old public bar as a mark of respect to the adjoining Dalada Maligawa but will continue to serve liquor to its guests. Ranjan Peiris, Regional General Manager of The Kandy Hotels Company which owns the Queens, said their resident [...]
Commonwealth Business Forum enhances country’s image as a hub in the Indian Ocean
The Commonwealth Business Forum (CBF), Sri Lanka’s largest ever business conference organised jointly by the Government of Sri Lanka, notably the Board of Investment (BOI) of Sri Lanka and the Commonwealth Business Council (CBC) in London, succeeded in attracting a large number of influential and key businessmen and leaders from around the world, the BOI [...]
New Employment Compact for Emerging Sri Lanka
President, Mahinda Rajapaksa, addressing the Commonwealth Business Forum at the 23rd Commonwealth Heads of Government Meeting held in Colombo, stated “….We are able to display the new emerging Sri Lankan brand, where our people are focused on the creation of new wealth in our country, through a robust hub strategy, where the maritime, aviation, knowledge, [...]
Age of new employment
The Employers’ Federation of Ceylon (EFC) has come up with an interesting suggestion – the formulation of a new job contract in the new age of employment and jobs. The idea makes sense particularly since Sri Lanka is moving rapidly towards the age of technology. Furthermore new developments in the Nano technological field at the [...]
JKH casino to be a joint venture between 3 parties
The casino that conglomerate John Keells Holdings (JKH) is planning with an international gaming operator using businessman Dhammika Perera’s casino operating licence will be a joint venture amongst all these three parties, informed sources said. They said that JKH, Mr. Perera and the operator will be floating a company with a shareholding structure (which hasn’t [...]
Indra Traders shows the way how SL companies should grow
Sri Lankans should be proud of establishments like Indra which commenced their establishments in a small manner and developed it to be ‘ giants ‘ in the trade. Foreign Minister Professor G.L. Pieris said opening the new fully fledged Finance and Investment Company of Indra Traders in Kandy recently. Indra Finance has been established as [...]
Habib Bank expanding, new branch in Kandy
Habib Bank Ltd (HBL), to coincide with its Diamond Jubilee – 60 years of service to Sri Lankan customers, is expanding its branch network in Sri Lanka. It is planning to set up a branch in Kandy in January 2014 after establishing a branch in Kalmunai, according to Khawar Mahmood, Country Operations Manager, HBL Sri [...]
People’s power decides the fate of a Sri Lankan rubber glove factory
People’s power has made a mighty Sri Lankan corporate entity come on their knees to plead with the people to reopen its factory that manufactures rubber gloves. At a media briefing held in Colombo this week, Dr Mahesha Ranasoma, Managing Director, Dipped Products PLC, a part of Hayleys Group, manufacturers of rubber gloves, said that [...]
First Dutch Minted coin to circulate in Lanka after over 200 years
On November 15, the Central Bank (CB) released a New 2013 Rs 2 coin minted at KoninklijkeNederlandse Munt (Royal Dutch Mint) in Utrecht, Netherlands which was founded in 1567. It is a Stainless Steel Coin unlike the Nickel plated Steel Rs 2 coin issued from 2005 to 2011 and Cupro-Nickel coin minted before from 1984 [...]
Top visiting IMF official says flexible exchange policy must continue
A top visiting International Monetary Fund (IMF) said this week he expects Sri Lanka to continue its flexible exchange rate regime, allowing it to serve as a key buffer against external shocks, while reserves are allowed to rise to more comfortable level. According to statement issued by the local IMF office, IMF Deputy Managing Director [...]
Neil Marine links up with ILO to train Northeast youth in boat building
A Sri Lankan boat builder, one of the biggest players in South Asia, has linked up with ILO (International Labour Organisation) to kickstart a boat manufacturing facility in Kilinochchi and Mullaitivu involving youth in the North and East. Neil Fernando and Co. (Pvt) Ltd (Neil Marine) has extended assistance to two ILO (International Labour Organisation) [...]
Dual citizenship: To offer or not to offer
Having dual citizenship status is literally having the best of both worlds. Many Sri Lankans who hold dual citizenship have a sense of superiority. They can enjoy all the benefits and facilities enjoyed by any Sri Lankan and also entitled to all the benefits and facilities of their adopted country. Some Diaspora who obtained dual [...]
Bharti Airtel caters to growing needs of Mobile Value Added Services
Bharti Airtel, a leading global telecommunications company with operations in 20 countries across Asia and Africa, will be further expanding its 3G foot print (3rd generation mobile telecommunication technology) countrywide to cater to the growing needs of Mobile Value Added Services (MVAS) among Sri Lankans specially the youth, a top official of the company revealed. [...]
What kind of banks are these development banks?
The two development banks in the country were unable to raise US$ 250 million, while the (inefficient) Bank of Ceylon (BOC) managed to raise US$ 500 million, Treasury Secretary Dr. P.B. Jayasundera charged, delivering the keynote address at a seminar on the National Budget 2014 organised by Department of Inland Revenue a few hours after [...]
Several Eminent scholars are to analyse Budget 2014
Several Eminent scholars and professionals will analyse Budget 2014 at a organized by the Alumni Association of the University of Peradeniya Colombo chapter and Sri Lanka Economic Association to be held at the Meteorology Department Auditorium in Colombo on Monday the 25th from 5.00 pm. to 7.00 pm. Prof. A D V de S Indraratne [...]
The Voice call charge hike to be passed on to consumers
Voice call charges on fixed and mobile phones will be increased by 5% from January 2014 in accordance with the telecom levy proposed in the 2014 budget, the Director General of the Telecommunications Regulatory Commission Anusha Palpita told Business Times. He said that the present rate of 20 percent will be revised to 25 percent [...]
Motor traders say used car prices are to go up by revising depreciation value
The prices of used vehicles including hybrids will be increased by Rs. 200,000 upwards as depreciation value for cars has been revised from 2014 budget, motor traders said adding that their sales will come down drastically pushing around 200 used motor car dealers into further difficulties. They noted that according to the revised depreciation table, [...]
Economists say no handouts from the budget
Dr. Indrajith Coomaraswamy, Former Director Economic Affairs at the Commonwealth Secretariat said, “In 2010 the government set out to rationalize the tax structure. This was broadly done that this year.” He said that it’s encouraging to see that they have not granted handouts. “They maintained fiscal discipline. Otherwise rating agencies will downgrade us.” Dr. Saman [...]
Government raises taxes on banks and financial institutions to stimulate economic growth
The government will raise taxes on banks and financial institutions in a 2014 budget proposal with the aim of achieving growth targets but bankers and finance company heads say that it will affect their profits. A 2 percent nation-building tax (NBT) will be extended to banks and financial institutions and it will have an impact [...]
Trade unions reject the no meaning budget
Trade unions say that the budget presentation for year 2014 is just a symbolic event by this government and in the past years too, no budget had any impact on the economy and it is very much managed by the treasury and the Central Bank deciding on monetay and fiscal issues by the day In [...]
Stock market analysts predict big boost for SMEs
Stock market analysts note that the key features of the 2014 budget proposals are the strong focus on developing the Small and Medium Enterprises (SME) sector, form a much stronger financial services sector, developing Sri Lanka as a professional servicehub, strengthening education and healthcare services, import substitution and encouraging R&D, innovation, technology expansion in domestic [...]
Sri Lanka’s poultry producers to start exports
Sri Lanka’s poultry producers are eying export markets as the production is expected to rise significantly surpassing the local demand, industry sources said. There is a heavy demand for chicken meat in the Middle East and therefore Sri Lankan government should provide incentives for poultry producers to export their products to earn much needed foreign [...]
Easing out Emirates Airlines from SriLankan Airlines management was a big mistake, former chairman says
The government decision to take over control of Sri Lankan Airlines from Emirates Airlines was a mistake, according to a former SriLankan Airlines chairman. Harry Jayawardene, Chairman, Aitken Spence Group made this comment while he was addressing an event connected to the launch of Emirates Holidays Retail Outlet in Colombo this week. The tour-operating arm [...]
Post CHOGM: International businesses plan ventures in Sri Lanka
International businessmen who were in the country for the Commonwealth Heads of Government Meeting (CHOGM) recently are exploring business opportunities in Sri Lanka in many sectors, according to a foreign investment facilitator. “Some businessmen that I met are exploring business potential for the next three to five years in sectors such as construction and manufacturing, [...]
Despite taxes demand intact for liquor
Distilleries Company of Sri Lanka (DCSL)’s size, strong distribution channel and strict regulations on advertising imposed on the industry minimises the threat from existing small players and new entrants on DCSL’s operations, a stock market research has said. “(Also) Despite the heavy taxes imposed, demand for liquor remains unaffected due to its relative price inelastic [...]
NDB Capital Holdings almost doubles profits to surpass Rs. 700 mln
NDB Capital Holdings (NCAP) recorded a highly successful first 9 months of 2013 with the group reporting over Rs. 1.05 billion in revenue compared to Rs. 516 million during the first nine months of 2012. “This increased revenue translated to a profit of Rs. 707 million at the group level for the same period, over1.9 [...]
More than Rs. 20 bln lubricants sold in 2012
A total of 56334 kilolitres (KL) of lubricants worth Rs. 20.85 billion were sold in 2012 out of which 69 per cent of total sales were automotive products while industrial, marine and greases accounted for 18 per cent, 6 per cent and 4 per cent respectively, a public utilities commission of Sri Lanka report on [...]
Demand for local dairy products will benefit Nestle
Demand for local dairy products has increased considerably in the past few months since the milk contamination issue, and this will see Nestle Lanka PLC benefit in the forthcoming quarter by experiencing higher demand for their dairy products, brokers say. “This demand will include Nespray, Milkmaid, Shaktigen and Coffe-Mate,” an Asha Phillip Securities Ltd research [...]
HNB Group reports Rs 5.84 bln post-tax profit for 9 month period
HNB has recorded 15 per cent growth in post-tax profits to Rs. 5.34 billion during the 9 months ended September 2013, up from Rs. 4.63 billion during the corresponding period in 2012. Group post-tax profits improved by 17 per cent to Rs. 5.84 billion over the corresponding period in 2012, the bank said in an [...]
First Capital reports higher revenue, trading income in 1st H2013
First Capital Holdings PLC, a non-bank financial service provider, has recorded healthy gains in revenue and trading income in the first six months of the 2012/2013 current year, but seen a decline in the gain on fair value of financial investments held or trading. Income for the first half of 2013-14 was up 32.7 per [...]
CA Sri Lanka’s public sector wing launches awareness programme
The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently spearheaded a fresh initiative aimed at increasing awareness among public sector acountants and auditors attached to government ministries and departments. This awareness is on a range of developments [...]
Textured Jersey gears for future growth, announces new investments, initiatives
Textured Jersey Lanka PLC (TJL), the knit fabric manufacturer in Sri Lanka, to sustain its competitive advantage and maintain growth, recently announced a number of significant investments and initiatives to add capacity and modernize its plant. The changes are aimed at also substantially reducing energy costs, and to make inroads towards successful regional expansion. Further, [...]
Lankan-driven Virtusa announces 2ndQ 2014 results
Virtusa Corporation, a global business consulting and IT outsourcing company driven by Sri Lankans that combines innovation, technology leadership and industry solutions to transform the customer experience, said this week that revenue for the second quater of fiscal 2014 was US$94.3 million, up 17 per cent year-over-year and 4 per cent sequentially in both reported [...]
Orient Hotel wins EU SWITCH – Asia Greening Award
Orient Hotel, Bandarawela was recently adjudged the Energy Conservation Champion in the 50 room category at the EU SWITCH – Asia Greening Hotels awards – 2013 . ‘It is a great honour for us to have been chosen for this prestigious award especially since we joined the EU SWITCH programme just over a year ago [...]
New Solomon Islands bank brings in Sri Lankan expertise, country PM says
A new Solomon Islands bank will open in March 2014 with expertise from a Sri Lankan-based consultancy consortium engaged in developing different business models. This was disclosed by Prime Minister of Solomon Islands Gordon Darcy Lilo when he addressed a gathering of professionals including bankers, lawyers, engineers and chairmen of corporations at a reception hosted [...]
Minister Rishad enters global Muslim500 league
Industry and Commerce Minister Rishad Bathiudeen has been listed among the 500 most influential Muslim leaders in the world in a latest ranking. He is the fourth Sri Lankan to enter this ranking since 2010, the previous entrants being Ms, Jezima Ismail, Supreme Court Judge Saleem Marsoof and M.I.M. Rizvi Mufthi. Edited by Dr. Joseph [...]
Altair hosts business cocktail in London
Alraie, an iconic high-rise residential development in Colombo, has attracted significant buyer interest in the UK following a series of presentations in London, the developer said in a media statement. The 400 luxury apartment Altair twin tower designed by the international celebrity architect Moshe Safdie is under construction on Colombo’s Beira Lake waterfront, and is [...]
Munchee succeeds at the Global Performance Excellence Awards
Ceylon Biscuits Ltd, manufacturer of Munchee Biscuits, won the “Quest for Excellence” Award in the Large Manufacturing Category at the prestigious Global Performance Excellence Awards (GPEA) held in Bali, Indonesia recently. The awards scheme is given to those who have scored on par with the requirements to be considered a world-class organisation. “We are proud [...]
Sri Lanka’s DFCC Group spreads its wings overseas
Sri Lanka’s DFCC banking group is spreading its wings overseas offering consultancy services for the transformation of the Home Finance Company (HFC) of Fiji, a state-owned financial institution with a limited offering of products and services, a senior official at the helm of the local bank revealed. Arjun Fernando, CEO of DFCC Bank told the [...]
