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Money Exchange dealers are now found to be depositing only the minimum amount payable required by the Central Bank per annum while allegedly selling the rest of the dollars in the blackmarket. Seen here are customers at a registered money dealer. Pic by Amila Gamage

5-pronged strategy including tax hike to curb rising vehicle imports

Sri Lankan authorities, tackling an acute case of depleting foreign exchange reserves and a rising vehicle population, is resorting to a 5-pronged approach to cut imports and make vehicles costly to the population resulting in a likely 20 per cent cut in vehicle imports. While a depreciating rupee in which the US dollar traded in [...]

Nawaloka Group eyes managing a Dubai hospital

The Nawaloka Group, primarily in private healthcare, plans to take its core competencies international in a bid to beat shrinking margins here. The group is in talks with a hospital in Dubai to manage and operate it, a top official told the Business Time. He said this is a skill/expertise the company wants to capitalise [...]

Sri Lanka considering removing old vehicles off roads

Sri Lanka is seriously considering the possibility of removing old 15 years and over unroadworthy vehicles numbering around 1.2 million from the roads to meet more efficient transportation needs of urban areas, Transport Ministry sources said. Old vehicles have been one of the major causes for road traffic accidents, vehicular congestion and air pollution. The Motor [...]

Suspects in CIFL case bailed out

Chulaka Gunawardena alias Deepthi Perera, former chairman of the failed Central Investment and Finance (CIFL) and two other suspects in the CIFL fraud case were allowed bail on Friday by the Colombo Chief Magistrate Gihan Pilapitiya. The other two suspects are J.K. Wickramaratne, former CIFL CEO and S.B. Kondadeniya, a former CIFL director. At Friday’s hearing [...]

Lawyers Committee on banks, CB, Treasury meets on Oct 7

Just as depositors in failed finance companies questioned that a special committee appointed by the Prime Minister to examine finance institutions including the Central Bank had suddenly gone silent, the committee said this week that it would start work on October 7. The committee of lawyers appointed by Prime Minister Ranil Wickremesinghe comprises Harsha Soza [...]

Satellite cities answer to traffic snarls – Comment

Many years ago, young people preparing for marriage felt owning a house should be the first priority, according to motor traders who have a knack of analysing purchasing patterns in Sri Lanka. A few years later, this ‘first’ priority changed to acquiring a vehicle; motor cycle or car. Earlier this year, a 10,000 rupee-increase in public [...]

Cinnamon’s city hotels readies for Chinese guests

Cinnamon’s city hotels readies for Chinese guests

With the Chinese inbound market to Sri Lanka making giant strides, many local companies are scrambling to get a slice of the action. However, one of the biggest problems is the lack of sufficient Chinese-language speakers/guides plus made-to-measure hotel facilities apart from other drawbacks. This is where Cinnamon’s city hotels – Cinnamon Grand, Cinnamon Lakeside and [...]

‘Cinnamon Future of Tourism Summit” opens tomorrow with galaxy of speakers amidst futuristic projections

Cinnamon Hotels and Resorts are pulling out all stops in hosting the ‘Cinnamon Future of Tourism Summit’ tomorrow where global experts will explore the future trends of tourism as well as responsible travel practices for driving revenue. To be held at the Cinnamon Lakeside Colombo, to mark the occasion of World Tourism Day, this inaugural [...]

Social Facilitation and Social Inhibition at work

‘I don’t know why, but I really need to be around people to complete my daily work to the best of my ability. If you ask me to be creative all alone in what I do routinely, that would drive me crazy. When I am alone, I feel demotivated and end up doing a less-than-ideal [...]

Cinnamon Life to put Sri Lanka on the map

By far the most stylish project in Sri Lanka, Cinnamon Life was launched by Waterfront Properties (Pvt) Ltd, a member of the John Keells Group, on Tuesday.  Dubbed as a ‘game changer’ for Sri Lanka by analysts, this widely recognised mixed development project which is Sri Lanka’s trendsetting private sector venture in real estate segment [...]

Ceylon Chamber, Beijing Chamber sign MOU to promote commercial ties

Ceylon Chamber, Beijing Chamber sign MOU to promote commercial ties

The Ceylon Chamber of Commerce and the Beijing Chamber of International Commerce this week signed an MOU to work together to promote trade and commercial ties between the two countries. Mangala P. B. Yapa, CEO/Secretary General of the Ceylon Chamber of Commerce and Yu Haibo, Deputy Director General of the Beijing Chamber of International Commerce signed [...]

HSBC Youth Enterprise Awards attract increasing numbers of young Sri Lankans

Several Sri Lankan entrepreneurs have won the HSBC Youth Enterprise Awards after taking part in an entrepreneurship contest jointly organised by the British Council and the HSBC. The awards were presented at a ceremony held at the British Council in Colombo recently where the next competition was launched. The awards signify business ideas aimed at recognising [...]

Over 100 higher education institutes and universities at Adyapana 2015

ADYAPANA 2015, Sri Lanka’s most focused higher education and career exhibition, will be held for the 10th consecutive year on October 2-4 at the BMICH, Colombo. “The event has been renowned as a focused and education oriented exhibition, patronised by keen students who have clear intentions on furthering their education in Sri Lanka or overseas,” the [...]

Romesh Gomez heads Wealth Trust Securities

Wealth Trust Securities Ltd, a primary dealer recognised by the Central Bank of Sri Lanka, recently appointed Romesh Gomez as its Chief Executive Officer.  The company says it has made significant strides in Sri Lanka’s debt market since its inception in July 2011 and continues to enhance shareholder value while offering phenomenal returns to all [...]

SEF provides 150 schols a year at Rs. 90,000 each to needy students

The 25-year old Serendib Education Foundation (SEF) recently held its annual awards and felicitation ceremony in Colombo with the event being attended by dignitaries, donors, scholarship award winners and key members of the SEF. The event commenced with interviews of potential scholarship recipients from many parts of the island, according to a media release issued by [...]

Colombo workshop on “organic agro crops for export”

A workshop titled “Cultivation and Processing of Organic Agro Crops for Export” is to be conducted by recognised speakers of the industry on October 14 at the Hilton Residencies, Colombo. Participants include farmers, growers, exporters, potential exporters, land owners, investors, horticulturists, home gardeners and even beginners on theoretical and technical skills of cultivation and processing of [...]

Economy and exports will be the key strategy in Sri Lanka’s foreign policy

Steps will be taken to revolutionise Sri Lanka’s foreign office in the future where economic diplomacy would be the focus and main issue of the new government, said Deputy Minister of Foreign Affairs, Harsha de Silva, who was the Chief Guest at the 23rd National Council of Export (NCE) Awards ceremony held in Colombo last [...]

World Bank says policy changes critical to accelerating “poverty reduction and shared prosperity”

World Bank Vice President for the South Asia Region, Annette Dixon, during her recent visit to Colombo has said that policy change is critical to accelerating poverty reduction and boosting shared prosperity in Sri Lanka.  In a media statement issued by the bank’s Colombo office, the Vice President is quoted as saying that there was [...]

SLPA Chairman Panagoda steps down

sFormer Sri Lanka Ports Authority (SLPA) Chairman Dr. Lakdas Panagoda submitted his resignation a few weeks back. Additional Secretary at the Ports Ministry Ms. Kanthi Perera has been appointed as acting Chairman of the SLPA, officials said. Dr. Panagoda told the Business Times that he had stepped down in order for the Prime Minister to [...]

SriLankan vying for 4 prestigious titles at APEX Passenger Choice Awards 2015

SriLankan Airlines has been shortlisted for four categories at APEX Passenger Choice Awards 2015, established by the Airline Passenger Experience Association, to be held tomorrow at the APEX EXPO in Portland, Oregon USA. The airline will be vying for four prestigious titles; “Best in Region: Asia and Australasia”, “Best Inflight Publication,” “Best Inflight Video” and “Best [...]

Devindre Senaratne, new President of the Sri Lanka Association of Inbound Tour Operators (SLAITO)

Devindre Senaratne, new President of the Sri Lanka Association of Inbound Tour Operators (SLAITO)

Devindre Senaratne, Managing Director of JourneyScapes Pvt Ltd, was elected as the President of the Sri Lanka Association of Inbound Tour Operators (SLAITO) at the 35th Annual General Meeting of the Association, held recently at the Coco Royal Beach Resort, Waskaduwa. Harith Perera, Managing Director of Diethelm Travel Sri Lanka was elected as the Vice [...]

Land Rover to expand its market share in Sri Lanka

Land Rover to expand its market share in Sri Lanka

SML Frontier Automotive, Land Rover’s sole authorised distributor in Sri Lanka, is to strengthen and expand its market share in the country through a new flagship showroom opened in Colombo with considerable investment, Managing Director of the company Sheran Fernando revealed. He said, “This past year SML Frontier has gained positive feedback and strong levels [...]

MINI Cooper 5 Door comes to Sri Lanka refreshing memories of the 1960s

MINI Cooper 5 Door comes to Sri Lanka refreshing memories of the 1960s

MINI Cooper 5 Door, the latest model of the legendary MINI Cooper, the dream car of the youth in the 1960s and 70s, is to be popularised among Sri Lankans again in a new a promotional drive launched by Prestige Automobile Pvt. Ltd. Prestige Automobile, authorised importer for MINI in Sri Lanka, unveiled the MINI Cooper [...]

Local corporates uplift Sri Lankan living standards

Sri Lankan corporates are to help boost the livelihoods of locals by contributing to society through their efforts as part of the United Nations Global Compact considered the world’s largest corporate sustainability initiative. In this regard, Sri Lanka joined world leaders on Friday to adopt the 17 Global Goals by 2030 that has seen a [...]

Old faithful Fentons prepares for next 100 years of innovation

Fentons, a building services and engineering specialist with close to a century of expertise in the field, is once again fostering innovation in the Sri Lankan construction sector, recently completing a number of state-of-the-art projects. “With its extensive work on multiple, cutting-edge projects, many of which are based in Sri Lanka, Fentons has begun to [...]

COYLE Sampath Bank Entrepreneurial Forum 2015 sees exciting line-up of entrepreneurs

For the second consecutive year, the Chamber of Young Lankan Entrepreneurs (COYLE) will be hosting an exciting line-up of speakers at its Entrepreneurial Forum to be held on Wednesday, September 30 at the Galle Face hotel in Colombo. Like last year, the Forum, titled ‘Dare to Be Different’: The COYLE Sampath Bank Entrepreneurial Forum, will [...]

Arden Institute launches personal training course for young adults and college students

Arden Institute, a leading institute in Sri Lanka providing personal and professional development training, is conducting a special 2-week programme on personal and social skills for young adults and college students. Starting from October 5 onwards, it will be held at the institute’s state-of-the-art premises at No 11 Charles Circus, Colombo 3. “For a college-going [...] offers 20 % off on Malaysian Airlines

Sri Lanka-based is offering a 20 per cent discount on economy class tickets for Malaysian Airlines flights between Colombo and Sydney or Melbourne, booked via its website. This offer, which ends on September 30, 2015, for flights up to Marh 31, 2016, is only available for Visa cardholders, according to a statement. Per the [...]

Electric train system soon between Negombo and Colombo

An Electric Train System between Negombo and Colombo is to be soon installed under a contract recently signed between the Airport Express Air & Rail Company (Pvt) Ltd of Malaysia (AEARC) and the investors. The contract was signed by Dr. Shawana Khdir Ali, President of Premiere Global Assets Ltd, and Dr. Parimalan Rajo Michael, AEARC [...]

ETA Melco marks 35 years in vertical transportation in Sri Lanka

ETA Melco, the global leader in providing end-to-end solutions in vertical transportation, recently celebrated 35 years of its presence in Sri Lanka. At a gala event held at the Galadari Hotel, over 400 guests joined in celebrating this milestone event of ETA Melco in Sri Lanka. Attendees included the company’s global management team, loyal clientele [...]

Philips to double its presence in Sri Lanka

Philips Lanka Solutions Pvt Limited, a subsidiary of The Netherlands based Royal Philips which announced an expansion of its business in Sri Lanka, says it would double its presence ‘soon’. “We have some 500 outlets in Sri Lanka which we’re going to ‘quickly’ double,” Sanjay Bapna, CEO – Bangladesh and Sri Lanka, Philips Indian Subcontinent [...]

Hirdaramani Group’s IT arm, H ONE launches 360-degree sales visibility solution

The Hirdaramani Group’s IT venture H ONE which is best known for its award-winning cloud practice, recently partnered with software company, TECLEVER SOLUTIONS, to build a 360-degree sales visibility solution, ESB Apps. The partnership builds on H ONE’s strong foundation of cloud-services and expertise in Sri Lanka and its strength as a regional cloud consultant [...]

5- pronged strategy

Contd. from page 1 He noted that vehicle importers will have to block large amounts of their money for the LCs till the landing of vehicles. Earlier they had the facility of opening the LC with a part payment and the balance could be settled after the arrival of the vehicle, he added. Tilak Gunasekara, [...]

Nawaloka …

Contd. from page 1 The doctor-centric nature of the Sri Lankan healthcare industry suggests that patient volume depends on the quality of the visiting consultants, healthcare analysts say, adding that the lack of skilled medical personnel and the high negotiating power of consultants press margins by increasing personnel costs. According to the Nawaloka official, this [...]

Sri Lankan vehicle prices soar with the rupee depreciation

In the wake of the Sri Lankan rupee’s significant depreciation against the US dollar, the prices of imported motor vehicles have risen by 8 to 10 per cent and expected to rise further if the rupee continues its slide, motor traders warned. Director of Lekhraj Automobiles (Pvt) Ltd Ashok L. Ganwani told the Business Times [...]

Wasana Trading launches 100 electric vehicle charge points island-wide

In bid to popularise green energy concept Wasana Trading Lanka (Pvt) Ltd has launched 100 electric motor vehicle plug-in points countrywide. The charge points have been set up to meet a shortfall in the technological and service support presently available to owners of electric motor vehicles in Sri Lanka, who can now avail themselves of [...]

Vehicle registration frauds at the DMT continue unabated

Vehicle registration frauds at the Department of Motor Traffic (DMT) including one instance where super luxury vehicles were imported under the pretext of motor cycles are continuing unabated with the tax losses running to billions of rupees, official sources revealed. Those malpractices began during the previous regime with the connivance of some officials attached to [...]

Private bus route permit scam deprives state of massive revenue

The Government is losing millions of rupees by way of revenue as a result of illegal operations of private buses without route permits in areas outside Colombo, Transport Ministry sources revealed. The issuing of route permits has become a problem at present as in some instances permits were given without following proper tender procedure, a [...]

New DIMO Batta to further facilitate Sri Lanka’s commercial transport

Sri Lanka’s small commercial vehicle market has seen a surge in Sri Lanka with the increase in selling and transporting consumer items using DIMO Batta trucks countrywide. With the picking up of mobile commercial Dimo Batta Truck service in the country, Diesel and Motor Engineering PLC (DIMO) together with Tata Motors India has launched a [...]

Nation Lanka Finance shows promising results in Q1 2015/2016

Nation Lanka Finance says promising results have emerged in Q1 2015/2016, with the company recording a profit after tax (PAT) of Rs. 38 million for the period under review. “The company is now well on track to achieve its revenue targets for 2015, and will hereafter focus primarily on solidifying its position as a dynamic [...]

Top ADB official visiting Sri Lanka

Wencai Zhang, Vice-President (Operations 1) of the Asian Development Bank is on an official visit of Sri Lanka on September 28-29, the bank’s Colombo office announced on Wednesday. During the visit, Mr. Zhang is due to meet the media on Monday at a news conference where he will explain ADB’s partnership with the new government.He [...]

Capital Maharaja invited to Geneva by UN for global consultation on humanitarian efforts

The UN Office for the Coordination of Humanitarian Affairs (UNOCHA) has invited the Capital Maharaja Organisation Ltd (TCMOL) to the World Humanitarian Summit’s Global Consultation in Geneva, Switzerland on October 14-16, in recognition of its continued efforts toward humanitarian causes. “TCMOL, which was also represented at the recent UN regional consultations held in Tajikistan, will [...]

MillenniumIT implements ‘Spatial and Mobile Analytics’ for Dialog

Sri Lanka’s MillenniumIT together with Singapore-based business analytics provider Just Analytics, recently implemented a spatial and mobile analytics tool – the first of its kind in Sri Lanka, for Dialog Axiata. In order for the solution to be optimised, the project team leveraged the integration between the industry leading analytical platform – ‘Oracle Business Intelligence [...]

Stax positions Sri Lanka as an investment hot spot in Singapore

Stax Inc, a global strategy consulting firm, delivered a cohesive presentation highlighting the country advantage, and the untapped potential of Sri Lanka, at a high profiled event held in Singapore recently. “The concentrated group included 70+ professionals, ranging from large corporates to SME’s, and private equity firms in one platform in an open knowledge sharing [...]

Unilever continues to enhance consumer experiences

Unilever Sri Lanka recently launched their new Consumer Engagement Centre (CEC) which will, for the first time ever in Sri Lanka, allow people to contact Unilever’s consumer care team using a toll free short code. A further testament to Unilever’s commitment to the Sri Lankan consumer, this also marks the first time that such a [...]

CA Sri Lanka opens 2016 scholarship programme

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has opened its scholarship programme for 2016. Students who aspire to pursue a career as chartered accountants, can apply for the L. A. Weerasinghe Scholarship Scheme where a student who has successfully passed the A/L commerce stream with 3 “A” passes or have obtained [...]

CIC developing a new herbicide formulation with SLINTEC for the company’s Crop Solutions Division

CIC Holdings PLC recently signed a research agreement with the Sri Lankan Institute of Nanotechnology (SLINTEC), to develop a novel herbicide formulation for CIC’s Crop Solutions Division. This initiative is one of the very first attempt in the industry to locally synthesize and formulate a herbicide in Sri Lanka, the company said in a media [...]

International perspective of the Sri Lankan real estate market

Aside from noticeable evidence, the growth of the economy, specifically the real estate and tourism sectors in Sri Lanka, have been repeatedly publicised over the post-war period. Yet, how do international investors perceive it? According to a media release by real estate promoter Lamudi Lanka Ltd, Neluka De Alwis, Head of Sales and Marketing of [...]

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