Disability not a barrier
S. Kirusanth, 19 years, working at a vehicle repair shop in Vavuniya. The youngster lost a leg in a shell attack when he was just 10 years in his hometown of Pudukudiyirappu in the Mullaitivu district. Pic by Amila Gamage
Professionals walk out but keep options open on ETCA discussions
The newly-formed joint professionals’ body, the United Professionals Movement (UPM) which last month walked out of discussions with the Government on the controversial Economic and Technology Cooperation Agreement (ETCA), is nevertheless keeping its options open. UPM President Palitha Abeywardena told the Business Times they would continue to engage the government in discussions to ensure Sri [...]
New twist in Agalawatte Plantations drama
Agalawatte Plantations PLC’s sale that has drawn fire has seen a new twist to the drama with two ministries raising vital questions over not being consulted in the transaction and the non-payment of EPF dues of workers. Last week (August 11), the Ministry of Plantation Industries sent a letter to Agalawatte Plantations clarifying how the [...]
JAT to buy troubled Touchwood
Touchwood Investments will be bought by JAT Holdings and for this purpose is currently in negotiation with the court appointed liquidator. Local properties amounting to over 2000 acres will be bought by Esteem Plantations company, part of the JAT Group following a public announcement requesting anyone interested in buying this failed company, Liquidator of Touchwood [...]
Sri Lanka’s tax reforms take a back seat in national development plan
Sri Lanka’s tax reforms aimed at raising state revenue is to take a back seat under latest changes made to the proposed National Economic Development Plan (NEDP). The country’s top policy makers have recommended that tax reforms be excluded, for the moment, in the draft plan which should have more positive and clearly articulated economic [...]
Sri Lanka to spend over $2 mln for law firm’s 3-mth legal expertise
The Government has approved a sum of US$2.3 million to be paid to global law firm Baker & McKenzie as legal services to, among other things, prepare new laws on a range of topics including real estate. At a recent meeting of the Cabinet Committee on Economic Management (CCEM), it was agreed to pay the [...]
Burgeoning debt trap exacerbated by ‘Dragon-debt trap’
President Maithripala Sirisena, during an awards ceremony at the Sri Jayawardhanapura University on August 8 invited all educated and knowledgeable citizens come forward and contribute solutions to nationally significant problems without allowing politicians to do everything. It is commendable that the president has noticed the silence of the educated class in this country, and taking [...]
Of professionals and politicians
In the 1990s, when the country was on fire with two conflicts on the ground – the JVP revolt in the south battled by government troops and militancy in the north-east region with Indian peace-keeping troops in the vanguard – there was no real space for intellectual discourse. This was more so during the crackdown [...]
Gemfields UK begins gem trading in Sri Lanka
After more than two years of vigorous groundwork and clearing all legal barriers while dispelling local concerns of engaging in gem mining, UK-based Gemfields Plc, one of the world’s largest coloured gem producers, is now ready to begin gem trading in Sri Lanka, officials of the company announced. Gemfields and East West Gem Investments (EWGI) [...]
Simpli(fly) the best, now better than the rest
ON CLOUD 9: Our call sign Four-Romeo-Delta-Lima-Kilo crackles in my headset. I feel like I’m one of the jarheads in the Oliver Stone Vietnam-war epic Platoon as we skim over the coastline. All that is missing is the imperious Wagner soundtrack ‘Ride of the Valkyries’. But there is no need for a battle-cry for the [...]
Wide spreads by banks: There are better ways of making money for both banks and customers
The blunt, almost direct question raised at any forum where the bankers too are present is, “why are the banks charging a princely sum when lending that too from our funds and why are the banks niggardly in paying interest on our hard earned savings entrusted as deposits with them?” This has two dimensions. One [...]
1970s cry of “export or perish’ becoming more real today
Sri Lanka will soon have access to a three billion market of consumers through its resumption of trade ties. Central Bank Governor Dr Indrajit Coomaraswamy said last week. Addressing the Presidential Exports Awards for 2015 and 2014 in Colombo in the presence of President Maithripala Sirisena, the governor said Sri Lanka is aiming at linking [...]
Unclaimed money orders add over Rs. 5 mln to state revenue
Sri Lanka’s Department of Posts will henceforth be invalidating unclaimed Postal Service Money Orders (MOs) issued three years ago – in 2013, a top official of the Department said. A newspaper advertisement was recently placed by the department announcing this move. The total amount accumulated during this period is in the region of Rs. 5.8 [...]
Globally-acclaimed Meiya & Alvin Toy Collection returns home to delight children in Sri Lanka
DSL Lanka (Pvt) Ltd, a globally reputed Sri Lankan toy manufacturing company, will soon launch its internationally acclaimed range of toys to the local market. The range consists of a natural line of baby toys combining rubber and fabric, originally based on two charming characters from the accompanying storybook, ‘A Day at the Park with [...]
Serendib Leisure Management Awards Night 2016
The annual awards night of Serendib Leisure Management for 2016 was recently held at the Cinnamon Grand Colombo with dignitaries from the parent company Hemas Holdings and members of the hotels under their management. The highly anticipated Pinnacle Awards for “Hotel of the Year 2015/16” and the “Serendib Lion 2015/16” recognised the overall best performance [...]
Alliance Finance marks 60 years, wins accolades over the years for innovative solutions
Alliance Finance Co (AFC), one of Sri Lanka’s oldest and trusted finance companies, recently celebrated 60 years of service spanning four generations of customers across the country. Commencing operations six decades ago, with just five employees, the company today has 1,200 employees across the length and breadth of the country, a company media release said. [...]
MBSL picks Fiserv for New Core Banking and Front-end Teller Systems
SINGAPORE – Fiserv Inc, a leading global provider of financial services technology solutions, last week announced that Merchant Bank of Sri Lanka & Finance PLC (MBSL) has selected the Signature® core account processing platform and Teller front-end teller system from Fiserv. In a media release, Fiserv said in January 2015, the MBSL PLC finance company [...]
‘Janashakthi’s new campaign is aimed at inspiring young minds
Janashakthi Insurance PLC, a leading innovator in the insurance industry, last week launched its latest campaign to capture the innovative minds of today’s youth – the ‘Janashakthi Full Option Appathon’, the Next Gen Smart Tech Challenge. An announcement from the company said the team-based challenge will have the nation’s youth competing for the Rs. 1 [...]
CMEC & BPPE wins Jaffna- Kilinochchi Water Supply and Sanitation Project
A joint venture between China Machinery Engineering Corporation (CMEC), an internationally renowned construction company, and Business Promoters & Partners Ltd (BPPE), a premier local engineering company, has been awarded a contract for the Jaffna-Kilinochchi Water Supply & Sanitisation project by the Sri Lankan government. An agreement for this purpose was recently signed between the National [...]
Lamudi’s second real estate EXPO next month
Lamudi Lanka (Pvt) Ltd, which says it’s the ‘leading real estate portal’, has announced its second real estate Expo to be held next month. A range of presenters and exhibitors will showcase Sri Lanka’s best property and home services to buyers, sellers, renters and investors. The event will take place on September 23-24 at the [...]
“Govt. locks horns with “popular” room tariff”
With reference to the report in last week’s Business Times under the above heading, Sanath Ukwatte, Chairman of Mt. Lavinia Hotel has sent the following letter: “There’s a misconception in a recent media comment that the Mount Lavinia area is not included in the minimum pricing mechanism. This is not correct. Hotels in Mount Lavinia [...]
Printcare wins Presidential Export Awards for 2014 and 2015
Printcare Plc was recently honoured at the Presidential Export Awards with two awards in the Printing category for 2014 and 2015. The awards recognise Printcare as the largest exporter of printing services from Sri Lanka for the past two years, a company media release said. Printcare ended the 2015/16 financial year with pre-tax up by [...]
KPMG’s forensic technology expert trains CA Sri Lanka Members
Prashant Bhat, one of India’s well known forensic technology experts, was in Colombo recently to share his insights and to educate members of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on forensic accounting. Mr. Bhat, Associate Director at KPMG (Mumbai), was part of the resource panel on the Certificate Course in [...]
IPO put on hold; Public Enterprises Ministry to decide fate of SLIC
State-owned Sri Lanka Insurance (SLIC) has been exempted from going public by the insurance regulator since it’s under the Ministry of Public Enterprises and Development which handles the restructuring of state assets, officials said. ”SLIC’s Initial Public Offering (IPO) – which was due to be concluded by next year after splitting its life and general [...]
Rocell expands footprint in Australia
Rocell, the Sri Lankan tile and bathware manufacturer renowned for its quest for elegance and luxury living, opened its flagship store in Australia on August 11, a plan which was reported by the Business Times in May 2015. The new 1000 square meter store designed by Italian designer, Simone Cagnazzo, is located on Whitehorse Road [...]
Norwegian bank increases stake in Dialog Axiata PLC
Telecommunications entity Dialog Group’s revenue expanded by 18.7 per cent to reach Rs. 21 billion in 2Q16 against Rs. 17.7 billion reported in 2Q15. A media statement from the company revealed that a feature of the quarter under review was that Norges Bank increased its shareholding in Dialog Axiata PLC to 96.6 million shares as [...]
Softlogic on consolidation mode
The Softlogic Group’s many pies will be ready to eat in the medium term with the group on a strong consolidation drive this year. Under construction Asiri Kandy hospital would be completed by 2018. Its insurance arm, Asian Alliance Insurance signed a Share Sale and Purchase Agreement (SSPA) to dispose of its General Insurance business [...]
Transformation at Distilleries as Melstacorp takes over parent company
Melstacorp, a fully owned subsidiary of the iconic Distilleries Company of Sri Lanka (Distilleries), will now be the ultimate holding company of the powerful alcohol distiller that will be made under a share swap agreement, Distilleries has said in a stock market filing. Following this 180 degree arrangement, the current shareholders of Distilleries will be [...]
Regnis to bring in new machinery, increase fridge offerings
Regnis Lanka PLC (Regnis), which has had a great run after the company changed to environmental friendly R 600 gas (use of isobutane as a gas for refrigeration systems) refrigerators, will spruce up its machinery by the year end in a bid to increase capacity, officials said. ”We changed the manufacturing process at the start [...]
Abans Finance’s post–tax profit up by 31% to Rs. 34.24 mln
Abans Finance, a member of the Abans Group, has registered a pre-tax profit of Rs.51.5 million for the quarter ended 30 June 2016, compared to Rs.36.3.million recorded in the corresponding period of 2015, achieving a year-on-year growth of 41.86 per cent, the company has said. The post–tax profit of the company for the quarter under [...]
Piramal Glass hasn’t lost its bottle
Glass maker Piramal Glass PLC hasn’t lost its bottle yet but is observing the glass half full till its expansion is completed, which will be by end of the second quarter in this financial year. Sanjay Tiwari, the company’s CEO/ Managing Director has said that June 2016 quarter net profit fell 25 per cent to [...]
Expolanka to expand leisure sector
Expolanka Holdings PLC (Expo) has set its sights on expanding its leisure sector, officials said. “This is one of our three core areas (the other two being logistics and ‘ventures’). We are trying to expand this sector and now we’re in the stage of planning,” Hanif Yusoof, Group CEO Expo told the Business Times. He [...]
Lankan contractors urge Govt. to allow Indian workers here
While infrastructure development projects are on the pipeline and many contracts have been already begun to kick in, Sri Lanka’s construction and engineering sector is facing a major crisis in finding skilled workers. On one hand while there is shortage of skilled workers like masons, carpenters, etc with demand increasing, on the other hand no [...]
Minister: Not to worry no VAT on cabbages
Minister of Primary Industries Daya Gamage pauses at a stall displaying cabbages in a picture taken by photographer Athula Devapriya at the recent 15th Pro-food Pro Pack exhibition held at the BMICH, Colombo.
Akbar Brothers excels at the Presidential Export Awards
Akbar Brothers Group won five Presidential Export Awards at the recent event presided over by the President Maithripala Sirisena. The awards were presented to recognise the outstanding contributions made by Exporters to the economy of Sri Lanka in the years 2014 and 2015. The group won three prestigious overall Awards covering all export sectors namely [...]
OVIKLO International expands storage capacity
OVIKLO International recently expanded its warehousing capacity by adding another 120,000 sq ft facility. With this expansion OVIKLO’s storage capacity has risen to over 500,000 sq ft in both covered and open yards. This increase in warehouse capacity will enable OVIKLO to further enhance its ability to add value to customer’s stored products. The additional [...]