Onion issues in Sri Lanka
Big onion farmers are facing major difficulties from just-completed harvests as prices have slumped at the Dambulla Economic Centre. Onions are trading at Rs. 40 – 50 per kg at present while farmers say they need to get much to pay off loans apart from a small profit which is unthinkable one. Here a farmer [...]
New details emerge on bond issue
New details are emerging about the involvement of a state bank in the money markets in which Perpetual Treasuries Ltd (PTL) allegedly played a primary role, according to market sources. “Market players are afraid to talk about this. But one of the dealers from a division from the Employees Provident Fund (EPF) was apparently transferred [...]
HSBC: It’s still not over!
Amidst serious charges of tampering accounts and hoodwinking the regulators, HSBC Sri Lanka is embroiled in a dispute with local staff which resulted in HSBC headquarters in Hong Kong probing allegations by workers. Investigators from HSBC headquarters had sent an LN (Lotus Note) which is an internal HSBC Group communication method to staff listing a [...]
JKH: Susantha retiring in 2018, Ajit in 2017
John Keells Holdings PLC (JKH) on Friday announced a string of key changes including the retirement in December 2018 of its chairman Susantha Ratnayake. The company said deputy chairman Ajit Gunewardene and group finance director Ronnie Peiris would be retiring at the end of December 2017. In line with these developments the company announced the [...]
BT-RCB Poll results on ‘bus drivers’ next week
The results of the BT-RCB poll on “bus drivers, a menace on the roads” will be published on Sunday, November 13 due to a shortage of space this week. The results are quite interesting and coming from different perspectives; email respondents many of whom are unlikely to be using public transport and street respondents, the [...]
‘Saving’ the nation
Remember that catchy National Savings Bank (NSB) television advertisement some years ago about inculcating the savings habit? It went like this ‘mitteng mitta, sathen sathe, rupiyalen rupiyale, ekathu karala ekathu karala ….” (Meaning fistful by fistful, little by little, collect cents and rupees and save) … and showed a child putting coins into a till [...]
PM spells out Sri Lanka’s third generation of economic reforms
Sri Lanka plans to overcome the current economic challenge by uplifting the country from a lower –middle-income country to a higher –middle income country in the first instance and thereafter to a high –income country within the next 3 to 4 years. With the aim of achieving this target by doubling the personnel income levels [...]
Agriculture production slides as crops affected by pesticides and weedicides ban
Sri Lankan agriculture production of certain crops has dropped sharply this year owing to the ban on pesticides and weedicides with experts warning of a situation where the country’s food security is at stake. Top level agricultural research scientist professionals (Members of the Sri Lanka Organisation of Agriculture Professionals (SLOAP)) raised this issue at a [...]
Finance Minister’s ‘Ease of Doing Business’ forum praised by exporters
Some of the entrepreneurs and industrialists present at the 10th Forum of “Ease of doing business” organised by the Ministry of Finance, say that this is a unique and results-oriented exercise. They made these comments to the Business Times on the sidelines of the forum held last week with Finance Minister Ravi Karunanayake presiding, at [...]
Play, relax, rest – key to sound education
Lack of play, relaxation including reading, and sleep deprivation are some of the crucial missing links in Sri Lanka’s cramming-for-tests-based education system. This will stall the creation of an enlightened workforce which needs innovation and critical thinking as its core. These were some of the thoughts and suggestions that emerged at an interesting discourse titled [...]
Capital market strategy 2016‑2020 – small silver lining in the abyss of darkness
Capital market stakeholders have cautiously welcomed Prime Minister Ranil Wickremesinghe’s Capital Market Strategy 2016-2020 while expressing skepticism that it would actually work. The strategy proposing regulatory and development steps was recently approved by the Cabinet of Ministers. However many in the disappointed industry say that strategies to boost the local capital market have been discussed [...]
Dihan Dedigama: Life in the fast lane
This week the Business Times talks to veteran stockbroker and CEO Softlogic Stockbrokers, Dihan Dedigama on life on the trading floor, 30 years ago: 1) When and what made you join the capital market? I joined in 1987. John Keells Holdings offered me employment and I was assigned to John Keells Stock Brokers. Being straight [...]
Harsha Sritharan: Life in the fast lane
Harsha Sritharan is a young stockbroker employed as an Assistant Manager at NDBS Stockbrokers for the past four years. Here’s his candid view about his job and what makes him tick. 1)When and what made you join the capital market? I joined the capital market towards the end of 2012. I am from a mathematics [...]
Claridge Stockbrokers’ licence extended pending inquiry
Sri Lanka’s stock market regulator which is probing Claridge Stockbrokers, part of Mackwoods Group, over non-compliance issues has decided to further extend the renewal date of Claridge’s licence. Claridge transferred sales funds to Browns Group (Browns) despite the Securities and Exchange Commission (SEC) issuing a directive suspending the sale of a 60.8 per cent stake [...]
Seylan’s growth momentum continues
Seylan Bank continued its growth momentum by recording a profit-after-tax of Rs. 2,828 million, for the 9 months ended 30th September 2016. This is a 3.6 per cent increase over the Rs. 2,730 million reported for the corresponding period of 2015 and has been achieved despite rising interest rates. Interest income grew by 33.7 per [...]
Yaddehige’s statement recorded by SEC over Kegalle Plantations issue
Richard Pieris Group Chairman Dr. Sena Yaddehige, who was asked to report to the capital market regulator over securities fraud a few months ago, has finally given his statement to the Securities and Exchange Commission (SEC) late last month. His statement was recorded in relation to a matter pertaining to the group’s subsidiary, Kegalle Plantations, [...]
Union Bank profits surge
Union Bank of Colombo PLC (Union) reported a post-tax profit for the 9-months ended September 2016 of Rs.262 million, a 125 per cent increase year on year (YoY). The total operating income of the bank grew by 30 per cent YoY to Rs.2,685 million. Interest income grew by 66 per cent YoY to Rs.4,951 million [...]
Opening the door just a little wider?
Ludwig Van Beethoven, the deaf composer; Helen Keller, the deaf and blind activist and author; Stevie Wonder, the blind musician; Marla Runyan, the blind professional runner with many national accolades and medals; Sudha Chandran, the amputee who became one of the most acclaimed classical dancers of India; and Steven Hawking, the celebrated physicist who suffers [...]
Sri Lanka can avoid the Middle Income Trap by encouraging innovation and entrepreneurship
Post-war Sri Lanka had a significant level of optimism in terms of economic growth, but as many of us would agree that optimism was short-lived. Sri Lanka was hoping for FDI to boost our economy and that never really came. To make these matters more difficult we have now got into a Middle Income Trap [...]
SriLankan Airlines flies to new destinations in Asia-West Asia
SriLankan Airlines has announced flights to 11 new destinations in the Asia-West Asia region which it says is one of the fastest growing travel markets in the world. However all the destinations – Lahore-Pakistan, Jakarta- Indonesia, Dhaka-Bangladesh, Muscat – Oman, Bahrain, Seychelles, and Kolkata, Madurai, Varanasi and Bodh Gaya in India were those operated by [...]
Sri Lanka’s inflation remains in mid-single digit range, says CB
Moderate growth in Sri Lanka’s main foreign exchange earner, workers’ remittances, during the first three quarters of this year is not a healthy sign as the county’s other avenues of revenue such as exports, tourism and Foreign Direct Investments (FDI) have not performed upto expectations, economic analysts said. One of the reasons for the moderate [...]
“Cloud of uncertainty in tourism industry over arrests”
Rumy Jauffer, former Managing Director of the Sri Lanka Tourism Promotion Bureau, has sent the following clarification with reference to last week’s Business Times report headlined “Cloud of uncertainty in tourism industry over arrests”. “It is incorrect, as reported in the article to say I as former managing director has either not made a statement [...]
Cheap tea imports for blending will ruin Ceylon Tea brand and endanger industry, warns top producer
The import of cheaper teas to Sri Lanka for blending purposes will not only destroy the Ceylon Tea brand but also endanger the entire industry and its two million dependents, warns tea industry veteran Merril J. Fernando. In a response to Plantations Minister Navin Dissanayake’s interview in the Business Times last week on various tea [...]
Huawei’s ‘Customer Solution Innovation and Integration Experience Centre’
While investing 15 per cent of its revenue on Research and Development (R&D) last year, Huawei Sri Lanka is setting up a ‘Customer Solution Innovation and Integration Experience Centre’ in Sri Lanka by end November. Education and innovation of new technology being Huawei’s global Corporate Social Responsibility (CSR), the company has taken this initiative, Shunli [...]
Sudden valuation change increases prices of 3 Japanese car brands
Prices of certain models of Japanese vehicles will rise following a sudden change in the valuation system made by Customs to increase its revenue with effect from Tuesday, November 1. This unexpected move has perturbed motor traders and confused prospective buyers on the eve of the presentation of the 2017 budget, motor traders and customers [...]
Green light for development agency amidst ‘red’ for AIT
Sri Lanka’s much hyped ‘Agency for International Trade ‘(AIT) is still to ‘see the light of day’ as the government grapples to finalise a national policy on international trade although the stage is now set to set up the Agency for Development (AID) with cabinet approval given last week. A 11-member general affairs committee headed [...]
Government faced with GK assets sale after settling depositors money
After almost eight years of dreadful suffering, Golden Key (GK) depositors with deposits of Rs.10 million can breathe a sigh of relief with the government’s decision to repay the 3rd and final tranche of the 41 per cent repayment of their total deposits partially ending the money swindling saga of Lalith Kotelawala and his clan. [...]
Wilhelm E. Brown, new President of the Travel Agents Association of Sri Lanka
Wilhelm E. Brown, General Manager of Alpha Travels & Holidays Pvt Ltd, a member of the “Finco Group” has been elected as the President of the Travel Agents Association of Sri Lanka (TAASL). The 41st Annual General Meeting of the Travel Agents Association of Sri Lanka (TAASL), was held recently in Manila, Philippines. Apart from, [...]
OMAK Technologies gears up for aggressive ASEAN push
OMAK Technologies, a regional leader in restaurant management solutions, is gearing up for an aggressive push into ASEAN markets, having secured Rs. 85 million in investments. This new round of investment was led by BOV Capital, a Sri Lanka- and Singapore-based venture capital firm that invests in Sri Lankan technology-oriented ventures looking to grow [...]