Rotten onions!
A consignment of onions was seized by police following a complaint by residents in the Galewela Devahuwa Bulanawewa area of a stench emanating from a stock of rotten onions. Upon further inspection, the consignment of 28,000 kg of onions was confiscated. It had been bought by a businessman at the rate of Rs.31 per kilo [...]
Top digital tourism promotion committee disbanded
Sri Lanka has failed to make any headway in the country’s first ever Rs. 500 million digital tourism promotion campaign targeting travellers from Europe and Asia although several other countries moved forward in their digital tourism promotions, official sources revealed. A high powered committee appointed by the Tourism Development Ministry Secretary in May 2017 has [...]
Bankers to meet Treasury
Commercial banks are marching to the Treasury to make a case for why the tax on transactions proposed in the recent budget shouldn’t be implemented. The Sri Lanka Bankers’ Association (SLBA), which is to meet the Treasury on this matter, is now working on certain representations to be made, according to SLBA’s new Secretary- General, [...]
Hotels’ staff out in the cold this winter season
The tourism industry workforce that caters to the livelihoods of about 160,000 families will carry out a protest against the recent budget allocations and lack of relief for hotel staff. The protest comes at a time when the industry is set to welcome its peak season visitors. A miserly Rs.385 million has been allocated to [...]
TRC warns public on false SMS and nuisance calls
The revelation that a SMS had allegedly triggered panic buying of fuel for three consecutive weeks recently has prompted Telecommunication Regulatory Commission (TRC) to warn the public on the use of freedom of expression without harming the society. Publishing a notice in newspapers on Thursday, the TRC announced that making personal, defamatory, or hate statements [...]
Large scale export-oriented companies exempt from PAL
Large scale export-oriented manufacturing companies with an investment of over US$200 million are to be exempted from paying Ports and Airports Development levy (PAL) for capital goods imported by those firms. A decision has been taken to incorporate the PAL Act into schedule B of the Board of Investment law to facilitate granting exemptions from [...]
SL’s Excise chief can’t buy liquor
There was a commotion down the road. “Aney mage nona …,” bawled old man Pedris, the cart-puller, in a drunken stupor……“…mata gedarayanna ona, mage bus gastuwa deela yanna ko.” It was 10 in the morning and the man was drunk, lustily singing the old popular hit ‘Kussi Amma Sera’. Brushing against roadside bushes and trampling [...]
National carrier in search of partner, bid to buy four more aircraft: Report
While the search is on for a new management cum stakeholder partner for heavy-losses SriLankan Airlines, the national carrier suffered a loss of Rs. 28.4 billion in the eight months to August 2017, up from Rs. 12.6 billion in the 2016 comparative period, according to the Ministry of Finance and Media. In its fiscal management [...]
2018 Budget proposal makes way for super luxury vehicles
Vehicle taxation formula introduced in the 2018 budget paves the way for super luxury vehicles to flow in with the removal of the ad-valorem rate, motor traders claim. The government has failed to understand the modern day automobile world and new trends in the trade worldwide and the present unexpected situation in the motor trade [...]
Early Christmas goodies from Standard Chartered
Spending this season for treats for family and friends will be a breeze for Standard Chartered credit cardholders, the bank said this week. The bank has on board a wide range of popular merchant outlets with many of them offering discounts from 20 to 30 per cent to Standard Chartered credit cardholders. Together with the [...]
Former Indian Finance Secretary speaks at Colombo lecture
The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) and the Institute of Policy Studies of Sri Lanka (IPS) will host a joint lecture by Dr. S. Narayan, former Finance Secretary of India, on “India-Sri Lanka Economic Relations in Modi’s India” tomorrow November 20 at the LKI in Colombo. It will be followed [...]
NDB balance sheet rises to Rs. 371 bln
National Development Bank PLC (NDB) reported a sharp 64 per cent growth to Rs. 3.3 billion in post-tax profit (PAT) in the nine months ended September 2017 compared to the previous comparable period. The bank’s pre-tax profit (PBT) of Rs. 5.7 billion was an increase of 61 per cent over the comparative period. Continuous and [...]
Sri Lanka Tourism sponsors prestigious British Guild of Travel Writers Awards in London
Sri Lanka Tourism Promotion Bureau (SLTPB) was the title sponsor of the prestigious British Guild of Travel Writers Awards held at The Savoy Hotel in London recently. This is the first time that Sri Lanka sponsored this black tie event, joining the ranks of past sponsors such as Virgin Atlantic Airways, Oman Ministry of Tourism [...]
Hemas says losses from Bangladesh operations, leisure sector also affected
Hemas Holdings PLC (HHL) and its subsidiaries achieved a consolidated revenue of Rs.23 billion for the six months ending September 2017, up by 11.6 per cent from the previous year. However profit attributable to equity holders fell by 8 per cent to Rs.1.4 billion. Year to date operating profit reached Rs.1.96 billion, a YoY decline [...]
IP to benefit from authentic traveller experience
Sri Lanka’s limited awareness of protecting its authenticity through Intellectual Property (IP) rights was discovered during a study by the World Intellectual Property Organisation (WIPO) on tourism and culture in the country. A case study by the WIPO together with the Sri Lanka Tourism Development Authority (SLTDA) provided empirical evidence that only nine out of [...]
Lanka Mineral Sands takes Industry and Commerce Ministry to court
In a rare case of one state entity at loggerheads with a government ministry, Lanka Mineral Sands Ltd (LMSL) has filed action in the Court of Appeal on September 22 against three key officials at the Industry and Commerce Ministry for alleged malpractices. In this respect, the petitioner, LMSL Chairman Maithri Gunaratne has submitted a [...]
oDoc wins Commonwealth Digital Health Award
oDoc, a Sri Lankan start-up linking patients with doctors on-demand, emerged winners in the Telemedicine category at the recently concluded Commonwealth Digital Health Awards. Developed over 12 months, the award-winning platform provides a “360 degree solution” for both patients and doctors – providing pre-consultation notes on an electronic health record, video consultations, and a valid [...]
Top Sri Lankan start-ups making global impact
Sri Lanka needs to develop more intellectual property (IP) and product creation to retain higher value in Sri Lanka, a top IT expert has said. Delivering the ceremonial address at last week’s graduation of the Moratuwa University – Bachelor of Information Technology, Ruwindhu Peiris – Chairman of SLASSCOM (the main ICT industry body), said that [...]
JAAF eyes robust export sector in budget 2018
The apparel industry gratified by the 2018 budget is hopeful for a robust export oriented Sri Lanka going by the proposals and measures adopted. The Joint Apparel Association Forum (JAAF) in a statement said it was commendable that globalisation and liberalisation agendas were adopted and identifying the need to provide opportunities for businesses to thrive [...]
Top post for Sri Lankan Engineer in Toyota
Dilshan Fernando, formerly residing at Uyana, Moratuwa and now a permanent resident of Japan, has been appointed Head of Engine Design for Toyota Asia Pacific region based in Bangkok, Thailand. Mr. Fernando is an old boy and former Head Prefect of St Sebastian’s College Moratuwa at which he excelled in studies and extra-curricular activities. After [...]
Nice proposals in budget but implementation the key, says Ceylon Chamber
While welcoming the proposals in the proposed 2018 National Budget, the Ceylon Chamber of Commerce (CCC) says implementation – as always – is the crucial point. “It is important to have confidence that the government is serious about each of the many proposals announced in the 2018 budget. Too often we have seen ambitious and [...]
Sri Lanka budget sticks to IMF plan but fiscals still weak
Sri Lanka’s 2018 budget is in line with targets set by the International Monetary Fund (IMF) but the country’s fiscal position is still weak, says Fitch Ratings. In a media statement on Tuesday, the agency said that the budget sticks broadly to the targets for fiscal deficit reduction under its three-year IMF programme but noted [...]
First State ups stake to 6.67 % in NTB
First State Investment ICVC through Stewart Investors Asia Pacific Fund has slightly increased its holding in Nations Trust Bank (NTB). This fund now owns 6.67 per cent up, from 6.63 per cent ((or 15,285,500 shares) as at June this year. NTB early this month announced a Rs. 5.06 billion pre-tax profit for the first nine [...]
Importance of accountancy profession highlighted at the CA Sri Lanka event
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently joined countries in the South Asian region to celebrate ‘Accountancy Education Day’ on November 10. The event was marked by inviting over 350 students sitting for the GCE Advanced Level examination to gain a better understanding on the accountancy subject as well as [...]
HNB’s post-tax profit Rs. 11.8 bln, tax bill Rs. 8 bln
Hatton National Bank PLC (HNB) continued its growth momentum to post a group profit before VAT and NBT of Rs. 20.7 billion for the nine months ending September 2017. Pre-tax profit and post-tax profit improved to Rs. 16.8 billion and Rs. 11.8 billion, respectively for the same 9-month period while group assets crossed Rs 1 [...]
Commercial Bank posts robust 9-mth results
The Commercial Bank of Ceylon PLC has reported profit of Rs. 19.718 billion before VAT and NBT on financial services for the nine months ending 30th September 2017, a growth of 20.25 per cent on strong operational gains and tight control of expenditure. Profit before tax grew by 16.88 per cent to Rs. 16.232 billion, [...]
Government fires first salvo against shipping monopoly
The Sri Lanka government has fired its first salvo against the monopoly of major conglomerates in the shipping and freight forwarding businesses on the island by removing the equity restrictions on foreign shipping companies to handle the business locally. The removal of the equity limit on foreign shippers through the 2018 budget proposal would pave [...]
WB interested in tea sector but proposals still premature
The World Bank (WB) this week confirmed that it has recently engaged with relevant Sri Lankan authorities and key stakeholders in the tea plantation sector to better understand the constraints the sector is facing. In a statement which it said clarifies a “media report” on the bank’s involvement in modernising the plantation sector in Sri [...]
Nokia 2: Two-day battery life on a single charge
HMD Global, the home of Nokia phones, this week launched the Nokia 2 which has a unique 2-day battery life. In a media statement, Juho Sarvikas, Chief Product Officer of HMD Global, said: “People rely on their phones so much these days with many people subconsciously rationing their battery life when out and about so [...]
Prime Finance complies with minimum public float rules
Prime Finance PLC is one of the few companies that have been actively seeking to increase its free float to meet the Colombo Stock Exchange’s (CSE) minimum free float requirements as per CSE Listing Rules. Prime Finance’s share free float was only 6.9 per cent as at September this year. However earlier this month three [...]
Domestic tile market to grow at 10.7% CAGR
Less than 15 per cent of Sri Lankan houses were tiled as of 2013, which means there’s still a large market for the tile players, according to a large tile manufacturer. “There’re two types of demand for tiles – from the government sector and the private sector. The demand by the state and private sectors [...]
Condo builders want VAT imposed only on new projects
The Condominium Developers Association of Sri Lanka (CDASL) met with Treasury officials on Tuesday morning seeking an amendment to a recent budget proposal to impose Value Added Tax (VAT) on condo builders. The proposal to impose a 15 per cent VAT on the sale of Condominium Housing Units from April 2018 was presented in the [...]
Shangri-La Colombo opens for business
Shangri-la Hotel Colombo was opened for business on Thursday by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe in an elaborate ceremony at the hotel venue opposite the Galle Face Green. A traditional Lion dance ceremony greeted the visitors while Bollywood actress, Sri Lanka’s Jacqueline Fernandez and two other Chinese guests were ceremonially registered as [...]
Builders say ‘buyer beware’
While many analysts warn of a property bubble owing to excessive credit coupled with low interest rates in home loans, etc, most detractors say that this is ‘just perception’. “For a bubble, there should be cheap credit. We can’t see any cheap credit. When purchasing an apartment most buyers finance their own equity. About 40 [...]
Retail lifestyle mall readies for strong retail in Colombo
Each month there’s a new international brand that sets up in Sri Lanka which shows the high market demand for retail, a prominent retailer says. The Colombo City Centre Mall, a colossal five-floor retail lifestyle mall that will host premium retail brands, a multi-cuisine food court, a spectacular 6-screen Cineplex has such confidence in the [...]
Access, MTD Walkers to gain with budget’s housing and construction proposals
Proposals aimed at housing and construction in the recent budget will see listed firms such as Access Engineering and MTD Walkers reap gains, analysts say. Housing aimed at resettlement, affordable housing, and accommodation for plantations sector housing conversion, housing for rural areas, and additional housing on presidential initiative, rural drip irrigation and rainwater harvesting were [...]
Success in Sri Lanka’s new export strategy rests with private sector
The successful implementation of Sri Lanka’s National Export Strategy (NES) depends on the capacity and willingness of all public and private sector stakeholders to contribute, collaborate, own and drive towards a common national objective, the Export Development Board (EDB) says. “Priorities need to be implemented at the earliest possible opportunity and the frequency of regular [...]
Only 50 % of Sri Lanka has pipe- borne water supply
While 95 per cent of the country is supplied with electricity as of today, only 50 per cent of the country is benefitted with pipe-borne water from the National Water Supply and Drainage Board (NWSDB). The need for clean purified drinking water arises in small towns and villages in the outskirts of Colombo and people [...]
ESHKOL encourages vertical farming in Sri Lankan homes
A small Sri Lankan social enterprise is offering a long term solution to anyone who wishes to own a garden but hasn’t been able to simply due to space constraints. The ESHKOL Initiative offers to help you grow a full-fledged garden – and organic at that – with or without ground or soil. ESHKOL is [...]
LAUGFS Gas bottomline hit by rising LPG prices, steel prices
Post-tax profit (PAT) at LAUGFS Gas PLC fell sharply by 85 per cent in the first half of 2017/18 in comparison to the corresponding period of the previous year, even though revenue showed healthy growth of 49 per cent. The group’s operating profits were down by 14 per cent, it said in a media release. [...]
Janashakthi maintains double digit growth
Janashakthi Insurance PLC (Janashakthi) has reported a consolidated Gross Written Premium (GWP) of Rs. 11.047 billion for the nine months ending September 2017, a growth of 12.4 per cent over the same period last year. Posting a GWP of Rs. 8.9 billion, the Non-Life or General Insurance segment continued to be the key driver of [...]