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Replacing old pipes with new ones

Replacing old pipes with new ones

The Sri Lanka Ports Authority (SLPA) has initiated a Rs. 250 million project to replace existing dilapidated bunker fuel pipelines which are more than 60 years old, running from the Bloemendhal Oil Terminal to the Colombo Port. Seen are Deputy Ports Minister Rohitha Abegunawardene and SLPA Chairman Dr Priyath Bandu Wickrema examining the new pipes. [...]

Bajaj trishaw sales crash by 50 %

Sri Lanka’s pioneer and exclusive Bajaj 3-wheeler dealer, the David Pieris Motor Company is stumbling from the current duty shock, forcing job cuts. The sales of Bajaj autos have dropped by 50 per cent following the increase of import duties by 49 per cent in March 2012 making it impossible to survive in the business, [...]

Budget 2013: Daunting task of cutting deficit

With 2012 budget targets already gone awry, Treasury officials have begun the preparatory work for the November 2013 budget giving priority to cutting the budget deficit to 5.8 percent of Gross Domestic Product (GDP) from 6.2 percent projected for 2012, Finance Ministry sources said. The Treasury has called and received revenue estimates for 2013 from [...]

GK depositor pleads to Chief Justice

The plight of some 10,000 depositors of the failed Golden Key Co. is well known and many are yet to get their dues. Here is another letter pleading for justice: Plea from Golden Key depositors Please help us to plead to the Hon Chief Justice Shiranee Bandaranayake, Justice Shiranee Tillakawardene and Attorney General Eva Wanasundera [...]

Ceylon Chamber congratulates SEC

A team from the Ceylon Chamber of Commerce (CCC) visited the Securities and Exchange Commission (SEC) on Wednesday to congratulate the Chairman and his team on the ‘excellent’ work done by them so far in regulating the capital markets.  CCC Chairman Susantha Ratnayake and CCC Vice Chairman Suresh Shah and chamber officials met SEC Chairman [...]

Sri Lanka’s top military university offers medical degrees

The Kotelawala Defence University (KDU), Sri Lanka’s top military academy, is looking at a niche market in the post-war era– a fee-levying state university with a medical degree course.With a lesser need for active military courses, the KDU from this year has opened the university to civilian courses in addition to presenting military courses. Offering [...]

Gardiner Group builds 120-room hotel in Kandy

The Gardiner Group, owners of Ceylon Hotels Corporation (CHC) and the Galle Face Group having refurbished most of its hotels is building a new 120-room hotel in Kandy costing US$ 10 million, officials said. “This is a joint venture with Sino Lanka Hotel Holdings and we plan to open it in 2013 September,” an official [...]

Education: Playing with the lives of children

COMMENT – The recent judgment of the Supreme Court on the Z-score controversy reflects – in many ways – the crisis facing education in Sri Lanka. Previous editorials too have dealt with the issues confronting education and the need for a complete overhaul but drawn little response from government authorities except for triggering the blame [...]

Employers’ group challenges sanctity of interpretations by the ILO committee of experts

Employers’ group challenges sanctity of interpretations by the ILO committee of experts

In a statement issued a few days ago to the International Labour Conference Committee on the Application of Standards (CAS), the International Organisation of Employers’ (IOE), has categorically reiterated its position that the Committee of Experts did not have a mandate to interpret international labour standards. This statement was precipitated by the Committee of Experts’ [...]

Piramal Glass Ceylon inaugurates Rs 25 mln effluent treatment plant

Piramal Glass Ceylon inaugurates Rs 25 mln effluent treatment plant

Piramal Glass Ceylon PLC (PGC) recently inaugurated its new high capacity Effluent Treatment Plant (ET) at the Horana factory under the patronage of P. Kumaran, Deputy High Commissioner of India in Sri Lanka, and Parliamentarian Vidura Wikramanayake. Others present were Sanjay Tiwari, CEO and Managing Director of Piramal Glass Ceylon, directors – Ranjith Fernando and [...]

Softlogic launches its own range of laptop computers – “Softlogic Maxmo”

Softlogic launches its own range of laptop computers – “Softlogic Maxmo”

Softlogic recently launched its own range of laptop computers branded “Softlogic Maxmo” which comes fully equipped with Intel processors and Microsoft Windows software. Available in three different models – Softlogic Maxmo 1595 (Dual Core), Softlogic Maxo 1423 (Core i3) and Softlogic Maxmo 1524 (Core i5), each Softlogic Maxmo model comes with its own unique specifications [...]

Rural women folk become marketers

Women marketers for Unilever Sri Lanka earning a considerable income have not only contributed to their family but to their villages as well.Participating in the company’s project “Saubhagya” initiated through the Samurdhi Authority, it has created an impact on the livelihoods of low income families that have also allowed women to take up the role [...]

Dankotuwa opens flagship store

Dankotuwa opens  flagship store

Dankotuwa Porcelain recently opened its flagship showroom at Union Place recently. It was declared open by Lalith Heengama, Chairman of Environmental Resources Investments PLC, holding company of Dankotuwa Porcelain PLC. The new store is much more spacious  and enables customers to browse more leisurely to pick their choice. The white ware is displayed in one [...]

Parliament probe called on S&P report on banking risks, CB denial

A former top business leader has called for a parliamentary probe on ‘banking risks in Sri Lanka’ highlighted by a top rating agency and the rejection of its contents by the Central Bank. The proposed presenting a petition to parliament on the banking sector for discussion and issues and concerns raised. Chandra Jayaratne, a former [...]

Recycling used yoghurt cups to save environment, tackle dengue crisis

Go Green Lanka Recyclers, whose  main production facility  is  to  be located  in Kalutara,  has  taken  an  initiative  to  collect, clean and recycle yoghurt cups,  drinking cups, plastic bowls and other plastic products  made  out  of  High  Impact  Polystyrene. This  would  be  the  first  time  that  such  a  project  is  being implemented  in  Sri  Lanka  [...]

SriLankan awaits $176m loan; Mihin seen easing out of debt by 2013

SriLankan Airlines awaited a US$ 175 million loan from Mashreq Bank next week while its budget carrier Mihin Lanka was in discussion with the Treasury to find ways of pulling out the loss-making airline from the red  next year – by clearing all debts. “We’re getting US$ 175 million from Mashreq Bank next week which [...]

SEC backs proposed association for independent minority shareholders

The Securities and Exchange Commission (SEC) doesn’t have powers to deal with all the problems of small shareholders or IMS (Independent Minority Shareholders) as corporate entities are governed not only by the SEC Act but under a number of other legislation too. This was stated by Ms Surana Fernando, Director Corporate Affairs, SEC while speaking [...]

Commercial Leasing and Finance says maintains ‘impressive growth’

Commercial Leasing & Finance Ltd (CLC) – part of the LOLC Group – said it posted impressive growth in profits before tax for the year completed, recording Rs. 3.2 billion (pre-tax) and post-tax profit of Rs. 2.9 billion. “The growth in profits was a direct result of the increase in interest income which grew by [...]

JK Foundation provides clean drinking water through rainwater harvesting

Twenty households and three community centres in the village of Mangalagama situated in the Ampara District of the Eastern Province were the first recipients of rainwater harvesting tanks under John Keells Foundation’s latest sustainability related initiative. Rainwater is the most pure form of water. If collected and stored properly, it can be used for all [...]

Chinese investors hosted by BOI

Chinese investors hosted by BOI

A top delegation from the Chinese Industry Association of Manufacturers of weighing machines visited the Board of Investment (BOI) of Sri Lanka recently to evaluate possibilities of investing in the Island.  The 28-strong team represented 28 companies located in Beijing, Shanxi Shanghai, Jiangsu, Nanjing, Shenzhen and other cities in China, and belonged to the China [...]

DMS Software Technologies wins Oracle Excellence Award Specialized Partner of the Year

DMS Software Technologies wins Oracle Excellence Award Specialized Partner of the Year

DMS Software Technologies (Pvt) Ltd (DMS SWT), a Gold level member of Oracle PartnerNetwork (OPN), has been presented with the Oracle Excellence Awards 2011 for Specialized Partner of the Year: Applications – Sri Lanka. This is the second time DMS SWT ha received an OPN Partner of the Year Award in the Applications category. Oracle [...]

Colombo Stock Exchange transforms website

The Colombo Stock Exchange (CSE) has transformed its website, changing the ‘look’ and ‘feel’ in a bid to enhance its visibility, officials said. “This is the first step towards going trilingual and the will have Sinhala and Tamil translations from Saturday,” Surekha Sellahewa, CEO CSE told the Business Times on Friday. She added that [...]

Trinco Port bidders to be awarded within 3 months

Some nine parties who have responded to the Trincomalee Port City development project’s Request for Proposals (RFP) in May will be awarded their respective projects within three months, officials said. Susantha Abeysiriwardena, Project Director / Chief Engineer Planning and Development of this project told the Business Times that three parties applied for cement bagging plants, [...]

S&P enters Colombo bourse; minor tiff with the CB

International rating agency Standard & Poor’s (S&P) entered the Colombo bourse on Tuesday, at the same time getting into a minor tiff with the Central Bank (CB) over technicalities in a rating announcement.The S&P Sri Lanka 20 (S&P SL20) index representing the Colombo Stock Exchange (CSE)’s largest 20 stocks was launched in Colombo in what [...]

Keells Food acquires food company for Rs 700 mln

Keells Food Products Ltd is purchasing D&W Foods Ltd at Pannala for Rs 700 million and funding the acquisition entirely through a rights issue, the company notified the Colombo Stock Exchange on Monday. Part of the giant John Keells Holdings, the company said it planned to issue 17 million shares at Rs 60 per share [...]

Supporters of free tea imports are traitors, asserts Merril J Fernando

Supporters of free tea imports are traitors, asserts Merril J Fernando

The Ceylon tea industry is different to that in all other countries because while multinational traders have successfully converted their tea into a commodity, Ceylon Tea has managed to stay aloof as a specialty, origin dominated product, says the country’s tea pioneer – Merril J Fernando. “We maintain at any cost and under all circumstances, [...]

CAMMS announces new Head of Global Services and Country Head

CAMMS announces new Head of Global Services and Country Head

CAM Management Solutions (CAMMS) – the global leader in the supply of corporate performance management and BI solutions – this week announced the appointment of Lavi de Silva to the position of Head of Global Services and Country Head (Sri Lanka). CAMMS develops, implements and supports its world leading integrated suite of Corporate Performance Management [...]

$27.1 million belonging to Maldivians in Swiss Banks

HAVEERU ONLINE, June 25 – The annual report published by Switzerland’s National Bank has revealed that an amount of 26.02 million Swiss Francs (CHF), (US$27.1 million) belonging to Maldivians has been deposited in several banks in the country. The annual report for the year 2011 which was prepared based on the transactions of the Bank [...]

Distilleries-controlled Melstacorp to become a holding arm

Distilleries Company PLC’s (DCSL) share transfers this week of over Rs 1 billion to its 100 per cent-owned Melstacorp, is an effort to transform it to a holding company, allowing DSCL to concentrate on its core alcohol businesses, a company official said. Monday saw DSCL transferring 41.7 per cent in Beruwala Beach Hotels PLC to [...]

Swiss-Sri Lanka Business and Investment Forums held in Geneva & Zurich

Swiss-Sri Lanka Business and Investment Forums held in Geneva & Zurich

The first Swiss-Sri Lanka Business and Investment Forums were held in Geneva and Zurich on June 11-12, respectively organized by the Sri Lankan Embassy in Berlin with accreditation in Switzerland in coordination with the Swiss Asian Chamber of Commerce in Switzerland. The embassy said the prime objective of both organizers of the event was to [...]

SEC calls for public comments on future IPO issues and its issuance

The Securities and Exchange Commission (SEC) has called for public representations on a ‘white’ paper on Initial Public Offering (IPO), an issue that has drawn a lot of flak in the stock market.The SEC has asked for comments on IPO grading for upcoming listings and from independent stock market research. The SEC in its consultation [...]

Checkout alive – The ultimate hospitality

‘Thud !’ was the banging noise on the tarmac in a flash – out of the blue. It was the airborne cart-wheeling guest who just fell on the hard ground from a high-rise terrace of a celebrated city hotel. That marked the tragic end of an overseas guest who would have been ushered to the [...]

What is development? Are we on the right track?

What is development? Are we on the right track?

Today, most politicians talk of ‘development’, and ‘hubs’ of excellence, without any clear reference to what they really mean. The true development of a nation is actually the improvement in public functions. Real development only comes if functional improvements are seen around ‘us’ in day to day life. Infrastructure developments in the absence of it [...]

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