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Sri Lanka has second largest expat population in the world

Sri Lanka has second largest expat population in the world

A strong link between the rule of law and an effective budget emerged at an in-house panel discussion hosted by the Business Times at the Wijeya Newspapers Ltd auditorium on Wednesday.  It was revealed that if the judiciary is not independent and strengthened in terms of high wages, the national budget and all other civil [...]

CB launches US$1bln bond amidst concern against process

The Central Bank last week successfully launched a US$1 billion bond issue at an attractive yield, drawing offers up to $10.5 billion but questions are being raised as to the process that was followed. The Treasury has expressed concern over the appointment of the same banks (as in earlier issues) as joint Lead Managers/Bookrunners for [...]

Ad agencies pitch for $9 mln Ceylon Tea campaign

Five advertising agencies will this week be pitching (securing) for one of the ad world’s biggest foreign campaigns – promotion of the Ceylon Tea brand. Grants, Phoenix O &M, Bates & Burson-Marsteller, JWT and Grey Worldwide have been shortlisted from 10 agencies to make a presentation to the Sri Lanka Tea Board on Tuesday for [...]

SL space academy ready to blast off with Chinese expertise

China will lend its expertise to Sri Lanka’s first space academy to be launched next year, through a joint venture between Supreme Satellite Private Ltd Colombo and Great Wall Industry Corporation of China (CGWIC), with an investment of US$ 20 million, a company official said. The space academy, to be set up on a 30-acre [...]

State institutions directed to make compulsory savings in 2013 budget

State institutions are to be directed to provide for compulsory savings of 12 per cent in the 2013 budget spending aimed at effectively managing their allocations, Finance Ministry sources said.  All these savings will be credited to a special fund maintained in the Treasury. This proposal will come in the 2013 budget estimates that will [...]

SEC probes, margin calls put ‘mafia’ traders in a tizzy

Probes by the regulator and colossal debt accumulated through margin trading have ‘swallowed’ some high net-worth traders who are attempting to influence the removal of key officials at the Securities and Exchange Commission (SEC). The investigations against them are ‘rapidly’ unraveling manipulative patterns, while their margin calls by banks are getting closer, an official from [...]

Budget vis-ŕ-vis rule of law

At a Business Times (BT) panel discussion on the Budget 2013 on Wednesday, parliamentarian and economist Eran Wickramaratne drew an interesting analogy between the budget and the rule of law.He also provided an interesting and hitherto unknown fact: Sri Lankan’s overseas (almost two million) represents the world’s second largest expatriate population, after Lebanon, in per [...]

Transaction costs of micro credit

Transaction costs of micro credit

Microfinance is the provision of financial services to low income or poor clients. These services include micro credit, remittances, insurance and counseling. Although, there are so many services that Microfinance Institutions (MFI) could provide to their clients, micro credit has become the primary activity of almost all MFI. Micro credit has been accepted as a [...]

Drive for revenue growth ignores risk of prosecution for senior executives : Global survey

Some 15 per cent of senior executives polled at leading companies around the world are willing to make cash payments to win or retain business, up from 9% in 2010, a global poll shows. Ernst & Young’s said more than 1700 executives across 43 countries, including CFOs and heads of legal, compliance and internal audit, [...]

Bus Rapid Transit (BRT) system solution to crowded Colombo roads

Though researchers and professionals make a lot of effort to prepare research based on result-oriented situations elsewhere in the world, this research doesn’t get integrated in Sri Lanka’s national development system. This was one of the observations that emerged during a discussion at the 10th Annual John Diandas Memorial lecture that was delivered by Dr [...]

Kelani Valley and Talawakelle win 4 national plantation awards

Kelani Valley and Talawakelle win  4 national plantation awards

Plantations companies in the Hayleys Group took major honours at the first National Plantation Awards in Sri Lanka, winning four of the 12 awards presented to Regional Plantation Companies (RPCs) by President Mahinda Rajapaksa at ‘Temple Trees’ last week Kelani Valley Plantations PLC (KVPL) received three top awards, — ‘for Commitment to Value Addition,’ ‘Innovativeness’ [...]

NIKE CEO’s 2010 annual salary equivalent to ‘14,000 years of wages’ for a Sri Lankan apparel worker

Adidas, the global sportswear firm is sourcing its apparel for this week’s Olympic Games in London from many low wage countries including China, Cambodia, India, the Philippines and Sri Lanka, a global union says.This is under a $150 million sponsorship deal with the organizers of the London Olympics, noted Jyrki Raina, General Secretary of the [...]

IMF to continue funding Sri Lanka economy

The International Monetary Fund (IMF) said on Monday it would hold discussions with local authorities to enhance its support following the conclusion of the “relatively successful” Stand-by Arrangement (SBA) with Sri Lanka. Addressing the media at the Central Bank in Colombo, the IMF Resident Representative Koshy Mathai said the conclusion of the SBA with Sri [...]

Abans gets $40 mln capital infusion for expansion

Abans (Pvt) Ltd is to receive a $40 million equity investment from a leading global private equity fund to expand its current business and strengthen its position as the largest retailer of consumer durables in the country, according to a company statemet. Quoting recent rating agency reports, the company said it has adequate liquidity and [...]

AMCHAM seminar on innovation

The American Chamber of Commerce in Sri Lanka (AMCHAM) is organizing a presentation titled “Leading Innovation: What Every Leader Should Know” by INSEAD Professor Roger Lehman on July 31 in Colombo.  The US-based Lehman is an expert advisor to major multiational organizations in Asia and Africa Continents on leadership development and a founder and first [...]

North and East women, differently abled to shine at SLEY awards 2012

Sri Lanka Entrepreneur of the Year awards scheduled for the 17th year will recognize two new categories namely the differently-abled and the women of the North and East. The Differently Abled Entrepreneur of the year and the Emerging Woman Entrepreneur from the North and East Awards have been added from this year, the Federation of [...]

‘I will continue to enjoy my cup of (Pure) Ceylon Tea’ : British HC

‘I will continue to enjoy my cup of (Pure) Ceylon Tea’ : British HC

The UK’s top diplomat, British High Commissioner to Sri Lanka , John Rankin, has a favourite beverage – Ceylon Tea in its purest form – implying that he prefers  Pure Ceylon Tea rather than the heavily-blended variety with just a fraction of Sri Lanka-origin tea, which is marketed in many countries including the UK. Mr. [...]

Asia Leisure ties up with Japan Capital for Wadduwa hotel; plans for two hotels in Galle

Asia Leisure, a fully owned subsidiary of the Asia Capital Group, having announced a strategic tie up with Japan Capital (Pvt) Ltd to build a hotel in Wadduwa is planning another two properties in Galle, officials said. “Japan Capital will be making an initial investment of approximately US$ 1.8 million into Asia Leisure’s property in [...]

Rural folk reflect urban concerns of governance and transparency – RCB countrywide poll

The island-wide survey conducted by the Colombo-based Research and Consultancy Bureau (RCB) on the performance of this year’s budget and expectations in the 2013 budget raised some unexpected concerns. Similar to issues felt in Colombo and other big cities, the survey which reflects a more down-to-earth view of the people also reflected concerns on governance, [...]

Govt. has overspent, borrowed too much this year-BT poll reveals

Govt. has overspent, borrowed too much this year-BT poll reveals

There was near unanimity in the Business Times (BT) email poll of 400 respondents on overspending, low tax collections, ineffective ways to tackle cost of living and too much borrowing from here and abroad, in the 2012 budget.  Asked whether there has  been overspending so far in the 2012 budget, the response was a 100 [...]

People’s Verdict

People’s Verdict

Success of plantations is in its people — Dan Seevaratnam, Chief Executive – Watawala Plantations

Success of plantations is in its people —  Dan Seevaratnam, Chief Executive – Watawala Plantations

Dr. Dan Seevaratnam was awarded the Life Time Gold Award by the Institute of Personnel Management (IPM), the first ever occasion where a professional planter has been the beneficiary of this prestigious award, according to a media release from the organisers. The ‘Lifetime Gold Award’ for 2012 award not only enhanced Dr. Seevaratnam’s collection of [...]

Lanka Minerals gets ISO certification

Lanka Minerals gets ISO certification

Lanka Minerals & Chemicals (Pvt) Ltd received obtained ISO 9001:2008 certification. The company is engaged in mineral processing specifically the production of value added Calcium Carbonate. Its factory is situated at the Seethawaka Industrial park Avissawella. The certification body – Buraeu Veritas Lanka (Pvt) Ltd. is a subsidiary of Buraeu Veritas SA France.

Sri Lanka’s first International Plastics Exhibition next month

Sri Lanka’s first International Plastics Exhibition next month

Sri Lanka’s first B2B international plastics exhibition – SRI LANKA PLAST 2012 – will be held on August 10-12 at the Sri Lanka Exhibition & Convention Centre – Colombo.   Organised by Enterprising Fairs India Pvt. Ltd, ‘SRI LANKA PLAST’ is co-organised by the Plastics and Rubber Institute of Sri Lanka. It is supported by CIPET [...]

Holidaymakers alarmed: Hotel staff unprofessional to handle

Travellers from East and West that once commended Sri Lankan hospitality have today raised concerns over the indifferent attitude of local hotel staff. In the post war era the industry is faced with a grave issue of inexperienced and untrained hotel staf set to wait on unsuspecting travelers. Service levels of hotel staff around the [...]

Vignarajah urges President to ensure level-playing field for investors

K.C. Vignarajah, a veteran stock market investor who has been fighting for the rights of small shareholders in companies, has urged President Mahinda Rajapaksa to ensure a level playing field for all investors in the current depressed market conditions. In a letter that was handed over to Gamini Senerath, Additional Secretary to the President, during [...]

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