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National Savings Bank’s US$1 bln bond on hold

National Savings Bank’s US$1 bln bond on hold

The National Savings Bank (NSB) has put its controversial US $ 1 billion bond on hold, sources close to the NSB said. “The lead managers (HSBC) to this bond issue has advised them not to proceed with the roadshow abroad ahead of raising this bond as the current interest rates aren’t favourable,” a source said, [...]

Top Sri Lankan official in the dock over mega Colombo deal

A highly influential Sri Lankan official holding key positions in public and private companies is in the dock over alleged pay-offs in a mega mixed development project. Authorities are investigating the amount of commissions this official is alleged to have taken in ensuring the project, in the heart of Colombo’s business district, is approved without [...]

IATA to withdraw

The world’s largest trade association representing and serving the airline industry is threatening to pull out its programme from Sri Lanka over a payments dispute involving local travel agents and the government that has been brewing for months, Travel Agents Association of Sri Lanka (TAASL) officials said. The threat came after Director General Civil Aviation [...]

Sri Lanka’s first oil company to bid for exploration licence

Ceylan Energy, Sri Lanka’s only oil and gas exploration and production company, will be making a bid for an oil exploration licence when the second round of licences is announced, officials said. “Yes we will be bidding by forming partnerships with major oil and gas operators,” noted company chairman Harry Kulasinghe. Currently global oil player, [...]

ITC begins mixed development project near Galle Face Green

India-based public conglomerate, ITC Ltd will soon begin construction work of a multi-faceted mixed use development project in a prime land in the Sri Lankan capital Colombo, a top official said. Welcome Hotels Lanka (Pvt) Ltd, a newly incorporated ITC unit in Sri Lanka, has paid US$ 73.5 million, an upfront payment for a 99 [...]

Singapore’s budget carrier to pull out of Colombo

Tiger Airways, the Singapore based budget carrier, is set to pull out of Colombo next month citing low yields just a year operating to the Sri Lankan capital, an airline official said. The carrier would not accept bookings out of Colombo after August as the airline’s management has stated they would be temporarily suspending operations, [...]

Now People’s Leasing to rescue crisis-hit CIFL

The Central Bank (CB) last Monday appointed People’s Leasing and Finance PLC as the new managing agent of the crisis-hit Central Investments and Finance PLC (CIFL), after its new investors, the Maloney-led Touchwood Group failed to make capital infusion of US $ 12 million on or before the stipulated date, a senior CB official said. [...]

Alfred Leo Thambiayah: Trailblazer in entrepreneurship

A 21 year-old young man armed with Rs 25, 000 set out to Colombo from Kayts to find his fortune. He clutched onto the bag tightly for the money in it was a gift from his father. “The train ride will be a long one,” he thought. This was the early ’20s, and Alfred Leo [...]

Sustaining Sri Lanka’s tea sector is important for the country’s future

Sustaining Sri Lanka’s tea sector  is important for the country’s future

The tea industry plays a crucial role in the economy with its contribution to employment, export earnings, etc. However the fact is that Sri Lanka is no longer the world’s largest tea exporter. The industry faces many difficulties with rising cost of production, declining productivity and an acute labour shortage to name a few. We [...]

Deal-makers and Central Bank arrogance

A country has many assets and many liabilities. Its’ assets would be in natural resources, human resources or financial resources. Human resource capability would also include the ability and efficiency to conduct negotiations, discussions or contracts, which eventually end up in a deal concluded to the satisfaction of all parties concerned. While Sri Lanka would [...]

Sri Lanka amends Sampur coal power purchasing agreement

Having ironed out differences over the efficiency, operation and maintenance cost of the power plant, Sri Lanka is set to implement the Indian-aided 500 MW Sampur coal power project in eastern Trincomalee. The widely-debated Power Purchase Agreement (PPA) between the Ceylon Electricity Board (CEB), and the Indo-Lanka Joint Venture Company (JVC), has been amended following [...]

Four proposals for Colombo’s mega Metro Monorail project

The Ministry of Transport has received four financial proposals for the mega Metro Monorail Project to deal with the ever mounting traffic congestion in Pettah and Colombo Fort area, ministry sources said. “We got plans from China, India, Korea and Malaysia to start this mega project that will give a new facelift to the Colombo [...]

HP’s ARM-based Moon Shot Linux server now in SL : Country Head

HP’s ARM-based Moon Shot Linux server now in SL : Country Head

A new HP server product, Moon Shot, is already available in Sri Lanka, the company’s Sri Lanka Country Manager Shiran Perera recently revealed. Featuring multiple ARM processor chipsets, which are typically more readily available in smartphones, these new HP server are not only small, but also the most ‘green’ servers to date, offering a minimum [...]

Sri Lankan author Ameresekere releases 13-book series on fraud and corruption

With the final 13th book titled, “Politics, Justice and the Rule of Law,” released in January 2013, the series of 13 well-researched, voluminous books by author Nihal Sri Ameresekere, professional consultant and public interest activist, have now been distributed globally, and are available at leading bookstores and e-retailers, in hardcover and e-book formats. “These books,” [...]

Munchee wins National Quality Award for Performance excellence for the second time

Munchee, a leader in Sri Lanka’s confectionery market, has won the National Quality Award (NQA) 2012 for performance excellence in the large manufacturing category at a recent gala award ceremony held at the BMICH. This was the second time that Munchee received this accolade from the Sri Lanka Standard Institution (SLSI), the company said. The [...]

US dollar gains against Lankan Rupee are likely temporary : SCB report

US dollar gains against Lankan Rupee are likely  temporary : SCB report

The recent USD-LKR (Sri Lanka Rupee) gains are temporary and the market is expected to return to the broad downtrend in place since mid-2012, according to the Standard Chartered Bank (SCB) In its ‘Asia Focus’ report the bank said the USD-LKR up-move has been led by higher import demand rather than substantial bond outflows, as [...]

Sri Lanka Tourism launches 2nd phase of tourism campaign in CIS countries

Sri Lankan Tourism along with the Sri Lankan embassy in Russia has begun the second phase of its tourism campaign which is now in progress from July 3 to 17 in the CIS countries (Russian Federation). This is a follow up to the “Mega Tourism Road Show” held in March – April this year, the [...]

Laksala to diversify after turning around a loss-making entity

The Laksala handicraft boutique chain owned by the Sri Lanka Handicrafts Board is to diversify its functions with the aim of popularising and promoting local handicrafts industry both locally and globally following the turnaround of the once, loss-making entity to a profit- making venture, a top official of Laksala said. According to the latest business [...]

NDB IDRs given ‘stable outlook’ status by Fitch

Fitch Ratings has assigned Sri Lanka-based National Development Bank PLC (NDB) Long-term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of ‘B+’ with Stable Outlooks. Fitch has also assigned NDB a ‘b+’ Viability Rating (VR), a Support Rating (SR) of ’4′, and Support Rating Floor (SRF) of ‘B’. “NDB’s long term IDR reflects its standalone risk [...]

Boutique hotels in South get TripAdvisor certification

Boutique hotels in South get TripAdvisor certification

Southern 4-star luxury boutique hotels, Roman Beach in Hikkaduwa and Roman Lake in Balapitiya have received the 2013 Certificate of Excellence from TripAdvisor since it commenced operations in the past two years, a media release issued by the hotel management stated. Roman Beach in Hikkaduwa is a 4-star luxury boutique hotel overlooking the ocean beginning [...]

Politicians to bring curtain down at SL economic summit with vibrant economic discussion

Politicians from a range of political parties come together for a discussion on the economy in the final session of the Sri Lanka Economic Summit 2013 from July 9 to 11, organised by the Ceylon Chamber of Commerce (CCC). The panel discussion moderated by Mano Tittawala, Chairman, Copyline Group and APEX Consultancy Services Pvt Ltd, [...]

Human resources need to be more strategic in organisations

Human Resources (HR) in organisations, according to surveys, are not doing enough for the growth of the organisation and that is why many organizations view HR not as a strategic partner. This was stated by Ernesto Espinosa, President, Asia Pacific Federation of Human Resources Management (APFHRM) when he addressed the opening sessions of the National [...]

Good Market – All things good at the Water’s Edge

Good Market – All things good at the Water’s Edge

There are many knowledgeable consumers in Sri Lanka who don’t want their foods filled with pesticides or preservatives. Increasingly they are looking for healthy, natural foods and household products. They also want to “buy locally” and support rural communities. This is where The Good Market, a place for ethical producers and ethical consumers to team [...]

Sri Lankan Aquarium wins international award at Aquarama 2013 exhibition

Sri Lankan Aquarium wins international award at Aquarama 2013 exhibition

Mahinda Kularatne, owner of the Beeta Aquarium, won the 3rd place at an international competition for freshwater planted tanks at Aquarama 2013 exhibition held in Singapore recently. Aquarama is known to be the largest product specific trade fair for ornamental fish, aquatic plants and accessories. The company said that this is the first time Sri [...]

CA Sri Lanka spearheads fresh initiative to transform Sri Lankan corporates with integrated reporting

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is steering a fresh initiative among Sri Lankan corporates by promoting integrated reporting aimed at leading to better decision-making across the business world. CA Sri Lanka said in a media statement that it would lead this fresh initiative with a line of programmes scheduled [...]

Major Singapore investment to come to Sri Lanka

Two major Singapore securities firms have visited Sri Lanka twice in the past month in a bid to explore partnerships, strategic stakes and extend funding lines to local firms, officials said. “Lim Hua Min, Chairman Phillip Capital (with headquarters in Singapore), shareholders of Asha Phillip Securities (Sri Lanka) and Singapore based IFS Capital’s CEO, Lee [...]

Prof. H.A. de S. Gunasekera Memorial Oration on July 12

The Prof. H.A. de S. Gunasekera Memorial Oration 2013 will be held on July 12tht 4.00 p.m. at the Senate Room, University of Peradeniya and delivered by Prof. Prema-chandra Athukorala, rofessor of Economics, Australian ational University. He will speak on the topic, “Sri Lanka’s Post-Conflict evelopment Challenge: Learning from the Past”. Prof. Gunasekara was Professor [...]

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