Triumph set to wrap around your man next!
Triumph International plans to entice Sri Lankan men to get intimate with their new clothes range set to roll out in two years time when they introduce the “HOM” lingerie to the Colombo market, which is struggling for increased competition. Set to hit retail stores in Colombo and around the country in either 2014 or [...]
Krrish denies making any pay-offs
One of Sri Lanka’s biggest mixed development projects on Thursday strenuously denied allegations of wrongdoing even as more details emerged this week of one of the country’s worst financial scandals. The India-based Krrish Group, involved in a US$650 million project which includes a hotel, apartments and two towers linked to the other similar to the [...]
Agents bow to IATA pressure
Sri Lankan travel agents were compelled this week to bow to pressure from the International Air Transport Association (IATA) to implement the 7-day credit payment plan in Colombo. Last week the Business Times exclusively reported that travel agents believed there would be an imminent threat from the airline body to pull out of its programme [...]
Pilgrim traffic resumes to Bodh Gaya
Travel agents in Colombo last Wednesday resumed issuing tickets for travel to Bodh Gaya after a 48-hour suspension since the July 7th attack on the Mahabodhi Temple in the Bihar state of India. Travel Agents Association President Saman Premakumara told the Business Times that they had resumed issuing tickets for pilgrim traffic to Bodh Gaya [...]
Packer’s $350 mln casino investment
Australian casino king James Packer’s US$350 million investment in Sri Lanka will be through a local consortium named “Lake Leisure” and involve a mixed development project at a car park site at D.R, Wijeyawardena Mawatha in Colombo. The Board of Investment of Sri Lanka (BOI) has signed a preliminary agreement with “Lake Leisure” in which [...]
Lankan hoteliers likely to cut winter rates
The tourism industry in Sri Lanka is examining a possible rate cut on rooms for the coming winter season. A long awaited rate reduction from hoteliers in the country was raised at a meeting held on Friday in Colombo between Sri Lanka Association of Inbound Tour Operators (SLAITO) and the Tourist Hoteliers Association of Sri [...]
Selling the truth:How Unilever delivers ethical advertising
Before diving into the choppy waters of what constitutes ‘Ethical Advertising’, we need to look at the reasons why companies advertise at all. Broadly speaking these fall into the following categories – they advertise to increase sales; create and maintain a brand identity or image; communicate a change in the existing product line; introduce a [...]
Whistle-blowers in Lanka’s new growth path
A young chap recently visited the new southern airport at Mattala in Hambantota with a group of school children, and, on returning home asked his father: “Daddy where are the planes?” From the airport, they were driven on a conducted tour to the Hambantota harbour, and the small fellow again (later) asked his father: “Where [...]
GK depositors appeal to Kotelawala to settle their deposits
In a dramatic turn of events in the collapsed Golden Key Credit Card Company saga, a group of disgruntled depositors are making valiant attempt to persuade former Ceylinco Chief Lalith Kotelawala, the main culprit in the drama, to make some commitments to repay their security deposits even after four years and six months have passed [...]
CA Sri Lanka and AMBA to conduct valuation boot camp for capital market professionals
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with Amba Research Training will conduct a valuation boot camp covering global best practices in relative valuation and absolute valuation for the benefit of Sri Lankan capital market professionals later this month. The workshop which will be held on July 27-28 at the [...]
Central Bank Governor meets the De Lanerolle Brothers
The De Lanerolle Brothers, more famous for their musical exploits than as tea industry entrepreneurs, recently met with the Central Bank Governor Nivard Cabraal and Deputy Governor Ananda Silva on the occasion of commemorating one year since supplying tea to the Royal Household. Their tea was the only tea from the world that was served [...]
Intel’s ‘Haswell’ 4th gen chips now in SL
Sri Lanka’s Intel unit debuted its fourth generation ‘Core’ line of chips last week, following the first time launch of this, its latest generation, codenamed “Haswell”, at Taiwan’s Computex 2013 mega exhibition at the beginning of June. According to Intel’s Director of Strategic Initiatives for South Asia Rajiv Bhalla, the fourth generation Core chips now [...]
Category-specific floor plan, ‘hall of fame’ at this year’s INFOTEL
By Jagdish Hathiramani This year’s INFOTEL exhibition will be more focused, facilitating a greater number of business-to-business (B2B) and business-to-consumer (B2C) interactions taking the form of face-to-face meetings, stall-based presentations, etc., according to the event’s Organising Committee Chairman Chinthaka Wijewickrama. Further, he also added that the four-day event, slated to kick-off on October 24, would [...]
Thugs of ruling party politico accused of killing senior Lankan planter
Sri Lankan tea exporters on Tuesday condemned the brutal murder of a respected senior Planter Nihal Perera of Noori Estate, Deraniyagala at the hands of thugs backed by a ruling party politician. “At a time when the tea industry comprising of plantations and exports are making a valiant effort to increase productivity and export volumes, [...]
MTI Consulting extends assignments to Palestine
MTI Consulting and its associates in Palestine have been awarded a USAID/DAI project to carry out an economic feasibility study for Sludge and the Stone Industry in Palestine, covering West Bank and Gaza. Picture shows Palestine based MTI Associate Suleiman Mashriqi and Bahrain-based MTI CEO Hilmy Cader. MTI is executing this assignment in association with [...]
Milco’s Narahenpita milk powder factory to move out of the city
Sri Lanka’s state-owned dairy Milco (Pvt) Ltd is now undergoing a major revival process with urgent capital and technological infusion to upgrade its four aging milk processing factories and improve hygienic standards, officials said. The company will modernise it’s three factories at Ambewela, Digana and Polonnaruwa and re-locate the 55 year-old Narahenpita factory in Badalgama [...]
Microimage at Malaysia’s HR Technology Showcase
Sri Lanka-based IT company Microimage showcased its flagship HR Insights solution and newly launched web-based social performance management tool workswiftly.com at the regional HR Technology Showcase, which was held recently at Putra World Trade Centre, Kuala Lumpur, Malaysia, according to a statement. Further, the company’s Head of HCM Business, Suren Rupasinghe, quoted in its statement, [...]
52% of employees leaving a company steal data : Safetica CTO
Security software brand Safetica, launched locally last week, is offering Sri Lankan companies the means to electronically monitor employees. This is the company’s focus because, according to Pavel Kratfy, the Chief Technology Officer for Czech IT firm Safetica, 52 per cent of employees will steal data when leaving a company. He also added that unmotivated [...]
Adverse weather hurts tea output in SL
Prolonged heavy showers and strong gale force winds have drastically cut tea production in Sri Lanka with some estates recording only 40 per cent of its estimated average yield in the past two months, the Planters Association (PA) said. According to Regional Plantation Companies (RPC’s) with crops declining, the coming months will be critical for [...]
Many global corporates follow integrated reporting fundamentals
‘Integrated reporting’ demonstrates the linkages between an organisation’s strategy, governance and financial performance and the social, environmental and economic context within which it operates. Importantly, integrated reporting includes information to allow shareholders to make a more informed assessment of the future of a company. United Technologies Corporation, American Electric Power, Southwest Airlines, Clorox, Germany’s BASF, [...]
“Sri Lanka’s first oil company to bid for exploration licence”
With reference to the Business Times story last week headlined “Sri Lanka’s first oil company to bid for exploration licence” which referred to Ceylan Energy being Sri Lanka’s only oil and gas exploration and production company, Petro Sri Lanka Corp. says it was formed in 2010 as Sri Lanka’s first Oil and Gas Exploration company. [...]
JKH initiates massive US$850 million mixed development project
A massive US$850 million mixed development project on John Keells Holdings’ (JKH) land is coming up at the group’s 17 acre property at Glennie Street property inclusive of the old Elephant House land and a Beira Lake front. The investment cost has risen from $650 million which was the earlier estimate. Investment Promotions Minister Lakshaman [...]
Doovili Ella of Kalthota
Hidden amidst the Mulgama Forest Reserve in Kalthota is the Doovili Ella, so called for the cascade of water droplets shimmering in sunlight, conveying an impression of a shower of dust or doovili in Sinhala. Created when the Walawe Ganga takes a leap of 40 meters down a broad rock creating a veil of water [...]
Tourism Promotions Bureau at BITE 2013 Beijing
Sri Lanka Tourism Promotion Bureau (SLTPB), along with 25 local travels agents and hotels, participated in BITE 2013 (Beijing International Travel Expo) for the 10th consecutive year at the largest international travel exhibition in China, a media release stated. With the ambition of making the Sri Lankan stall more attractive, the SLTPB also took steps [...]
President’s son, Namal Rajapaksa meets tourism stakeholders
Sri Lanka Tourism authorities have recently come up with plans to conduct a series of meetings with the relevant stakeholders chaired by President’s son and parliamentarian Namal Rajapaksa to engage persons on the current issues concerning the industry. As part of this initiative discussions were carried out on issues pertaining to the low occupancies amidst [...]
Sri Lankan Night at the “Third Rome”
The two week long “Mega Tourism Caravan” commenced its first phase this month in Moscow, Russia and would also be conducted in Nizhny Novgorod, Kazan, Ufa and Yekaterinburg covering a distance of almost 4000 km on wheels. This would be the follow up of the “Mega Tourism Road Show” held in March – April 2013, [...]
WB matching grant project gathers interest among SMEs in tourism
The World Bank funded project aimed at assisting the small and medium scale entrepreneurs (SMEs) in the tourism industry is gaining momentum as more applications were expected to be picked up by potential applicants within the next two weeks as the closing date nears. Project Director A.B.M. Ashraff speaking with the Business Times said that [...]
Milcris to extend construction cost management expertise to the home country
Milcris Pvt Ltd, the Oman-based Sri Lankan (owned) construction consultancy and Chartered Surveying Company, is now ready to extend its expertise to the home country‘s rapidly expanding construction industry specially in developing infrastructure facilities as well as leisure and education sectors, a top official of the company said. Milcris CEO Millan De Siva told the [...]
Invest (in growth) without buying Lamborghinis : Amunugama
Sri Lanka’s private sector should invest (their money wisely). A senior government minister said. “The good thing is that we are keeping money in the hands of the private sector with our very low tax regime,” Chief Guest of the 14th Sri Lanka Economic Summit, Senior Minister of International Monetary Co-operation and Deputy Minister of [...]
Correction
“HP’s ARM-based Moon Shot Linux server now in SL: Country Head” In the story headlined “HP’s ARM-based Moon Shot Linux server now in SL: Country Head” which appeared in last week’s edition of the Business Times, there was an error in the picture caption. In the picture is Vijay Balan, General Manager and Managing Director [...]
New committees appointed to advise EDB
The Export Development Board (EDB) has established 26 new advisory committees covering key product sectors. The 400-odd members of these committees represent the public and private sectors. At a ceremony on Thursday in Colombo, letters of appointment were handed over to them by the Minister of Industry and Commerce Rishad Bathiudeen and EDB Chairman Bandula [...]
Most Lankans believe living in urban areas makes them ‘modern’: RCB survey
Most Sri Lankans who perceive themselves as modern prefer living in urban areas than rural or semi-urban areas. However, people who consider themselves as traditional prefer living in rural areas, according to a new study done by the Colombo-based Research Consultancy Bureau (RCB). A partner in the regular Business Times-RCB polls on issues of national [...]
‘Al-Falaah Ladies’ provides financial solutions for women
Al-Falaah, the Islamic Business Unit (IBU) of Lanka ORIX Finance PLC (LOFC), is creating a window in the ladies financial services through the launch of its latest brand “Al-Falaah Ladies”. For this purpose, a dedicated Business Unit – an innovation in the Islamic Financial Services sector – was set up at the main Al-Falaah centre [...]
Kelsey for sale
Kelsey Developments PLC, a unit of Dunamis Capital is for sale, according to sources close to the company. “It is the holding company of Kelsey Homes Ltd which provides overall housing solutions and Kelsey Property Developers (Pvt) Ltd which is primarily engaged in the business of land sales,” a source told the Business Times. He [...]
Mobile English learning app only SL finalist at 2013 mBillionth Awards
An interactive app (application) allowing users to learn English on their smartphones, created by Sri Lanka’s zMessenger, has been selected as the only local finalist in this year’s SAARC-focused mBillionth Awards South Asia, according to a statement by the developer. Further, it was also noted that this app, called “Learn English with the British Council”, [...]
Black money laundered through Lankan stock exchange, alleges public interest activist
Developed countries must assist developing countries to combat the scourge of corruption, in terms of the UN Convention Against Corruption (UNCAC), top Sri Lankan public interest activist Nihal Sri Ameresekere has said. Addressing an international seminar in Jinan, China on June 24 by the International Association of Anti-Corruption Authorities (IAACA), he referred to Chapter VI [...]
