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Basil enjoys a yoghurt

Basil enjoys a yoghurt

Economic Development Minister Basil Rajapaksa seems to relish a ‘Peni cadju’ yoghurt at the annual ‘Hotel Show’ which opened at the Sirimavo Bandaranaike Memorial Exhibition Centre, Colombo on Friday.

Taxation of betting and gaming business in Sri Lanka

Taxation of betting and gaming business in Sri Lanka

In recent times, with the revival of tourist industry, the debate of promoting betting and gaming activities has surfaced at various levels. The following activities fall within this – (a) Off-course betting – ie. bets on races in other countries. (b) Casinos (C) Other types of miscellaneous betting and gaming activities. Betting The relevant legislation [...]

Seylan Bank PAT tops Rs. 1 bln in Jan- June

Seylan Bank says it had an ‘impressive performance’ with post tax profit in the six months to June 30, 2013 reaching Rs. 1 billion. In a media statement, the bank also referred to the sharp and sustained drop in gold prices and its resultant impact on the pawning base, sluggish credit off-take and industry-wide pressure [...]

Dipped Products Group posts strong 1Q returns for 2013-14

Dipped Products PLC, a Hayleys Group subsidiary, posted strong financial performance for the first quarter of the 2013-14 financial year. Dipped Products reported a growth in turnover of 13 per cent to Rs. 6.3 billion and a growth of 41 per cent in pre-tax profit to Rs. 640 million for quarter to 30th June, compared [...]

First ever overseas exam of CA Sri Lanka concludes successfully

First ever overseas  exam of CA Sri Lanka  concludes successfully

The first-ever overseas examination of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) which was conducted in Qatar recently concluded successfully with an impressive number of CA Sri Lanka students working in Qatar participating in the Strategic Level examinations. The exams was conducted in the strictest of standards under the strict supervision [...]

UK firm to acquire SL IT company, top official says

UK-headquartered digital communications firm Volume, which officially launched in Sri Lanka in February of this year, has already doubled its local, knowledge-based workforce to 14 persons, with its overall investment in Sri Lanka already totalling Rs. 20 million (UK£ 100,00), according to Benoit Alvarez, the company’s Chief Technology Officer and Managing Director of its local [...]

SEARCC 2013 to feature ’36 prominent local and foreign speakers’

A two-day international IT conference to be held at from August 13 at the Galadari Hotel in Colombo, will be featuring “36 prominent local and foreign speakers”, in keeping with four main tracts, mobile and cloud computing, ICT for governance, ICT innovations and security. Titled the “South East Asia Regional Computer Confederation (SEARCC)” international conference [...]

INFOTEL 2013 best place to experience technology in SL : Organisers

INFOTEL 2013 best place to experience technology in SL : Organisers

The INFOTEL 2013 exhibition, to be held starting October 24 at the Sri Lanka Exhibition and Convention Centre (SLECC), will be the best place for Sri Lankans to experience new technology locally, be it hardware, software or training, according to the event’s organising committee chairman Chinthaka Wijewickrama. Speaking at the official launch of INFOTEL 2013, [...]

AMCHAM and SLASSCOM to facilitate ‘Tourism 2.0′ in SL

The American Chamber of Commerce (AMCHAM) in Sri Lanka, along with local IT industry body SLASSCOM, has launched an initiative to facilitate new technology adoption amongst local hotels with the goal of better attracting, servicing and retaining guests. Termed “Tourism 2.0″, this engagement between the local IT and hospitality sectors also includes a conference wherein [...]

Janashakthi launches new integrated IT platform

Sri Lankan insurance giant Janashakthi, which recorded close to Rs. 8 billion in Gross Written Premiums in 2012, has announced the launch of the first phase of its home-grown integrated IT platform. According to its announcement, “The company’s consolidated branch network is linked to a single platform, thus offering customers and employees hassle free access [...]

Information security watch – Corporate networks and Apple

Forrester has predicted that by 2016, more than 200 million workers will be connecting to their corporate networks using their own mobile devices. However, IT and security managers have grave concerns at the prospect of personal devices introducing malware and viruses onto enterprise networks. Smartphones continue to grow in popularity and are now as powerful [...]

Dell launches refreshed 14-inch Vostro in Sri Lanka

Dell launches refreshed 14-inch Vostro in Sri Lanka

Dell recently refreshed its popular Vostro range, with a thinner and lighter 14-inch model, the 5460, which has now become available in Sri Lanka. This follows a series of Asian launches for the new Vostro, starting with Singapore at the end of April, and progressing to the Philippines and even Bangladesh. According to the statement, [...]

LAUGFS and SLINTEC prepare for new ‘sugar’ of the future

LAUGFS and SLINTEC prepare for  new ‘sugar’ of the future

Titanium dioxide, a substance as old as the earth itself is termed as the new ‘sugar’ (or salt) of the future by many scientists. It’s making waves in Sri Lanka as well – more so because LAUGFS Holdings has started a joint venture with Sri Lanka Institute of Nano Technology to add value to local [...]

Colombo Tea Auction celebrates 130 years

The Colombo Tea Auction, considered the oldest and largest tea auction centre in the world, on Tuesday celebrated its 130th anniversary. In a statement, Forbes & Walker Tea Brokers (Pvt) Ltd. said it was proud to be one of the pioneering brokering firms in Ceylon as it was then known, and has been associated with [...]

Lankan corporate governance advocates at international governance meeting

Lankan corporate governance advocates at international governance meeting

Dr Nirosha Hewa Wellalage, Senior lecturer in Finance at the University of Waikato Management School in New Zealand, was recently awarded a scholarship by the UK-based International Corporate Governance Network (ICGN) to attend its annual conference in June in New York. She is the third corporate governance advocate from Sri Lanka to be awarded a [...]

Duminda’s successful completion of Masters Programme at NUS/Harvard

Duminda Ariyasinghe, Executive Director (Investment Promotion) at the Board of Investment (BOI) of Sri Lanka has successfully completed a prestigious Lee Kuan Yew (LKY) Fellowship, offered by the Government of Singapore, with the aim of developing the next generation of public service Asian leaders. The programme provides for the study for a Master in Public [...]

Haycarb reports PBT of Rs. 256 million for Q1 of 2013/14

Haycarb PLC, Hayleys Group’s multinational business, says it achieved a stable performance in the first quarter of financial year 2013/14. In results released to the Colombo Stock Exchange, Haycarb reported a turnover of Rs. 2.5 billion and profit before tax of Rs. 256 million for the three months ending 30th June 2013. Profit after tax [...]

Mobitel introduces family broadband connection package

Sri Lanka Telecom Mobitel this week announced a special broadband package for the whole family. “This ultra-affordable package covers the Internet needs of the entire family with just one package. The Mega Internet package allows a family, living under one roof to take advantage of the entire gamut of Mobitel Broadband services, while also fulfilling [...]

Corporate addiction to MS Excel

It would be surprising if Microsoft Excel is not the most commonly used software application in the business world. Its’ use could be compared to an addiction. Due to the versatile nature of Excel, private corporations have become over reliant on it by using it in every aspect of their business without being conscious of [...]

More Chinese buyers to boost gem and jewellery exports

Sri Lanka is luring more Chinese buyers to boost the country’s gem and jewellery exports taking advantage of the 45 per cent tax removal on gem imports from the island nation to China, officials said. With this zero tax regime gem and jewellery exporters will have easy access to a huge market in China, a [...]

NSB $1 bln bond reduced by half, roadshow delayed

The National Savings Bank (NSB) has cut its planned bond issue to US $ 500 million from $1 billion and also reduced the bond’s tenure from 10 years, sources close to NSB said. “The roadshow abroad ahead of raising this bond was slated to kick off this week, but now they need fresh approval by [...]

Lankan insurance companies doubt re-insurance viability

The financial strength of National Insurance Trust Fund (NITF) to honour its obligations as a national re-insurer in the event of any major catastrophe has come under the scrutiny of the industry. NITF’s fund fell to Rs. 6.8 billion in 2012 from Rs. 8.5 billion in 2011. It has dropped its investments in government securities [...]

Finance Ministry kick-starts 2014 budget preparation

The Finance Ministry has kick-started the 2014 budget preparation process inviting the public to make their proposals and suggestions on further consolidation of development work, improve public service and create a poverty-free Sri Lanka, while strictly adhering to cut down on unnecessary expenditure in state institutions, officials said. Treasury Secretary Dr. P.B. Jayasundara has issued [...]

Refurbishments at two city hotels

Two Colombo city hotels were in discussion for a refurbishment drive that would result in at least one closing for a full revamp. Galadari Hotel, though not yet confirmed by owners was expected to go in for a full refurbishment most likely in the second half of next year, its General Manager Sampath Siriwardena told [...]

Consulting the people on Budget 2014

The annual budget-making process has begun with the Finance Ministry ‘ritual’ of calling for public representations on needs in the 2014 budget being made this week. Separately President Mahinda Rajapaksa, who is also the Minister of Finance, began consultation meetings with trade representatives on Friday, August 2. In the book of governance and transparency, consulting [...]

One-way road chaos in Sri Lanka

One-way road chaos in Sri Lanka

Sri Lanka is now heading into one-way street systems as in other congested cities of the world. In most countries there is much planning and trials performed electronically by use of GPS and Satellite to follow traffic movements prior to implementation of one way systems and installation of Colour Light Traffic Control Systems on the [...]

Trust them; Trust them not – It takes a second to break, and forever to repair!

“I am forced to do the exact opposite of what I want to do at work, because I got my fingers burnt way too many times. I trust people too much,” adds the young manager at one of our small group coaching sessions. I see another nod in agreement.Trust is one of those queer abstracts [...]

Press Release as a tool of communication

In Sri Lanka’s, US-based author Angelo Fernando’s book ‘Chat Republic’, released recently, he writes on the ‘press release’ as the source of information and how it has progressed over the years. Excerpts from his thoughts on this topic in the book which deals with social media: The Press Release happens to have the same initials [...]

EXIM Bank of India team visits Northern Railway Projects

A team from the Export-Import (EXIM) Bank of India recently visited the project sites of the 252 km long Northern Railway line currently being executed by Ircon International Ltd, a subsidiary of Indian Railways. EXIM Bank is the premier export finance institution of India, set up in 1982 under the Export-Import Bank of India Act [...]

Dialog’s cumulative investment set to top $1.5 bln in coming years

Dialog’s cumulative investment set to top $1.5 bln in coming years

Dialog Axiata PLC (Dialog) said this week that it had entered into infrastructure investment agreements totalling US$150 million with the Board of Investment (BOI) with its cumulative investments expected to reach $1.5 billion in coming years. The investment agreements will encompass the expansion of the multi-faceted ICT infrastructures of the Dialog Group including but not [...]

Access wins port contract in Papua New Guinea

Access wins port contract in Papua New Guinea

Access Engineering has been successfully awarded a contract for environmental monitoring and related work for the Port Lae Tidal Basin Phase I development project in Papua New Guinea. The main contractor for this ADB-funded US$ 275 Million project is M/s. China Harbour Engineering Company Ltd and construction work has already commenced in this respect, the [...]

ASEAN can serve as economic model for South Asia, says India’s main envoy

Discussions are currently underway on creating a Comprehensive Regional Economic Partnership in East Asia, which will include ASEAN and six other economies – China, Japan, Korea, India, Australia and New Zealand, Y.K. Sinha, India’s new High Commissioner to India said last week. He was speaking at the annual meeting of the Indo Lanka Chamber of [...]

US$1bn Chinese mixed development slated to come this year

Some US$1 billion worth of Chinese mixed development projects are on the cards this year, according to Board of Investment (BOI) sources. “It will include a 5-star hotel, a shopping mall and apartments,” a source told the Business Times. He said that this is sure to help them meet the targeted $2 billion Foreign Direct [...]

Chambers welcome SL Govt. initiative to declare free ports

The Ceylon Chamber of Commerce (CCC) on Wednesday welcomed the Government initiative to declare Colombo and Hambanthota as free ports. It also praised the decision to declared Katunayake, Koggala and Mirijjawila Export Processing Zones and the Mattala Rajapakse International Airport as bonded warehouses with significant tax concessions being offered for stipulated investments, subject to achieving [...]

CID probes Passikudah land grab from Swiss Nationals

A major portion of the story in last week’s Business Times under the above headline was based on documents filed in court and other authorities. Sections of the story were erroneously attributed to J. Thangavelu, Attorney-at-Law and counsel for the two Swiss nationals. Mr. Thangavelu only gave an update on the progress of the case.

Are finance companies safe for investments?

I would like to pose the question whether finance companies in Sri Lanka are safe places for the public to repose trust and place monies in deposits. My own experience with finance companies points to the fact that they are not safe at all to place deposits. As a senior citizen retired from the private [...]

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