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Banks favoured; no faith in regulator-poll reveals

Banks favoured; no faith in regulator-poll reveals

Most Sri Lankans favour banks, particularly state banks, to invest their hard-earned money or pensions and have no faith in the regulators to effectively control and monitor other investment options here, a joint poll has revealed. A street poll conducted by Colombo-based Research Consultancy Bureau (RCB) revealed that 99.4 per cent of respondents invested in [...]

Planned toll on vehicles entering Colombo

The government is preparing plans for a toll on vehicles entering Colombo and intends to enforce it from next year, officials said, adding that the proposed toll would be included in next year’s budget proposals. Another proposal receiving consideration is to impose a levy on joggers and walkers using specially built areas in the capital. [...]

Supreme Court refuses appeal of migrant worker

The Supreme Court has refused ‘leave to proceed’ by a migrant worker against a new rule where women seeking to work overseas as domestic workers are permitted based on the consent of their husbands. When the fundamental rights petition came up recently, the court headed by Chief Justice Mohan Peiris, took the position that the [...]

Krrish, Shangri-La projects in Colombo clear hurdles

The Krrish square mixed development project tainted by scandalous financial deals is to finalise the land lease by making the final payment of Rs. 589.7 million by the end of next month, Minister of Investment Promotion Lakshman Yapa Abeywardena said. However the Delhi-based Krrish group’s partnership with Ritz Carlton to bring the seven-star hotel to [...]

CNCI awards of excellence

CNCI awards of excellence

The CNCI Achiever Awards for Industrial and Service Excellence was organised for the 12th Consecutive year by the Chamber CNCI with Minister of External affairs Prof G L Peiris as the Chief Guest. The best 10 Corporate sector, Extra Large Manufacturig and Services sector Enterprises were presented with the CNCI Achiever 2013 TOP 10 awards [...]

Sri Lanka strives to hit the US$2 bln FDI target this year

Sri Lanka is aiming for Foreign Direct Investment (FDI) of around US$2 billion by this year, having so far received $540 million up to June, up by 20 per cent from the same 2012 period, Board of Investment (BOI) officials said. The country fetched $1.2 billion in FDI last year and expects an increase this [...]

Ceylinco Life’s Life Fund crosses Rs 50 billion

Ceylinco Life has announced that its Life Fund exceeded Rs 50 billion in August this year, according an announcement this week. The company transferred Rs 5.439 billion to its Life Fund in respect of the first eight months of the year, swelling the Fund to Rs 50.549 billion at the end of August, it said. [...]

Firm action against errant finance companies

The role of the media, as the public watchdog, in highlighting the crisis in some finance companies and deposit-taking institutions is a case of ‘damned if you do, damned if you don’t’.Either way – publishing views and concerns of depositors about current ones, impeding disasters, and ‘crisis’ situations waiting to happen or hiding the truth [...]

EFC concerned over strengthening of ‘freedom of association’ and ‘collective bargaining’

The Employers Federation of Ceylon (EFC), representing big-time employers in Sri Lanka, has expressed concern over plans to strengthen ‘freedom of association’ and ‘collective bargaining’ regulations. The EFC made its concerns known in a letter last week to President Mahinda Rajapaksa referring to the last meeting of the National Labour Advisory Council (NLAC) chaired by [...]

Laksala web recognised at ‘Best Sri Lankan Website’ competition

Laksala, the oldest and best well known gift and souvenir boutique for authentic Sri Lankan artefacts, bagged a Bronze award, under the Government category, at the recently concluded Best Sri Lankan Website competition. The award was in recognition of the outstanding technical attributes, design and content of the company website www.laksala.gov.lk, the state-owned company said. [...]

Apparel training seminar

The Sri Lanka Apparel sourcing Association has organised a seminar for its members of the apparel sector on September 27,2013 at the BMICH with the awareness and training Programme aimed at are for Merchandisers, QA Staff, QC Managers and Managers. The association said the programme is a long term strategic move with the objective of [...]

Top Sri Lankan consultancy with wide overseas experience eyes local contracts

Milcris, a Sri Lankan-led company dealing with construction management consultancies with wide contracts overseas, is now setting its sights on major consultancies in Sri Lanka. The company provides services including project management, cost consultancy and quantity surveying in major consultancy services abroad, particularly Oman and other Middle East countries. Its CEO Millan De Silva told [...]

Sri Lanka could fall short by 800,000 of 2.5 mln arrivals’ target in 2016 : Report

The Sri Lankan Government is likely to fall 800,000 short of its tourism target of 2.5 million arrivals in 2016, a stock research agency has said. “… we believe given the current status-quo Sri Lanka would fall short by 800,000 and record tourist arrivals of 1.7 million by 2016,” noted TKS Securities in a comprehensive [...]

Climate change top of the agenda at ICAO Assembly

The International Air Transport Association (IATA) has expressed high expectations for the decisions, including issues relating to climate change, that countries will make at the 38th Assembly of the International Civil Aviation Organisation (ICAO) on 24th September in Montreal, Canada. “Climate change will be at the top of the Assembly’s agenda. We will be looking [...]

‘Waste food’ put back on the table by Cinnamon Grand

‘Waste food’ put back on the table by Cinnamon Grand

Another pioneering feat in Sri Lanka was accomplished at the Cinnamon Grand recently, when the ‘Delicious Waste Chefs’ Competition 2013′ saw an extraordinary seventy plus dishes created by over 40 chefs creatively executed, simply by reusing and reducingwaste in the hotel’s kitchens. The competition was aimed at minimising food wastage in the kitchens, which in [...]

Chinese visitors surge ahead as Jan-Aug 2013 shows overall arrivals rise by 14 %

Chinese visitors surge ahead as Jan-Aug 2013 shows overall arrivals rise by 14 %

Tourist arrivals continued to grow, heading for more than a million visitors this year with August 2013 figures showing a rise of 26.1 per cent to 100,224 from the same month last year. As per arrivals for January-August 2013, Sri Lanka Tourism reported a 14.3 per cent rise to 711,446 against the same period in [...]

Eden Resort & Spa shines at CNCI Achiever Awards

Eden Resort &  Spa shines at CNCI  Achiever Awards

Eden Resort & Spa, the 5 star luxury resort in Beruwala Sri Lanka, proved its excellence in service standards yet again by bagging two accolades at the Ceylon National Chamber of Industries (CNCI) Achiever Awards 2013. Eden won the Bronze Award for Provincial Level (Service Sector) Extra Large category and the Merit Award for National [...]

Public interest group raises concerns over surgical gloves monopoly

A new Sri Lankan public interest group has raised concerns over plans by the Health Ministry to purchase all supplies of surgical gloves from one company instead of calling for competitive bids “Our information is that the Ministry of Health intends to purchase all its requirements of surgical gloves only from one supplier, virtually unknown, [...]

President declares open ComBank funded Kilinochchi Railway Station

President declares open ComBank funded Kilinochchi Railway Station

The Kilinochchi Railway Station, renovated by the Corporate Social Responsibility Trust of Commercial Bank of Ceylon, was ceremonially opened by President Mahinda Rajapaksa last week.The bank said in a media release that the reconstruction of this important station along the northern railway line is an acknowledgement of the major part Kilinochchi has played in the [...]

Unity Plaza complex says current economic climate ‘challenging’

Ona’lly Holdings PLC, owners of the Unity Plaza IT complex building in Bambalapitiya, has reported a pre-tax profit of Rs. 71.6 million for the year ending 31st March 2012, up 13.64 per cent from the earlier year. Company Chairman Sirinimal Perera, also chairman of the Urban Development Authority (UDA), in his report for the last [...]

First event management company in Kandy

The first event management company in Kandy was launched recently with former Chief Executive Officer of Seylan Bank and former Chairman of the National Savings Bank Eastman Narangoda giving out his experiences in a problematic situation in the banking sector. He was the Chief Guest for the occasion.The new company is the brainchild of Asela [...]

Central Bank liquidity scheme

We have read with alarm the steps that will be taken with regard to “Troubled Finance Houses” and are at a loss to understand how the proposed scheme would help us Senior Citizens who have deposited our savings in such Finance Houses – registered or not registered as in the case of Golden Key. It [...]

AMCHAM seminar on importance of compliance in software licensing

More than 40 corporate heads, compliance officers and business-related associations were present at an AMCHAM seminar to raise awareness on the importance of compliance especially in software licensing. The event focused on the importance of fair competition and the growing movement that requires manufacturers to be compliant in keeping with internationally accepted business ethics and [...]

Real estate potential growing in Colombo, Serendib Land says

Sri Lanka’s real estate market has seen considerable change in recent years with the capital Colombo being transformed into one of the most scenic cities in the region with the rapid infrastructure development and beautification taking place, according a city-based properly development estate company. Sega Nagendra, Chairman of Serendib land, said that Sri Lanka being [...]

CIFL depositors, pushed to the portals of misery, reject Central Bank revival plan

CIFL depositors, pushed to the portals of misery, reject Central Bank revival plan

Another group of around 6000 depositors have been pushed into the portals of misery following the collapse of Central Investment and Finance PLC (CIFL) as the Central Bank (CB) has failed to safeguard the licensed finance company by taking precautionary measures. Disgruntled CIFL depositors reiterated that the CB’s restructuring plan will swallow their lifetime savings [...]

Improved new Horlicks to help fill gaps in nutrition in growing children

SmithKline Beecham (Pvt.) Ltd, a leading consumer healthcare company, has re-launched the well-known health food drink Horlicks in Sri Lanka for growing children between 6 to 16 years of age. Fortified and enriched with 23 nutrients to help fill nutrient gaps among growing children, Horlicks is now reintroduced to Sri Lanka in a new attractive [...]

Expolanka sponsors‚ Volunteer Appreciation Fete for International Youth Day

The CSR arm of Expolanka Holdings PLC, extended its portfolio of Corporate Social Responsibilities by being involved with the Youth Day 2013 Celebrations which coincided with International Youth Day which was celebrated recently. This global celebration saw the likes of heavyweights Expolanka supporting The United Nations Volunteers (UNV) to promote volunteerism to support peace and [...]

Better to start a business as interest rates low-RCB poll

Better to start a business as interest rates low-RCB poll

A street survey this week by Colombo-based Research Consultancy Bureau (RCB), in conjunction with the Business Times, on the most-safest investment options has given a ‘thumbs-up’ to commercial banks. Residents in middle-class societies were also wary of investing in the share market, saying all of a sudden shares prices go up as they are controlled [...]

Sri Lanka offers 1500 hectare land to Netherland’s firm for high tech dairy farms

A Netherland’s firm has been offered 1500 hectares at Mawathagama in Kurunegala on a long term lease basis by the government to set up three high tech dairy farms and processing facilities, officials said. Velema Holdings, a Dutch investment company will invest US$25 million for the land and the letter of intent has been signed [...]

C&T WORLDWIDE (Pvt) Ltd to honour quality Latex Crepe manufacturers of Sri Lanka

C&T Worldwide (Pvt) Ltd, which was successful in manufacturing the water Soluble Bleaching Agent introduced to the Crepe Rubber industry by the Rubber Research Institute as far back as 1985, is formulating a new system where plantation companies will be recognised for their contribution to the quality of Sri Lankan latex crepes known as the [...]

CB lessons on lending for pawn brokers

With gold prices crashing and causing many financial problems to pawn brokers, the Central Bank (CB) is taking the bull by the horns and conducting a course on ‘lending against pawn brokering’. For Rs. 10,000, the 2-day course at the CB’s Centre for Banking Studies at Rajagiriya will provide lessons to participants on ‘how to [...]

Milcris wins naval base contract in Oman

Milcris, the Sri Lankan Construction Consultancy & Project Management company, has been awarded the Pre-Contract and Post-Contract Cost Consultancy services for the Sultan Qaboos Naval Base in Mirbat, along with the Pre Contract Services for a Passenger Terminal building at Adam Airbase in Oman. The Consultancy Services include the preparation of Cost Plans and Cost [...]

HP presentation in ‘cloud’ computing

HP presentation in ‘cloud’ computing

HP recently organised a presentation of ‘Empowering Business with Cloud” in Colombo with four main speakers. The discussion revolved around how ‘to build your own cloud’ by leveraging the best practices and global experiences from the technology leaders in cloud infrastructure.

Harley Bikers ride to raise awareness for Hemas’ Piyawara project

Harley Bikers ride to  raise awareness for Hemas’ Piyawara project

A group of 10 bikers from the Harley Owners Group (HOG) Dubai Chapter recently criss-crossed the country to raise awareness of Hemas’ Piyawara Pre-School Project established by the Hemas Outreach Foundation of Hemas Holdings. Their logistics in Sri Lanka were handled by Diethelm Travel Sri Lanka (DTSL). Hemas said in a media release that the [...]

90 cases of HIV in 1st half 2013, says HIV/AIDS specialist

90 cases of HIV in 1st half 2013,  says HIV/AIDS specialist

Some 90 people have been diagnosed with HIV in the first six months of 2013 alone compared with 186 cases for the whole of 2013, consultant venereologist and trustee of the AIDS Foundation Dr. Sujatha Samarakoon said recently. She revealed these worrying statistics as the keynote speaker at the Lanka Business Coalition on HIV and [...]

Mobile app Taxi Buddy wins inaugural Moratuwa Uni Hackathon

Taxi Buddy, a feature phone and smartphone application (app) to locate and contact the closest taxi, was selected as the winner of the first ever Ideamart University of Moratuwa Hackathon, which was held recently. Organised by Dialog’s Ideamart unit, in conjunction with the EClub of the university, the competition comprised 18 teams, of four members [...]

Insights, the ‘sixth sense in advertising’, turns seven

Insights, the ‘sixth sense in advertising’, turns seven

Insights Advertising, an integrated marketing and communications agency recently stepped into its seventh year of operations. In a media statement, the company said it represents a fresh advertising agency model offering brands an alternative to most traditional agency model. The company philosophy revolves around effective strategies’ reflecting a positive bottom line for its clients. Insights [...]

Scope of users, biggest advantage of Internet for Cos. : Google rep

One of the biggest advantages of the Internet for Sri Lankan business entities is the scope it provides for growth beyond this country’s borders, according to Google Asia Pacific’s Sri Lanka Country Consultant Rohan Jayaweera. He added that local organistions had the potential to access the world’s entire online population, numbering in the billions, compared [...]

Atlas acquires ‘Homerun’, makes it Sri Lanka’s top pastel supplier

Atlas, Sri Lanka’s largest manufacturer and distributor of stationery products, recently acquired the country’s oldest and most respected pastel brand – ‘Homerun’. As Sri Lanka’s number one pastels brand, the acquisition of ‘Homerun’ adds more colour to Atlas’ superior and wide ranging portfolio of stationery products, according to an Atlas media statement. Formerly owned by [...]

Management is becoming a craft from an art, says PGIM head

Management is no an art or science as it is becoming a craft, said Prof. Uditha Liyanage, Director of the Postgraduate Institute of Management (PGIM) Sri Lanka, at the inauguration of the CPM-AMDISA International Management Conference 2013 held at the Sr Lanka Institute of Development Administration (SLIDA) in Colombo last week. It was organised by [...]

SLT connects over 350,000 households with broadband access

Sri Lanka Telecom (SLT), the nation’s top telecommunication services provider, says it has connected over 350,000 households and businesses with fixed broadband enabling nearly 1.5 million users to access its network. “Superfast broadband is the speedy means of providing broadband with the least disruption through Fiber-to-the-cabinet (FTTC), Fiber-to-the-building (FTTB) and Fiber-to-the-home (FTTH). FTTC & FTTB [...]

Rural communities remain untapped with banking and finance facilities

Rural communities in the country need to be tapped with banking and finance facilities, according to Andrew Samuel, Alliance Finance Co. PLC Head of Micro Finance and Chief Continuous Improvement Officer told the Business Times this week. He was speaking on the sidelines of the inauguration of the Micro Finance Division of the company held [...]

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