The Sundaytimes Sri Lanka

Home » Business Times

Delicious kanjee

Delicious kanjee

Innovation seems to be the name of the game for this travelling salesman of a different kind who plies his ‘trade’ along the main road between Weligama and Habaraduwa. With a pot of bubbling sago kanjee tied to the rear of his bicycle, atop an actual fire, and two buckets with water and glasses hanging [...]

Lanka’s CECB explores Myanmar’s construction boom in 2014

Sri Lanka’s Central Engineering Consultancy Bureau (CECB), the country’s foremost engineering consultancy body, is guiding leading local construction companies to secure foreign construction contracts. A fully fledged CECB international base office will be opened in Myanmar in the new year to undertake construction contracts and consultancy services with the aim of taking full advantage of [...]

Minimum public float impact minimal in near term

While the minimum public float requirement by the Securities and Exchange Commission (SEC) will promote more ‘investable’ firms, the rules won’t immediately impact the Colombo Stock market, analysts say. “This will not come into effect soon. The full compliance comes into effect in two to three years,” an analyst said, adding that most companies will [...]

2.5 mln tourist target unlikely for Sri Lanka in 2016

Sri Lanka Tourism is in a frenzy to grab whoever might land in the country as a tourist as they face the unlikely prospect of reaching 2.5 million arrivals by 2016. The country is currently targeting 1.5 million arrivals next year but there is a possibility this would change as this year’s target of 1.25 [...]

UB Finance rectifying its share registry

The Union Bank which has restructured its finance arm UB Finance says presently it’s in the process of rectifying the finance company’s share register in a bid to streamline its shareholdings. “We made an application to court with fresh and updated information on our share registry. This is another step to be compliant with listing [...]

Indo-Lanka sugar refinery in Hambantota awaits SDP status

Moving away from the policy of promoting local sugar production, the government is to grant Strategic Development Project (SDP) status for a sugar refinery with provision to import raw sugar. India’s Shree Renuka Sugars is waiting for tax concessions under the Strategic Development Act to start the project, official sources said. The company has entered [...]

Local banks disburse Rs.46 bln from Investment Fund Accounts on road projects

Sri Lanka’s commercial banks have been compelled to contribute to the country’s development process through long term lending from an investment fund created with savings made from tax cuts under a proposal made in the government’s 2011 budget, official sources said. The creation of the Investment Fund Account by these banks has promoted domestic contractors [...]

Global Economic Outlook for 2014 and Sri Lanka

It is difficult to forecast global economic growth in contemporary times because of the high volatility and uncertainty in an inter-connected world. Slow recovery from the 2008/2009 global economic crisis and external shocks has further aggravated the situation. Even an international institute like the IMF keeps changing their global economic forecasts every quarter. What is [...]

Oddities and expectations in 2014

Is it odd to tell Sri Lankans, mostly politicians, that two wrongs don’t make a right? Often powerful politicians and their ‘favourite’ Sri Lankans get away even with murder on the grounds that whatever wrong – be it corruption, robbing the exchequer, theft, intimidation and harassment – is okay as it has been done in [...]

Nestle SA to expand nutritious food and beverage industry in the emerging Asian markets including Sri Lanka

Nestle SA to expand nutritious food  and beverage industry in the emerging Asian markets including Sri Lanka

Nestle SA is set to expand the nutritious food and beverage industry in the emerging markets of China, Asia, India, Pakistan, Sri Lanka and the Middle East to cater to the needs of the growing population including children below the age of five with deficiency of iron, vitamin A, iodine and protein, said Nestlé S.A. [...]

Softlogic Finance in Rs. 1.4 bln deal with GuarantCo

Softlogic Finance PLC last week announced a deal with GuarantCo which will provide a guarantee that will enhance the issuance of Softlogic Finance Debentures in an amount of Rs 1.4 billion. The Softlogic Finance Debenture issuance that will carry the strength of GuarantCo is expected to be rated AAA and will probably be the first [...] offers additional 10% off for HNB credit cards, over usual discounts

Sri Lankan daily deals website is offering an added 10 per cent off on any purchases made using Hatton National Bank credit cards. This is in addition to the usual discounts offered on the website, according to a recent statement issued before Christmas. Further, the statement indicated; “From sarees to ice creams, electronics to [...]

Blue Chip Technical Services installs IBM power 770 server at BOC

Blue Chip Technical Services (Pvt) Ltd., a total IT solutions provider, said last week that the Bank of Ceylon (BOC) is the first organization in Sri Lanka to install IBM Power Systems Power 770 servers. As the bank’s primary live and DR (Disaster Recovery) servers, the new Power 770 servers replace IBM iSeries e Servers [...]

CDB gifts 57 new scholarships through ‘Sisu Diri Season 06’

Citizens Development Business Finance PLC (CDB) has awarded scholarships to 57 children at the sixth Sisu Diri scholarship programme held recently at the Tower Hall Theatre. So far, CDB has invested Rs 10 million since the initiation of the Sisu Diri scholarship programme in 2008, which awards scholarships to children of three-wheeler owners who perform [...]

CA Sri Lanka launches webinars to students

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), for the first time in its 54-year old history, has introduced the concept of webinars to thousands of Strategic Level students The institute conducted a series of webinars focusing on how students can improve and enjoy greater success at CA Sri Lanka examinations which [...]

Milco strike to be settled through government mediation

Sri Lanka’s state- owned Milco Company is taking measures to bring the milk production affected by the workers strike to normalcy through discussions between trade unions and officials with the mediation of Labour Ministry, a top official of the company said. Milco chairman Sunil Wickramasinghe said that the strike is being settled following discussions with [...]

Sri Lanka tea to achieve the export target of US $1.5 billion this year

Sri Lanka had an extraordinary year with prices for Ceylon tea moving on their own and seemingly out-of sync with the rest of the world. Sri Lanka’s unique range of orthodox black teas attracted strong demand throughout the year; even as some of the county’s key markets such as Iran, Syria and Libya were in [...]

First Director General of SLAASMB retires

Ajith S. Ratnayake, Director General of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) retires on 24 January 2014, on reaching the retirement age of 60 years. The organisation said in a media release that Mr. Ratnayake joined SLAASMB as its first Director General in 1998 and was instrumental in setting up its [...]

Banks: Listen to the Governor

The Governor of the Central Bank recently requested the banks to be more serious about banking business and asked the banks to disengage from petty forms of promotions we see daily in newspapers or hear over the radio and TV. Better late than never. Finally the Central Bank has spoken. Not a day passes by [...]

Leapset acquires NY startup Buzz Table

Silicon Valley-based Leapset, which has a Sri Lankan development centre, recently made its fledgling acquisition with BuzzTable, a New York early stage startup that offers a waitlist type front-of-restaurant service offering. This is a part of the company’s plan to soon offer a fully-fledged restaurant operating system, according to Mani Kulasooriya, the Chief Executive Officer [...]

Windows Phone security breach risk ‘negligible’ : Microsoft SL

Windows Phone security breach risk ‘negligible’ :  Microsoft SL

A recently issued statement by the Sri Lankan office of Microsoft says that, “since all Windows Applications are developed on proprietary software, the risk of security breaches in their Windows Phone is negligible”. Further, the statement also quoted Microsoft Sri Lanka’s Director OEM Poojitha Rajapakse as commenting; “Windows itself is an enterprise ready operating system [...]

Blue Star, to tap Lankan AC and refrigeration market

The present Sri Lankan air conditioning and refrigeration (A/C&R) market value is estimated at US$ 50 million with an expected growth of 15% per annum. Blue Star Ltd, an Indian air conditioning superbrand plans to tap this market in Sri Lanka, Mukundan Menon, Executive Vice President at Blue Star Ltd told reporters in Colombo last [...]

Sri Lanka lacks skilled workforce, says NCCSL President

Shortage of skills is a major bottleneck that will probably hamper growth of the country in the years to come. If Sri Lanka is to enter the efficiency driven phase of economic development, it needs new skills with the majority of workforce being relativey unskilled, said Sunil.G. Wijesinha, President of the National Chamber of Commerce [...]

Civil rights group urges proper relocation plans for those evicted

Friday Forum, a top, Colombo-based civil rights group, has urged the government to ensure a transparent development plan which provides for and ensures the participation of representatives of the affected communities in relocation procedures. “There has been public criticism that these evictions are being used to redefine the demography of some urban areas and therefore [...]

LKR to ‘appreciate steadily’ against USD over 2014 : StanChart report

A recent report by global banking giant Standard Chartered has forecasted that the value of the Sri Lankan Rupee (LKR) will “appreciate steadily” in relation to the US Dollar (USD) over the course of the coming year, ultimately falling to 128 against theUSD by year’s end. The report, entitled “Global Focus 2014 – Rising East, [...]

Sri Lanka to harness Austrian potential as a gateway to Central and Southeast European markets

In a quest to seek new foreign trade and investment partners shifting away from traditional markets, Sri Lanka is to harness the potential of Austria as a gateway to Central and Southeast European markets. The country offers many concessions to foreign players considering investing in the local market and in recent years over 30 Austrian [...]

“Paradise Calling” promo song

Sri Lanka Tourism’s promotional song titled “Paradise Calling” was launched at a function held at “Ape Gama” in Battaramulla recently in the presence of M.L.A.M. Hizbullah – Deputy Minister of Economic Development, Dr. Willie Gamage, Secretary to the Minstry of Botanical Gardens and Public Recreation, Bhashwara Gunarathna Chairman of Sri Lanka Tourism (SLT), Rumy Jauffer, [...]

Aitken Spence Hotels recognised as Sri Lanka’s Most Energy Efficient for the third consecutive year

Heritance Ahungalla and Heritance Ayurveda Maha Gedara emerged victorious at the recently concluded Sri Lanka National Energy Efficiency Awards 2013, conducted by the Sri Lanka Sustainable Energy Authority for private and public sector institutions with he aim of recognising their contribution towards an energy efficient Sri Lanka, a media release issued by the company stated. [...]

Ajith Salgado elected as President of CSSL

Ajith Salgado was unanimously elected President of the Computer Society of Sri Lanka (CSSL) for 2014 at its AGM held recently in Colombo. The CSSL, established in 1976, has played this role for over 35 years now and is considered the apex body for ICT professionals in Sri Lanka. Mr. Salgado has over 15 years [...]

The HJS Condiments Limited wins a Silver Award for social dialogue and workplace Cooperation

The HJS Condiments Limited wins  a Silver Award for social dialogue and workplace Cooperation

HJS Condiments Ltd, the key Agri Export division of Hayleys Agriculture Holdings Limited, bagged the Silver Award in the Small Scale Manufacturing Sector, at the Island Wide Competition on Social Dialogue and Workplace Cooperation 2013. The Competition was organized by the Social Dialogue and Workplace Cooperation Unit, Industrial Relations Division, Department of Labour and Labour [...]

EFC launches gender policy for corporates

The Employers’ Federation of Ceylon (EFC), in collaboration with the International Labour Organization (ILO) has launched a document entitled ‘Maximizing Benefits: Ensuring Equality in Human Resource Development’ which promotes gender equality in the workplace. The document provides a practical framework for business establishments in the private sector in Sri Lanka to promote gender equality in [...]

Indonesia to continue wheat flour imports from Sri Lanka

Indonesia is to continue wheat flour imports from Sri Lanka despite the introduction of safeguards to country’s domestic wheat flour industry. “Our domestic wheat flour industry has been seriously affected by foreign supplies over the recent years. We are aware of the importance of wheat flour industry in Sri Lanka and, therefore, consultations are continuing [...]

LOLC Micro Credit rewards young scholars

LOLC Micro Credit Ltd (LOMC) recently awarded LOMC scholarships to over 550 students from diverse communities in the country. The awards were made at the company’s annual “Isuru Diriya Sisu Upahara Scholarship Award Programme” in Colombo. Of the students, 200 who obtained top results were felicitated at the ceremony. Lalith Weeratunga, Secretary to His Excellency [...]

SEC pushes consistency in disclosure requirements

The Securities and Exchange Commission (SEC) directive on share dealings information by directors and CEOs of public quoted firms issued on Friday will bring in uniformity to the disclosure requirements by the regulator, SEC officials said. “There are certain disparities between the Colombo Stock Exchange’s (CSE) listing rules and Section 200 of the Companies Act [...]

Tourist traffic snarls at 3 % pace in November

Tourist traffic snarls at 3 % pace in November

The Commonwealth Heads of Government Meeting (CHOGM) in Colombo had its first impact with tourism when the November figures were released last week indicating the slowest growth for the year in addition to the lack of adequate consumer based promotion in key markets. November recorded the slowest growth rate of 3 per cent for the [...]

Citrus Kalpitiya delayed, villas reduced

Citrus Kalpitiya would be delayed for commencement, despite funds being raised through an Initial Public Offering (IPO) in this regard, due to lack of promotion of the area by the government, an announcement by the company, Kalpitiya Beach Resort PLC, stated. It was pointed out that there was a delay in promoting this destination by [...]

Construction commences on first Anantara Resort and Spa, Tangalle

The first five star US$40 million Anantara Resort and Spa in Sri Lanka scheduled for an early 2015 opening commenced construction recently, a media release issued by the local company Hemas Holdings PLC stated. The project is a joint venture by Hemas Holdings PLC and Minor Hotel Group, Thailand, with an investment of US$ 40 [...]

Kingsbury celebrations

Kingsbury  celebrations

Mr. L. N. D. S. Wijeyeratne, Mr. Dayal Fernando, Mr. Lalin Samarawickrama, Mr. Mohan Pandithage and Mrs. Ramani Ponnambalam cutting the rose studded cake to mark one year of hospitality at The Kingsbury hotel.

Cinnamon properties draped in holiday décor this season

Cinnamon properties draped in holiday décor this season

Whether it’s a magical Christmas getaway, a lovely place to stay while shopping for Christmas and New Year or just some inspiration for decorating the home, chances are you will find everything you are looking for at Cinnamon Hotels & Resorts, a media release issued by the company stated. “We have gone all out this [...]

Beach Resort re-launched as Calamander Unawatuna Beach

Unawatuna Beach Resort (fondly known by locals as UBR), one of Sri Lanka’s oldest and most popular beach resorts, was re-launched as Calamander Unawatuna Beach recently at a cost of Rs.1.35 billion, a media release stated. The Singapore-based Calamander Group, which bought the hotel in October 2011 for close to Rs. 1 billion, has since [...]

SriLankan flies to Central Asia on Siberian Airlines

SriLankan Airlines would operate flights to Central Asia with its latest codeshare agreement with Siberian Airlines (S7) which came into effect on December 17, a media release issued by the national carrier stated. The codeshare will allow SriLankan Airlines’ (oneworld member elect) passengers to Moscow to access key cities such as Novosibirsk, St. Petersburg, Volgograd, [...]

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.