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Tax holiday request from Ansell Lanka rejected

Tax holiday request from Ansell Lanka rejected

Sri Lanka’s Board of Investment (BOI) has turned down a fresh application for tax concessions from Ansell Lanka Ltd to increase production through a new expansion plan, officials said. The reason for the rejection of the tax concessions for Ansell Lanka Ltd, the local subsidiary of world renowned glove manufacturer Ansell Ltd of Australia, was [...]

Scaled down, Shangri-La’s Hambantota Resort to be ready soon

Hong Kong-based Shangri-La’s Hambantota Resort and Spa is to be completed by the end of this year or early next year by scaling down construction work under the first phase of the project, informed sources said. “Pressure exerted by a top politician” is leading to the construction work being concluded haphazardly, and may result in [...]

Musical chairs again at the Tax Dept.

Several senior changes have been made at the Inland Revenue Department (IRD) just before the impending retirement of the Commissioner General Mallika Samarasekara, official sources said, triggering concern that an irregular appointment would be made. Ms. Samarasekera’s appointment in 2011 was smooth compared to earlier when trade unions opposed the appointment of outsiders to this [...]

Swarna Maloney gets in touch with some Touchwood depositors

‘Wanted-by-the-authorities’ Swarna Maloney, former Group Managing Director of troubled forestry firm Touchwood Holdings’, has got in touch with some distraught depositors over the last two weeks. “She called some of us from (she said) Cambodia and assured us that she will pay the due monies by months’ end,” a depositor who wished to be anonymous [...]

Power crisis but CEB halts new power sources

The Ceylon Electricity Board (CEB), just as Sri Lanka struggles through a drought and faces possible power cuts, is rejecting applications for new power sources that could increase the country’s total energy capacity by around 800 per cent. Sustainable Energy Authority (SLSEA) officials said this week that the CEB has stopped accepting new wind and [...]

Presidential directive to Central Bank on GKCC women depositors plea

The Presidential Secretariat, in a new turn of events, has directed the Central Bank (CB) to consider the grievances and suggestions put forward by a group of disgruntled women depositors of Golden Key Credit Card Company (GK) and take necessary future action towards alleviating the sufferings of depositors. This directive was issued in a letter [...]

SEC urged to release details of mergers and acquisitions by listed companies

Good governance activist, Chandra Jayaratne has urged the Securities and Exchange Commission (SEC) to rlease information on mergers and acquisitions by companies listed in the Colombo Stock Exchange, directors of the companies during such mergers and other details. In a letter titled “Seeking Public Disclosure of Critical Information for Good Governance Assurance by Listed Companies” [...]

BT-RCB poll on Geneva: You can take part!

A resolution against Sri Lanka is being moved at next month’s UN Human Rights Council Sessions in Geneva, demanding an international inquiry into alleged violations of international human rights in Sri Lanka. The Government says it is confident of defeating the resolution through its supporters on the UN HRC council. However concern is rising on [...]

Suganthie heads Sri Lanka’s IP commission

Suganthie heads Sri Lanka’s IP commission

Suganthie Kadirgamar has been appointed as the new Chairperson of Intellectual Property Advisory Commission of Sri Lanka (IPACSL), for a new 3 year term ,the Ministry of Industry and Commerce said. Ms. Kadirgamar is the Senior Partner of Sri Lanka’s oldest law firm, F. J. & G. de Saram. Other members of the commission are [...]

BBDO Worldwide named the ‘Best of the Best’ for eighth year in a row

BBDO Worldwide, for the unprecedented eighth consecutive year, has topped The Gunn Report as the most awarded agency network in the world. No other agency network has won more than twice, the agency said in a media release last week. This is the eleventh time in the 15-year history of the Report that BBDO Worldwide [...]

E-Net teams up with Telemax China to offer technology-based infrastructure solutions

E-Net teams up with Telemax China to offer technology-based infrastructure solutions

E-Net Integrated Solutions (Pvt) Ltd, a technology based infrastructure solutions company, has teamed up with Telemax Technology of China to offer customized solutions to business enterprises in Sri Lanka, Director of the company Nishan Liyanamana said. Speaking to the Business Times, he noted that his company provides technology based infrastructure solutions by assessing actual requirements [...]

Reflections of CHOGM Business Forum

Reflections of CHOGM Business Forum

“To succeed in business, one must put the best face forward to the outside world, whatever our home situation may be.” This was stated by my mentor, a Pakistani multi-millionaire businessman in Russia, the late Ghiasuddhin Sidiqi. He also said: “We Asians have an advantage over westerners. We are very lavish when we entertain guests.” [...]

Colombo skyline to liberalise airspace for airlines

Aviation authorities are looking at improving air services agreements entered into with international carriers flying into Colombo aimed at further liberalising the airspace, a key official at the ministry said. Aviation Ministry Secretary Dr. Ravindra Ruberu told the Business Times that they would be re-visiting the air services agreements with international airlines this year in [...]

Nagging power crises

For years, Sri Lanka has faced a power crisis during seasonal droughts which have extended to other months too due to climate change and global warming. Local water authorities have urged Sri Lankans to use water sparingly as reservoirs are drying up and power generation resources are getting depleted. In a drought, the country has [...]

Sad plight of the GK depositors

There was a recent report in a newspaper (not the Sunday Times) about the plight of Golden Key (GK) depositors and about shares in a Trust-namely ‘CESOT’. Ignorantly or otherwise it was reported that 50 per cent of the shares in that Trust is owned by Laith Kotelawela and those shares will go to the [...]

George Steuart Finance: Sunshine stories and buried truths

There has been a lot of hype in various newspapers that there is a new CEO at George Steuart Finance and that Eastman Narangoda, a known banker had been appointed Chairman. The above stories give confidence to the public. The papers have not reported the relevant fact that George Steuart Finance has reported a loss [...]

Lanka’s foreign policy dictated by the Defence Ministry,former diplomat says

Lanka’s foreign policy dictated by the Defence Ministry,former diplomat says

Sri Lanka can’t win in any international arena through a foreign policy strategy that is dictated by the Defence Ministry, a situation that would never have occured when the late Lakshman Kadirgamar was foreign minister, a former Sri Lanka diplomat and political scientist said. “Lakshman Kadirgamar would never have allowed such a situation to happen,” [...]

Laugfs’ Chilaw resort aims to target Chinese, Eastern travellers

The first resort of Laugfs Holdings, the 2.6 billion-rupee ‘Anantaya’ in Chilaw, is aimed at attracting the high spending traveller from mainly Eastern destinations like China. This new property is a very luxury resort on a five star property, Laugfs Group Chairman W.K.H. Wegapitiya said in an interview with the Business Times on Wednesday. He [...]

Hemas revenue, profits up from healthcare, FMCG, transportation

Sri Lankan diversified conglomerate Hemas recorded an increase in revenue of 22.5 per cent, to Rs. 23.7 billion, and an operating profit growth of 38.2 per cent, to Rs. 2.2 billion, for the nine months to December 31, 2013, with these being driven by the healthcare, fast moving consumer goods (FMCG) and transportation sectors. Quoted [...]

Global trade unions strongly backing strikers at Ansell Lanka, says top union official

Global trade unions strongly backing strikers at Ansell Lanka, says top union official

BIYAGAMA – The Government, in spite of the disastrous consequences migrant workers from Sri Lanka face, is widely encouraging women to take up jobs in other countries with the only motive of earning foreign exchange in a sinister move to gradually reduce the local employment base of Free Trade Zones. This was stated by Anton [...]

Wanted: Daring and risk-taking CEOs

Wanted: Daring and risk-taking CEOs

Are today’s entrepreneurs or business professionals daring? Or would they ask their deputies or minions to handle crisis situations? Take Mineka. P. Wickramasingha, known to friends and colleagues as “Miki” of Munchee fame. In the late 1980s, during a strike at the company, throwing caution to the winds, Mineka walked straight to a crowd of [...]

Most finance Cos. racing for int’l funding partnerships to be better ‘brides’ for mergers

Most small finance companies, now on a consolidation drive, are scurrying to strike collaborations with international funding lines and investors in a bid to be attractive in the negotiation process when merging with others, industry sources said. “Most don’t want to sell, but are eyeing opportunities to merge with strategic partners. In order to do [...]

Sri Lankans 6.8% more prosperous – Central Bank

Sri Lankans have become 6.8 per cent more prosperous. Or at least that’s what the country’s Central Bank signalled recently, a result of its Sri Lanka Prosperity Index 2012. The newest edition of this composite index showed its increase to 66.8 in 2012 compared to 62.5 in 2011 Consisting of three sub-indices, Economy and Business [...]

Mercantile Produce Brokers opt for Mobitel’s mAuction app

Mercantile Produce Brokers, a leading tea broker, recently decided to switch to mAuction – an application developed by Mobitel to capture tea auction information in real-time. This tablet-based application captures both the information of the buyer as well as the price, at the speed of the tea auction, according to a Mobitel statement. The mAuction [...]

No corporate governance in Sri Lanka

Most people advocate that corporate governance laws need to move beyond laws, to principles. Day dreaming? In Sri Lanka, even the rules are flouted sometimes even by the regulator like the Central Bank or other authorities. For example in Sri Lanka, Central Bank deputy governors are appointed to private banks, a day after their retirement [...]

International SOS Foundation launches global framework on safety, health and security for international travellers

The Singapore-based International SOS Foundation, together with over 13 leading international health, safety and security experts, recently launched the world’s first global framework to protect workers during travel or on overseas assignments, Janet Loh Marketing Director, South & Southeast Asia and International SOS disclosed. In an email communiqué to the Business Times, she noted that [...]

CB Governor’s claim “ The Debt to GDP ratio is satisfactory”– Is this so?

A local newspaper has quoted the Governor of the Central Bank as saying that there is no reason to ring alarm bells as the Debt to GDP ratio(Debt/GDP) is much better than it was during the time of the (previous) UNP regime. There are many reasons to believe that the Governor’s statement has to be [...]

66 years since independence…

66 years since independence…

On February 4, the media carried messages issued by several dignitaries from the President downwards in commemoration of the 66th Independence Day. They were all promising, patriotic, and optimistic filled with hopes and wishes. Ironically a news item apeared along with these messages caught my attention. A Yatiyantota Pradeshiya Sabha (local authority) member had borrowed [...]

The fruits Sri Lankans eat

There is hardly a debate on the point that naturally grown and naturally ripe fruits are a vital ingredient of human growth, maintenance and nutritional balance. However the term ‘natural’ provides the insight for answers we seek. Any external addition or action that expedites the natural growth, alters the natural taste, modifies the original form, [...]

Bank of Ceylon extends global reach to Seychelles

Bank of Ceylon extends global reach to Seychelles

The Bank of Ceylon (BOC), moving another step forward in fulfilling its strategic aspiration of becoming Sri Lanka’s international bank, opened its newest international branch in Victoria, Seychelles recently. The new branch was opened by the Seychelles Vice-President Danny Faure, Finance Minister Pierre Laporte and the Bank of Ceylon General Manager D.M. Gunasekara. Governor of [...]

Cargills Square opens in Jaffna

The landmark Rs. 500 million worth mall project in Jaffna by Cargills (Ceylon) PLC was opened for operations as ‘Cargills Square’ late last year, a media statement by the company said. The 74,000 square foot mini-mall comprising a cineplex with 3 screens including a 3 D cinema, food court, a Cargills Food City Supermarket, KFC [...]

Access Engineering’s container handling unit posts profits within 5 months

Access Engineering PLC’s (AEL) port handling machinery maintenance firm set up with China’s Shanghai Zhenhua Heavy Industries Company Ltd (ZPMC) has made profits within five months of operation, officials said. “We bought this stake five months ago for Rs. 60 million,” Sumal Perera, Chairman AEL told the Business Times, adding that the company has contributed [...]

Top educationist raises concerns over degrees by ‘questionable’ institutions

Concern has been expressed by a top Sri Lankan educationist over degrees being awarded by a variety of higher education institutions (HEI) which conduct courses. These degrees could ultimately prove to be “questionable” unless the HEI in question is properly recognised, warned Prof. Dayantha Wijeyesekera, a top Sri Lankan educator who formerly headed two local [...]

Dialog posts 12% rise in revenues, mostly from mobile, IDD, infrastructure

Dominant local celco Dialog posted a 12 per cent year-on-year increase in consolidated revenues, to Rs. 63.3 billion, for the 12 months to end-December 31. Consolidated revenues for the final, fourth quarter of its 2013 financial year showed a one per cent growth quarter-on-quarter, to Rs. 16.3 billion. According to a statement by Dialog, these [...]

Sri Lanka to be made the printing hub of Asia

With printing being the largest industry in the world that is very rapidly booming, the country is heading towards making Sri Lanka the printing hub of Asia, said Johnny Fernando, President of the Sri Lanka Association of Printers. He made these comments to the Business Times on the sidelines of the inauguration of the ‘Collate’ [...]

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