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Reducing work stress

Reducing work stress

An employee at one of the wellness sessions at Orange Electric Co which the company has organised in its ‘healthy employee’ programme.

‘Personalised’ number plates on cars soon

Sri Lankans will soon get an opportunity to display ‘personalised’ numbers and letters in their vehicle number plates subject to certain restrictions and guidelines of the Department of Motor Traffic, a top official of the department said. The department is taking measures to introduce this scheme owing to demand from a section of vehicle owners [...]

More than 5 firms to delist from CSE

The new rules on minimum public float requirement by the Securities and Exchange Commission (SEC) have prompted many listed firms to delist from the Colombo Stock Exchange (CSE) in the coming months, industry sources said. “More than five firms are discussing with their major shareholders and director boards to delist,” one industry source told the [...]

Lankan commercial banks slash interest on gold pawning loans

In anticipation of a further global gold price decline this year, Sri Lanka’s commercial banks have reduced interest rates on pawning loans on a directive of the Central Bank (CB), bank officials said. The CB has imposed a 19 per cent per annum interest ceiling on gold pawning loans and directed banks to curtail this [...]

Touchwood depositors band together for legal action

Amidst a series of regulatory actions, troubled forestry firm Touchwood’s woes are slated to escalate with some depositors banding together to seek justice, some depositors said. “We are taking legal advice in this regard,” one depositor told the Business Times. He added that they want more depositors of Touchwood to join them. Amongst those directors [...]

Rotana Jet to enter Colombo skies

An aviation services agreement is being negotiated with Rotana Jet, an Abu Dhabi state-owned airline, to operate flights to Colombo and Mattala. Representatives from the airline were in the country recently to conduct discussions with the relevant local authorities in this regard. Etihad is the other state-owned commercial airliner from Abu Dhabi that operates regular [...]

More debit than credit card holders in Sri Lanka

Sri Lanka is now rapidly moving towards a cash-less society with the increase in debit and credit card transactions with retail payments in cash for goods services recording a decline, bank officials said. A large number of consumers are using debit or credit cards for point -of-sale payments, they disclosed. Sri Lanka’s next generation of [...]

2013 national census caused ‘lot of distress’ to northeast victims of conflict, SI-CPA says

The lack of public awareness in Sri Lanka about the national ‘Census on Human and Property Damages due to Conflict’ conducted last year and its objective at the time it was conducted is ‘cause for concern’, a top polling and research group has said. “While people in war affected areas are used to information being [...]

Wrong approach to development

Sri Lanka’s development process in the post-war era has come in for a lot of discussion in recent times. On the one hand while there are many plus points in the progress on infrastructure particularly in roads, express highways and beautification of cities, the other side of the coin is that the needs and concerns [...]

Sri Lanka yet to show signs of high-performing economy, top economist says

Sri Lanka, in spite of rhetoric, has not yet shown any signs of a high-performing economy in the post-war era, a top economist said this week. “It is therefore not surprising that Sri Lanka cannot sustain 8-10 per cent rate of average growth unless it expands its capacity level, and not the capacity utilization level,” [...]

OpenArc software to go public by year end

OpenArc software to go public by year end

OpenArc Systems Management (Pvt) Ltd, a leading software company established in 1991 will be the very first, Sri Lankan software company with a diversified group to go public by year end, officials said. The company primarily offers software solutions to Banking and Finance, Security trading and Enterprise Resource Planning (ERP) and it runs its own [...]

Innovators to ‘pitch’ their ideas at Brandix Group’s Disrupt Unlimited next week

New, innovative ideas to address diverse opportunities and challenges in the apparel, textile and accessories industries are to be presented on Thursday, 20th March at the first ever ‘Pitch Day’ of Disrupt Unlimited, the Brandix Group’s new US$ 1 million Seed Accelerator. The Pitch Day will bring together the first batch of innovators that accepted [...]

Cyber Concepts helps to launch online coconut auction

Cyber Concepts helps to launch online coconut auction

Cyber Concepts, one of Sri Lanka’s leading software and web solution companies, is partnering with the Coconut Development Authority (CDA) to develop a technologically-advanced coconut auction system in Sri Lanka. Introducing e-marketing concepts is an idea put forward by Jagath Pushpakumara, Minister of Coconut Development and Janatha Estate Development and implementing this proposal was delegated [...]

Commercial Bank supports two more national initiatives in education

The CSR Trust of the Commercial Bank of Ceylon has donated 134 multi-function laser printers with fax capability to schools that participated in the Mother Sri Lanka Trust’s ‘Project RUN’ in 2013. The recipients of these printers are the winning schools from 1,000 schools selected for the National Schools Programme by the Ministry of Education [...]

Huawei launches 2014 4G-LTE smart devices at MWC

Global consumer electronics maker Huawei launched its 2014 range of 4G-LTE enabled smart devices at the recently concluded Mobile World Congress (MWC), a top, and long-running, telecommunications industry event held in Barcelona, Spain. According to a statement issued by the firm’s local unit, these products included the “world’s slimmest 7-inch phablet HUAWEI MediaPad X1, ‘talk [...]

International Chamber of Commerce- Sri Lanka organises delegation to China trade fair

The International Chamber of Commerce Sri Lanka (ICCSL) is organising a delegation to participate at the “China Import Expo, Kunshan 2014” fair. This is an event organised by the International Chamber of Commerce, China in cooperation with the Ministry of Commerce China, China Council for Promotion of International Trade, and the Jiangsu Provincial People’s Government. [...]

Commerce Ministry steps into tax crisis at lentils-processing factory

The Commerce Ministry has promised to step into a crisis situation at a top red-lentil processing factory in Sri Lanka where a recent tax revision has made the facility uneconomical. “Since this February’s tariff revision, we have stopped importing whole lentils for processing here as the import duty costs are causing losses for us, with [...]

Visiting Adfest 2014, the Mecca of Asia’s advertising festivals

Visiting Adfest 2014, the Mecca of Asia’s advertising festivals

THAILAND – Most Sri Lankans know Pattaya as a Thai resort town, thrown in as a part of the typical four day, three night cheap budget tour packages one sees advertised in the Sunday Times Hit Ads. But for one glorious three-day spell, often in March of every year, this little Russian tourist mecca also [...]

EFC signs plantation staff collective agreement with CESU

The Employers’ Federation of Ceylon signed the Plantation Staff Collective Agreement with the Ceylon Estates Staffs’ Union (CESU) for a period of three years beginning 1st October 2013, the federation said. In terms of this agreement, the regional plantation companies have agreed to revise the salaries of estate staff covered under the agreement by 25 [...]

Joint workshop for inventors from Lankan stakeholders

The Lankan Angel Network, together with its strategic partners, the Sri Lanka Inventors’ Commission and the Sri Lanka Institute of Nanotechnology, is hosting the inaugural “Future Build” seminar for inventors on March 18 at the BMICH. The workshop is being held to identify what it takes to turn an idea, or a concept, into a [...]

Internal inquiry into vehicle registration scam

Internal inquiry into vehicle registration scam

The Department of Motor Traffic has instigated an internal inquiry into a forged vehicle registration racket that came to light with the recent revelation of selling vehicles using registration certificates stolen from the department three years ago, the head of the department said. Motor Traffic Commissioner-General S.H. Harischandra told the Business Times that necessary control [...]

Germany’s Sixt Rent-a-Car enters Sri Lanka to cater the emerging needs

Sri Lanka’s rent-a-car service is to be transformed to international levels with the entry of Germany’s number one car rental company Sixt Rent-a-Car by opening its offices countrywide in collaboration with Prestige Group, Heinz A. Reuter, Chairman of the Group said. Addressing the launching ceremony of Sixt Rent-a-Car service in Colombo, he noted that it [...]

Kia launches new website custom-designed for Sri Lanka

Kia launches new website  custom-designed for Sri Lanka

Kia has opened another portal for engagement with the brand and all it represents, with a new website custom designed exclusively for its vehicle owners in Sri Lanka as well as for aspiring new enthusiasts, a media release of Kia Motors (Lanka) announced. Cricketing icon turned humanitarian Muttiah Muralitharan, a Kia brand ambassador, joined Kia [...]

AMW kick-starts long-term strategy of bringing all signature brands under one roof

Associated Motorways (Pvt) Ltd (AMW) has initiated its long–term strategy to set up multi brand showrooms countrywide displaying the company’s all signature brands like Nissan, Yamaha, Renault, Suzuki Maruti, Suzuki, Piaggio, Good Year, Castrol and BP. The company has announced the opening of the first such multi brand showroom in the heart of this week [...]

Chinese auto major Chery partners Ideal group to form Ideal Chery in Sri Lanka

Chinese auto major Chery partners Ideal group to form Ideal Chery in Sri Lanka

China’s one of the largest car manufacturers Chery Automobile Co. Ltd. has partnered with Ideal Group to form Ideal Chery Automobiles (Pvt) Ltd as its franchise holder and distribution partner in Sri Lanka, a company official said. Ideal Chery’s Chief Operating Officer (COO), Chamath Tennekoon told the Business Times that they pursued Chery after closely [...]

Carmart introduces the svelte new Peugeot RCZ

Continuing a 60-year partnership with French automaker Peugeot, Carmart (Pvt) Ltd has introduced a new addition to its range with the newly face-lifted RCZ sports coupé. With this facelift the RCZ gains a redesigned front end with blackened headlights, a revised grille and LED daytime running lights. Packed with performance-enhancing features, the RCZ looks the [...]

Roadside emission testing results in savings for motorists

Sri Lanka is implementing roadside emission testing of vehicles with a new vigour to ensure emissions are within acceptable levels throughout the year forcing motorists to save more on fuel, officials said. “Roadside emission tests help us keep track of emission levels of vehicles on an ongoing basis,” top officials involved in the initiative explained [...]

Informal economy could soon dominate world markets, says labour specialist

The informal economy would be another name for poverty in that this segment of the economy is a response to poverty, as a survival strategy. According to estimates made by famed Peruvian economist Hernando De Soto, the World Bank and the ILO, about 1.9 billion people work in the informal economy world-wide and an equal [...]

Urgent need for Condominium Owners Association

Urgent need for Condominium Owners Association

Today Condo owners have no place to go to get their problems and issues effectively resolved without taking long and undue delays. So they are frustrated and a Condo Owners Association (COA) will be sympathetic to them and look for ways to solve their problems. In short this will become a strong lobby group and [...]

Sri Lanka’s Energy Security: From Import Dependence to Production – I

The global energy market will undergo sweeping changes in the next five years. The ongoing North American (US and Canada) hydrocarbon revolution (shell gas and oil) is a “game changer.” In the short-run the US and Iraq are expected to be leading contributors to supply growth. The anticipated significant rise in supplies in the medium-term [...]

Bread shock for consumers

Bread consumers in Sri Lanka await another shock and it would be another blow to nutrition! The All Ceylon Bakery Owners Association (ACBOA) is now working out to reduce the weight of a loaf of bread from its original weight of 450 grams to 400 grams and to sell it at the same current price [...]

Orange launches ‘Work life Balance’ programmes

Orange Electric, which says it places great emphasis on the welfare of its employees, recently implemented several distinctive programmes, giving new meaning to ‘work life balance’ whilst taking their ‘Healthy Employee’ concept to an altogether higher plain. In a statement, the company said it devised some interesting and special programmes that help maintain and develop [...]

Sri Lanka intensifies ‘keeping currency notes clean campaign’

Sri Lanka intensifies ‘keeping  currency notes clean campaign’

Sri Lanka is intensifying the ‘keeping currency note clean campaign’ with the launch of a countrywide programme to create awareness among the people through the banking network in the island, a senior official of the Central Bank (CB)’s currency management division said. The CB has issued a directive to all banks in the island and [...]

Japanese eye major investments

Some major Japanese investors are eyeing stakes in manufacturing and construction sectors, a Japanese investor in Colombo scouting for related businesses said. “We are discussing with a few Sri Lankan companies in these sectors,” Masami Awano, a Japanese investor who has secured an investment with OpenArc Arc Software Company told the Business Times. He added [...]

Malaysia to attract nearly 70, 000 Lankans this year

Sri Lankans travelling to Malaysia increased by at least 2 per cent in 2013 compared to the previous year, Malaysian Tourism authorities stated this week during a media briefing held in Colombo on a tourism promotional campaign. At least 64, 051 tourists from Sri Lanka visited Malaysia last year that added to its record arrival [...]

US attracts fastest growing businesses in Sri Lanka

The apparel industry recently launched the All World Network Sri Lanka Fast Growth 25 initiative together with the Harvard Business School aimed to showcase and rank the most innovative and dynamic fast-growth private companies in the country. Brandix Lanka CEO and Joint Apparel Association Forum (JAAF) Founder Chairman Ashroff Omar addressing the business community said [...]

Lankan accountants also perform public interest role, expert says

The accountancy profession is differentiated from other professions as it has a public interest role, was the view of a top practising accountant. Reyaz Mihular, Managing Partner, KPMG expressed this view while participating at a ‘Round Table Discussion on Proposed Amendments and Emerging Issues for Small and Medium Enterprises’ held at the Institute of Chartered [...]

Commercial Bank wins international award for Social Empowerment

Commercial Bank wins international award for Social Empowerment

The Commercial Bank CSR Trust has won the prestigious Asia Responsible Entrepreneurship Award (AREA) in the sphere of ‘Social Empowerment’ at the 2014 awards held in New Delhi. Considered Asia’s leading award for responsible entrepreneurship, the AREA award is presented annually in seven categories by Enterprise Asia, a non-governmental organisation in pursuit of entrepreneurship development [...]

Expolanka honoured at AREA Awards

Asia Responsible Entrepreneurship Awards programme (AREA) has honoured Expolanka Holdings PLC at the AREA awards 2013 for its services to the less-privileged communities through the CSR programme ‘Expo Medix’. In a media statement, Paddy Weerasekera, Head of Marketing, Corporate Communications and CSR for Expolanka Holdings PLC said, “We are privileged to win this prestigious award. [...]

Chinese municipality invites Lankan trade delegation for a 4 nation forum in Zhongshan

In the aftermath of the success of the Colombo-Zhongshan Trade & Investment forum on March 4, the Municipal Peoples Government of Zhongshan has invited a delegation from Sri Lanka, through the Sri Lanka-China Friendship Association, for a 4-nation trade development programme which will be attended by delegations from Pakistan, Thailand and Indonesia from March 27-28 [...]

Lankan stakeholders discuss “Sri Lanka’s proposed Naval and Maritime Hub”

The Sri Lanka – Norway Business Match Making Programme coming under the Ceylon Chamber of Commerce and funded by NORAD, recently organized a stakeholder meeting to discuss Sri Lanka’s journey towards becoming a ‘Naval and Maritime Hub’ and what needs to be done to facilitate the process. Officials of the Sri Lanka Port Authority, Sri [...]

SLAPCEO takes meetings and exhibitions to higher level

SLAPCEO takes meetings and exhibitions to higher level

The Sri Lanka Association of Professional Conference, Exhibitions & Events Organisers (SLAPCEO) held its 2nd AGM on 26th February, hosted by Cinnamon Lakeside Hotel. As the only industry body representing the meetings and exhibitions business in Sri Lanka, it is directly supported and assisted by the Sri Lanka Convention Bureau which is a statutory body [...]

Dialog Enterprise launches NFC Corporate Fuel Card Mobile App and USSD Service

Dialog Enterprise, the corporate solutions arm of Sri Lanka’s premier connectivity service provider, Dialog Axiata PLC, has introduced a Mobile Application (App) and USSD code (Unstructured Supplementary Service Data) service which allows Dialog NFC (Nea Field Communication) Corporate Fuel Cardholders to locate fuel stations from their respective mobile device. The Dialog Touch Corporate Fuel Card [...]

Spa Ceylon nominated for World Luxury Spa Awards

Once again Spa Ceylon, Sri Lanka’s premier spa lifestyle brand, has been recognised for its exceptional innovation and service in the international Spa Industry by being nominated for the World Luxury Spa Awards, for Service Excellence for the year 2013. The World Luxury Spa Awards promote official spa participants amongst 141 countries for a period [...]

CA Sri Lanka’s finance for non-finance managers’ resumes due to demand

A specialised programme on finance for non-finance managers’ launched in February this year by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will resume this month following overwhelming demand. The programme titled ‘The Bottom Line’ and conducted by subject expert Hussain Moosajee teaches participants on how to apply the fundamentals of finance [...]

Product standards after SLS endorsement

We have a Sri Lanka Standards Institution. Manufacturers clamour to obtain the SLS stamp on the products. But do the products fulfill the standards after the stamp is obtained? The Consumer Protection Authority (CPA) and the Colombo Municipal Council (CMC) are doing a great job in detecting not fit for human consumption food products. It [...]

Classic Travel appointed GSA Sri Lanka for India’s leading OTA

Classic Travel, the well-known leisure and travel subsidiary of Expolanka Holdings has been appointed as the General Sales Agent of India-based for Sri Lanka. With this tie-up, MakeMyTrip’s complete range of value-based International holiday travel products will now be available exclusively through GSA in Sri Lanka. The products and services on offer through this [...]

Airtel partners with m-commerce firm Celltick

International mobile commerce firm Celltick has entered into a partnership with the India-headquartered Bharthi Airtel network, spanning 20 countries across Asia and Africa, including Sri Lanka, according to a statement. The statement also added that “Celltick’s Start interface will provide 1.7 million active Airtel subscribers in Sri Lanka with fast access to their favourite and [...]

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