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CIFL depositors fear ‘anti-government’ labels

CIFL depositors fear ‘anti-government’ labels

By Quintus Perera The Geneva resolution on Sri Lanka over human rights violations and the government’s firm resolve to defeat is haunting a new group – desperate depositors of the failed Central Investment and Finance Ltd (CIFL). These depositors, who have moved court for relief and also seeking other avenues to get their money back, [...]

Research rules curb Lankan academic freedom

A new Treasury circular relating to increased funding for research in state universities has raised alarm bells amongst Sri Lankan academics as such research must now conform to government policy. The circular sent to heads of state institutions and received by the University Grants Commission (UGC) has raised concerns among academics that this is another [...]

Lankan travellers concerned after missing MH370

Sri Lankan passengers though concerned still do travel on Malaysian Airlines despite a slight dip in demand in the wake of the recent mysterious disappearance of the MH370 flight. Travel Agents Association President Saman Premakumara speaking with the Business Times said that they had witnessed a “slight dip” in demand for flying on Malaysian Airlines. [...]



A campaign began in Colombo this week to raise funds for a project to start heart surgery in the Northern and North-Central provinces for needy patients.  There are no cardiac surgery facilities in these provinces and patients are sent to Kandy and Colombo for operations. Picture by M.A. Pushpa Kumara shows a senior citizen at [...]

Finance Cos. could lose licence if merger proposals are not ready by 31st March

Finance companies (Non-Bank Financial Institution – NBFI) could lose their licence if they fail to submit their proposals to merge under new rules, before the March 31st deadline. Industry sources said that the seriousness of this process has been communicated to the relevant NBFIs. Separately, CB Assistant Governor C. J. P. Siriwardena told the Business [...]

Treasury Secretary PBJ under pressure to quit

Speculation is rife in the portals of the Ministry of Finance and Planning and the Ministry of Economic Development that its all-powerful chief executive (Secretary) Dr. P.B. Jayasundera is to quit in the next few months. The reason? Heavy pressure from persons with high political connections over financial disbursements for their projects. Highly placed sources [...]

Exploiting Natural Gas Bonanza: Let us get it ‘Right this Time Around’

The Pathfinder Foundation’s (PF) previous Energy Alert (published in the Business Times) concluded that the key challenge for Sri Lanka’s energy security was to reduce its dependence on imported oil while containing energy costs in the economy. These twin objectives can best be achieved by maximising the benefits from the natural gas discoveries in the [...]

Controlling Sri Lanka’s academia

Several years ago, when Chandrika Kumaratunga came into the scene as a candidate for the presidential elections, the face of Sri Lankan universities changed. Probably for the first time, a group of academics (believed to be from Peradeniya university) took a stand and supported her candidature in a notice publicised in local newspapers. This was [...]

Reduced credit in private sector a temporary development, CB says

Reduced credit in private sector  a temporary development, CB says

Reduced demand for credit to the private sector in Sri Lanka’s economy is a temporary phenomenon and most likely to rebound in the second quarter of the year, the Monetary Board of the Central Bank (CB) said. It said private sector credit is likely to rise supported by declining market lending rates, sufficient liquidity levels [...]

Sri Lanka’s trade unions seek clarification on Sino – Lanka MoU on labour issues

Sri Lanka’s trade unions have sought immediate clarification relating to contents of the Memorandum of Understanding (MoU) signed in November last year between Sri Lanka and China on strengthening cooperation on labour-related issues as it was kept as a secret during the past three months. Trade union leaders have been kept in the dark by [...]

Former Air Force chief assumes duties as BOC Chairman

Former Air Force chief assumes duties as BOC Chairman

Former Sri Lankan air force chief, Air Chief Marshall Harsha Abeywickrema, took up duties on Monday as the Bank of Ceylon’s new chairman. The commander joined the SLAF in 1980 as an Officer Cadet and was commissioned as a Pilot Officer in 1982. He has a Master of Arts degree in International Studies from the [...]

Ceylinco Shriram payment plan to be expedited on Supreme Court order

The Ceylinco Shriram Company’s payment plan for depositors is to be expedited on a directive issued by the Supreme Court last week. Chief Justice Mohan Peiris on Tuesday directed all relevant parties involved in the Ceylinco Shriram case to extend their fullest support to settle the money of disgruntled depositors within a short period of [...]

zMessenger releases daily deals filtering app BigBon

A new Sri Lankan smartphone app, BigBon, has been released to “[help] users to filter and receive the best deals and offers from merchants of their choice”, according to a statement by the app’s developer, local mobile marketing firm zMessenger. The statement also noted that the “app also uses state-of-the-art Augmented Reality (AR) technology for [...]

CB accepts NDB, DFCC and Vardhana merger proposals

The NDB, DFCC and DFCC Vardhana banks have submitted their merger proposals which have been approved by the Central Bank (CB) and the process is going on, according to sources close to all three entities and CB officials. This is in line with the proposed consolidation programme, which is a pre-emptive strategy to establish a [...]

MG cars return to Sri Lanka

MG cars return to Sri Lanka

Sri Lankans will soon see the return of MG cars – not in familiar sports or racing car models – but in semi luxury fashion with the launch of the MG 6, designed and engineered in Britain. It is the first all-new MG to be launched in 16 years and also the 21st century incarnation [...]

40,000 new hotel rooms in two years

Sri Lanka’s tourism industry would be aiming at making available 40,000 more rooms within the next two years, a key official at Sri Lanka Tourism said. Sri Lanka Tourism Development Authority Director General Dr. D.S. Jayaweera said this kind of room capacity was required and would be achieved within the next two years in a [...]

Golden Key depositors appeal to President that relief still far away

Disgruntled depositors of the Golden Key Credit Card Company (GK) have urged the government to direct the Central Bank (CB) to appoint a Depositors Representative Monitoring Committee (DRC) to assist the newly constituted Golden Key board of directors to carry out the re-payment action plan in a transparent and efficient manner. Although the Supreme Court [...]

Sri Lanka Foundation now Wi-Fi enabled by SLT

Internet access across the well-known Sri Lanka Foundation (SLF) at Independence Square has been installed through Wi-Fi enabled technology by Sri Lanka Telecom (SLT). “Visitors to the Foundation can now experience superior high speed uninterrupted internet services from SLT,” the telecom company said this week. SLF Chairman Prof. Ranjith Bandara said that SLF being Wi-Fi [...]

CSE says too few tech firms in the market

The number of technology and IT Business Process Outsourcing (IT-BPO) companies on the Colombo Stock Exchange (CSE) is “low”, according to a CSE presentation made recently to the IT-BPO sector. A part of the recently-held “Unlock the Value of Your Company – Listing Forum for IT BPO Industry” event, which was organised jointly by the [...]

KIA invests on staff training to enhance customer care

KIA Motors (Lanka) Ltd., the authorised distributor for a popular automobile brands in Sri Lanka, has initiated a programme to enhance the personal development of its staff, introducing an in-house English language training course and several other trainng programmes. The first batch to undergo training comprising of 14 technicians from the company’s workshop and body [...]

Quantum awards eight employees with UK qualification

Quantum awards eight employees with UK qualification

Quantum Clothing Lanka recently awarded eight of its employees an NVQ level 3 Certificate in Apparel Manufacturing Technology in collaboration with ABC Awards of the UK, a media release issued by the company stated. The programme was tailor-made from the courses offered through ABC Awards, targeting pattern and grading skills for lingerie, it was stated. [...]

Cinnamon Air’s “6 tickets for the price of 3″ offer

Cinnamon Air, Sri Lanka’s premier domestic airline, operating out of its dedicated terminal at BIA, on Wednesday announced the launch of the “Cinnamon Air Pass” which offers six tickets for the price of three. The “Cinnamon Air Pass” caters exclusively to Sri Lankan nationals, corporates, the diplomatic community and expatriates resident in Sri Lanka and [...]

Piracy and stealth affect world-class Lankan inventions, says top inventor

Piracy and stealth affect world-class  Lankan inventions, says top inventor

Espionage in systems and formulas plague new inventions and adversely affects their commercialisation for public good, and this often happens after patents are obtained, according to a top Sri Lankan inventor. Two weeks back the Business Times reached the office and the laboratory of C & T Worldwide (Pvt) Ltd in a secluded area in [...]

Govt. seeks public views on Kandy waste water project

In what is seen as a growing area of transparency, the Sri Lankan Government is seeking the views of the public on a new waste water project in Kandy. For this purpose, the assistance of an experienced Public Relations agency is being sought and bids have been called for this purpose in a public notice. [...]

Contribution of LTTE to development negligible, Kelaniya University survey on the North reveals

While a majority of those interviewed, in a recently released, 1,085-respondent research study conducted in the five major Northern Province administrative districts, felt there was development, many felt it was mostly on infrastructure type projects. Lacking was development focused on generation of employment and income, and even the supply of water. Elaborating further, the study [...]

Public comments called for new National Immunisation Policy

While a draft National Immunisation policy in consultation with relevant stakeholders, has been prepared by the Health Ministry’s Epidemiology Unit, public comments are also being called on the proposed policy, according to a government announcement. “The National Immunisation Policy Development Committee appointed by the Director General of Health Services requests the public to submit their [...]

Blue Chip hosts ‘Extend Your Enterprises’, showcases Infor 10x

The Sri Lankan unit of UK-based IT company Blue Chip Technical Services recently hosted a seminar, entitled “Extend Your Enterprise”, wherein it showcased the benefits of enterprise software Infor 10x to customers, according to a statement by the local cmpany. Further, it was also noted that the “seminar provided the audience with an insight into [...]

Lankan angels come to the rescue of innovative SL inventors who are short of funds

For decades, young ingenious Sri Lankan inventors, who essentially which should be the soul of local entrepreneurship and innovation, have not had a godfather until the new-dynamic team at the Sri Lanka Inventors Commission (SLIC) and a funding group, the Lanka Angel Network (LAN), made an entry. The two groups backed by a large number [...]

Trinco port industrial park down to three RFPs

Offers for investments in the industrial park within the Trincomalee port have been reduced to three ‘Request for Proposals (RFPs)’ for further examination from the previous nine received, an official said. Out of the earlier nine, which were previously announced, five were examined and out of which two were said to have had “environmental issues” [...]

Munchee wins ‘Student Brand of the Year’ at DS awards

Munchee won the Student Brand of the Year, the highest evaluation award amongst students conferred at the D.S. Students Brand Award Ceremony 2013 organised by the D.S. Senanayake College Commerce Society in celebration of the College’s Commerce Day. Twenty four reputed Sri Lankan brands from multiple categories were chosen by the students. Munchee received the [...]

Sri Lanka well represented at ITB Berlin

Sri Lanka well represented at ITB Berlin

Sri Lanka, as in the past years, had a large delegation representing the country at the recent ITB 2014 tourism fair in Berlin.

GLO to go online

GLO to go online

The GLO label launched by Orit Inc. last December has since then seen a rapid rise in sales and popularity throughout Sri Lanka, and is now available in more than 25 retail stores island-wide. GLO is primarily a US-based Women’s-wear label and licensed exclusively by Orit Inc, the local company said. “GLO is aimed at [...]

Sadaharitha seeks meeting with CB Governor on forestry regulations

Sadaharitha Plantations Ltd, a commercial forestry management company, has sought a meeting with the Central Bank (CB) Governor Nivard Cabraal to discuss regulating the forestry firms in the country in a bid to advocate better practices into this industry, officials said. “We approached the CB about a year ago and they were quite interested and [...]

Bitcoins – the future of banking

Chic apartments in Manhattan, a posh car and tickets for pop concerts are some of the things you can buy with Bitcoins. But what are they? Bitcoins introduced in 2009, is the world’s biggest cryptocurrency, which is digital money. It’s the longest-standing, best-known, and most widely traded crypto currency and it’s a virtual medium of [...]

CSE to educate undergrads, teachers on Capital Market investments

The University Grants Commission (UGC) and the Education Ministry have approved a scheme proposed by the Colombo Stock Exchange (CSE) to conduct compulsory workshops for undergraduate students and commerce teachers across the country on capital markets, according to a CSE media release. Workshops will be conducted throughout the year at state universities, national schools and [...]

Commercial Bank AGM on March 31

The annual general meeting of the Commercial Bank of Ceylon, Sri Lanka’s biggest private bank, will be held on March 31 at 2pm at the Galadari hotel, the bank said on Tuesday. In recent times, many companies are giving advance notice of their AGMs through announcements in the Colombo Stock Exchange in a further adherence [...]

Sri Lankan-born Engineer receives prestigious international award for Bridge Construction

Sri Lankan-born Engineer receives prestigious  international award for Bridge Construction

Dilshan Tirimanna, a Sri Lankan-born engineer, recently received the Dutch Concrete Technology Award 2013/2014 and the Prestigious FIB Outstanding Concrete Structures of the World Award during the FIB congress held in Mumbai, India last month. Mr. Tirimanna, originally from Wattala, is the Managing Director and owner of the FDN Group based in Amsterdam, the Netherlands.The [...]

Tenaga to introduce Solar Powered Parking Meters

Tenaga Car Parks (Pvt) Ltd, the pioneer in providing parking and traffic management solutions in Sri Lanka, has entered into a partnership with CALE Access, a Swedish innovator who specialises in innovations related to improving products for parking, public transport and entry fees. The MoU regarding the partnership was signed recently by Duminda Jayathilake, Managing [...]

Sanjaya Jayaratne appointed new Chairman of COYLE

Sanjaya Jayaratne has been appointed as the new Chairman of the Chamber of Young Lankan Entrepreneurs (COYLE), for the current period 2014/2015, taking over from Wasantha De Silva – the Immediate Past Chairman. Navein Perera was elected Chairman Elect for 2015/2016 and Kasun Rajapaksa as Chairman Elect for 2016/2017, the chamber said in a media [...]

Sanji De Silva wins APEA ‘Emerging Entrepreneurship Award’

Sanji De Silva wins APEA  ‘Emerging Entrepreneurship Award’

Sanji De Silva, Chief Executive Officer of Bileeta (Pvt) Ltd won the Emerging Entrepreneurship Award at the prestigious Asia Pacific Entrepreneurship Awards 2014 held recently. The Asia Pacific Entrepreneurship Awards is a regional recognition for outstanding entrepreneurs across Asia. The ceremony is a platform for Asian business leaders and entrepreneurs to network, share information and [...]

Immunity from prosecution for new GK Directors worries depositors

Immunity from any prosecution granted to newly appointed Directors of the Golden Key Credit Card Special Purpose Vehicle (GK-SPV) under the action plan devised by Central Bank with the consent of Supreme Court, is worrying many depositors. In a letter sent to President Mahinda Rajapaksa recently the GK Women Depositors Joint Organisation says that according [...]

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