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Sri Lankan economy rebounds recording 7.3 per cent growth

Sri Lankan economy rebounds  recording 7.3 per cent growth

The Sri Lankan economy rebounded recording 7.3 per cent growth in 2013, while inflation remained at single digit levels for the fifth consecutive year, gradually declining to mid-single digit levels by end 2013. Economic growth was broad based with positive contributions from all sectors, supported by favourable weather conditions and improved global demand. This was [...]

Government completes the raising of entire $1.5 bln bond budgeted for 2014

Sri Lanka this week raised another US$500 million long term international sovereign bond to finance counterpart funds required for various development projects and to maintain cash flows as the (earlier) $1 billion bond raised by the Central Bank four months ago is fully exhausted on ongoing projects, informed sources said The Business Times exclusively quoting [...]

Helitours upgrades fleet

The Sri Lankan Air Force (SLAF) run commercial helicopter operation under Helitours was currently flying with new aircraft purchased mid last year. The new fleet of helicopters were purchased mid last year for the SLAF and which would be used as and when required by Helitours, SLAF Spokesman Wing Commander Gihan Seneviratne told the Business [...]

Startling details of previous dealings and irregularities of GK revealed

Startling details of previous dealings and irregularities of the now defunct Golden Key Credit Card Co. have been revealed in a research carried out by one of the members of the action group Anurika Widanagama into activities of GK by perusing the Ernst and Young audit report (E&Y Report) According to findings of Miss Widanagama [...]

Treasury Secretary emphasises the need of right to information on public finances

Sri Lanka should show the world that it has ensured the right to information by disseminating correct information on public finances handled by state institutions constantly on time, Finance Ministry and Treasury Secretary Dr. P.B. Jayasundera said . He noted that heads of public sector institutions have a responsibility to release annual reports on time [...]

Sri Lanka’s banking sector records a profit after tax of Rs. 74.6 billion

Sri Lanka’s banking sector recorded a profit after tax of Rs. 74.6 billion in 2013 around 9.7 percent drop from 2012 figure of Rs 82.7, officials said. The net interest margin declined from 4.1 percent in 2012 to 3.5 percent in 2013 due to the increase in the share of high cost term deposits in [...]

Central and Wayamba Province entrepreneurs consider listing on CSE

Members of the business community within the Central and Wayamba Province showed an interest in the possibility of raising capital through listing on Sri Lanka’s capital market, at a forum held recently to inform entrepreneurs on the benefits of going public. The issuer relations forum, held on April 5 at the Earl’s Regency in Kandy, [...]

CA Sri Lanka considers degree courses among SAARC countries

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is considering the possibility of propagating its BSc. Degree in Applied Accounting among South Asian countries. Speaking during the inauguration of the second intake of the BSc. (Applied Accounting) General/Special degree, CA Sri Lanka President Arjuna Herath said, “we should promote this degree internationally, [...]

Falling interest rates, dilemma of senior citizens

Something terrible seems to be happening to our country which the government appears to be hiding from the people. Are our country’s finances in the doldrums? The Central Bank goes public with deposit rate caps on finance companies. Very reliable finance companies that were operating for almost 40 years and paying reasonable interest rates to [...]

“Universities: a vitally important but untapped potential in Sri Lanka”

This refers to Mr. Chandrasena Maliyadde’s timely article in last week Business Times on the above subject. According to the writer, as most readers agree, all stakeholders of the university system are not happy. As Mr. Maliyadde points out, the cream of our education output is absorbed by universities as ‘input’, but due to problematic [...]

Justice for depositors

This is to highlight the injustice caused to depositors by a company called Ceylinco Investments and Realty, a company operating from No: 277, Union Place, Colombo 2. Being a Ceylinco company many investors had invested their hard earned savings in this cmpany. However, this company defaulted and refused to pay depositors interest on their deposits [...]

Sri Lanka’s Lantern boutique hotel goes international

Sri Lanka’s Lantern boutique hotel goes international

Sri Lanka’s Lantern boutique hotel is to go international creating a unique identity by bringing together the elements of the country’s rich heritage, local culture, traditions, food, sights and community life, CEO and Director of Lantern boutique hotels Navesh Perumal revealed. He said that his aim is to promote Lantern boutique hotel concept overseas while [...]

Yachting in Beruwela aboard Topaz

A tourist yachting company, established by a French couple in Beruwela titled Sail Lanka Charter recently introduced its newly built sailboat, Topaz. This vessel is a 48ft sailboat that would offer public and private cruises from its mooring in Beruwala Harbour, its Director Julien Carayon said. The company has been set up as a partnership [...]

Sri Lankans seek out warmer weather not cold hills this season

The Nuwara Eliya season has kicked off but notably Sri Lankans holidaying in the hotels have dropped by about 40 per cent since the past two years. However, credit card offers and new hotels have been the real crowd puller during this season across the cuntry. It was pointed out that most Sri Lankans would [...]

Nuwara Eliya season kicks – off

Nuwara Eliya season kicks – off

Base jumping thrill spills into Colombo

While Colombo is fast becoming a ‘happening’ place, the latest addition to the event list would be base jumping. The Sri Lanka Convention Bureau is facilitating Draig Technologies of Canada to organise this event in June this year and the team is already in Sri Lanka selecting locations and conducting trials, a media release issued [...]

Sri Lanka attracts high-end French tourist group

Sri Lanka attracts high-end French tourist group

The growing demand from incentive travellers in the MICE tourism segment had increased quite sharply over the past few years, a media release issued by Sri Lanka Tourism stated in the wake of a group of French incentive travellers that visited in March. One of Sri Lanka’s leading travel agents Connaisance De Ceylon received a [...]

Sri Lanka prepares for new future in the face of new trends

Sri Lanka is now preparing for new future in the face of new trends enhancing the productivity and profitability of the agricultural sector, promoting high value added manufacturing through innovation and research and development further diversifying export products and markets. Measures will also be taken to promote the country’s brand identity as well as a [...]

Pharma industry favours new price regulation rules

The recent mechanism brought in by the Ministry of Co-operatives and Internal Trade, to regulate prices of pharmaceuticals has been welcomed as a ‘progressive move’ by the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI). The chamber said in a media release that it would extend its fullest co-operation, both to the Ministry of Co-operatives [...]

Nearly half a million households connected to SLT Broadband

Sri Lanka Telecom (SLT) recently launched its 100 Mbps “ultra-fast” broadband offering, which will be available to subscribers through a direct, fibre-to-the-home (FTTH) network. Elaborating, SLT’s launch announcement noted; “Fibre access networks have ultra high speed and lower latency, which means that there is no noticeable delay in exchanging information. Fibre networks are robust and [...]

Sri Lankan inventor designs coconut shell portable cooker

Sri Lankan inventor designs coconut shell portable cooker

Due to the high cost of living with often price increases of goods and high taxes, it has been an ongoing struggle to maintain household expenses. The spiralling costs of electricity and gas are unbearable. Sri Lankans are now looking for cheaper alternatives to costly electricity and fuel use. Tenison Perera, owner of Asiri Hotel, [...]

Textured Jersey partners University of Moratuwa through MOU

Textured Jersey PLC, (TJL) Sri Lanka’s largest and most innovative manufacturer of knitted fabric, has entered into a Memorandum of Understanding with the University of Moratuwa to create the framework for a long-term collaborative relationship. “The milestone agreement paves the way for a close interaction between the two organisations for the development of opportunities for [...]

‘Connected Business’, a company’s revenue in modern world

‘Connected Business’, a company’s revenue in modern world

Being in a particular industry, either in banking, insurance, etc., it is important to figure out how to move away from its traditional way of thinking, to improve its output. This is especially vital when it comes to the relationship between the company its customers and suppliers. Thinking out of the box is also essential, [...]

Sri Lankan delegation at top Chinese fair

Sri Lankan delegation at top Chinese fair

Sri Lanka demonstrated its economic potential at ‘The Business Promotion of ASEAN and South Asian Countries’ event held at the 24th Zhongshan Trade and Investment Fair, in Guangdong in China recently. The Sri Lanka presentation, done by the Consul General of Sri Lanka for South China, Ms. Yasoja Gunasekera and Deputy Secretary-Economic Development of the [...]

Hemaka and nephew Amarasuriya win CIMA leadership awards

History was made at the CIMA President’s Dinner when both CIMA Leadership Awards – the CIMA Business Icon and the CIMA Star -were won by members of the Amarasuriya family. Visiting CIMA President Malcolm Furber presented Singer Sri Lanka Group Chairman Hemaka Amarasuriya with the CIMA Business Icon Award whilst Panthera Leo Consulting Group Sri [...]

DIMO steps in to offer total road paving technology solutions

Diesel&Motor Engineering Plc (DIMO) is offering total solutions in road paving technology for Sri Lanka’s innfrastructure development projects countrywide in association with BOMAG Worldwide manufacturer and distributor of compaction equipment Paver series in the island, company officials said. The company has supplied a brand new BOMAG paver to Finite Lanka (Private) Limited for the use [...]

Software piracy, no longer a problem because of cloud

Software piracy will no longer be a problem as ‘the cloud’ becomes a stronger tool in the area of data management, according to a statement by local IT security company EGUARDIAN. This was concluded following a dialogue that took place at the company’s recently held annual overnight partner conference. Commenting on the event, the company’s [...]

Government appoints DFCC Bank administrator of 90 million Euros credit line

The Sri Lankan Government has appointed DFCC Bank to administer the new credit line of EUR 90 million extended to Sri Lanka by the European Investment Bank. The management mandate agreement and the on-lending agreement were exchanged between DFCC Bank an the Ministry of Finance and Planning recently. The European Investment Bank (EIB) is owned [...]

ADB Country Head meets Cabraal

ADB Country Head meets Cabraal

Lanka’s bamboo based industry to be revitalised with UNIDO assistance

Sri Lanka’s bamboo based industries are to be revitalised with the assistance of United Nations industrial DevelopmentOrganisation(UNIDO). A pilot project has been launched in Padukka to train 20 youth in the Bamboo based industry, for six months with UNIDO funding of Rs 800000. Director of UNIDO Nawaz Rajabdeen said that at present 5500 hectares of [...]

Brandix rewards commendable voluntary service of associates

Eleven employees of Brandix, or associates as they are known as by Sri Lanka’s single largest apparel exporter, have been recognised for voluntary community service as part of the Group’s commitment to World Water Day 2014, observed annually on March 22. Titled, ‘Nihanda Mehewara’ (silent service), this year’s initiative sought to identify those among Brandix’s [...]

Dialog Star Points donated millions to HelpAge since 2011

Customers of dominant Sri Lankan celco Dialog have, since 2011, donated millions of rupees worth of loyalty points to charity HelpAge Sri Lanka (HASL), which resulted in over 20 mobile medical and eye camps and 2,659 senior citizens being helped in 2013 alone. According to a statement; “The money obtained from Dialog star points is [...]

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