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English signature of a CB governor appears on new currency notes after over 26 years

English signature of a CB governor appears on new currency notes after over 26 years

The Central Bank recently issued for circulation a new currency note of Rs.5000. It is being introduced by the new government in view of the shift in demand for high denomination currency notes coupled with changes in price levels and increase in per capita GDP in the country in recent times. The signatures of new [...]

Dubai hotel chain to set up upmarket resort in Sri Lanka

JA Resorts & Hotels, the UAE’s oldest homegrown hotel brand, is expanding into Sri Lanka with a high end 108-room resort and is in talks to set up a couple of properties in Thailand. “The Sri Lanka property will come on stream in the country’s East Coast in November 2017,” David Thomson, JA Resorts & [...]

NDB and DFCC boards decide to abandon merger

NDB Bank PLC and DFCC Bank PLC which were supposed to merge under the Central Bank’s financial sector consolidation are to abandon the plan, officials said. A DFCC official told Business Times that at their recent board meeting, the directors decided not to go ahead with it. “We were awaiting an indication on the government’s [...]

US to ease Ceylon Tea trade with Iran

The United States has agreed to find a solution to the direct payment for Sri Lankan tea exporters from Iran within a few months. During discussions with the US Charge d’Affairs Andrew Mann and the Commercial Officer in Colombo, local authorities and Plantation Ministry officials highlighted concerns on how the industry was impacted due to [...]

International apparel manufacturers eye Colombo again

Apparel manufacturers based in Europe and China currently are likely to expand on their businesses in Sri Lanka if state plans to revive EU GSP plus prove fruitful by next year. The government has been in discussion with the European Union (EU) authorities to ascertain how to revive the GSP plus trade concessions to Sri [...]

Sri Lanka embarks on a business plan to develop China Bay oil storage facility

Sri Lanka will soon formulate a business plan to expedite the development of China Bay oil storage facility as a major step towards making Trincomalee a regional petroleum hub with Indian assistance, a top official revealed. Secretary to the Ministry of Power and Energy, Dr. B.M.S Batagoda told Business Times that a ten member task [...]

How the World Bank broke its promise to protect the poor

How the World Bank broke its promise to protect the poor

Beneath a gloomy white sky, more than 100 armed police poured into the slum of Badia East in the teeming megacity of Lagos, Nigeria. As they advanced, they cracked their batons on the unpaved streets and against the ramshackle walls of the shanties. “If you love your life, move out!” the officers shouted. Thousands of [...]

‘Real’ CSR vs ‘bogus’ CSR

In the past 2-3 decades Corporate Social Responsibility (CSR) has been a buzz word in the corporate sector, widely perceived as ways of improving one’s image through helping the community. But is CSR practised the way it should be? This is a debate that has gone on for a long time and in the process [...]

JLanka launches Sri Lanka’s first ever Electricity Monitoring ePRO1000 Smart System

JLanka Technologies, a pioneer in Sri Lanka’s residential solar power electrification, recently introduced the company’s latest innovation – e Pro1000. Sri Lanka’s first Smart meter device, ePro1000 helps every home and office to monitor and manage the electricity consumption and all other electricity parameters. “Smart Monitoring Systems is a new version of the electricity meter [...]

Veteran trade personality appointed CEO of GO Holidays

With over four decades in the travel industry, Trevor Rajaratnam is now at the helm of Go Holidays, one of Sri Lankan premier travel and tour operating companies founded in 2005. Go Holidays is a member of United Ventures, which also has subsidiaries representing Air Canada, United Airlines, STA Travel (specializing in student and youth, [...]

Special FB Package for Dialog Mobile Internet users

Dialog is offering one month of free browsing on Facebook for pre and post-paid customers who subscribe to its special ‘FB’ package, the company said recently. The premier telecom service provider tied up with the popular social network to offer 750MB of data a month for a special subscription fee as low as Rs. 50 [...]

Examining gaps in skills and employability in South Asia

British Council members from the SAARC region and top professionals and educationists from Afghanistan, Bangladesh, India, Nepal, Pakistan and Sri Lanka met for the first time at a workshop in Colombo to discuss English, skills development, and employabiity in South Asia. The workshop was organised by the British Council Colombo last week. Country Director, British [...]

Deputy Minister Eran Wickremeratne outlines leadership and challenges in times of change and turbulence

Deputy Minister Eran Wickremeratne outlines leadership and challenges  in  times of  change and turbulence

Deputy Minister Investment Promotion, Higher Education and Highways Eran Wickremeratne expressed his views on leadership and the challenges faced in times of change and turbulence when he made a comprehensive presentation based on his own professional path at the Toastmasters Division J conference in Colombo. Addressing the gathering as the second guest speaker, he outlined [...]

Cargills Saru Bima scheme makes major shift in farmers’ lifestyles

Cargills Saru Bima scheme is empowering farmer communities and their children while maintaining a bond with them integral to the company’s business model. The success stories are many. Over the years, the Cargills business model has brought benefits to producers and consumers alike – making a difference in lives that reach beyond business boundaries – [...]

Dialog partners Vision 2020 – programme to eliminate avoidable blindness

Dialog Axiata PLC has partnered ‘Vision 2020′, a joint programme by the World Health Organisation and the International Agency for the Prevention of Blindness to eliminate avoidable blindness amongst citizens. The Global Vision 2020 programme consists of an international membership of government agencies, non-governmental organisations, professional associations, eye-care institutions and corporates around the world. In [...]

Micro apartments seen gaining a foothold in Sri Lanka

From affluent aristocrats to modest blue-collar employees, Sri Lankans who come from all walks of life are aiming to attain a home in the form of an urban apartment in Sri Lanka, says, the country’s main property portal. As the country’s economy has grown, outperforming its influential neighbours at a rate of six to [...]

Textured Jersey braces for key acquisitions

Textured Jersey Lanka PLC (TJL) will soon be acquiring Ocean India Private Limited (OIPL) in India and Quenby Lanka Prints (Pvt) Ltd under the company’s expansion programme, a top official of the company said. TJL’s independent valuation of OIPL in India and Quenby Lanka to further its acquisition plans is poised for completion in a [...]

Sierra IT gets ISO 9001:2008 status

Sierra Information Technologies Ltd (Sierra IT) has been awarded the ISO 9001:2008 Certification, recognising the company’s commitment to the highest standards of quality and service, according to a company media release. The Sri Lankan owned global solutions provider offers a comprehensive range of IT solutions and has reached this milestone through outstanding quality, service and [...]

Sunshine Healthcare Lanka partners with Lactalis-France and UCB-Belgium

Sunshine Healthcare Lanka (SHL), a healthcare company, has partnered with Lactalis of France and UCB of Belgium to launch their innovative products in nutrition and pharmaceuticals to the local market. These products which are global brand leaders in ther respective categories, will provide consumers, patients and medical practitioners with a wide choice, the local company [...]

Kia redefines space with launch of all-new Grand Carnival MPV in Sri Lanka

A new definition of space will soon be on Sri Lanka’s roads with the entry of the all-new Kia Grand Carnival Multi-purpose Vehicle (MPV) which was unveiled at a colourful outdoor event at the Independence Arcade this week. Seven seater Kia Grand Carnival is an ideal vehicle for the hospitality and travel industries, as well [...]

672 vehicles imported by the previous regime lie idle at importers’ yards

Six hundred and seventy two vehicles imported by the Treasury on the directions of former Secretary Dr. P.B. Jayasundera under the previous regime are now lying idle at the yards of several local motor traders as the new government has so far not cleared these vehicles for the use of ministries and affiliated institutions, motor [...]

Mercedes Benz pageant showcases over 35 models

Mercedes Benz pageant showcases  over 35 models

The Mercedes-Benz pageant took place on a grand scale at the BMICH in Colombo coinciding with the 25th anniversary of the Mercedes-Benz Club of Sri Lanka. The pageant is an annual event organised by the Mercedes-Benz Club of Sri Lanka – a club consisting of die-hard like-minded automobile enthusiasts who have an extraordinary passion for [...]

Sri Lanka government’s tax cuts throw lifeline to Indian car imports

Sri Lanka’s vehicle importers are expecting a high growth in their sales this year following the tax cut which came into effect this year. The motor trade moves towards a positive outlook especially in the small car segment with average sales of 2500 units per month during the first quarter 2015, Immediate past chairman of [...]

Kia unveils its all-new 2016 Sorento in Sri Lanka

Kia Motors (Lanka) has teamed up with three Sri Lankan cricketing giants to launch the all-new 2016 Kia Sorento SUV in Colombo recently. Driven on to a stage in the packed ‘Oak Room’ at the Cinnamon Grand, Sri Lanka’s ace cricketers , Kumar Sangakkara, Muttiah Muralitharan and Mahela Jayawardena received the keys to their new [...]

Sri Lanka to introduce fuel pricing formula soon

Sri Lanka will be introducing a cost reflective transparent pricing formula, based on international market prices soon, Minister of Power and Energy Patali Champika Ranawaka told the Business Times. With this formula, consumers would be privy to the breakdown of various cost components such as cost of product in the international market, freight and insurance [...]

CA Sri Lanka helps set up professional accountancy body in Bhutan

In an effort aimed at developing the accounting profession further in the South Asian region, President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Arjuna Herath, in his capacity as the President of the South Asian Federation of Accountants (SAFA), the apex accounting body of SAARC, along with a team of [...]

Hemas Hospital Thalawathugoda introduces ‘Community Health Watch’ service

Hemas Hospital Thalawathugoda has introduced a unique new service which will provide hospital facilities in the comfort of one’s home. The new service called Community Health Watch, aims to lower the time people spend in hospital while remaining under the care of the hospital’s Consultant, with treatment delivered by a clinical team including doctors, nurses, [...]

BID recognises Mos Lanka Holdings

Mos Lanka Holdings Private Limited has clinched the prestigious International Arch of Europe in the Gold category awarded by the globally recognised Business Initiative Directions. The award was presented at a glittering ceremony held at the Inter Continental Frankfurt Convention Center in Germany on April 26, 2015.The event was attended by companies from 72 countries, [...]

Gestetner to reposition itself in Sri Lanka

Total documents solutions provider Gestetner, is to reposition itself in Sri Lanka further expanding its business countrywide with a new image. Gestetner of Ceylon PLC unveiled its new image at an event held at Cinnamon Grand recently The new corporate logo sports a cutting-edge look in vibrant shades of red and blue. The clean circular [...]

Lankan engineer designs transportation for various trade uses

Lankan engineer designs  transportation for various trade uses

Upali Gunawardena, who advanced his knowledge in automobiles, transport and logistics as an automobile engineer and became a member of the Chartered Transport and Logistics Institute, is now running a new facility at Delatura, Ja-Ela overlooking the Colombo-Katunayake Expressway, manufacturing a variety of vehicles based on the 3-wheel concept. A native of Agalawatte, Mr. Gunawardena [...]

Leapset Guest Manager waitlist system deployed at Cinnamon Lakeside

Waitlist and reservation management system Leapset Guest Manager has now also been implemented at the Cinnamon Lakeside Hotel’s “The Dining Room” restaurant, according to a statement by developer Leapset. This follows a previous, November 17, 2014, deployment at the Cinnamon Grand Hotel’s “Lagoon” speciality seafood restaurant. Per a Leapset statement, “Restaurants lose a significant amount [...]

Expo 2015 launched: Sri Lanka to connect more to the west

Sri Lanka participated at the launch of World Expo in Milano, Italy opened by Italian Prime Minister Matteo Renzi on May 1, a release issued by the local authorities stated. This year’s event which is expected to attract over a 20 million people will be on show until the October 31 under the theme “Feed [...]

Tea, rubber prices fall linked to global trends, says Planters’ Association

Sharp falls in local tea and rubber prices resulting in huge losses to local Regional Plantation Companies – is part of a broader global trend of decline in commodity prices, which is not expected to reverse in the near future, the Planters’ Association of Ceylon said last week. The association – which represents 22 Regional [...]

CIMA members, students can take up the UGC- approved BSc. Degree in Applied Accounting

CA Sri Lanka recently launched a specialised BSc. Degree in Applied Accounting, which has been approved by the University Grants Commission. The degree programme comes with a series of exemption schemes for the benefit of members of professional bodies, including exemptions for CIMA members and students, giving them the opportunity to fast-track their way to [...]

SLIC directs Com Bank to appoint Nissanka Nanayakkara as director

The Government, on the back of getting Hatton National Bank (HNB) to appoint their nominee senior attorney Rienzie Arsekuleratne as a director late last month, has also made inroads to Commercial Bank to appoint another nominee despite resistance by many stakeholders, officials said. “The Sri Lanka Insurance Company (SLIC) has written to Commercial Bank to [...]

NDB adjudged leading partner bank in SL under ADB’s Trade Finance programme

The National Development Bank PLC (NDB) won the award for the leading Partner Bank in Sri Lanka for the Asian Development Bank (ADB) under its Trade Finance Programme. This happened at the Annual Meeting of the International Chamber of Commerce (ICC) Banking Commission held in Singapore on April 20-23, NDB said in a media release. [...]

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