New age double-deckers back on the road
A new age double decker bus is being used on the 138 Kottawa – Pettah route in the past few weeks by a private operator, reviving the 1960s-1970s era of this popular British-built bus. The Tata Leyland 77-seater bus has slightly different interiors compared to the 1960s model and is not red in colour. The [...]
FCID probes to continue; EC Chief says be more flexible
Sri Lanka’s Elections Commission said on Friday that while it didn’t have the power to stop ongoing investigations and probes by the Financial Crimes Investigation Department (FCID), it has requested the state agency to be more flexible during election campaigning. Elections Commissioner Mahinda Deshapriya told the Business Times that, “what I cordially requested (the FICD) [...]
4 brokers install mandatory phone recording system
Four stockbrokers have installed a telephone system that records all transactions which the Securities and Exchange Commission (SEC) has made mandatory, SEC officials said. Enterprise Ceylon Capital, Richard Peiris Securities, Capital Alliance Securities and First Guardian Equities have implemented it so far, they said. “Six more companies are in the process of implementing it,” an official [...]
US$2.26 mln tea promo to kick off in November Matching subsidy scheme for exporting tea brands
The Sri Lanka Tea Board (SLTB) plans to launch the global tea promotion campaign worth US$2.26 million in November in 25 countries in seven regions, a key official at the board said. Documentation work has already commenced on the promotional campaign, SLTB Director General Anura Siriwardena told the Business Times on Wednesday. He noted that road [...]
GK depositors to get back their money from Friday
After six and half years of anxious wait and uncertainty, depositors of the defunct Golden Key Credit Card (GK) Company are to be provided with the relief they need with the commencement of the repayment process from Friday.This assurance was given by Finance Minister Ravi Karunanayake twice to the public, first at the “Rathu Era” [...]
CARE to extend technical support to LRA as first step
The CARE Group, which was interested in buying crisis-hit Lanka Rating Agency’s (LRA), is likely to finalise its decision in the next few days, officials said. ”They had discussions with the Securities and Exchange Commission (SEC) recently and it was a positive one, where they discussed their plans for LRA,” a LRA official said. He [...]
Elections are here again
At a Colombo discussion this week, experts alluded to the fact that ‘disruptions’ in innovation or technology is a positive thing and Sri Lankans must be prepared to work with such ‘disruptions’.In today’s modern world, disruptive innovation means creating a product and a new market that disrupts the existing market but where the benefits definitely [...]
Maithri-Ranil combination: Excellent team – Handle with care
Discussions on development of the country and raising the living standards of the people which prevailed up until the end of 70s were based on various political and economic theories and philosophies. In this context, the leftists who promoted the ‘sociaist model’ played an important role. The influence of the leftists had on Sri Lankan [...]
Confusion over bearer bonds
There is a continuing controversy over a recent issue of bearer bonds by the Central Bank (CB). The issue is compounded by the intrusion of uninformed comment and political prejudice. This comment is an attempt to clear the cobwebs of confusion and prejudice. Whenever the government commits itself to spend substantially for the public welfare, [...]
Women’s Chamber of Industry and Commerce (WCIC) holds Members Day
The Women’s Chamber of Industry and Commerce held its Members Day recently in Colombo which was an eventful day for the ladies of the chamber as the much awaited WCIC website was to be re launched. The theme for this event was “Developing entrepreneurial skills as a means of bettering living standards’. Guest speaker for [...]
Unmasking smuggling via shipping containers arriving at Lankan Ports
Approximately 8.4 billion tons of seaborne trade travelled the globe in 2010, according to the Institute of Shipping Economics and Logistics, proving that the world’s economy moves largely by sea, states a technical expert at the Decision Sciences International Corporation that provides security solutions. Its Chief Operating Officer Jay M. Cohen, U.S. Navy Rear Admiral [...]
Serendib Flour Mills employees visit Canada for ‘Technical Exchange Programme’
Ten employees of Serendib Flour Mills recently participated in the ‘Serendib Flour Mills Technical Exchange Programme’ in Canada. The 7-day programme was held in partnership with Cigi (Canadian International Grains Institute). The Serendib team comprised members from the milling, quality assurance, sales and marketing teams as well as members from the supply chain and finance [...]
CIO Agenda 2015 will impart knowledge on how companies can triumph in a digital economy
Alliance Intellect in association with the Banks’ CIO Forum (BCIOF) of Sri Lanka is organising its inaugural international CIO conference, ‘The CIO Agenda 2015′, themed ‘The Digital Flip’. ‘The CIO Agenda 2015′ is conceptualized as a highly exclusive and influential, signature series and business leadership conference, which will feature a world class panel of internationally [...]
Openness to migration better predictor of economic growth than trade
Openness to migration is a better predictor of economic growth than openness to trade, according to Prof. Ken Schoolland, an Associate Professor of Economics at US-based Hawai’i Pacific University. Headlining a recently-concluded public forum in Sri Lanka, entitled “Open Borders: Trade, Migration, Entrepreneurship and Prosperity”, which was hosted by the local Bastiat Society, at the [...]
Moratuwa University team to represent Sri Lanka at CIMA GBC Global Finals in Poland
Paragon Consultants, a team from the University of Moratuwa which won the Sri Lanka Country Finals at a CIMA event, will represent the country and compete with 25 other teams in the 2015 CIMA GBC Global Finals to be held from 3 – 7 August in Warsaw, Poland. “In the Sri Lanka Country Finals, the [...]
SL ratifies UN Electronic Communications Convention
ICTA-led efforts to get Sri Lanka join the UN Electronic Communications Convention bore fruit, when Sri Lanka’s Permanent Representative to the UN in New York Dr. Rohan Perera deposited the Instrument of Ratification in New York last week. This is subject to approval by the Cabinet of Ministers in early June, authorising the Ministry of [...]
Successful US-based restaurant online service now in Sri Lanka
Two Sri Lankans – Mani Kulasooriya and Shanil Fernando – around four years ago floated a corporate body in the US with the name and style ‘Leapset’ to help restaurants offering the latest innovations in restaurant technology (Silicon Valley restaurant tehnology) to allow restaurant owners to focus on the food, the service, etc. Leapset partnered [...]
Michel Nugawela launches Brand Archetyping in paradigm-shifting Jungian psychology
Top brand development consultancy Michel Nugawela Designs complements its full suite of brand strategy, brand architecture, brand identity and packaging development with the introduction of brand archetyping. This is Michel Nugawela’s second initiative in the paradigm-shifting field of Jungian psychology this year, the company said in a media release. Archetypes represent symbols, themes, settings, or [...]
International speakers to address Global Management Accounting Summit 2015 on Integrated Reporting
The Global Management Accounting Summit 2015 on July 27 will serve as a top platform for participants to gain fine insights on Integrated Reporting with renowned international speakers lined up to address the event. Hosted by the Institute of Certified Management Accountants of Sri Lanka (CMA), this year the conference will be held under the theme [...]
Migrant workers get Cargills Bank value added services for their remittances
Cargills Bank is implementing a foreign remittance service with a difference providing unique facilities for Sri Lankans working abroad to send money to their families, officials of the bank said. Foreign remittance recipients will be able to collect money from any of the 270 Cargills Food City outlets countrywide which are open 365 days from [...]
BIA to consider domestic terminal based on demand
Sri Lanka’s main international airport, the Bandaranaike International Airport (BIA) could have a dedicated domestic terminal for charters and carriers operating within the island, if demand rises in the future. Although there is no urgent need due to the availability of only a few domestic carriers operational in addition to the Sri Lanka Airforce (SLA) [...]
Sri Lanka to promote electrified transport with more charging stations
Sri Lanka is to set up rapid charging stations to encourage more electric vehicles and will commence a preliminary study for the development of infrastructure for railway electrification under the country’s energy security plan. It is intended to generate electricity for charging stations through the production of green electricity like solar power. Electrified transport will [...]
Ceylinco’s insurance scheme thro’ the ubiquitous Sri Lankan postman
Ceylinco General Insurance said on Monday it has struck a deal with the Sri Lanka Postal Service to offer third party insurance policies to customers through the country’s postal network. In a bid to create ease of access for customers, the third party insurance policies will be available from over 4,610 post offices and sub [...]
New flyovers planned at Rajagiriya, Ganemulla and Polgahawela
Cabinet approval was granted on Thursday to enter into agreements with the government of Spain and BBVA Bank of Spain for the construction of a four lane flyover at Rajagiriya junction. Approval was also granted for two lane flyovers at Ganemulla and Polgahawela railway crossings to ease the heavy traffic congestion due to the frequent [...]
NTN Bearings ties up with DSL as its Sri Lanka agent
NTN of Japan, the world-renowned bearing manufacturer, recently joined hands with Douglas and Sons (Pvt) Ltd (DSL), the leader of Sri Lankan auto parts market, with DSL named as the authorised distributor for NTN. DSL recently launched the technologically advanced NTN bearing in Sri Lanka at a ceremony held at The Kingsbury Hotel, Colombo amidst [...]
New TATA ULTRA buses on Sri Lankan roads soon
TATA ULTRA Standard, School and Luxury buses will soon run on Sri Lankan roads making commuting more comfortable and safer, officials of Diesel and Motor Engineering PLC (DIMO) revealed. DIMO together with TATA Motors recently launched the 34 seater ‘ULTRA Standard Bus’, ‘ULTRA School Bus’ and the 29 seater ‘ULTRA Luxury AC Bus’ in Sri [...]
United Motors introduces plug-in electric hybrid vehicles in Sri Lanka
The third version of eco-friendly vehicles, the plug-in electric hybrid with high fuel efficiency has been launched in Sri Lanka by United Motors Lanka PLC (UML). Hybrid and Electric vehicles (EV) have already hit Sri Lankan roads while the Outlander PHEV with twin electric motors and a 2 litre petrol engine is the latest addition into [...]
Prestige Automobile to introduce thoroughbred BMWi series
Prestige Automobile, the official agents of BMW is gearing up to introduce thoroughbred BMWi series Electric Cars in Sri Lanka, a company official said. BMW i is a comprehensive and ground-breaking concept for sustainable mobility. It represents electric vehicles and mobility services, inspiring design and a new understanding of premium that is strongly defined by [...]
Micro Cars begins assembly of Korean SsangYong Tivoli
Sri Lanka auto assembler, Micro Cars Ltd has begun the local assembly of the Korean crossover SUV SsangYong Tivoli, to coincide with the 20th anniversary of its parent company – Micro Holdings (Pvt) Ltd. SsangYong Motor Company, Korea further strengthening the bond between the two entities has given assembly rights of its latest addition, the [...]
Cabraal accuses Govt. of ‘cooking’ economic data, a charge he faced himself earlier
Former Central Bank Governor Ajith Nivard on Tuesday accused the government of manipulating economic data to show a rosy picture to the public, a charge he himself has faced many times over during his tenure of ‘cooking up’ economic data often by his nemesis, then opposition MP Harsha de Silva. Now in a new position [...]
SriLankan Airlines, Airberlin and NIKI codeshare provides boost to tourism
A new codeshare agreement between SriLankan Airlines, airberlin, the second largest airline in Germany, and its subsidiary NIKI was announced last week paving the way for increased tourism potential between Sri Lanka, Germany and Austria. The three airlines are set to offer daily codeshare flights between Berlin, Vienna and Sri Lanka via Abu Dhabi, which [...]
Lack of clear political direction stalls new foreign cash flow to CSE
Lack of clarity and direction in Sri Lanka’s political front has deterred fresh foreign funds from coming into the Colombo Stock Exchange (CSE), stock analysts say. ”Earlier (pre-January 9) despite peace being there, the international community wasn’t ‘totally’ inclusive and there were only certain sections of the international community (i.e. China, India) that were assumed to [...]
Sunshine Holdings to manufacture meds locally
Sunshine Holdings PLC, buoyed by support to local manufacture of drugs under the National Medicinal Drug Regulatory Authority, is to commence manufacturing drugs locally in the next few years, officials said. “We are eyeing to set up a manufacturing plant in a Board of Investment zone at about US$ 10 million,” an official told the [...]
wow.lk partners Walkers Tours to offer the best online hotel deals
wow.lk, Sri Lanka’s leading online shopping website and Walkers Tours, Sri Lanka’s leading Destination Management Company have joined forces to offer online customers “unparalleled travel deals on wow Travel”. A wow media release said through this partnership, customers of wow Travel will be able to take advantage of “incredible discounts” of up to 40 per [...]
ICTA to link 3,500 government buildings with free Wifi
Sri Lanka’s Information and Communication Technology Agency (ICTA) says it is close to starting a project where 3,500 government buildings will be linked with free Wifi at 100 Mbps speed. This is much bigger than any private institution’s network, noted ICTA CEO Muhunthan Canagey speaking during the panel discussion at this week’s LBR-LBO-organised Enterprise Summit 2015 [...]
Maliban Biscuit Manufactories selects SAP S/4HANA to simplify business
Maliban Biscuit Manufactories has selected Business Suite 4 SAP HANA (SAP S/4HANA), the next generation business suite from SAP, to improve productivity and streamline business operations in real time. With this deployment, Maliban will become Sri Lanka’ first company to implement SAP S/4HANA, SAP said in a media release. Maliban, a 60 year old manufacturer [...]
Yala National Park to restrict use of mobile phones
Yala National Park authorities are to restrict the use of mobile phones at the peak hours of 6-9 am and 3-6 pm with experimental cuts from tomorrow at Sri Lanka’s most frequented wildlife part in the south, as it is affecting animals and causing other problems, the Government said this week. As a prelude to [...]
President visits Central Bank on July 9
President Maithripala Sirisena visited the Central Bank last Thursday and was welcomed by Governor Arjuna Mahendran, just a week before the country’s leader said he had advised that Mahendran should step down over the controversy involved in the Treasury Bonds scandal. On Wednesday, President Sirisena told reporters that he had advised Prime Minister Ranil Wickremesinghe [...]
Dialog launches customer trials in Colombo on 100 Mbps home broadband
Dialog Broadband, a subsidiary of the Dialog Group, has commenced its LTE Advanced Pilot Network that will provide data speeds exceeding 100Mbps for home broadband users in Colombo. The customer trial follows successful exposition of 100 Mbps Broadband delivery at INET Colombo 2015, an event organised by the Sri Lanka Chapter of the Internet Society [...]
Sri Lanka Pavilion to showcase
With Indian consumption of Sri Lankan tea rising rapidly, the Sri Lanka Tea Board (SLTB) has reserved a special pavilion at the 3rd edition of World Tea & Coffee Expo (WTCE) 2015 being held at Mumbai, India’s commercial capital, from October 1 to 3, the Indian organisers of the event said in a media release. [...]
Food and Trade Fair in Seychelles aimed at boosting Lankan exports
The opening of direct flights between Sri Lanka and Seychelles has boosted trade between the two countries and paved the way for Sri Lankan businesses to export goods and services to Seychelles. The operation of Mihin Lanka airline to Seychelles has provided an opportunity for Sri Lankan exporters to reach the African market while expanding [...]
Sri Lanka’s Coconut Industry: Glorious Past, Dismal Present, Uncertain Future
It’s an old and common saying: The coconut tree affords meat, drinks and cloth, true. I’ll also like to add – toddy, wine, vinegar, oil, milk and honey … all eatables, Besides it affords other necessaries as mats, brooms, bottles, dishes and ropes” – Robert Knox. Long before Knox, coconut had played a vital role [...]
HRP Sri Lanka strengthens ties with SHRM USA
The Society for Human Resource Management (SHRM) USA conducted its annual conference and exposition at the Convention Centre, Las Vegas, NV, USA from June 28th to July 1st. Keynote speeches, mega sessions, master classes, concurrent and general sessions were the highlights of the conference delivering contemporary and futuristic HR knowledge to 15,600 participants from all [...]
Almar Teas celebrates 10th anniversary
Almar Teas (Pvt) Ltd, one of Sri Lanka’s leading tea exporters, recently celebrated its 10th anniversary in Colombo. Chairperson of the Almar Group, the holding company, Ms. Avurasee Weerasinghe, Co-Managing Directors; Amanda Weerasinghe and Asanga Weerasinghe, Achinda Weerasinghe, Director and Milinda Jayawardena, CEO, Almar Teas participated in this celebratory eventalong with staff, according to a [...]
Hameedia opens largest Signature showroom in Kalmunai
Hameedia, Sri Lanka’s leading menswear specialist recently opened its 8th Signature store in Kalmunai, making the Kalmunai showroom the largest Signature store in the country. The ceremonial opening was attended by the Municipality Mayor of Kalmunai and Senior Attorney Nizam Kariyapper, Fouzul Hameed – Managing Director, Hameedia and senior management and staff of as well [...]
Chamber of Commerce launched to increase trade between Australia and Sri Lanka
The Sri Lanka Australia Chamber of Commerce (SLACC) was officially launched recently at the New South Wales Business Chamber Head Office in Sydney, Australia. Participants included officials, dignitaries, sports personalities and business leaders of the wo nations, the promoters said. The SLACC is the first, and only integrated bilateral chamber umbrella constituted in Australia, to [...]
Collaborative workspaces important for innovation
Collaborative workspaces are important to innovation, according to Udena Wickremesooriya, a Director of the Brandix-led Disrupt Unlimited. Mr. Wickremesooriya made this comment on the occasion of Disrupt signing up with international flexible office spaces company Regus, wherein Regus will “provide flexible office space solutions for start-up companies that are born out of the efforts of Dirupt [...]
Enhancing the value of agri exports to be discussed at CCC economic forum
Sri Lanka Economic Summit 2015′s second day sessions to be held on August 5 will lead off with topic of ‘Championing Value Addition in Agri Exports’ – which will discuss ways and means of championing value addition, organisers Ceylon Chamber of Commerce (CC) said. Keynote speaker of this session will be Mr. Myong Keun Eor, [...]
Ex-Sampath bankers to form a club
Former employees of Sampath Bank – now in varied industries, professions and age groups -, are coming together to form an association where members could benefit from their collective experiences. The first event to launch the Ex-Sampath Bankers Club is to be held on July 25 titled ‘X Sampath Nite 2015′ with many ex-Sampath bankers [...]
CIMA organises workshop on fraud detection and prevention
Sri Lanka has low awareness of fraud detection and furthermore, whistle-blower programmes lack support at present. For example, according to a fraud survey conducted by Ernst & Young in 2015, only 8 per cent of Sri Lankan employees believe they have a whistle-blowing hotline and 19 per cent state their respective organisations would support whistle-blowers, [...]
Russell Investments MD Shamindra Perera, keynote speaker at CFA Capital Market Awards
The Capital Market Awards & Forecast Dinner, the flagship annual event of CFA Sri Lanka on July 28 in Colombo. Will feature Russell Investments UK Managing Director and Head of Pension Solutions Group Shamindra Perera as the keynote speaker this year. Endorsed by the Colombo Stock Exchange and the Securities & Exchange Commission, the fundamental [...]
Dialog taps inward remittances via its mobile money service eZCash
With Hutch and Etisalat joining in, Dialog has extended its mobile money service eZCash in Sri Lanka by tapping the foreign remittances coming into the country which annually is at US$ 7.2 billion. At the launch of this brand new service at the Dialog Head Office in Colombo on Thursday, Dialog Axiata PLC Group CEO [...]