http://www.sundaytimes.lk Official website of the Sunday Times Newspaper in Sri Lanka Sun, 15 Dec 2019 15:05:54 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://www.sundaytimes.lk/191215/business-times/villagers-vs-sand-mafia-382756.html 14 December 2019 @ 7:27 pm Clashes broke out this week between residents and sand miners in the Jaffna peninsula. This was after the government cancelled the permit system required to transport sand. The clashes were between sand traders and the villagers who chased away traders and also set fire to a tractor Pic and text by Jaffna correspondent N.Parameswaran.... http://www.sundaytimes.lk/191215/business-times/customs-high-tech-scanning-system-probed-382753.html 14 December 2019 @ 7:24 pm A deal between a foreign private company and the previous government to supply, install and implement a high-tech scanning system is to be reviewed following a high level investigation, Sri Lanka Customs sources said. This was the result of a request made by All Ceylon Custom Services Union in a letter to Prime Minister and Finance Minister Mahinda Rajapaksa urging him to revise the Memorandum ... http://www.sundaytimes.lk/191215/business-times/sri-lanka-to-bring-back-bond-equity-investors-382751.html 14 December 2019 @ 7:23 pm The Sri Lankan government is looking at working with financial partners who had invested with them in bond and equity in the past prior to 2015. “We are looking at partners in the past that have invested in bond and equity (in Sri Lanka) and we will want to work with them again,” Prime Minister’s Economic Advisor Nivard Cabraal told the Business Times on Friday. He explained that... http://www.sundaytimes.lk/191215/business-times/call-for-a-fii-law-382749.html 14 December 2019 @ 7:22 pm The resurgence of the Colombo Stock Exchange (CSE) has triggered calls by the industry to establish a Foreign Institutional Investor (FII) law for investors or investment funds registered abroad to park their cash in Sri Lanka. “They should be ‘recognised’ and they need to have and be under a proper law,” an industry source told the Business Times. He added that FII in emerging markets ... http://www.sundaytimes.lk/191215/business-times/old-brokers-returning-to-cse-with-new-licences-382747.html 14 December 2019 @ 7:21 pm Old stockbrokers are trying to make a comeback to the market and at least one has applied for a new licence, industry sources said. This broker has fulfilled criteria of the Colombo Stock Exchange (CSE) and is awaiting the Securities and Exchange Commission’s (SEC) nod for the final approval, they added. Navara Securities (Pvt) Ltd (NSL), TKS Securities, Claridge Stockbrokers and Nat... http://www.sundaytimes.lk/191215/business-times/sl-revenue-targets-on-track-this-year-382744.html 14 December 2019 @ 7:19 pm Sri Lanka’s revenue mobilisation has been reinforced this year enabling the Inland Revenue Department (IRD) to achieve the target of Rs.800 billion, official sources said adding that the department has already collected Rs. 750 billion upto November. The revenue mobilisation efforts have gained strength from the measures adopted by the Finance Ministry. These measures include  the ... http://www.sundaytimes.lk/191215/business-times/tourism-by-the-numbers-382740.html 14 December 2019 @ 7:16 pm It was a splendid morning. The rays of the Thursday morning sun crept through the leaves of the margosa tree as the ‘choon paan’ karaya in his three-wheeler went down the lane, with his noisy but catchy tune waking up the neighbourhood. The trio – Kussi Amma Sera, Mabel Rasthiyadu and Serapina – had purchased their share of loaves of bread and ‘maalu paan’ from the ‘choon paan’ ka... http://www.sundaytimes.lk/191215/business-times/import-substitution-in-higher-education-382736.html 14 December 2019 @ 7:15 pm I  had marked the answer as “zero” in the square in front of the question. The question was, “how many foreign academics are in the staff (of the economics department)?” It was a questionnaire to collect some information to be sent for the World University Ranking. I am sure most of the questionnaires from all the universities in Sri Lanka must have had the answer zero. A couple of da... http://www.sundaytimes.lk/191215/business-times/mti-consulting-launches-2020-ceo-survey-382734.html 14 December 2019 @ 7:12 pm MTI Consulting, for the ninth consecutive year, will be carrying out the CEO Business Outlook Survey in association with the Wijeya Newspapers Group. The annual survey will be conducted during the last weeks of December 2019, with the results being released exclusively in Wijeya Newspapers during the fourth week of January 2020. Over 200 Sri Lankan CEOs from multiple sectors will take part in t... http://www.sundaytimes.lk/191215/business-times/greater-dialogue-urged-between-related-institutions-on-annual-reports-382732.html 14 December 2019 @ 7:11 pm Need for a broader dialogue between all regulators to bring in a greater consensus in annual reporting for companies was highlighted recently. It is difficult for listed companies to comply with so many different regulations, Rajeeva Bandaranaike, CEO Colombo Stock Exchange (CSE) noted at a workshop on ‘What is next on Annual Reports’ to discuss advances made in the presentation of An... http://www.sundaytimes.lk/191215/business-times/supply-and-retail-chain-enhances-exports-382730.html 14 December 2019 @ 7:10 pm APL operates in 60 countries around the world with its own offices, staff and infrastructure to serve buyers and suppliers on a global scale and to bring value to its business unlike other businesses that operate through agents. APL’s core businesses have been revolving around the apparel industry since 1992 by retailing apparel products. Director APL Logistics Sri Lanka Dileepa Dissanayake ... http://www.sundaytimes.lk/191215/business-times/ravi-exports-wins-best-sabaragamuwa-entrepreneur-award-recently-382727.html 14 December 2019 @ 7:09 pm Ravi Exports Pvt Ltd, which has a factory located in the Kegalle district, was recently awarded the gold medal for “The Best Entrepreneur of the Year in the Export Sector of the Sabaragamuwa Province” at a ceremony held at the Grand Guardian Hotel, Ratnapura. [caption id="attachment_382728" align="alignright" width="400" caption="The award being presented by Ratnapura Mayor Tyronne Attanaya... http://www.sundaytimes.lk/191215/business-times/media-plays-vital-role-in-empowering-people-business-ties-382725.html 14 December 2019 @ 7:08 pm The media is a vital tool driving to empower people and its whole hearted support altogether is the main cause for the success of the Jaffna International Trade Fair which was started and has grown over a period of 11 years. K. Vignesh, Chairman, Chamber of Commerce and Industry, Yalpanam paying a glowing tribute to the media for the great support for the success of the JITF and stressing... http://www.sundaytimes.lk/191215/business-times/dialog-assisted-shilpa-diriya-scholarship-programme-for-affected-children-of-easter-sunday-blast-382722.html 14 December 2019 @ 7:07 pm A long-term scholarship programme - ‘Shilpa Diriya’ by the Archdiocese of Colombo in partnership with ‘Rally to Care’ initiative by Dialog Foundation to help children affected by the Easter Sunday blasts at Katuwapitiya and Kochchikade, was launched on December 1 at Shangri La Hotel, Colombo. [caption id="attachment_382723" align="alignleft" width="400" caption="Malcolm Cardinal Ranjith... http://www.sundaytimes.lk/191215/business-times/port-city-open-for-business-after-declaration-as-part-of-colombo-district-382720.html 14 December 2019 @ 7:05 pm The Colombo Port City is now open for business from last Saturday after Prime Minister Mahinda Rajapaksa along with the Chinese Ambassador Cheng Xueyuan declared open 269 hectares of land reclaimed from the sea for the project as part of the Colombo district. This was stated by Susil Premajayantha, State Minister for International Cooperation when he addressed the occasion of signing two ... http://www.sundaytimes.lk/191215/business-times/lb-finance-first-place-in-sl-ranking-of-lfcs-382718.html 14 December 2019 @ 7:04 pm K Seeds Investments(KSI) has identified LB Finance as the best performing finance company among the 31 listed finance companies (LFCs) in Sri Lanka through a ranking carried out considering their performance in the second quarter of 2019 ( July 1 to September 30). The report segregates the finance companies based on their asset base, and ranks them in their respective categories among its peers... http://www.sundaytimes.lk/191215/business-times/sri-lanka-has-to-increase-natural-rubber-production-382715.html 14 December 2019 @ 7:02 pm The Sri Lankan economy is significantly dependent on its agriculture sector. Importation of agricultural commodities for which Sri Lanka has already created a brand is currently a widely debated subject. Importation of pepper, palm oil and natural rubber latex are some recent examples. The implications of the importation of food or agri- based industrial commodities cannot be generalised as... http://www.sundaytimes.lk/191215/business-times/gri-acquires-australias-axis-tyres-382713.html 14 December 2019 @ 7:00 pm GRI, a leading producer of speciality tyres from Sri Lanka, has acquired industrial tyre specialist AXIS Tyres in Australia. The Sri Lankan company in a media release said that the acquisition is focused on the forklift segment of AXIS Industrial Tyres Pty Ltd in Australia. It includes the four branches of AXIS in Altona and Braeside in Melbourne, the Sydney branch and the branch in Adelaide. G... http://www.sundaytimes.lk/191215/business-times/lb-finance-wins-overall-excellence-at-annual-report-awards-382710.html 14 December 2019 @ 6:59 pm LB Finance was ranked among the top three brands in Sri Lanka for ‘Excellence’ and bagged gold for the third consecutive year in the Finance and Leasing Companies sector in Annual Financial Reporting for 2019 at the 55th Annual Report Awards conducted by CA Sri Lanka. [caption id="attachment_382711" align="alignright" width="400" caption="With the awards."][/caption] LB Finance clinched ... http://www.sundaytimes.lk/191215/business-times/sirio-named-second-runners-up-at-bcc-awards-2019-382708.html 14 December 2019 @ 6:58 pm Sirio Ltd, a leading manufacturer of lingerie and swimwear to the European market operating under the flagship of Italy-based Calzedonia S.p.A, emerged victorious at the recently held Best Corporate Citizen Sustainability Awards 2019. The company was named winner in the ‘Financial Performance’ category for the third consecutive year, and went on to win an award for its ‘Consistent Commitm... http://www.sundaytimes.lk/191215/business-times/book-review-hand-book-on-company-secretarial-practices-and-corporate-law-by-jazri-magdon-ismail-382704.html 14 December 2019 @ 6:56 pm I recently had the opportunity of reading an interesting book on secretarial practices and company law. I managed to read the book at a stretch mainly because of the simplicity of Jazri’s writing. Non-technical simple language is used in compiling the book. Though the book is titled as a handbook on company secretarial practices and corporate law I felt it would be much more useful for directors... http://www.sundaytimes.lk/191215/business-times/withholding-tax-wht-on-interest-382702.html 14 December 2019 @ 6:54 pm  Interest was brought under WHT in order to make it a final tax and to administer collection more efficiently through financial institutions. This was the practice more than a decade and it was very  convenient to the depositors as well. Currently the WHT rate on interest is 5 per cent and it is deducted when paying interest to the depositors as a final tax. This is a straightforward and eff... http://www.sundaytimes.lk/191215/business-times/seylan-bank-rights-issue-of-rs-4-39-bn-fully-subscribed-382700.html 14 December 2019 @ 6:53 pm Seylan Bank PLC closed its Rights Issue of new ordinary voting shares and new ordinary non-voting shares to its shareholders on November 29 after the issue was fully subscribed by its shareholders. The bank embarked on the Rights Issue to increase the Tier 1 capital of the bank to meet the capital adequacy requirements under BASELL III. The bank also sought to strengthen the balance sheet to su... http://www.sundaytimes.lk/191215/business-times/establish-a-mortgage-market-let-people-invest-in-soes-mobius-382696.html 14 December 2019 @ 6:52 pm Dr. Mark Mobius, known to many as the founder of the emerging markets asset class and the best-known emerging markets investor in the world, this week highlighted the importance in developing mortgage markets in Sri Lanka. [caption id="attachment_382697" align="alignleft" width="150" caption="Dr. Mark Mobius"][/caption]   “The methodology for property investment is the same a... http://www.sundaytimes.lk/191215/business-times/korean-assisted-solid-waste-disposal-facility-drags-on-for-over-5-years-382694.html 14 December 2019 @ 6:51 pm The Solid Waste Disposal Facility Project with Korean loan assistance is still to be completed, even after over five years, due to administrative delays of the Environment Ministry, a progress report divulged.   The project has failed to achieve the objectives timely and efficiently and the construction of the waste containers had not been initiated up to now, the report indicated. The total... http://www.sundaytimes.lk/191215/business-times/best-premium-steaks-in-colombo-from-kings-steakbar-382691.html 14 December 2019 @ 6:50 pm The warm and inviting Kings Steakbar at The Kingsbury Colombo, has opened its doors wide to welcome all guests who love steak or simply enjoy the satisfaction of a hearty meal. [caption id="attachment_382692" align="alignright" width="400" caption="Succulent steaks with the most unique and flavoursome marinades"][/caption] There are no dress codes or restrictions, the focus being that guests... http://www.sundaytimes.lk/191215/business-times/william-penn-opens-its-flagship-store-at-one-galle-face-mall-382688.html 14 December 2019 @ 6:49 pm Penndome Sri Lanka, this week announced the opening of the flagship store for its renowned brand – William  Penn at One Galle Face Mall located on Level 1, Unit 1. [caption id="attachment_382689" align="alignright" width="400" caption="The William Penn Store at One Galle Face Mall, Level 1, Unit 1."][/caption] The store will house a wide portfolio of products in premium writing instrument... http://www.sundaytimes.lk/191215/business-times/no-new-year-calendars-and-diaries-from-state-institutions-2-382686.html 14 December 2019 @ 6:47 pm Sri Lanka’s ministries and state agencies have been directed to tighten belts curtailing all non-essential and non-priority expenditure including those spent on vehicles, travel, building, and facilities and especially printing of calendars and diaries for the coming New Year 2020. This directive has been issued by the President and it was endorsed by the cabinet of ministers. The ne... http://www.sundaytimes.lk/191215/business-times/hnb-wins-top-honours-at-the-annual-report-awards-382681.html 14 December 2019 @ 6:43 pm HNB PLC bagged two silvers and a bronze, a total win of three awards at the recently concluded Chartered Accountants of Sri Lanka’s 55th Annual Report awards. The bank won the silvers for excellence in the banking institution and corporate governance disclosure categories and the bronze for overall excellence in annual financial reporting - a true testament to HNB’s commitment to sound corp... http://www.sundaytimes.lk/191215/business-times/tokyo-cement-customers-to-get-direct-benefit-of-tax-cut-382679.html 14 December 2019 @ 6:42 pm Tokyo Cement Group has announced that it will directly pass on the benefit of the recently announced tax cut by the Government, to all its customers. The company, the country’s largest manufacturer and supplier of cement, made this announcement in a media statement following the government’s decision to remove the Nation Building Tax (NBT) and reduce the Value Added Tax (VAT) to 8 per cent ... http://www.sundaytimes.lk/191215/business-times/lion-among-the-favourite-asian-beers-in-the-us-382676.html 14 December 2019 @ 6:41 pm Sri Lanka’s Lion Beer first introduced in the US in 2004, has over the past 15 years achieved high-profile listings in the Big Apple (New York) with over 700 accounts, alongside more in the states of Colorado, Michigan and New Jersey. [caption id="attachment_382677" align="alignright" width="400" caption="Lion Beer colours on a US billboard"][/caption] Sri Lanka’s premier and favourite b... http://www.sundaytimes.lk/191215/business-times/sri-lanka-has-made-remarkable-progress-in-human-development-382644.html 14 December 2019 @ 6:24 pm Sri Lanka’s Human Development Index or the HDI value for 2018 is 0.780 which puts it in the high human development category, positioning the country at 71 out of the 189 countries and territories.  Making this point, State Minister for Economic and Policy Development John Senevirate, the Chief Guest at the launch of the UNDP Human Development Report 2019 at the United Nations Conference Hal... http://www.sundaytimes.lk/191215/business-times/ensuring-good-performance-by-boards-of-soes-382642.html 14 December 2019 @ 6:21 pm We are in the season of appointments: of Ministers, State Ministers, Chairmen, Directors, etc. There is always hope that the appointments to the Boards of State-Owned Enterprises (SOEs) will be different this time around and will yield good results. Some will. But many will be seen as falling short. Is the problem structural? Does it require a remedy more complex than simply running names thro... http://www.sundaytimes.lk/191215/business-times/crysbro-praja-aruna-programme-facilitates-renovation-of-21-staff-houses-382673.html 14 December 2019 @ 6:39 pm Crysbro, Sri Lanka's largest poultry manufacturer, has made a financial donation to renovate the homes of 21 of the group’s employees through its Crysbro Praja Aruna CSR project, which is designed to empower its staff. The funds were provided to employees in urgent need of such assistance, who work at Crysbro’s island-wide business centres. The initiative was the brainchild of the group�... http://www.sundaytimes.lk/191215/business-times/siddhalepa-clinic-at-one-galle-face-mall-382670.html 14 December 2019 @ 6:38 pm The Siddhalepa Clinic opened recently at the One Galle Face mall, the first ever Ayurveda clinic to be opened at a shopping mall in Sri Lanka. [caption id="attachment_382671" align="alignright" width="400" caption="Guests at the clinic."][/caption] It offers the “one stop shop” shopping concept for ayurveda products, therapy, consultation and treatment. This novel concept brings the good... http://www.sundaytimes.lk/191215/business-times/eu-facilitates-erasmus-scholarship-opportunities-for-sri-lanka-the-maldives-382668.html 14 December 2019 @ 6:36 pm The European Union (EU) recently organised coaching programmes for prospective students and academic staff looking for opportunities to obtain an international master’s degree through ERASMUS+. The workshops were conducted at the Sri Lanka Institute of Development Administration on November 11 in Sri Lanka and on November 12 in the Maldives in collaboration with the Ministry of Higher Educati... http://www.sundaytimes.lk/191215/business-times/cash-strapped-smes-get-concessions-to-keep-heads-above-water-382666.html 14 December 2019 @ 6:35 pm The new government will be providing immediate relief to small and medium scale entrepreneurs who face difficulties in repaying their loans taken from banks and financial institutions. State Minister for Development Banks and Loan Schemes Shehan Semasinghe said. Necessary concessions including the writing off the loans taken by cash strapped SMEs will also be considered by the Finance Min... http://www.sundaytimes.lk/191215/business-times/ndb-another-milestone-with-ndb-neos-mobile-banking-app-382663.html 14 December 2019 @ 6:34 pm NDB Bank recently marked another historical milestone with the launch of the much awaited new mobile app "NDB NEOS". [caption id="attachment_382664" align="alignright" width="400" caption="NDB Director /Group CEO Dimantha Seneviratne and NDB Chairman Kavan Ratnayaka launching the app via face recognition."][/caption] The bank initially launched its mobile banking facility to customers in 201... http://www.sundaytimes.lk/191215/business-times/ceylinco-healthcare-offers-access-to-south-asias-first-digital-pet-ct-at-lower-cost-382661.html 14 December 2019 @ 6:33 pm Ceylinco Healthcare Services Ltd (CHSL) has paved the way for Sri Lankans to undergo Positron Emission Tomography (PET) scans at the Apollo Proton Cancer Centre in Chennai, at a lower cost than available in the private sector in Sri Lanka, even with air travel costs included. These PET scans offer the added benefit of being Digital PET-CT scans which guarantee higher sensitivity, better image q... http://www.sundaytimes.lk/191215/business-times/emirates-and-dilmah-celebrate-27-years-of-the-perfect-brew-with-worlds-highest-tea-appreciation-masterclass-382656.html 14 December 2019 @ 6:31 pm Dubai- A master class in the appreciation of Ceylon Tea took place at 40,000 feet when Emirates and Dilmah celebrated a 27-year partnership on board an Emirates A380 flight from Dubai to London this week. [caption id="attachment_382657" align="alignleft" width="400" caption="Bartender Tomek Malek in action."][/caption] Held at the iconic A380 On-board Lounge by Dilhan Fernando, CEO, Dilmah T... http://www.sundaytimes.lk/191215/business-times/maliban-gets-best-exporter-award-at-presidential-export-awards-2019-382652.html 14 December 2019 @ 6:28 pm Maliban, the pioneer biscuit manufacturer in Sri Lanka, was recently honoured with the Best Exporter Award under the Confectionary and Bakery Products category at the recent 23rd Presidential Export Awards (PEA) 2019 in Colombo. [caption id="attachment_382653" align="alignright" width="150" caption="Ms. Kumudika Fernando"][/caption] The Presidential Export Awards (PEA) are presented to entit... http://www.sundaytimes.lk/191215/business-times/mtis-strategy-retreat-for-south-asian-team-in-dhaka-382650.html 14 December 2019 @ 6:27 pm A select team of MTI Consultants and Analysts from Sri Lanka, India, Bangladesh and Bhutan met in Dhaka this week for their Strategy Retreat focusing on their business growth plans, while also being hands-on involved in a major regional re-strategising project. Re-emphasising a message from their last Analyst Team Huddle in Sri Lanka, MTI CEO Hilmy Cader noted that: “Analytics is playing an i... http://www.sundaytimes.lk/191215/business-times/leaders-honoured-at-fonterra-infinity-awards-2019-382646.html 14 December 2019 @ 6:26 pm Employees across the dairy supply chain were in the running for honours as part of Fonterra’s Infinity Awards 2019, held recently to recognise inspiring and emerging leaders, amongst 50 other top performing individuals and teams. [caption id="attachment_382647" align="alignright" width="240" caption="Ms. Aranthi Fernando"][/caption] Fonterra Brands Sri Lanka’s Human Resources Director, M...