Petroleum Minister of Sri Lanka Susil Premajayantha has directed Ceylon Petroleum Corporation (CPC) officials to convert 17 fuel storage facilities into fuel stations. The decision to upgrade the storage facilities into fuel stations had been made following requests made by 30 owners of storage facilities. The CPC has chosen 17 facilities out of them to ...

Making a yet another significant landmark in the container handling saga of Sri Lanka, the State-owned Jaye Container Terminal (JCT) received yesterday a 10,000 TEU class container carrier, APL Chongqing, operated by APL, the container shipping arm of the Singapore-based global transportation and logistics group, Neptune Orient Lines (NOL). Christened in early December this year, ...

New CEO Kapila Chandrasena upbeat on prospects for national carrier and Sri Lanka as a tourist destination post-warWhen the news of the impending change at the top in the national carrier broke, the Daily FT headlined the lead story on 6 May 2011 as ‘Turb-UL-ence,’ with a pun. But for the man in the hot ...

Anything.lk yesterday announced that the company has secured its second round of financing.   In a validation of the flying progress that the company has made since launch in June of this year, the company has been able to secure its latest round of investment at a significant valuation. The new funding has been made ...

Having collated three awards at the prestigious National Business Excellence Awards 2011, Access Engineering created yet another record by being conferred the Gold award for the second consecutive year as the ‘Best Knowledge Integrator’. The NBEA, held annually, is organised by the National Chamber of Commerce of Sri Lanka (NCCSL) and hails businesses that have ...

Haycarb PLC, the world’s largest coconut shell based activated carbon producer, has become one of the first companies in Sri Lanka to successfully register and trade-in carbon credits under the Kyoto Protocol. The Hayleys Group company has announced that it has obtained approval to receive the first block of payment for over 4, 000 CER ...

Indo-Lanka ferry service issued with arrest warrant for non-payment of bunkering in Colombo PortBy T. Farook Thajudeen The Colombo Commercial High Court yesterday issued a warrant for the arrest and detention of the cruise ship MV Scotia Prince that was used for the Colombo-Tuticorin ferry service on charges of having defaulted payments for bunkering. Judge ...

 Annual inflation slows despite all analysts expected rise Cenbank says better supply offset impact of fuel price hike Analysts wary of government’s inflation data By Shihar Aneez COLOMBO (Reuters): Sri Lanka’s annual inflation slowed to a 16-month low of 4.7 percent in November from a year earlier, contrary to expectations of a rise due to ...

Attention to human resources In the management and organisational literature, as well as in practice, increasing attention has recently been paid to the importance of human resources in organisations. There seems to be a growing consensus that in many organisations these are the most critical of all resources. The purpose of this article is to ...

By Cheranka Mendis With mobile penetration directly linked to increasing economic growth in a country, Sri Lanka with its bullish growth prospective stands to benefit heavily from the ever-expanding ICT and telecommunication sector. Alcatel-Lucent Asia Pacific President Rajeev Singh-Molares who was in Sri Lanka for a brief visit yesterday told the media that a World ...

By Dinali Goonewardene Laugfs Sunup Supermarkets Pvt Ltd. will be rebranded as Laugfs Supermarkets, given the superior strength of the Laugfs brand and the fact that customers are comparatively unaware of the Sunup brand. The supermarket will expand to 50 outlets within the next three years from the present 25, Laugfs Sunup Chief Executive Officer ...

After the recent Commonwealth Games in New Delhi, India, critics found three new words for the acronym ‘CWG’ – Corruption, Waste and lack of Governance. The Chairman of the Indian National Olympic Committee, who was Chairman of the Organising Committee, is presently in Tihar Jail, in Delhi with many of his acolytes, on charges regarding ...

Amid religious blessings, President Mahinda Rajapaksa yesterday ceremonially declared open the country’s first expressway, the E-01 Southern Expressway, from Colombo to Galle. Unveiling a commemorative plaque at the southernmost access road to the expressway from the Pinnaduwa interchange in southern city of Galle, the President in his capacity as the Minister of Highways opened the ...

Says depreciation by Budget only a one off, admits other sectors will suffer but notes growth will offset negatives By Uditha Jayasinghe The detriments of depreciation must be countered by aggressive growth in exports, the Central Bank Governor said yesterday, insisting that impediments to the industry had been removed by the latest Budget. Speaking for ...

Edirisinghe Trust Investments (ETI) announced recently the company’s first half financial results for 2011/2012. The company’s revenue of Rs. 1.3 billion represented a 30% jump from Rs. 1 billion that the group earned during the same period last year. The increase in revenue is testimony to ETI’s strong growth momentum, boosted by a buoyant economy ...

1. The President in his capacity as the Minister of Finance and Planning delivered the seventh consecutive Budget of the present Government for the year 2012 to the Parliament on 21 November. Prior to the preparation of the Budget, the President himself, Secretary, Minister of Finance and Planning and most of the line ministries conducted ...

Arrenga Capital Research takes a deeper look at Budget 2012 and impact on select listed companies 1. A challenging deficit target – 6.2% of GDP in 2012 I. Government revenue targeted to grow by 20.2% YoY to Rs. 1,126.1 b (14.7% of GDP) II. Total Government expenditure to rise 14.1% YoY to Rs. 1,594.9 b ...

UNP Co-Deputy Leader Karu Jayasuriya The Budget lacks direction and is neither here or there. For the consumer, it is inflationary; nor does it instil investor confidence. It has a political aim but lacks an economic aim. Furthermore, it does not address the productivity of employment; nor does it address the salaries of professionals and ...

Says that taxation simplified, gives concessions for investment and urges more private sector involvementBy Uditha Jayasinghe The benefits of the tax system have been continued to provide a firm foundation for economic growth, a top official said yesterday. Addressing a packed post-Budget seminar organised by the Inland Revenue Department (IRD), Finance Ministry Secretary Dr. P.B. ...

With the continuing surge in demand for Piaggio three-wheelers, Associated Motorways (Pvt) Limited (AMW) is taking steps to open new showrooms in all key towns in Sri Lanka for the convenience of customers who can inspect and purchase Piaggio three – Wheelers within the areas they reside in.  As part of this expansion drive, AMW ...

By Chamitha Kuruppu Demanding a Rs. 10,000 salary increment for the State sector and a 40 per cent increase for the private sector, the Marxist Janatha Vimukthi Peramuna (JVP) party complained that citizens in this country are ‘in misery’ due to the ‘bankrupt’ economic and political policies of the present Government and that the Government ...

Exports, imports up in Sept; Healthy financial inflows Two commercial banks infuse $ 250 m capital from overseas sources; corporate offshore debt capital raising tops $260 m Private sector borrowing averages Rs. 37 b per month in 2011 CB leaves policy rates unchanged for 10th straight month despite benign inflation and the inflation outlook Urges ...

Audi AG, positioned within the Volkswagen Group as a premium brand, has been manufacturing technologically advanced cars since 1899. Keeping to the institution of Audi’s tag line ‘Vorsprung durch Technik’ meaning ‘Advancement through Technology,’ Audi is once again setting standards in the full-size category with the seventh-generation A6. With a broad portfolio of in...

Following is a statement on the Expropriation Bill by UNP Deputy Leader Karu JayasuriyaThe might of numbers in Parliament steamrolled the plight of the private sector albeit the nation last week. Notwithstanding widespread protests, the Government has placed in the statute books the draconian Revival of Underperforming Enterprises and Underutilised Act. That 37 business enterprises, ...

Wella, the world’s leader in hair care, was re-launched in Sri Lanka today with plans to take the country’s hair care industry by storm. Adding significance to this milestone event was the parallel launch of the exclusive Wella Studio (Training Centre) at 630, Kotte Road in Kotte.  Authorised dealer for Wella in Sri Lanka is ...

Dialog Enterprise, the corporate business solutions arm of Dialog Axiata has opened a state-of-the-art demonstration and interaction center named as Dialog Enterprise Discovery Centre which will be a conduit to showcase the latest enterprise services and solutions provided to corporate customers. Also it acts as an incubation gallery where latest communication technologies are introduced with ...

Discussion on the validity of non-military engagements of the military The war or internal armed conflict in the north and east is over; the Emergency is no more; but still the military is everywhere. The military is now engaged in peacetime police-work, whale watching, selling vegetables, agriculture, cleaning, constructions and many other non-military activities. Yet, ...

MJF Group Director Operations Malik J. Fernando has called for a Master Plan for the plantation sector. In a press statement issued this week, Fernando says an industry-wide Master Plan is required for Sri Lanka’s 150-year-old plantation industry to realign itself with internal and external changes and to remain competitive. “We need to develop a ...

The biggest ever IPO by a home grown entity People’s Leasing Ltd., (PLC) officially opens today aiming to raise Rs. 7 billion to boost its growing business in post-war Sri Lanka. The IPO involves 390 million ordinary voting shares at Rs. 18 each. Top brokerages have already recommended the IPO as ‘Buy’. PLC is 100% ...

Following is the address delivered by Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama at the fourth South Asia Economic Summit (SAES IV) Plenary Session: In the aftermath of the global economic crisis, there has been a noticeable shift in economic clout, moving from the USA and the debt-plagued countries of the Eurozone, to ...