CEAT releases 5 new radial tyre sizes

  CEAT Kelani Holdings, the company that manufactures and supplies half of Sri Lanka’s tyre requirements, has announced the addition of five new sizes of radial tyres for popular models of cars on the country’s roads.

‘We are not socialists’

Despite the retrospective taxes proposed in the revised budget of the new government, the second in command of Sri Lanka’s economy said that the government will have minimum interference in free markets going forward while enhancing social welfare, adopting the Germanmodel of Social Market Economy. “We believe, like everyone here, that markets are the most efficient way to allocate resources.

Colombo Fashion Week 2015 Model Applications Now Open

Colombo Fashion Week (CFW) calls upon aspiring models to apply for the Spring/Summer (SS) 2015 show which will be held in March 2015. Providing a platform that has previously showcased renowned models such as Jacqueline Fernandez and Adam Flamer-Caldera, the SS15 show is opening its doors for the next generation of high profile Sri Lankan models to take to the stage. 

Mobitel Cash Bonanza 2014 concludes on winning note

The grand draw Mobitel Cash Bonanza concluded the year 2014 on a high note with 18 lucky customers emerging winners with cash prizes worth a staggering Rs. 13 million in the fourth and final quarter of the year.

Moratuwa University selects OpenArc as BIT Degree partner

University of Moratuwa (UOM) has recognized OpenArc as the partner organization to offer Bachelor of Information Technology Degree of University of Moratuwa, commencing from the new intake in February 2015.

Brandix sponsors top squash tournament for 2nd year

The Brandix Group supported the 2015 J.P. Morgan Tournament of Champions in New York for a second consecutive year, gaining valuable visibility in the USA, a key market for Sri Lanka’s single largest apparel exporter.

Arpico felicitates star performers of manufacturing sector

Arpico felicitated star performers of its local manufacturing & distribution sector at Club Palm Bay Marawilla recently.The awards night was themed “Seize Your Glory”, with Richard Pieris PLC main Board Director and Managing Director of the local manufacturing and distribution sector Sunil Liyanage as Chief Guest. This ti me the awards ceremony recognised and rewarded 60 of the top performers.

CIMA unveils 9th corporate partners programme

CIMA unveiled its 29 corporate partners for the year 2015 recently at the Cinnamon Grand.The programme celebrates a partnership between CIMA and corporates that helps to groom professionals to lead businesses and endure excellence through an exposure to cutting edge practices, knowledge and knowhow.

MTI’s 2015 Business Outlook for Sri Lanka

The international management consultancy MTI recently concluded its 4th CEO Business Outlook Survey, with the results officially revealed by MTI International CEO Hilmy Cader, at CIMA Corporate Partners Launch 2015.

It’s Not Hard To Make Decisions When You Know What Your Genuine Values Are

Years ago, a gunman murdered seven people in a fast-food restaurant i n a suburb of Chicago, USA. In his dual roles as an administrative head and spokesperson for the police department, Police Chief Walter Gasior suddenly had to cope with several different situations at once.

UNIDO top official due in Sri Lanka this week

A onetime top Chinese financial reformer who successfully championed good governance and elimination of toxic financial assets in the mainland corporate sector will be in Sri Lanka to inspect UNIDO’s next program cycle in the country.

Hayleys MGT bounces back with Rs.17mn 3Q profits

Private and state sectors urge each other to ‘play by the rules’

The Ceylon Chamber of Commerce, the apex body of the private sector, requested the government to move out of conducting business through state-owned enterprises (SOEs) and to become the facilitator in creating a conducive environment for trade and investment.

EPF contemplates divesting some capital market investments

The Employees’ Provident Fund (EPF), the largest state-run private sector pension fund may divest its holdings in commercial banks and certain other companies trading in the Colombo Stock Exchange, newly appointed Central Bank Governor Arjuna Mahendran told a recent forum.

Revised Budget 2015

4.1 The original Budget 2015 expected a total revenue of Rs.1,594 billion, which consisted of Rs.1,400 billion of tax revenue and Rs.194 billion of nontax revenue. Total expenditure and net lending was Rs.2,990 billion of which recurrent expenditure was Rs.1,465 billion and capital expenditure and net lending was Rs.685 billion.

‘Mansion Tax’ on super rich housing

?Finance Minister Ravi Karunanayake said that a Rs.1 million annual levy aptly named the ‘Mansion Tax’ will be charged from owners of all residences valued over Rs.100 million or spanning over 5000 square feet.

Govt. targets Rs.5 bn from casino tax

Finance Minister Ravi Karunanayake said that every casino license issued till now will be subject to a one time Rs.1 billion tax.He said that the Treasury will gain Rs.5 billion influx from the move. Vallibel One owner and Sri Lanka’s richest individual Dhammika Perera is said to be owning 3 licenses, while Rank Holdings owner Ravi Wijeratne owning the other two.

Ravi K disputes previous regime’s public debt figures

Finance Minister Ravi Karunanayake yesterday revealed that the public debt burden in reality is at 88.9 percent of the country’s Gross Domestic Product (GDP) or Rs.8.82 trillion, instead of the 75 percent figure which was flaunted about by the previous regime.“The government budget deficit does not include borrowings made by State-owned Enterprises for infrastructure projects. The t otal outstanding of these borrowings as at end 2014

Women who empower our agrarian sector

There is a saying in Sinhala that a farmer, whose mud has been washed off, is suitable for kingship. Kingship aside - we now have a gentleman farmer, who is our president, a man who has never forgotten his roots deep in rural Sri Lanka.

Banking sector needs reform: Can Ranil and Ravi deliver?

Newspaper reports highlighted the very divergent views expressed by the Finance Minister and the new Central Bank Governor. The Finance Minister certainly knows the game better than the Governor because he has been a vocal critic of the previous administration’s economic management for many years.

Robin Hood in the House!

Right-wing United National Party (UNP) led government of President Maithripala Sirisena yesterday presented a revised budget, making the previous regime’s last budget, perceived a highly populist one targeting an impending presidential election, look extremely bad.

New Etihad Airways Us Flight Schedule Offers Benefits To Passengers Flying From Colombo

Etihad Airways has announced a number of schedule changes to the airline’s flights between its Abu Dhabi hub and Chicago, New York, and Toronto, which will start on Sunday 29 March 2015.The move will provide convenient schedule options for Sri Lanka-based passengers, flying from Colombo, via Abu Dhabi to those cities in North America.

Five stars for Michelle

Michelle Boutique Hotel, a subsidiary of Mos-Lanka Holdings, has been awarded the prestigious and much coveted five-star International Hotel Award for 2014, in the category of Small Luxury Hotels Asia Pacific region, sponsored by Rolls-Royce Motor Cars.

Access Engineering to demonstrate innovation in foundation work of ITC Colombo One Hotel

Access Engineering PLC has secured a contract with ITC Limited, one of the largest diversified conglomerates in India, for the upcoming iconic luxury hotel and residences project, ITC Colombo One.

NDB powers first-ever Northern Province wind power projects

NDB granted two long-term facilities worth Rs.3.3 billion towards the construction and commissioning of two wind power projects in Vallimunai and Puloppalai of the Killnochchi district.  

Pan Asia Bank wins two Global Banking and Finance Review awards

Pan Asia Bank, which has been expanding the horizons of the local banking industry with its innovative banking products and impressive growth record, has been bestowed with two awards by Global Banking and Finance Review.

Understanding Leadership Evolution

The way we define leadership has evolved throughout the human history to the premises, beliefs and understandings of today. By studying evolutionary theories and philosophies of leadership similarities and differences can be identified. With this background knowledge, we will be better equipped to define appropriate leadership skills and traits required to handle present day complex world problems.

Thilak takes office for second time

Thilak Karunaratne assumed duties as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) yesterday. Previously, Karunaratne served in the same capacity from December 2011 to August 2012.

Expert calls for major reforms to maritime policy

Major reforms for the country’s maritime policy were called for to take advantage of its geographical location and new portrelated infrastructure, during the 12th P.B. Karandawela Memorial Lecture organised by the Chartered Institute of Logistics and Transport (CILT) this week. “The maritime industry is at a critical juncture.

Etisalat celebrates 25-year journey with rewards of 250 lakhs

Etisalat Lanka, the only network in Sri Lanka to complete 25 years in the mobile telecommunications sector, introduced a promotional scheme to reward its loyal customer base of 4.5 million connected to the 072 network.