Mobitel & Ericsson Partner to Drive Sri Lanka’s Smart Society Vision

Mobitel and Ericsson today announced the signing of a Memorandum of Understanding (MOU) between the two companies, stating that in 2015 they intend to forge a strategic business partnership that aims to significantly contribute to the nation’s Smart Society vision and Knowledge Hub strategy. The collaboration, which focuses on jointly working together to make WiFi broadband services more accessible and affordable to university students acro

ComBank to keep 64 branches open on January 5th

The Commercial Bank of Ceylon has announced it will keep 64 branches open for business on Monday, 5th January, declared a Special Bank holiday on account of the Holy Prophet’s Birthday.

Arpico adds 6 more ‘Daily’ outlets to retail chain

The Arpico retail chain in Sri Lanka has opened six more ‘Daily’ supermarkets between October and December 2014, taking the total number of Arpico retail outlets in Sri Lanka to 60.

Plantation companies make significant headway in biodiversity integration

Regional plantation companies (RPCs) are now making concerted efforts to protect the environment and preserve biodiversity in RPCmanaged estates, while several pioneering plantation companies have gone as far as to integrate biodiversity management to their business operations.While many RPCs have already subscribed to global standards such as Rainforest Alliance and Forest Stewardship Council certification, some have even gone significantly beyo

Planning to go on your own in 2015?

Another year has come. We have fresh ideas, new and old plans we have been shelving for years sometimes. Is this the year when we will finally choose the path to go on our own – or is it?

Sampath Bank welcomes new year

?The management and staff of Sampath Bank welcomed the new year with religious ceremonies conducted yesterday morning at the Gangaramaya Temple.The occasion was attended by staff and senior management of Sampath Bank, including Managing Director Aravinda Perera. The religious observances for the day included a ‘Budda Pooja’ and ‘Seth Pirith’ to invoke blessings on the entire nation, prior to commencing business for the yea

NSB begins 2015 on a high note

National Savings Bank (NSB) commenced the first working day of the new year, 2015 with a ceremonious event held at the head office premises of NSB in Kollupitiya, yesterday, in the morning hours.

Key determinants of Sri Lanka’s fertilizer subsidy: Some research findings for policymakers

As in many developing countries, fertilizer subsidies represent a major component of agricultural policy in Sri Lanka. This is particularly true of the paddy sector. With rice being the staple food in Sri Lanka, successive governments have provided significant fertilizer subsidies for paddy with the primary aim of increasing the paddy production. Since 2005, the fertilizer subsidy has accounted for 2-2.5 percent of total government expenditure an

IBSL issues licenses to 7 new insurance companies

The Insurance Board of Sri Lanka has granted licenses to seven new insurance companies, to commence business operations from 1st January 2015.These new companies were established by composite insurance companies to comply with the segregation requirement laid down in the Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011. The law requires composite insurers to segregate the two classes of insurance businesses, life and general, in to

SriLankan renews IOSA/ISAGO re-registration

State-run SriLankan Airlines has renewed its registration under the IATA Operational Safety Audit (IOSA) and I ATA Safety Audit for Ground operations (ISAGO) for the years 2015-2016 in conformity with standards introduced by the International Air Transport Association (IATA) t o maintain aviation safety and quality.IOSA assess the airline on eight operational scopes and ISAGO level of conformity as a ground handling service provider at Bandaranai

Senior citizens to get 2% more from FCs

Licensed finance companies in Sri Lanka may pay an additional interest rate of two percent, above the maximum interest rates stipulated by the Central Bank for savings deposits of persons who are over 55 years of age from January 1, 2015.

findmyfare.com Celebrates the Season with Children from the Sri Lankadhara Balika Home

?Embracing the spirit of the Christmas season, the findmyfare.com team recently shared a day of fun and festivities with children from the Sri Lankadhara Balika Home. The findmyfare.com team members decorated the home and joined the children for lunch, thereafter they played games with the children and sang Christmas carols with them. One of the team members  dressed up as Santa Claus to surprise the children with gifts, sweets and toys, the

Get ready for the time of your life!

Get ready for the time of your life!

Virtusa named ‘Monster of HR Award’ finalist

Virtusa orporation (NASDAQ GS: VRTU) announced it was recognized as one of the top three finalist in the 2014 Monster HR award, presented by Monster.Virtusa was recognized for its innovative use of Monster recruitment technology solutions to help boost its Millennial hiring efforts.

‘BOC Smart Remit’ facilitates safe and instant money transfer: DGM

As the first Bank that introduced the Non Resident Foreign Currency ( NRFC) account, the Bank of Ceylon has established an unassailable position in the financial services market.At the time of writing, Bank of Ceylon held a 40 percent share of the Inward Remittances Market and a 35 percent share of the NRFC Deposits market. Many steps have been taken recently by Bank of Ceylon to increase the volume of NRFC deposits and Inward Remittances. In thi

Standard Chartered connects with LankaPay

Standard Chartered is the first international bank in Sri Lankan to connect with LankaPay, the island’s largest common ATM network.The bank’s customers can now enjoy ATM services at over 2,500 ATMs island wide. The LankaPay service allows customers of one bank to transact using an ATM of another member bank at a nominal fee of Rs. 30 per cash withdrawal and Rs. 7/50 per balance enquiry request. It is anticipated that this will bring g

Seylan Bank Kalpitiya branch moves to new premises

Seylan Bank Kalpitiya banking centre was upgraded to a branch and shifted to its new premises at Main Street, Kalpitiya recently, to serve its clientele in and around the area. It was established in 2006 as a mobile banking centre and was up graded to a banking centre in 2012.

Ndb Wins Gold At National Business Excellence Awards

NDB was conferred two prestigious awards at the recently concluded National Business ExcellenceAwards (NBEA) 2014.NDB won the ‘Gold Award for Business Excellence’ in the Banking sector, marking a significant leap from the previous years’ runner- up position. The Bank also won Silver (runner-up) award for ‘Excellence in Performance Management’ in the criteria category awards.Commenting on the awards NDB’s Chief

HNB holds Christmas carol service

Hatton National Bank held its annual Christmas carol service at the head office auditorium recently.

Metrics: You Will Get What You Inspect, Not What You Expect

Metrics, the numbers and measurements that help you run your business are among the most crucial tools business leaders have at their disposal. They show you where you’ve been, and they help you set goals for where you want to go. They point a finger at what’s going right, and what’s not. They help you make decisions about hiring, purchasing, and other uses of resources. But like any tool, metrics can be misused, and they often

Common opposition vows to create manufacturing-led economy

The common opposition, fielding Maithripala Sirisena as its presidential candidate, recently pledged to replace the current consumption-led economy with a more sustainable manufacturing-led model.Sri Lanka skipped industrialization, trading for an easy service economy, which currently accounts for 59 percent of the country’s Gross Domestic Product (GDP). This has made the country import-dependant even on certain basic necessities.

KPMG leads LMD Auditors League for 9th consecutive year

KPMG in Sri Lanka was ranked 1st in LMD Auditors League for the 9th consecutive year, auditing 41 of the LMD 100 companies in the financial year 2013/2014 as indicated in the LMD 100, a listing of Sri Lanka’s leading listed companies by the independent publisher, Media Services.

Ranil brings back ‘Megapolis’ to counter ‘Port City’

The entire Western Province can look forward to becoming a US $ 300 billion ‘Megapolis’ in 25 years under a new government, according to Opposition Leader Ranil Wickremasinghe, who was addressing the business community at the ‘Unite’ forum last week.“Economic growth today is being driven by mega cities, and our idea in 2002/2003 was to create a mega city in the whole of Western Province” he said.Wickremasinghe

Hambantota Port Records Rs.5.4bn Revenue In 2014

The Chinese-funded Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has recorded revenue of Rs.5.39 billion for the year 2014, compared to Rs.585.2 million in 2013, statistics released by Sri Lanka Ports Authority showed (SLPA).

Hemas Hospitals-wattala Awarded At National Business Excellence Awards 2014

Hemas Hospitals-Wattala, the flagship hospital of the first internationally accredited hospital chain in Sri Lanka, was recognized as the runner-up in the healthcare category at the prestigious National Business Excellence Awards 2014 organised by the National Chamber of Commerce of Sri Lanka recently.This annual event is aimed at encouraging local business organisations by recognizing them for their proven business excellence and contribution

Condominium Problems: Do you Fully Understand the Concept?

Thanks to neighbour disputes, crazy restrictions and incompetent boards, problems inherited from developers, condo dwellers are increasingly finding themselves boxed in.

How sustainable are current natural rubber prices?

When one looks at the impact of low natural rubber (NR) prices on profitability, two aspects emerge. On the one hand, it appears to be a simple topic but on the other, immensely complex, covering global geo-politics- the rural poor in the developing world and huge tyre consumers.

Porsche launches new Cayenne S E-Hybrid in Sri lanka

Eurocars (Pvt.) Ltd, the official Porsche importer in Sri Lanka, unveiled the new Porsche Cayenne S E-Hybrid at The Jetwing Blue, Negombo recently.The Cayenne S E-Hybrid is the first plugin hybrid in the premium SUV segment and together with the Panamera S E-Hybrid and the 918 Spyder, make Porsche the world’s only car maker to offer three plug-in hybrid models.

Sri Lanka mobile phone sales reaches 1mn units milestone

Mobile phone shipments in Sri Lanka have reached 1 million units in the third quarter.Smartphone shipments increased by 100 percent to account for 20 percent of total mobile phone sales.3G-enabled handset shipments amounted to 0.17 million units in the quarter, according to a report from CyberMedia Research.Nokia leads the mobile phone market in Sri Lanka, with a share of 22 percent, followed by Micromax (19 percent) and E-Tel (12 percent), in

Maithri and Ranil assure level-playing field for Biz

Private businesses will be able to operate without any political influence under a new government formed by t he Common Opposition, according to Common Opposition Presidential Candidate Maithreepala Sirisena and Opposition Leader Ranil Wickremasinghe, who were speaking at ‘Unite,’ the opposition’s forum held at Cinnamon Lakeside for the private sector yesterday.