Seylan to issue debentures

The board of directors of Seylan Bank PLC informed the Colombo Stock Exchange (CSE) today the decision to proceed with a public issue of 10,000,000 (ten million) Unsecured Subordinated Redeemable Five year Debentures with a par value of Rs.100 each to raise Rs.1,000,000,000 (One billion) with an option to issue a further ten million of the said debentures  in the event of an oversubscription.

Software Piracy...Is the risk worth it?

Last week the police raided a financial institution, which they say, was suspected of using pirated software.   In the process they confiscated...

Etihad to operate daily flights to Colombo

Etihad Airways, the national airline of United Arab Emirates is to opearte daily flights to Colombo from January 2, 2013 amidst growing demand, the airline said in a statement

MAS to set up US$70mn automated knitting plant

Sri Lanka’s apparel major, MAS Holdings is to make the biggest single investment in the history of its operations, as the firm is planning to set up US $ 70 million automated knitting plant, a press statement by the country’s investment promotion agency said

Vehicle registrations, container volumes dip

Vehicle registration in September fell 44.8 percent from a year earlier to 26,427, amidst registration of motor cars, goods and transport and dual purpose vehicles falling sharply, the latest data released by the Central Bank of Sri Lanka showed.

Singapore strike reflects dual strains

A rare protest over wages in Singapore by a group of bus drivers recruited from China has caused a public stir, highlighting the city-state’s heavy reliance on migrant workers as tensions rise over the influx of foreign labour, The Wall Street Journal said.

Governance Heritage and Sustainability

I attended the above book launch on 15 November 2012 at the Lakshman Kadirgamar Institute in Colombo. It was significant that this august gathering consisted of retired public servants, academicians and diplomats and professionals of the past.

Loss-making SOES: Impact on people, employees & political leadership

Recent media headlines have featured large losses incurred by state-owned enterprises (SOEs). CPC, CEB, SLTB and Sri Lankan Airlines/Mihin Air have all recorded unsustainable losses. A very large share of these losses, particularly those of the CPC, CEB and SLTB, can be attributed to pricing policies that do not reflect costs.

T-bill yields up

The Treasuries yield rose across all maturities at the auction held yesterday where the government sold 23.6 billion in Treasury bills

Indian tea industry makes major moves on quality side

The Indian tea industry has adopted a comprehensive plan to upgrade quality and increase production to meet the growing domestic and overseas demand, The Economic Times reported.

Balanced outlook for global oil palm industry

In recent years, many countries around the world have been tapping renewable resources to secure stable sources of energy. This tendency has been spurred by high fossil fuel prices, rising demand for energy and increasing concerns about the implications of fossil fuels on global climate (FAO).

Softlogic clinches Mothercare franchise

International baby-product retailer Mothercare, opened its first store in Sri Lanka through a franchise partnership agreement with Softlogic group this week.

Stocks slip on high rates; turnover at 5-month low

Sri Lankan stocks ended weaker on Monday with turnover slumping to a near five-month low as high interest rates sapped investor appetite for risky assets while many investors were away from the market ahead of a holiday.

Government debt continues to rise

The total government debt as at end of August 2012 stood Rs.6249 billion against Rs.5059.1 billion reported in the same period of 2011, amidst rising domestic and foreign debt, the latest data released by the central Bank showed.

Industry Minister calls for further Japanese investments

As Lanka-Japan bilateral trade has crossed the huge $ 1.2 bn mark in 2011, the country is inviting top league Japanese private investments for ‘strong win-win partnerships’.

EPF recovery should be from liquidator – CA rules

The Court of Appeal held that in the case of a recovery of Employees’ Provident Fund dues, from a Company under liquidation, that the Commissioner General of Labour must seek to recover the same from the Liquidator of the Company and not from its Directors.

It’s the interest, stupid! Why bankers rule the world

In the 2012 edition of Occupy Money released last week, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP.

Surviving in times of crisis - Challenges in developing, implementing business strategy

The term ‘business strategy’ has many definitions but my favourite is by Johnson and Scholes in Exploring Corporate Strategy. They said, “Strategy is the direction and scope of an organisation over the long term,

Benefits of long time horizons in stock market investing

“Always invest in the long term” is the mantra employed by Warren Buffett, the most famous long-term equity investor, who is a living testament to the potential benefits of thinking long term.

Kazakh expertise for oil, gas sectors?

Sri Lanka called on the Kazakhstan businesses to share their experience in exploration and development of gas and oil fields and set up joint ventures in the country.

WORDS clinches EFFIE Gold for ‘Trail’

Last night, at the EFFIE Awards 2012, WORDS Advertising struck Gold. WORDS was recognized with Sri Lanka’s first and only EFFIE Gold by the distinguished panel of judges for their work on “Trail”.

Lankan shares end losing streak, but concerns remain

Sri Lankan stocks recovered slightly from an 11-week low yesterday to end a run of six consecutive session losses, but dealers said high interest rates continued to cloud the market’s outlook and kept turnover low.

Toyota unveils Ratmalana flagship showroom

Toyota Lanka (Private) Limited, a 100% subsidiary of Toyota Tsusho Corporation, Japan, unveiled its new state-of-the-art flagship showroom at...

Insurance sector overcrowded

Sustenance of the insurance industry remains dubious, following the intense price competition that is prevalent in an overcrowded market, which is found eroding the underwritten profits of insurers, a veteran insurer in the country said.

Budget 2013 goals: Let’s walk the talk

It is encouraging that the Budget Speech 2013 sets out a fiscal framework that seeks to continue the trajectory of much-needed fiscal consolidation. If successful, it will address a perennial problem that has plagued macroeconomic management in Sri Lanka for over four decades.

Nestlé Lanka to get new MD from January

Nestlé Lanka PLC, a unit of Switzerland-based Nestlé S.A., yesterday announced the appointment of a new Managing Director with effect from January 1, 2013

T-bill yields up across maturities

Sri Lanka's Treasury bill yields rose across all maturities yesterday with three-month and 12-month yields rising most, the Public Debt Department of the Central Bank said

Bourse nosedives despite fair valuations

The indices of Colombo Stock Exchange (CSE) continued its downward flight for the fifth straight day amidst lack of buying interest on the board, both local and foreign, despite most of the shares now trading below t heir intrinsic values, according to stock market analysts and brokers.

Unilever Global Head Paul Polman visits Sri Lanka

Unilever Chief Executive Officer, Paul Polman is scheduled to arrive in Colombo today. Accompanying Polman will be Chief Operating Officer, Harish Manwani, and Executive Vice President of South Asia, Nitin Paranjpe. During this visit, Polman will be inaugurating Unilever Sri Lanka’s new manufacturing facility in Horana.

Apparel exporters call for more labour reforms

Implementation of labour market reforms to boost productivity will be crucial for apparel industry’s survival over the long term, according to newly appointed chairman of the Sri Lanka Apparel Exporters Association, Yohan Lawrence.