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Business News from Sri Lanka
Sri Lanka state bus service earns Rs. 8 million more during strike
Thursday, 23 May 2013 - 10:27 AM SL Time
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A senior official of Sri Lanka`s state owned passenger transport arm, Sri Lanka Transport Board (SLTB), has said that it earned Rs. 8 million more on Tuesday, the day a strike was launched to cripple the government services.
The official told the state-run Sinhala daily Dinamina that the Board was able to deploy 200 more buses Tuesday despite the strike launched by the trade unions and opposition parties against the increase in electricity prices.
He said the SLTB`s income on a normal day is around Rs. 56 million and yesterday it has increased to Rs. 64-65 million. The employee attendance was also higher than a normal day, he added.
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Ayurvedic spa registration on hold
Wednesday, 22 May 2013 - 10:48 AM SL Time
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The Department of Ayurveda will temporarily stop registering Ayurvedic spas from this month, Daily Mirror learns. However, registration of spas in institutions that had already been registered with the Sri Lanka Tourist Board will continue.
The Department has decided not to register more Ayurvedic spas because today there are bogus spas using the term Ayurveda, Commissioner of the Department Palitha Weerakoon said today.
There were complaints from people stating that some spas were not up to the standard, he said.However, the Commissioner said the decision was temporary.
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HSBC groups SL among take-off economies where inequality also high * Petroleum industry could provide infrastructure boost, structural reforms needed
Wednesday, 22 May 2013 - 10:46 AM SL Time
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A new HSBC report groups Sri Lanka with China and Malaysia as take-off economies where inequality also is the highest in the Asia.
Despite being one of the smaller economies in emerging Asia at USD60bn in 2012, Sri Lanka s infrastructure development is greater than many of its neighbours with a notable policy shift towards China and the petroleum industry may provide an extra boost, the report said.
HSBC Global Research report, Bridging the Gap, authored by HSBC Global Research Asia Pacific Ronald Man, said Asia needs to invest over US$ 11 trillion in urban infrastructure.
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Private bus owners in Sri Lanka to hold one day token strike today
Tuesday, 21 May 2013 - 11:06 AM SL Time
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A private bus owners association of Sri Lanka, All Island Private Bus Owners Federation (AIPBOF) will launch an island wide token bus strike Monday demanding an increase in bus fares.
The AIPBOF has called for a 10 percent increase in bus fares with immediate effect.
General Secretary of the AIPBOF, Anjana Priyanjith told media that the Private Transport Services Ministry had not approved the annual bus fare revision.
He explained that according to the National Bus Fare Policy, a fare hike was due in February, but the bus fare hike had not yet taken place.
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Strike stillborn
Tuesday, 21 May 2013 - 10:24 AM SL Time
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TUs pledge solidarity with govt
* Power tariff hike protest only a cover for bigger conspiracy
While predicting that the strike action planned for today by a few Trade Unions affiliated to Opposition political parties will be a total flop, joint trade union alliance leaders said the real reason behind the attempt was to gain petty political mileage and not to protest against the electricity tariff hike.
Addressing the media yesterday, trade union leaders charged that organisers of the proposed strike were pawns in the hands of some bankrupt opposition politicians, certain NGOs and a few local and international conspirators involved in an anti-government plot. The joint trade union alliance leaders which said they were representing an overwhelming majority of the working class, requested all workers not to fall prey to the conspiracies hatched by sinister forces at a time when the country is on a rapid development drive. Commenting on the protests against the recent electricity tariff hikes, the joint trade union activists said that the President has already granted relief in this connection and they were confident that the government will provide further relief in the future. Meanwhile, Labour and Labour Relations Minister Gamini Lokuge described the proposed strike as a mere attempt to gain political mileage and a conspiracy to turn the public against a people-friendly government.
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IOC to operate oil plant in Sri Lanka with local ally
Sunday, 19 May 2013 - 10:43 AM SL Time
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Ending a decade-long uncertainty, India has proposed to Sri Lanka that it is willing to operate an oil storage plant in Trincomalee harbour, a crucial strategic asset, jointly with a local partner. This key arrangement will provide India a major advantage, considering that the Trincomalee plant is the largest fuel storage facility between the Gulf countries and Singapore.
The offer from New Delhi was made to Colombo earlier this month, with its Indian Oil Corporation (IOC) formally conveying to Ceylon Petroleum Corporation (CPC) that it was ready to jointly operate the China Bay oil tank farm.
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Bogala returns to profit
Sunday, 19 May 2013 - 10:41 AM SL Time
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Bogala Graphite Plc, a unit of Germany s AMG Mining AG, returned to a profit of 15.6 million rupees in the March 2013 quarter despite a fall in revenues as forex losses last year reversed.
The firm reported earnings of 33 cents per share.
Group revenues fell 17 percent to 118.0 million rupees from a year earlier and expenses rose 8.0 percent to 80 million rupees, but the firm still grew gross profits 22 percent to 38.2 million rupees.
Administrative expenses which include unrealized gains and losses in forex denominated loans fell to 5.6 million rupees in the March 2013 quarter, from 42 million rupees last year.
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HSBC may cut up to 14,000 more jobs
Friday, 17 May 2013 - 10:09 AM SL Time
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HSBC could cut another 14,000 jobs as part of the next phase of its plan to cut up to $3 billion more in annual costs and slim down, it said today.
The bank said in slides accompanying a strategy update that its employee number could fall to 240,000 to 250,000 between 2014 and 2016, from 261,000 at the end of 2012.
The bank said last week its headcount would drop to about 254,000 when current disposals and announced cuts take effect, down about 46,000 from when Gulliver took over
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CAA collects samples of milk powder from shop shelves
Friday, 17 May 2013 - 10:04 AM SL Time
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The Consumer Affairs Authority (CAA) started collecting samples of all imported milk powder, from yesterday (16), from shop shelves. It has also requested all importers of powdered milk not only to supply sealed samples of products to the CAA, but also to do so in the presence of its officials.
Minister of Cooperatives and Internal Trade Johnston Fernando told The Island that all samples would be sent to three countries including Singapore and Switzerland, which had the laboratory facilities to test the samples for any toxic substances.
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SL court gives green light to sue Norwegian Ambassador
Thursday, 16 May 2013 - 3:02 PM SL Time
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Dismissing an application made by the Norwegian Ambassador to Sri Lanka, the Colombo District Court has declared that the Ambassador could be sued despite his diplomatic immunity.
The Court made this direction when action was filed against the Norwegian Ambassador demanding over Rs. 90 million.
The district judge Amali Ranaweera made this observation sequel to an action filed by a private institution namely Foundation for Co-Existence Guarantee Limited, in which Dr. Kumar Rupesinghe served as the Chief Executive Officer and carried out Norwegian and British funded projects.
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T-bill yields, market rates plunge * Liquidity on a tight leash * Rupee strengthens
Thursday, 16 May 2013 - 2:18 PM SL Time
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Benchmark Treasury bill yields plunged across all tenures at yesterday s (15) primary market auction to lows last seen during the first quarter of 2012, and although interest rates are easing, the Central Bank is keeping liquidity on a tight leash.
The Public Debt Department of the Central Bank offered maturing bills amounting to Rs. 15 billion which attracted bids amounting to Rs. 42.63 billion. The bank accepted bids amounting to Rs. 19.11 billion.
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Singapore assistance to train Sri Lanka public sector officials
Thursday, 16 May 2013 - 2:16 PM SL Time
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Sri Lanka`s Ministry of Finance and Planning today signed a Memorandum of Cooperation with the Lee Kuan Yew School of Public Policy in Singapore to train public sector officials towards building stronger relationships between Singapore and Sri Lanka.
Secretary to the Treasury Dr. P.B. Jayasundera and Professor Kishore Mahbubani Dean of the Lee Kuan Yew School of Public Policy signed the agreement today at the Ministry.
Inaugurating the Eminent Speaker Series at Miloda Academy of Financial Studies, Professor Mahbubani also delivered a lecture today titled `Sri Lanka`s potential in the new Asian hemisphere` at the Academy.
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85% of loans spent for North-Basil
Wednesday, 15 May 2013 - 10:35 AM SL Time
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Economic Development Minister Basil Rajapaksa said that 85 percent of foreign loans to the country were spent on developing the North and resettling people displaced by the war.
Minister Rajapaksa was addressing the crowd which attended the opening of the first stage of the 106 km Medawachchiya-Talaimannar railway line at the Madhu Road railway station.
With the completion of the first stage of 43 km of railway track trains can now reach Madhu from Medawachchiya. Reconstruction of the line began on March 27, 2011 after LTTE terrorism caused the train service to stop in 1991.
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USD 218 m worth of FDIs in first quarter
Wednesday, 15 May 2013 - 10:34 AM SL Time
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Sri Lanka has received Foreign Direct Investments (FDIs) worth USD 218 million during the first quarter of this year, Investment Promotion Minister Lakshman Yapa Abeywardena said.
Addressing a press conference at the Information Department yesterday, the minister said 37 foreign investment projects each exceeding USD one million have been commenced in the country from January to March. He said another 144 foreign investment projects each valued at less than USD 1 million have commenced during the said period.
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