BIZ-Briefs

Lanka welcomes 750,000th tourist

Sri Lanka Tourism welcomed the 750,000th tourist to the country on Thursday, the highest number of arrivals in history. A top official of Sri Lanka Tourism Development Authority (SLTDA) said Sri Lanka exceeded the target of arrivals for 2011 which has been the best year for tourism.

"We expect the number of arrivals to reach 800,000 by the end of the year which will be a huge boost to achieve the target of 2.5 million arrivals by 2016", he said.

Public investment to rise 6.6 percent of GDP

Treasury secretary Dr. P. B. Jayasundara said that reduction of the Budget deficit to 6.2 percent of the GDP in the 2012 Budget was without compromising public sector investment. He was addressing a post Budget seminar in Colombo last week.

Public investment in 2012 is projected to rise to 6.6 percent of the GDP. Jayasundera said government spending on infrastructure will be continued to build the capacity of the private sector to do their own investment.

SKS microfinance chief steps down

After much speculation, head of India's largest microlender, SKS Microfinance, has stepped down. Vikram Akula resigned after the board of India's only listed microfinance company met in Mumbai.

SKS was one of the sector's top for-profit companies, attracting major investment. However, microlenders in India have been struggling after their business models and practices caused a backlash. BBC

Nokia Siemens cuts jobs

Nokia Siemens to cut 17,000 jobs, 23 percent of its workforce.

The struggling telecom equipment maker Nokia Siemens Networks is cutting 17,000 jobs, 23 percent of its workforce. The cuts from its 74,000-strong workforce should help reduce costs by some 1bn euros.

The loss-making venture, owned by Finland's Nokia and Germany's Siemens, has faced stiff competition from rivals such as Huawei and Ericsson. The owners are considering listing the venture as a separate company. "This is a big move. I believe the goal is an Initial Public Offering. BBC

NBC begins cosmetic exports

Sri Lanka's largest cosmetics company, Natures Beauty Creations (NBC) which produces and markets the Nature's Secrets brand has started exporting a new range of designer cosmetics under the Herbal Heritage label to the European Union market and have plans of reaching USA too.

"For the convenience of our EU clients, they can order online through our website and we can deliver it right to their doorstep," said the Chairman and founder of NBC, Samantha Kumarasinghe. ND

Wealth Lanka partners Al Tayseer for Shariah products

Wealth Lanka Management (Pvt) Ltd., a financial and management consultancy firm specialised in Treasury management and capital market advisory services will sign a MoU with Al Tayseer Advisory Services Sdn Bhd, a part of the international Al Tayseer Group to develop Shariah financial products in Sri Lanka.

Al Tayseer Advisory Services Sdn Bhd is an advisory firm with offices in Malaysia, Pakistan and Sri Lanka.

Lankem buys boutique hotel

Lankem Ceylon has bought control of Galle Fort Hotel, a boutique hotel in Sri Lankan’s southern port town of Galle, for Rs.772 million .

The acquisition of 100 percent of the issued capital of Galle Fort Hotel was made by Lankem subsidiary, Colombo Fort Hotels, a stock exchange filing said. The Galle Fort Hotel is a 17th century Dutch colonial era mansion converted into a boutique hotel with less than two dozen rooms in the Galle Fort. Sri Lanka is experiencing a boom in tourism with the end of terrorism after 30 years in 2009.

Courtesy LBO

Lanka-Latvia tourism to boom

Senior Minister for Urban Affairs A.H.M. Fowzie, Minster of National Languages and Social Integration, Vasudeva Nanayakkara and the Honorary Consul General of Latvia Thomas F. Daetwyler in conversation at the Latvia Day celebrations in Colombo. Pix by Saman Sri Wedage

Steps will be taken to promote tourism between Sri Lanka and Latvia said Minister of National Languages and Social integration Vasudeva Nanayakkara at the Latvia Day celebrations in Colombo.

“We also welcome Latvian investment for reconstruction in the North and the East where it was much needed.”

Assistance offered by Latvia to Sri Lanka following the tsunami bear testimony to our good relationship” he said.

The Honorary Consul General of Latvia Thomas F. Daetwyler also spoke.

JJ

Acer and Canon customer care centre

The Metropolitan Customer Care Centre at Vauxhall Street, Colombo 2 is equipped with a qualified support team trained and assessed by Canon and Acer. Selected services are carried out on working days while all service procedures are compliant with ISO standards.

CBL launches Kothalahimbutu cultivation project

Chairman,Ceylon Biscuits Limited (CBL)Mineka Wickramasingha handing over a Kothalahimbutu sapling to a cultivator at Maradankalla in the North Central Province to launch the Kothalahimbutu cultivation and coservation project. K.H. Nandasena Provincial Minister of Agriculture (extreme left) looks on.

Alcatel Lucent’s APAC President on brief visit

Rajeev Singh-Molares, President of Alcatel-Lucent’s Asia Pacific region and a member of the management committee will be in Sri Lanka on a brief visit. Having joined Alcatel-Lucent in 2009 as Chief Strategy Officer, he is responsible for overseeing the company’s APAC business including China and India. Molares is also vice chairman of Alcatel-Lucent Shanghai Bell a Chinese government joint venture. In 2011 he was appointed Chairman of the World Economic Forum Global ICT Agenda Council.

SRITRIMS at Fashion Access Hong Kong

A fashion exhibition in the Far East organised by APLF Ltd in Hong Kong was held last week where Sritrims was the only Sri Lankan-owned company which participated.

Lanka ORIX Finance opens branch in Udappuwa

Chief Officer Branch Network of LOLC, Ashan Nissanka lights the oil lamp at the opening.

Lanka Orix Finance opened a branch in Udappuwa recently. It is home to traditional fishing and shrimp farming. Savings and Deposits, NRFC and RFC savings, Leasing, Hire Purchases, among other services are available.

Udappuwa assists SME entrepreneurs in the region. With a thriving fisher community, there is potential to flourish.

Singer Finance (Lanka) PLC opened in Ampara

Singer Finance (Lanka) PLC opened a branch in Ampara.Shantha Wijeweera – CEO/Director, Singer Finance, Priyath Salgado – Finance Director Singer (Sri Lanka) PLC, other senior managers of Singer Group, Nalin Indika Herath – Chairman of Ampara Urban Council, Jayantha Ratnayake – Headquarters Inspector - Ampara and customers and business partners were present at the opening.

Foton introduces four vehicles

4 Foton vehicles were introduced to the Sri Lanka market at Waters Edge recently with the participation of Chinese agents representing the Foton company. Agents of Foton in Sri Lanka are Indra Traders. Newly introduced vehicles were van 2700cc double cab 2700cc ollin BJ1041 3500cc and BJ1056 3300 cc.