Who will be the first Muslim CM in the East?

OPINION 

BY President, South Eastern Social Welfare Association, M H M Haleem

A M Jameel

It has been confirmed that a Muslim will be appointed as the Chief Minister (CM) in the Eastern Province. There is also a confirmation that the first Muslim CM position will be occupied by a member from the Sri Lanka Muslim Congress (SLMC).  

The SLMC having won 7 seats in the just concluded Eastern Provincial Council (EPC) elections by contesting independently and campaigning against the government during the run up to the elections has now become the deciding factor or as one may call it the ‘kingmaker’ in deciding which party would govern the Eastern Province.

Therefore, a situation has arisen that if the United Peoples Freedom Alliance (UPFA) headed by President Mahinda Rajapaksa is to govern the Council in the East, it cannot do so without the support of the SLMC and therefore it has been forced to sacrifice the CM position to a member from the SLMC.
In the current scenario, there has been a growing debate both among SLMC supporters and the Muslims in general as to which SLMC member would be the most fitting and eligible candidate out of the SLMC members elected who could take up this huge mantle of the CM.

“It’s a wild wild market…”

Clamour for credit and indirect pressure exerted to stop investigations have been the main demands of the so called ‘stock market mafia’ existent on the Colombo Bourse, says Tilak Karunaratne, who tendered his resignation as the Chairman of the Securities and Exchange Commission (SEC) on Friday.  Reluctantly stepping down barely nine months after taking over the position, the former Chairman said that he had tried to fast track investigations into market malpractices under his tenure so as to bring sanity to what he described as ‘a wild market where some people were shooting  from the hip’.
In what could be his first interview with The Nation Gain following his resignation, Karunaratne explains the sequence of events that led him to call it a day and his expressions showed that his main disappointment was that he could not effectively take some of those real perpetrators of the Colombo’s Stock Market to task.

Dabur India sets up new subsidiary in Sri Lanka

Firm plans setting up a manufacturing facility which is expected to start production by the end of this fiscal

FMCG firm Dabur India today said it has formed a new entity, Dabur Lanka Pvt Ltd, as part of a strategy to strengthen its presence in Sri Lanka. 
In a filing to the Bombay Stock Exchange (BSE), Dabur said Dabur Lanka has been incorporated under its wholly-owned subsidiary, Dabur International, which manages the company's overseas operations.

Moving car imports from Colombo Port to Hambantota Port

Importers claim the move a Trojan Horse

By Azhar Razak

The Ceylon Motor Traders Association (CMTA) last week expressed their anger to a plan mooted by the Sri Lanka Ports Authority (SLPA) Chairman, Dr Priyath Bandu Wickrama to move the clearance facilities of all car imports from Colombo to the Hambantota Harbour claiming that logistically it was not practical.

Sri Lanka Keeps Interest Rates Unchanged to Support Growth

Sri Lanka’s central bank kept its benchmark interest rates unchanged for a fourth straight month to support economic growth as the nation emerges from a 26-year civil war.

The Central Bank of Sri Lanka left the reverse repurchase rate at 9 percent, the lowest level since November 2004, and the repurchase rate at 7.25 percent, according to a statement on the Colombo-based bank’s website today.

‘Learn from President’s leadership style’ HNB Chairman tells UNP

By Azhar Razak
Two of Sri Lanka’s veteran corporate leaders, who are currently heading two listed private conglomerates, shared some valuable insights on leadership and management with some young MPs from Sri Lanka’s main opposition party.

Walkers Piling wins Rs 400m Colombo deals

Walkers’ Piling (Pvt) Ltd, a 100% owned subsidiary of MTD Walkers and one of the largest piling contractors in Sri Lanka has secured contracts amounting to LKR 400 million to carry out piling work on two major projects: the Department of Labour and the Census & Statistics buildings in Colombo.

Electricity tariff hike may hurt hotel sector trade growth

By Azhar Razak
Sri Lanka’s industry association representing tourist hotels, Tourist Hotels Association of Sri Lanka (THASL), has raised concerns over the future of the industry if the recently proposed electricity tariff hikes for hotels are implemented.
According to THASL President Anura Lokuhetty, the island’s leisure industry would not be able to sustain such substantial increases in electricity tariffs, which has been proposed to be implemented from next year to June 2011.

Poultry group denies shortage

Imports of chicken and eggs will hit farmers, says association

The All Island Poultry Association (AIPA) has criticised the government’s recent decision to import 2,000 tonnes of chicken and 50 million eggs, a move which they opine as ‘hasty’ and one that could badly hit the local poultry industry.
According to All Island Poultry Association (AIPA) chairman Dr D D Wanasinghe, there is a monthly surplus of around 2,000 metric tonnes of chicken at present in the market proving that the shortage of chicken is a clear misconception although there is a marginal shortage of eggs.

Diana Group plans IPO

Diana Group, manufacturers of biscuits and chocolates based in Matale, has plans to go for an Initial Public Offering, probably in the latter part of 2011with a view to expanding its business and possibly venturing into export business.
According to a senior official of the firm, the group is presently receiving a lot of interest from foreigners who are encouraging the firm to venture into exports.

New strategy to promote tourism from next year

By Azhar Razak
Sri Lanka is to adopt a different tourism promotion strategy next year by focussing on key sectors during each month.
The move is in line with the year being declared as ‘Visit Sri Lanka Year’.
According to a top official, the new proposal should help the industry to attract more tourists to the island as it aims to concentrate on specific aspects of tourism each calendar month.

Colombo City Development Plan

Full text of the Sujata Jayawardena memorial speech delivered by Secretary Defence Mr. Gotabaya Rajapaksa at the Sri Lankan Foundation Institute.

I am grateful to the Alumni Association of the University of Colombo for having invited me to deliver this year's Sujata Jayawardena Memorial Oration. I am well aware of the service rendered to the University by Mrs. Jayawardena. In addition to her many contributions to the arts and her outstanding work on behalf of many charities, she is warmly remembered for her efforts to develop a closer relationship between the University, its undergraduates and its alumni.

IFRS has many challenges but is critical for progress

By Azhar Razak
Although Sri Lanka’s national accountancy body, Institute of Chartered Accountants of Sri Lanka (ICASL), is planning to harmonise Sri Lanka Accounting Standards (SLAS) in line with International Financial Accounting Standards (IFRS) beginning 2012, a local tax expert opines otherwise.

Special city council for proposed ‘Port City’

A special city council is to be set up to manage the proposed port city project in the Galle Face undertaken by the Sri Lanka Ports Authority.
Delivering the Sujatha Jaywardena memorial oration last week, Defence Secretary Gotabhaya Rajapaksa who has been given the responsibility to develop the Colombo city said that as this 400 acre reclaimed land would need a separate authority to look into the matters special to it.

Elephant House plans to introduce new Cola drink

By Indika Sakalasooriya
Sri Lankan fizzy drinks market is to get another local cola brand with one of Sri Lanka’s leading beverage producers, Ceylon Cold Stores, a subsidiary company of listed John Keells Holdings, planning to introduce one shortly, The Bottom Line learns.
Elephant House, as the company is popularly known among the public, is currently in the process of re-launching its beverage portfolio with a massive island wide promotional campaign.

Colombo City Centre set for major revamp

By Indika Sakalasooriya
 
The historic Colombo City Centre, which had long been a ‘no entry region’ since it was located in a high security zone in the Fort area, is to be developed into a bustling tourist attraction, dotted with restaurants, luxury hotels and other recreational centers, a top government official said.
Defence Secretary and Urban Development Authority Chairman Gotabhaya Rajapaksa said at a recent function that the Colombo Fort area is to be rationalised under the Colombo City Development Prgramme.

Singer Finance to add branches after IPO launch

Singer Finance Lanka Ltd intends to increase its current network of six branches and six service centres to a total of 24 in view of the expected economic growth of the country, the resulting demand for debt financing and to provide a better service to its existing and potential customers. 

Sri Lankan Accountants Lure Global Outsourcers

The New York Times - Southern China has its assembly plants. India has customer support centers, research laboratories and low-cost lawyers. And Sri Lanka’s contribution to global outsourcing? Accountants — thousands of them, standing ready to crunch the world’s numbers.

Global fixed broadband connections to hit 720 mln by 2015

The total number of fixed broadband connections worldwide will pass 500 million by the end of this year and will continue to grow to 720 million by the end of 2015, according to a study by Analysys Mason. Fixed broadband will account for 62 percent of the 1.16 billion broadband connections available worldwide by the end of 2015.

Outotec to build EUR70m water treatment plant in Sri Lanka

Finnish construction and engineering company Outotec Oyj said today the government of Sri Lanka has awarded it a contract of more than EUR70m to build a water treatment plant that will supply drinking water. The company will build the facility in Ampara district on the eastern coast of Sri Lanka under a project for the provision of treated pipe-borne water to more than 75% of the district. Outotec completed the first and second phase of the project in 1999 and 2002, respectively. The completion of the current phase three is expected in November 2013.