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The Financial Action Task Force (FATF), the global policy/standard setter on anti-money laundering (AML) and countering the financing of terrorism (CFT), with 36 member countries and regional organisations, has determined that Sri Lanka is a country that is compliant with its standards, at its meeting recently.

Sri Lanka’s largest lubricant industry player Chevron Lubricant Lanka PLC’s (LLUB) new blending plant that is under construction, is expected to produce 20 to 25 percent more lubricants in addition to the firm’s present capacity, a top official of the company said.

Full year net profit at Rs.2.9bn; quarter profits at Rs.949mn Recorded highest annual intake of local fresh milk, bringing the company’s total contribution to the rural economy to Rs.4 billion in 2012 Sri Lanka’s Nutrition, Health and Wellness company, Nestlé Lanka PLC, posted a revenue of Rs.7.2 billion for the last quarter of the year.

The Ceylon Tobacco Company (CTC) has filed documents with the Supreme Court of Sri Lanka seeking to overturn the decision of the Court of Appeal to reject a stay order on new government regulations with regards to the labelling of cigarettes in the country.

United Motors Plc launched the Mitsubishi “Mirage’, a compact fuel-efficient car with a capacity of 1.2 liters petrol engine in to the local auto market this week.

Delmege Forsyth and Co Ltd and Lion Australia Pty Ltd yesterday announced the appointment of Delmege Forsyth & Co Ltd as the exclusive distributor of ‘Berri' and ‘Just Juice' in Sri Lanka.

The Premier integrated telecommunication service provider, Sri Lanka Telecom PLC. (SLT) announced its group and company financial results for the year 2012, notching Rs. 6.17bn Group Operating Profit, a growth of 19% Year on Year (YoY).

The Board of Investment (BoI) signed an investment agreement with GVR Lanka (Pvt.) Ltd to set up the first-ever mixed development real estate project in Kandy, close to the famous ‘Elephant Bath’ locale.

Economic Development Minister Basil Rajapaksa yesterday opened South Asia’s first underwater tunnel aquarium at Water World, Biyagama.

AFP: The President of t h e World Bank warned the finance chiefs of the world’s leading economic powers that global warming is a real risk to the planet and already affecting the world economy in unprecedented ways.

Blue chip conglomerate Aitken Spence PLC reported its interim results to the Colombo Stock Exchange yesterday, showing Rs 3.1 bn as profit before tax, which is an increase of 18 per cent for the nine months ended December 31, 2012, amidst challenging macroeconomic conditions.

The Rs.250 million second tranche of Commercial Credit and Finance PLC’s debenture issue was oversubscribed, the company informed the Colombo Stock Exchange yesterday.

Sri Lanka Telecom (SLT), the national telecommunications provider, proudly announces the appointment of Lalith De Silva as the new Group Chief Executive Officer (CEO) with effect from February 7, 2013.

Chevron Lubricants Lanka PLC (LLUB) recorded a 2 percent Year-on-Year (YoY) increase in net profits up to Rs. 571.4 million during the fourth quarter of last year (4Q12).

Ceylon Tobacco Company Plc (CTC), the local unit of British American Tobacco, posted a consolidated after tax profit of Rs.8.2 billion for the financial year ended December 31, 2012 up 24.4 percent from a year ago.

Textured Jersey Lanka PLC (TJL), Sri Lanka’s leading provider of knit fabric to major global brands such as Victoria’s Secret, Marks & Spencer, Intimissimi and Decathlon, reported Rs.365 million in net profit for the quarter ended December 31, 2012 (3Q FY2012/13), growing 95 percent compared to the same period last year, as per the financial results released to the Colombo Stock Exchange (CSE).

Improving the quality and accessibility of internet connectivity across the island must become a top priority for the Sri Lankan government if it is to continue fostering the growth of the country’s Information Technology and Business Process Outsourcing (IT/BPO) sectors, according to Chairman, SLASSCOM, Sujiva Dewaraja.

Sri Lanka must find its own balance between free education and fee-based education, particularly in the field of tertiary education in order to bring maximum benefit to the wider economy, according to Global President of the Chartered Institute of Marketing (CIM), Sir Paul Judge.

Hotel Services (Ceylon) PLC, the owners of Kingsbury Hotel, previously known as Ceylon Continental, posted a net loss of Rs.138.9 million for the three months ended December 31, 2012, as against a profit of Rs.13.2 million in the corresponding quarter of the previous year.

HSBC has appointed Patrick Gallagher, CEO of HSBC Bahrain, as the new CEO of HSBC Sri Lanka and Maldives with effect from April 30, 2013, subject to regulatory approval