Jetwing chief reiterates need for destination marketing campaign for tourism to take off

Amidst continuing delays to the digital and global tourism campaigns and stagnant tourist arrivals, a leading tourism industry figure stressed that a promotional drive from the government is the need of the hour to support the good work the government has done in strengthening foreign relations and national reconciliation.

CMEC-CEB to jointly develop 400MW LNG power plant in H’tota

China Machinery Engineering Corporation (CMEC) and state-run utility, the Ceylon Electricity Board (CEB), are to jointly develop a 400 megawatt liquefied natural gas (LNG) power plant in Hambantota, a cabinet spokesperson told reporters yesterday in Colombo.

November tourist arrivals flat

The number of tourists who visited Sri Lanka in November 2017 totalled 167,511, recording a 0.2 percent growth compared to 12 months ago amidst a mixed performance in the key markets. Western Europe was the largest regional market for Sri Lanka during the month with 45,903 tourists, although this was a 1.4 percent decline year-on-year (YoY).

October vehicle registrations at elevated levels despite already congested roads

Vehicle registrations in October remained virtually unchanged from a month ago as the buyers were awaiting direction from the national budget presented in November.

Shares hit near 3-month closing low

REUTERS: Sri Lankan shares extended falls into a third session yesterday and closed at their lowest in nearly three months, dragged down by healthcare and diversified conglomerates.

Amazing seasonal discounts up to 60% with DFCC Bank’s Vardhana

The Christmas season just got a whole lot more interesting with an exciting seasonal offer from DFCC Bank! Vardhana Virtual Wallet

DSI opens new outlet in Ratnapura

On the 30th of November 2017, DSI celebrated the opening of the latest footwear outlet in Ratnapura.

Sampath Bank Partner for Singer Lifestyle Fiesta

Continuing to support events that add value to consumers’ lives, Sampath Bank stepped in as the official banking partner of the Singer Lifestyle

Prima Sunrise Bread sponsors Sri Lanka Junior Open Golf Championship

For the 10th consecutive year, Ceylon Agro Industries (Prima Group, Sri Lanka) has come forward to sponsor the most prestigious event in the junior golf calendar

Stage set for People’s Leasing to enter B’desh

Sri Lanka’s largest non-bank lender People’s Leasing & Finance PLC this week said it has completed the acquisition of 51 percent stake in Alliance Leasing and Finance Company Limited, which would facilitate the former’s entry into Bangladesh.Alliance Leasing and Finance Company Limited is a company incorporated in Bangladesh to carry out the finance business under the Financial Institution Act, 1003 of Bangladesh.

India’s Jaquar group to open exclusive showroom in Sri Lanka

Indian bath fittings and sanitary ware products maker Jaquar group is set to open up 5, 000 to 6, 000 square feet exclusive showroom under its ‘Jaquar World’ concept, Indian media reports said.

CB to take stern action against fraudsters of failed finance companies

Central Bank yesterday said every effort would be made to take legal actions against those who are responsible for the frauds and misuse of depositors’ funds of three failed finance companies.The Monetary Board of the Central Bank last month issued a notice of cancellation of the licence issued to Central Investments and Finance PLC   

Shares extend fall to near 3-month closing low

REUTERS: Sri Lankan shares extended falls into a second session yesterday and closed at their lowest in nearly three months, dragged down by beverage stocks. The Colombo Stock Index ended down 0.24 percent at 6,390.55, its lowest close since Sept. 14. It fell 0.03 percent last week, recording its fourth straight weekly drop, but 

Jetwing Symphony announces IPO to raise up to Rs.904mn

Jetwing Symphony Limited (JSL) announced the opening of its initial public offering (IPO) on December 14, 2017 in a bid to raise between Rs.753 million to Rs.904 million.

CB to take stern action against fraudsters of failed finance companies

Central Bank yesterday said every effort would be made to take legal actions against those who are responsible for the frauds and misuse of depositors’ funds of three failed  finance companies.

SAARC women biz leaders convene in Colombo to initiate social entrepreneurship

Women business leaders from SAARC countries who form the executive committee of SAARC Chamber Women Entrepreneurs Council (SCWEC) will gather in Colombo this weekend to deliberate and map out strategies towards enterprise development  across borders. 

Shares extend fall to near three-month closing low

REUTERS: Sri Lankan shares extended falls into a second session yesterday and closed at their lowest in nearly three months, dragged down by beverage stocks.

Grace Asirwatham to speak on BIMSTEC at LKI

The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) and the Ministry of Foreign Affairs, Sri Lanka will host a dialogue on ‘BIMSTEC at 20 – Priorities for the Future.’ 

India’s Jaquar group to open exclusive showroom in Sri Lanka

Indian bath fittings and sanitary ware products maker Jaquar group is set to open up 5, 000 to 6, 000 square feet exclusive showroom under its ‘Jaquar World’ concept, Indian media reports said. Along with Sri Lanka, Jaquar is planning to open concept showrooms in Tunisia, South Africa, Iran, Tanzania, Malaysia, Guinea, Nigeria, Uganda and Ivory Coast. 

MCB Bank declares open its upgraded Pettah branch

The fast growing Pakistan-based MCB Bank recently declared open its newly refurbished Pettah branch, as part of its drive 

LB Finance Rs.3bn debenture issue snapped up on opening day

Leading non-bank lender LB Finance PLC yesterday said it raised Rs.3 billion by way of a debenture issue.

Switzerland’s Edelweiss to operate seasonal flights between Zurich and Colombo late next year

Edelweiss, Switzerland’s leading leisure airline and sister company of Swiss International Air Lines is further expanding its route network to Asia.  From November 3, 2018 the airline will offer seasonal flights between Zurich and Colombo.

Shares slip; telecom stocks lead

REUTERS:  Shares fell slightly yesterday, hovering near a more than two-month closing low hit early last week, with telecom stocks leading  the decline.

Seminar on new Foreign Exchange Act

A seminar on the new Foreign Exchange Act will be held on December 12th at Ramada Hotel from 2 p.m. to 5 p.m. The Act  came into effect from 20th November 2017, replacing the existing Exchange Control Act and liberalizing the existing Exchange Control regulations. 

Rupee ends steady as dollar remittances offset demand

REUTERS: The Sri Lankan rupee closed steady yesterday as dollar inflows through inward remittances and exporter greenback sales offset the importer demand for the U.S. currency, dealers said.

Jaffna International Trade Fair to be held in January

The Jaffna International Trade Fair (JITF 2018), the largest consumer exhibition and trade fair in the fast-growing northern region will be held from 26th to 28th January. 

MTI launches CEO Survey for 2018 with Wijeya Newspapers

For the seventh consecutive year, MTI Consulting will be carrying out the CEO Business Outlook Survey in association with the Wijeya Newspapers Group.  The annual survey which will be conducted during the last weeks of December 2017, with the results being released exclusively in Wijeya Newspapers during the fourth week of January 2018.

Sept. quarter listed corporate earnings slip

Earnings of the listed corporates in Colombo bourse for the September quarter suffered a setback for the first time in many quarters amid key sectors recording dwindling profits, which mirrored the debilitating effects of the slowdown in consumer spending and overall difficult economic conditions.   

PM Chief Guest at CA Sri Lanka’s Annual Report Awards today

The 53rd Annual Report Awards organized by CA Sri Lanka will be held today under the patronage of Prime Minister Ranil Wickremesinghe, who will be the chief guest, while Speaker of Parliament Karu Jayasuriya will be the guest of honour. 

Ascot Holdings mandatory offer closes with consortium of buyers upping stake to 67%

Ascot Holdings PLC closed its mandatory offer with the acquirers upping their stake to 67.18 percent from the 45.16 percent they held prior to the offer announcement.  A consortium of local and foreign shareholders on October 24 bought 44.98 percent stake in the property and hospitality group for Rs.241.6 million, giving the firm a valuation of Rs.42.50 a share.