Indian central bank pushes new rules so lenders pass on rate cuts more quickly

REUTERS: A panel created by the Reserve Bank of India (RBI) said lenders are not sticking to rules that determine how much they can charge for loans, and proposed new requirements that could force banks to pass on interest rate moves to customers more quickly.

Bosnia and Herzegovina keen to expand trade ties with SL

Foreign Affairs Minister of Bosnia and Herzegovina Igor Crnadak said they are very keen to open a new chapter in foreign affairs by establishing trade and investment promotion between Bosnia and Asian countries like Sri Lanka.  He expressed these views upon meeting Sri Lankan Foreign Affairs Minister Tilak Marapana who was on an official visit to the Republic of Bosnia & Herzegovina from September28 to 30.

Sampath Bank Off-Shore Banking Unit Funds Mega Hotel Development Project in Myanmar

Sampath Bank PLC,apioneer in introducing revolutionary financial solutions with a strong footing in the Sri Lankan market, announced that it had successfully concluded a loan transaction with Yangon 

Leo Burnett the only Sri Lankan Agency to be ranked in Campaign Brief Asia’s Top 50 Agencies

Leo Burnett Sri Lanka has been ranked as one of Asia’s Top 50 Agencies by Campaign Brief Asia, Asia’s most influential creative advertising trade magazine. Leo Burnett Sri Lanka is the only agency 

Best time to promote Lankan products in UK market: envoy

High Commissioner of Sri Lanka to the United Kingdom Amari Wijewardene says this is the best time to promote Lankan products in the UK market, as Sri Lanka has been rewarded with the GSP Plus facility.

Aban Pestonjee awarded ‘Entrepreneur of the Year’

On a night that saw the gathering of the most esteemed figures in Sri Lankan society under one roof, Aban Pestonjee, the Chairperson and Founder of the Abans Group of Companies was named Sri Lanka’s Entrepreneur of the Year 2017 at the Derana Sri Lankan of the Year Awards hosted on September 27th at the Colombo Hilton. 

Seminar on creating biz-friendly environment

State Minister of International Trade Sujeewa Senasinghe  briefed a distinguished international and local audience on positive steps taken by the government of Sri Lanka to reform the country, notably in 

MTI’s ‘idea2fund’ all set for Wave 3 launch

‘idea2fund’ – the year round venture competition powered by MTI Corporate Finance is on the verge of launching its 3rd wave this October. 

Big Bad Wolf book sale Sri Lanka says ‘Ayubowan’

The Big Bad Wolf book sale was inaugurated by Chief Guest Akila Viraj Kariyawasam Minister of Education of Sri Lanka and Big Bad Wolf Books Founder and Managing Director Andrew Yap and Executive Director Jacqueline Ng and Director of ProRead Lanka (Pvt) Ltd. Nishan Wasalathanthri.  The world’s biggest book sale will be held at the Sri Lanka Exhibition and Convention Centre (SLECC) from the 5th to 15th October introducing a new dimensio

Sri Lanka rejects Chinese request for local fuel sales

Sri Lanka has blocked a proposal by Chinese firms bidding to build the island’s biggest oil refinery to sell fuel locally, fearing a threat to domestic firms that dominate the small but growing market.

Rupee ends weaker on importer dollar demand

REUTERS: The Sri Lankan rupee closed weaker yesterday as dollar demand from importers surpassed the sales of the US currency by exporters and banks due to inward remittances, dealers said.

New Commerce Secy. conversant with trade, FTAs: ministry

The newly appointed secretary to the Industry and Commerce Ministry is a Sri Lanka Administrative Service official, who also has a grasp on free trade agreements (FTAs) and fiscal policies, a press communiqué from the ministry said. “This ministry is a key institution of the economic reform and development vision of the government,” said Industry and Commerce Minister Rishad Bathiudeen yesterday.

Acquisition of Vidullanka’s second mini hydro plant in Uganda further delayed

Renewable energy developer Vidullanka PLC this week said that due to regulatory delays, the company has not yet issued shares in a private placement to Timex Garments (Pvt.) Limited to acquire the Uganda-based Timex subsidiary, Timex Bukinda Hydro (U) Limited.

India extends US $ 4.5bn in project finance to Bangladesh

REUTERS: India yesterday signed an agreement with Bangladesh extending a US $ 4.5 billion credit line for several infrastructure projects, as New Delhi tries to expand its influence over its smaller neighbour amid rising Chinese competition.

Home of Delmage repairs Stanley power tools free-of-charge

Stanley Power Tools from Home of Delmage which has highly secured the people’s trust in the Sri Lankan market for power machinery celebrates its second anniversary of its superior collaboration.  Marking this glorious leap, Home of Delmage, the sole agent for Stanley power tools in Sri Lanka is prepared to let their customers absorb a special opportunity for themselves.

Bio Extracts wins yet another Presidential Export Award

Bio Extracts (Pvt.) Ltd (Baraka) has won the accolade of ‘Highest Value Added Exporter - Herbal and Spa Products’ at the 2016 Presidential Exports Awards held at BMICH on 14th September, graced by President Maithripala Sirisena.

South Asia Textiles wins Gold

South Asia Textiles has won Gold at the NCE Export Awards held at the Hilton Hotel recently.  A company driven by passion and dynamism, headed by its Managing Director/Chief Executive Officer Prithiv Dorai and a team of professionals, Director / Chief Operations Officer Kenneth Wijesuriya and Chief Financial Officer Priyantha Hapuarachi, South Asia Textiles has taken its textile mill from strength to strength.

Venora Lanka Power Panels wins National Export Award

Venora Lanka’s quest for excellence was recognized by the National Chamber of Exporters (NCE) at the 25th Export Awards held at Colombo Hilton recently. Venora Lanka clinched the Bronze category Award in the industry sector.

Lanka Harness clinches Presidential Export Awards

Lanka Harness Company (Pvt) Ltd was recognized at the Presidential Export Awards for being the exporter that has added the highest value in the category of automobiles and automobiles spare parts exporting. Lanka Harness Company (Pvt) Ltd was recognized for this achievement at the Presidential Export Awards 2016 organized by the Sri Lanka Export Development Board and this Presidential Export Awards 2016 was held at Bandaranaike Memorial Internati

DFCC Bank’s Vardhana Sahaya Hamuwa For MSMEs

DFCC Bank has initiated a special series of workshops named Vardhana Sahaya Hamuwa to nurture the growth of the Micro, Small and Medium Enterprises (MSMEs) in Sri Lanka. The primary focus

Oman Air ferries Umrah passengers to Madinah in partnership with The Traveller Global Pvt Ltd

Oman Air recently facilitated a group of 78 pilgrims from Sri Lanka to fly to Madinah for Ummrah in the New Islamic Year. This was the first Ummrah pilgrim group to arrive in the Kingdom of Saudi Arabia 

‘Gives Back Life’ to over 35,000 bottles collected during National Coastal and Marine Resources Cons

The National Coastal and Marine Resources Conservation Week was recently commemorated and the opening ceremony was launched at Crow Island Beach Park, Matakkulliya. It was the launch

Construction industry pushes for personalized EPF/ETF accounts

An apex professional and trade chamber in the construction industry is pushing for reforms in the manner contributions are made to retirement accounts at the Employees’ Provident Fund (EPF) and the Employees Trust Fund (ETF) in order to minimize companies defaulting on such payments.

Singapore’s Somap to buy controlling stake of Anilana Hotels for Rs.667mn

Singapore-based Somap International Private Limited will invest Rs.667.5 million in Anilana Hotels & Properties PLC in return for a 51 percent stake in the debt-ridden company subject to regulatory and stock exchange approvals, the company said in a stock exchange filing. 

Asiri Surgical divests 50% stake of cancer treatment centre for Rs.212.5mn

Asiri Hospital PLC, a unit of Asiri Hospitals group, yesterday said it divested 50 percent of shares of Asiri AOI Cancer Centre Private Limited to Cancer Treatment Services Hyderabad Private Limited for a total consideration of Rs.212.5 million.

Poultry output to fall this year due to supply side constraints

The growth of poultry production in Sri Lanka is expected to fall down to 3 percent in 2017 due to limitations in importing the required inputs to expand the industry to cater to the fast growing poultry demand in the country.

European tourists boost August arrivals for Maldives

The Maldives attracted 121,310 tourists this August, up 8 percent compared to the same month last year, with the demand being driven mainly by European travellers, according to the Maldives Ministry of Tourism.

Ex-EFC chief says keys to corporate governance are fair and equitable practices coupled with quality

Corporate governance within an organisation constitutes of two elements – one in relation to value chains and having a positive view on issues of sustainability and the other in relation to internal constituents, the employees. 

Sampath Bank partners with Colombo International Book Fair

Continuing to help nurture the habit of reading, Sampath Bank joined hands with the Colombo International Book Fair as the event’s official banking partner for the 13th consecutive year.

Innovative products to demo at ABAF 2017 ‘Start-up Corner’

Sri Lanka’s first Asian Business Angel Forum (ABAF), to be held next week, features a ‘Start-up Corner’ where innovative Asian region and local, start-up ventures will showcase new offerings for conference delegates as well as the public.