HSBC Lankan unit records Rs.3.6bn profit for 1H

The Honkong and Shanghai Banking Corporation Limited Sri Lanka branch (HSBC Sri Lanka) posted a net profit of Rs.3.58 billion for the six months ended in June 30, 2017 (1H17), increasing from Rs.3.27 billion during the same period last year, the interim financial accounts of the bank showed. 

Lankan banks’ funding profiles squeeze as deposits slow, loan growth accelerates

The rapid growth seen in bank loans during the period from June 2014 to June 2017 have pressurized both the funding and liquidity profiles of Sri Lankan banks as the deposits failed to keep up with the loan growth, according to Moody’s Investors Service (Moody’s). 

CIFL depositors approve Swiss plan for troubled finance firm

The Central Investment & Finance PLC’s (CIFL) Depositors Association recently agreed to a repayment plan for their deposits at the troubled finance company submitted by the Swiss firm Chancental Works GMBH with the intervention of the Central Bank of Sri Lanka.

Google Launchpad Accelerator opens to Sri Lankan startups

Google opened its Launchpad Accelerator to Sri Lanka on 31 August with the aim of providing an opportunity to local developers to formulate solutions to local challenges.

Powerful data analytics for real-time decisions: Hirdaramani IT Arm, H One Launches RES.Q | QMS for

Sri Lanka’s leading enterprise solution provider H One launched RES.Q | QMS, a quality management solution tailor made to minimise defects in apparel manufacturing. H One’s solution draws on the rich 

H One launches quality management solution for apparel industry

Sri Lanka’s leading enterprise solution provider H One launched RES.Q | QMS, a quality management solution tailor made to minimise defects in apparel manufacturing.

Milo cycle parade helps 1,000 kids and families get active

Over 1,000 children and their families celebrated the grand finale of the popular ‘Mom, Me and My Milo’ campaign, painting the streets of Colombo green in a mega Milo Cycle Parade.

President visit Facets Sri Lanka gem and jewellery exhibition

Sri Lanka Gem and Jewellery Association organized the 27th consecutive year International Gem and Jewellery Show Facets Sri Lanka 2017 at  the BMICH.

Pelwatte Dairy powers Ananda College’s 130th anniversary celebrations

It was a celebration of 130 years of educating boy’s for Ananda College Colombo and Sri Lanka’s 100 percent local dairy manufacturer Pelwatte Dairy was there to support the walk and fun fair that was held at Green Path, Colombo.

Star Holdings launches another ‘Sri Lanka’s first’ to product portfolio

Star Holdings – a 100 percent Sri Lankan Fabric Care Company has added another ‘Sri Lanka’s first’ to its product portfolio which already includes innovative products like Star Dishwash Round and Starlight Detergent Powder.

Host of features with all new Dialog TV ViU HUB

For the first time in Sri Lanka, Dialog Television introduces a state of the art all in one media and satellite decoder with Wi-Fi connectivity - The Dialog TV ViU HUB. 

Australia and Sri Lanka have great potential in promoting higher education: Minister

Australia and Sri Lanka have a great potential to collaborate on vocational training and higher education, especially in marine sciences, Australian Vocational Education and Skills Assistant Minister Karen Andrews said while visiting Colombo International Nautical and Engineering College (CINEC) during her trip to Sri Lanka.

National Chamber Business Forum on ‘Customs Procedures’ runs to a full house

Senior officials from Sri Lanka Customs addressed the business community on the latest procedures at Customs, where participants were able to discuss and sort out many issues faced by them. The seminar proved to be a highly successful one.  

Export Development Board holds seminar on ‘Digital Doors to Trade’

The Sri Lanka Export Development Board (EDB) organized a half-day seminar on “Digital Doors to Trade” for Sri Lankan exporters to create an awareness on Business to Business (B2B) and Business to Consumer (B2C) digital trade platforms. 

CBL holds ‘Annual Distributor Convention and Star Awards Ceremony 2016/17’

Ceylon Biscuits Limited (CBL) held its ‘Annual Distributor Convention and Star Awards Ceremony 2016/17’ recently at the Eagles’ Lakeside Banquet and Convention Hall, Attidiya. Conceptualized to 

FACETS 2017, the 27th International Gem & Jewelry Exhibition dazzles all visitors

The 27th edition of the FACETS International Gem & Jewelry Exhibition began on the 31st of August 2017 with a grand inauguration ceremony at the BMICH.

Moody’s cuts Lankan banking sector outlook to ‘Negative’

Moody’s Investors Service has revised the credit outlook on Sri Lankan banks to ‘Negative’ from ‘Stable’ in view of the poor asset quality and weakening profitability of the sector as the global rating agency expects the toughened macro-economic conditions to take toll on the largest and the most resilient business sector in the country. 

NTB gets US $ 50mn IFC finance facility to boost SME lending

IFC, a member of the World Bank Group, is extending a US $50 million financing facility to Nations Trust Bank PLC (NTB). 

IMF bitter pill good for long-term economic prosperity, says ex-SBP chief

Both policy makers and citizens must swallow the bitter pills given by the International Monetary Fund (IMF) to reach long-term economic prosperity, former Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra said at an event held to commemorate the 67th anniversary of the Central Bank of Sri Lanka, this week.

Sri Lanka to cut 2017 spending to meet deficit goal

REUTERS: Sri Lanka will cut government expenditure to stick to its 2017 budget deficit target of 4.6 percent of Gross Domestic Product (GDP) and compensate for a fall in revenue, the top bureaucrat in the finance ministry said yesterday.

Consumer prices accelerate to 6% in August

REUTERS: Sri Lanka’s consumer inflation rose 6.0 percent in August from a year earlier, up from the previous month’s 4.8 percent gain, under a revised base-year and market basket, data from the Department of Census and Statistics showed.

Cabinet nod to resume Mannar aquaculture farm project development

The aquaculture farm project in Mannar, which had faced obstacles in going forward due to the land area being classified as a nature reserve, got Cabinet approval to resume its development this week. 

‘Mom, Me and My Milo’ grand Cycle Parade helps 1,000 kids and their families get active

Over 1,000 children and their families celebrated the grand finale of the popular ‘Mom, Me and My Milo’ campaign, painting the streets of Colombo green in a mega Milo Cycle Parade. They cycled from 

Sri Lanka India Society recalls deep bilateral ties on Independence Day

Sri Lanka India Society held their 70th Indian Independence Day celebrations recently amidst a distinguished gathering of invitees on the North Lawn of the Taj Samudra. 

Asanga selected to Oxford University’s leadership programme

Asanga Abeyagoonasekera, the Director General of the Institute of National Security Studies Sri Lanka (INSSSL) was selected for the “Transformational Leadership: Leadership at the Edge” education module by the University of Oxford. 

CA Sri Lanka’s YCAF Knowledge Forum helps young CAs to excel in career

The continuing series of knowledge forums organized by CA Sri Lanka’s Young Chartered Accountants Forum (YCAF) have helped young chartered accountants to move out of their comfort zones and excel in their careers. 

Sri Lanka-Maldives Business Council holds 9th AGM

Sri Lanka – Maldives Business Council (SLMBC) of The Ceylon Chamber of Commerce held its 9th Annual General Meeting (AGM) on 25 August at the Hilton Colombo Residences and  Charge D’ Affairs Khadheeja Najeeha from the Embassy of the Republic of Maldives was the Chief Guest at the event.

Thai Ambassador visits EDB

The Ambassador of Thailand, Chulamanee Chartsuwan met with Indira Malwatte, Chairperson  & CE, of EDB on 23th August at the EDB.

New Vithanakande Tea Factory sets new records

At the Colombo Tea Auction held on 29th / 30th August 2017, reflecting strong demand for Low Grown teas, New Vithanakande Tea Factory, Delwala once again achieved two record prices for their Pekoe and BOP grades. 

Venture Engine 2017 progresses to ‘Workshops’ phase

Sri Lanka’s entrepreneurship acceleration and empowerment programme Venture Engine has begun holding workshops for 23 companies with the true potential, and skill, required to make it all the way to its October 11 Finale.