Sri Lanka to add 1,000MW of LNG power plants

ECONOMYNEXT: The Sri Lankan government has decided to add about 1,000 megawatts of power using liquefied natural gas (LNG) as fuel, a spokesman said. 

Tomato tourism!

A reveller covered in tomato pulp takes part in the annual ‘Tomatina’ festival in the town of Bunol, located in the East of Spain on August 30, 2017. The iconic fiesta — which celebrates its 72nd anniversary and is billed at ‘the world’s biggest food fight’ — has become a major draw for foreigners, in particular from Britain, Japan and the United States (AFP)

Judging of 25th NCE Exports Awards commences

The National Chamber of Exporters of Sri Lanka (NCE) is scheduled to conduct the Annual Exports Awards at the Hilton Colombo on 29th September.

Sri Lanka Retail Forum to bring in new strategies to win consumers

The Sri Lanka Retailers’ Association will organize its premier event, Sri Lanka Retail Forum 2017 under the theme ‘Winning the New Consumer – Energizing Retail’ which will be held at the Cinnamon Grand Colombo on 13th September. 

Warren Buffett becomes top shareholder in Bank of America

AFP: American billionaire Warren Buffett’s Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount.

Sri Lanka – Singapore Business Council holds 20th AGM

The 20th Annual General Meeting of the Sri Lanka – Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce was held recently at the Ceylon Chamber of Commerce. 

Foreign investments by Lankan firms decline in 1Q

The momentum of Sri Lankan firms investing in foreign countries appears to have faltered this year and more domestic investments are likely to realize in the future, according to the  Central Bank.

FACETS 2017 begins today

The much awaited, FACETS International Gem and Jewelry Exhibition begins today (31st) at the BMICH with an official ceremony, which will be attended by the Prime Minister Ranil Wickremasinghe. 

Shares fall for 2nd day; bank stocks, beverages down

REUTERS: Sri Lankan shares fell for a second session yesterday, ending near a more than four-month closing low hit last week, as investors sold shares of banks and beverages companies. The Colombo stock index fell 0.13 percent to 6,390.26.

Dilmah in consolidation drive; acquires parent’s exports business

Dilmah Ceylon Tea Company PLC (Dilmah) will be issuing new shares to its parent company MJF Teas (Private) Limited (MJFT) to acquire all value-added tea export operations of the MJF group for Rs.442.5 million.

Cabinet nod for Rs.150 per kilo pepper subsidy

The cabinet yesterday approved to provide a Rs.150 per kilogramme subsidy for pepper growers until the pepper prices reach the levels seen early this year.

Rupee ends weaker on importer dollar demand

REUTERS: The Sri Lankan rupee closed slightly weaker yesterday as importer dollar demand from foreign banks surpassed the exporter greenback sales, dealers said.

SL should brace for higher interest rates as domestic borrowings set to peak

Despite the government securities yields pointing to a lowering trend, Sri Lanka is most likely to face higher interest rates during most part of 2018 as the Central Bank will have to borrow excessively from the banking sector to settle domestic borrowings. 

July 2017 Winner for Season 2 of Mobitel’s Cash Bonanza Montero Extravaganza drives away with a bran

The National Mobile Service Provider, Mobitel’s Cash Bonanza Montero Extravaganza programme reached fever pitch in July 2017, witnessing growing participation of customers as a result of the

Slump in remittances could make CB’s forex mgt. job tougher 

The continuous decline in remittance income from Sri Lankans working abroad could make the job of the Central Bank’s efforts to build gross official reserves much harder— possibly drawing the wrath of the International Monetary Fund (IMF)—as non-borrowed reserves is a key target to keep the 3-year programme intact.  

Seylan Bank in Rs.10bn BASEL III compliant debenture

Seylan Bank PLC this week said it would issue 5 and 10-year debentures to raise up to Rs.10 billion to strengthen its regulatory Tier II capital adequacy ratio, which was seen weakening amid growing risk weighted assets or the bank’s loan portfolio. 

Hemas pharma subsidiary changes name to Morison PLC

Hemas group pharmaceutical making subsidiary JL Morison Son & Jones has changed its corporate name to Morison PLC with effect from August 17, 2017.

Shares end lower on selling by foreign investors

REUTERS:  Sri Lankan shares ended slightly weaker yesterday, hovering near a more than four-month closing low hit last week, as foreign investors sold diversified shares, brokers said.

Newspapers still the king in Sri Lanka, official data shows

National newspaper circulation in Sri Lanka continued to grow, reaching higher levels than previously seen in 2016, with a greater preference shown towards daily English and Sinhala newspapers, official government data showed.

Sri Lanka should brace for higher interest rates next year as domestic borrowings set to peak

Despite the government securities yields pointing to a lowering trend, Sri Lanka is most likely to face higher interest rates during most part of 2018 as the Central Bank will have to borrow excessively from the banking sector to settle domestic borrowings. 

Sri Lanka Thailand Business Council 17th AGM

The 17th Annual General Meeting of the Sri Lanka Thailand Business Council was held at the Waters Edge, Battaramulla recently. It was held under the patronage of President of the Council Rizan 

SEC-CSE Jaffna Investor Forum generates overwhelming response

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) conducted the third seminar of their Investor Forum series in Jaffna on August 26, 2017, at Tilko Jaffna City Hotel.

Micromax unveils Canvas 2 smartphone in Sri Lanka

Micromax Informatics, one of the largest smartphone players in the world, officially introduced its latest smartphone Canvas 2 to the Sri Lankan market recently.

Stihl launches battery-powered tools in Sri Lanka

A range of environment friendly, battery-powered outdoor tools were recently launched by Figaro (Pvt.) Ltd at Water’s Edge, Battaramulla.

MTI becomes Dialog Awards’ independent judging partner again

Dialog Axiata PLC successfully concluded Dialog Awards 2016, its annual employee recognition programme, whilst retaining international management consultancy, MTI Consulting, as an independent judging partner for the sixth consecutive year. 

Unilever and Arpico Encourage Shopper’s to Go Green

Unilever Sri Lanka and Richard Pieris Distributors Ltd. together carried out the ‘Don’t Be Silly Silly’ awareness drive to encourage shoppers to go greenby switching to the reusable Arpico - Unilever 

Paramount Event Spaces; creating events with a difference

Paramount Event Spaces are elegant venues with helpful and knowledgeable staff, ready to assist you in making the memories of a lifetime. Their contemporary design and customization options make 

ICC’s Mount Clifford Range - 688 apartments sold out in two months

Sri Lanka’s pioneering infrastructure and multi sector general contractor International Construction Consortium (ICC) has announced that it has successfully sold out the total 688 modern, walk-up 

Hayleys eyes largest shipping company status

In its quest to become Sri Lanka’s largest shipping and maritime company, the Hayleys group subsidiary, Hayleys Advantis Limited, yesterday announced the 95 percent equity acquisition of Sri Lanka Shipping Company Limited for a mammoth Rs.4.9 billion. 

National Chamber organises seminar on quarantine procedures

The National Plant Quarantine Service in Sri Lanka, which is authorized to conduct quarantine procedures for approval of shipment, will conduct a seminar on Thursday, September 14, 2017, from 3:00 p.m. to 5:00 p.m., at the chamber auditorium, No: 450, D R Wijewardene Mawatha, Colombo 10.