CTC June net profit falls amid 25% volume slump

Ceylon Tobacco PLC (CTC), which holds a virtual monopoly over manufacturing and distributing of cigarettes in Sri Lanka, saw its net profit for the period ended June 30, 2017 (2Q17) falling 3 percent year-on-year (YoY) to Rs.2.95 billion amid dwindling volumes.

Engineer Sam Perera recognized

President John Hilton on behalf of the trustee board of the Institution of Mechanical Engineers U.K. awarded the Presidential Award for meritorious services to institution’s Southern Asia Regional Chairman at their headquarters in Westminster, London recently. The incoming president Carolyn Griffiths also awarded Perera with the International Strategy Board Award for his commitment to the institution.

DFCC Bank supports Colombo International Tea Convention as Strategic Partner

Upholding its commitment to the country’s business community, DFCC Bank has stepped forward to support the Colombo International Tea Convention from 8thto 11thAugust 2017, as a Strategic 

Amãna Takaful Group bounces backRs. 93 Million profit

93 Million at the half year ending June 2017. This compares to a loss of Rs.42 Million over the same period in 2016. The Group’s Gross Written Premium (GWP) of Rs.1.93 Billion is a 3% upside over

Celebrating the 150th Anniversary of Ceylon Tea

Celebrating the 150th Anniversary of Ceylon Tea

Sri Lanka mulls to limit credit flow to real estate sector

A regulatory credit crunch may likely be implemented for the construction and real estate sectors to protect the financial system, the Sri Lankan government had said in a letter to the International Monetary Fund (IMF). 

AIA Sri Lanka unit June profit up on higher premiums

AIA Insurance Lanka PLC reported enhanced top and bottom line performances during its second quarter (2Q17) and its first half of 2017 (1H17) showing signs that the local unit of the world’s second biggest life insurer by market value is on course to gain more market share in an overcrowded Sri Lankan insurance market.   

Plantations Minister tells stakeholders to unite or perish

Sri Lanka’s plantations ministry recently called for industry stakeholders to be more collaborative in its efforts to ensure the retention of a competitive position in the global market, and warned failing to do so would result in the county further losing its position.

FM gears up to present ‘performance-based budget’ this November

The country’s Finance Ministry under the new Minister Managala Samaraweera is gearing up to present a performance-based budget this November for the year 2018, where the focus would be placed on results and key performance indicators (KPIs).

Tough consumer environment takes toll on Nestle’s June performance

Nestle Lanka PLC reported relatively subdued financial performance during first half of 2017 (1H17) as the weak consumer spending hit the local unit of the Switzerland-based world’s biggest food and beverage company.

Lanka IOC 1Q in red over higher global oil prices

The Sri Lankan unit of Indian Oil Corporation, Lanka IOC PLC (LIOC) turned a net loss of Rs. 135.2 million in the April - June quarter (1Q17) from a net profit of almost Rs.2.0 billion reported during the same period last year, the interim financial accounts showed. 

Central Bank says flood-hit borrowers not receiving announced concessions

Flood-affected borrowers are not aware of credit concessions they are entitled to, and have not received these benefits, the Central Bank said. 

Sri Lanka’s first Virtual Mirror at Aviraté flagship store

In a rush and don’t have time to try everything on? Dinner to go to after work but nothing to wear and pressed for time? Not sure which color looks best on you but don’t want to go through the hassle of trying them all out?

Watawala sponsors Colombo International Tea Convention

Watawala Tea Ceylon Limited and Watawala Plantations PLC, subsidiaries of the diversified Sri Lankan conglomerate Sunshine Holdings PLC, came onboard as Gold Sponsor for the 1st time in the upcoming Colombo International Tea Convention 2017. 

Swisstek celebrates 50 vibrant years in business

Swisstek (Ceylon) PLC marked its 50-year business journey with a golden jubilee celebration.  A five-time recipient of the prestigious Presidential Export Award for Excellence in the wood sector, the industry pioneer’s journey has been a trailblazing one interspersed with significant milestones. 

IIHS offers Australian Biomedical Science Degree

The International Institute of Health Sciences (IIHS) is now Sri Lanka’s pioneer International University Learning Centre, where local and regional students gain an opportunity to access the global workforce.

Guam tourism sees silver lining in North Korean threats

AFP:  Tourism-dependent Guam is looking to cash in on its new-found fame as a North Korean missile target, tapping an unlikely promotional opportunity to attract visitors to the idyllic island and prove that all publicity is good publicity.

Toni&Guy officially launched in Colombo

The official launch of the celebrated brand Toni&Guy, the world-renowned hairdressing brand in Colombo, took place recently with the participation of International Artistic Director and Educational Director for Japan and Southern Hemisphere Bill Watson and Artistic Director from the Toni&Guy Academy in London Stuart Matuska

Rupee holds steady as dollar demand offsets supply

REUTERS: The Sri Lankan rupee traded steady yesterday as banks and exporters sold the dollar, offseting mild importer demand for the U.S. currency, dealers said. 

Dreamron introduces SLES-free shampoo

People around the world prefer the use of shampoo over soap because of a number of reasons.  Most of them use it to because it clears away any foreign residue, some of them because it gives a good smell or some people use them as treatments for the scalp or hair. 

Proparco grants Euro 20 mn loan to DFCC Bank to promote alternate energy projects, SME sector

Reaffirming its credentials as a preferred partner for international credit lines, DFCC Bank has been granted a long term loan of €20 million by Proparco, a subsidiary of Agence Française de Développement (AFD). 

Families demand Malaysia accept MH370 hunt offer

AFP: Relatives of passengers aboard missing flight MH370 yesterday demanded Malaysia accept a US exploration firm’s offer to take up the hunt for the aircraft, which was suspended earlier this year. No trace of the Malaysia Airlines plane, which disappeared in March 2014 with 239 people on board, was found during a lengthy deep sea hunt in the southern Indian Ocean off western Australia, with the search called off in January.

India says economy could slow down

AFP:  India’s economy is at risk of slowing down in the current fiscal year, the government said in a mid-year economic survey yesterday.

The Outlet Store rolls out summer shopping week spree

The Outlet Store, Sri Lanka’s latest addition to the fastest growing retail fashion sector, which opened its doors for an exclusive family shopping experience, rolled out a fabulous shopping week spree this summer with discounts up to 25 percent on the total bill value. 

Build SL 2017 expo

Build SL 2017 – premier housing and construction expo, a must see for all house builders, persons engaged in construction industry related work opened at the BMICH yesterday. Large crowds gathered to witness the expo on the opening day.   

China probes social media platforms for ‘obscenity’

AFP: China has launched probes into three of its largest social networking platforms over the suspected dissemination of violence and obscenity- the latest move aimed at sanitising the country’s increasingly closed-off internet.

Billion rupee startup, PAYable,draws in major investment, gears for accelerated growth

Building on the success of its growing network of merchants and customers, Sri Lanka’s fast-growing startup, PAYable, announced the successful completion of a round of funding that will set the pace for 

New design ensemble launched at Fashion Bug Wellawatte

Four trendy fashionable collections for ladies were launched by Fashion Bug at their latest outlet in Wellawatte recently. The brands which were showcased were; Nellrose, Aya, Amani and Miss-Me

Proparco (AFD Group) grants €20 million loan to DFCC Bank to promote alternate energy projects and t

Reaffirming its credentials as a preferred partner for international credit lines, DFCC Bank has been granted a long term loan of €20 million by Proparco, a subsidiary of Agence Française de 

Ron Kaufman in Sri Lanka – An Unprecedented Success

The SLIM, national body for marketing in Sri Lanka, notched yet another highly successful delivery of its mandate of creating opportunities to receive global knowledge and competencies to the Sri Lankan