SL’s lubricant market expands

Sri Lanka’s lubricant sales rose 11.3 percent year-on-year (YoY) in response to the influx of vehicle imports seen during 2015 and 2016 but the market leader continued to lose its market share as the competitors gained ground. 

Over 350 CEOs, senior executives to attend Sri Lanka Economic Summit 2017

Over 350 CEOs and senior corporate executives, including chairpersons, managing directors, CEOs and directors representing the Sri Lankan corporate sector, have already signed in to take part in Sri Lanka Economic Summit 2017, which is set to start next week.

President opens Singer logistics hub in Dambulla

Singer Sri Lanka created a new milestone in logistics capability when President Maithripala Sirisena ceremonially opened the company’s massive 75,000 sq.ft. logistics hub in Dambulla last week.  

Sunshine Holdings powers Sri Lanka Economic Summit

Sri Lanka’s diversified conglomerate Sunshine Holdings, celebrating its 50th year of responsible entrepreneurship, for the third consecutive year will support the country’s premier economic forum, the Sri Lanka Economic Summit 2017. 

CB should be only regulator

Meanwhile, Wickramaratne said the Central Bank of Sri Lanka should refrain from playing dual roles and must pay greater emphasis on its responsibilities of being only a regulator.

Proposed energy formula could cut electricity costs 5%: expert

The proposed electricity cost-reflective formula would create transparency and public pressure, which could lead to more efficient management within the Ceylon Electricity Board (CEB) and potentially reduce the electricity costs by 5 percent, a leading energy sector expert said.  

Counsel cautions against “other agents” in new Inland Revenue Bill

President’s Counsel Sanjeeva Jayawardena this week forewarned the country’s Supreme Court of the creation of “other agents” outside the Inland Revenue Department’s (IRD) purview as tax officers by the new Inland Revenue Bill, which is set to repeal the existing Inland Revenue Act of 2006.

Emirates to operate one-off A380 flight to Colombo

Emirates’ iconic A380 aircraft will make a one-off landing at Bandaranaike International Airport (BIA), Katunayake, on Monday, August 14, as the global airline joins the local authorities in the celebration of the airport’s resurfaced runway. 

Cooking made easy – get 3 scrumptious curries from a single pack of Sera coconut milk

Though there are many distinct features of Sri Lankan cuisine that set it apart from culinary styles across the world, the one, surefire ingredient that adds an authentic 

Career Banker Shashi Kandambi Jassim of Sampath Bank honoured for Leadership in Banking and Finance

Sampath Bank announced that Mrs.Shashi Kandambi Jassim, Senior Deputy General Manager – Corporate Banking, has received theGold award in the Banking and Finance category at the

Holmes Pollard & Stott wins ‘Advertising Agency of the Year’ award

The leading advertising company Holmes Pollard & Stott (HPS) has won the ‘Advertising Agency of the Year’ award at the Golden Globe Tigers 2017 (Sri Lanka Edition) for Excellence & Leadership

CB sees economy rebounding in second half on flood reconstruction

REUTERS:  Sri Lanka’s economy will rebound in coming months as the island nation begins to rebuild after devastating floods, and it could still expand by 4.5 to 5.0 percent for the full-year, the Central Bank Governor Indrajith Coomaraswamy said this week.

Dumindra Ratnayaka appointed new BOI Chairman

Former Etisalat CEO Dumindra Ratnayaka, who was recently re-appointed as a director of Sri Lanka’s apex state-run investment promotion body, Board of Investment (BOI), has been appointed as its Chairman, Development Strategies and International Trade Ministry said in a brief note yesterday. 

SL Customs’ new online payment platform goes live tomorrow

The local trade and business landscape will see greater transparency with the implementation of a fully-fledged online payment platform for Sri Lanka Customs that will be launched tomorrow.

Cabinet approved US $ 72mn fisheries project in limbo

A proposed 4,000 acre aquaculture park in Mannar, which has received Cabinet approval and attracted plans for US$ 72 million in initial private sector investments as a part of reaching a US$ 1.5 billion target in seafood exports, is facing roadblocks, an industry stakeholder told Mirror Business. 

Chevron Lanka second quarter profits down 34%; top line declines 19%

Chevron Lubricants Lanka PLC, the local unit of US-based multinational, posted a net profit of Rs.525.90 million for its second quarter ended June 30, 2017 (2Q17), recording a 34 percent decline compared to the corresponding period last year, due to lower sales.

A pilgrim’s plastic footprint and a pilgrimage to clean it up

Every year over 2 million people make the 2,200-meter climb to the holy peak of Sri Pada and leave behind a mountain of trash. 

Unemployment hits 3-year low in 1Q

Sri Lanka’s unemployment rate fell to 4.1 percent in the first quarter of 2017 (1Q17) recording a three-year low, with most jobs being created in the country’s industrial sector, according to the Department of  Census and Statistics (DCS).

SoE debt accounts for 14% of economy; 4% SriLankan Airlines

Moody’s Investors Service put Sri Lanka’s public enterprise debt at a whopping 14 percent of gross domestic product (GDP) and warned the government of additional risks to its finances should such debt requires any state support, which is likely to become the case. 

More vacancies in accounting and finance fields; IT closely follows: report

According to the quarterly career report published by everjobs.lk, the accounting and finance job category has the highest number of vacancies available, along with the highest number of applications submitted for, throughout the past three months.

Getting more women into labour force

An economic advisor to the Finance Ministry recently suggested that subsidized maternity leave and investments in day care centres could increase female labour force participation and persuade companies to hire more women.  

Shares fall on profit-taking in blue chips

Sri Lankan shares fell yesterday, after posting their highest close in more than 18 months in the previous session, as investors booked profits in blue chips. However, foreign players bought stocks on expectations of strong corporate earnings, limiting the downside.

Pathfinder Foundation’s Dr. Jayanath Colombage delivers special lecture in Japan

The Director of Indo-Lanka Initiatives at the Pathfinder Foundation, Admiral Dr.Jayanath Colombage delivered a special lecture titled ‘Geo-Strategic Competition and Dynamics in the India Ocean: A south Asian Perspective’ at a conference titled ‘Security Challenges in Asia and Europe in 2017’, jointly organized by Konrad Adenauer Stiftung’s Japan office and the Japan Campus of the Temple University, held in Tokyo, Jap

NSBM signs up with MTI Consulting for Industry Partnership Programme

NSBM Green University Town (NSBM) announced its formal MoU sign up with MTI Consulting for its Industry Partnership Programme. 

Sri Lankan SMEs in major global funding breakthrough

Sri Lanka’s one million strong Small and Medium Enterprises (SMEs) have clinched the largest international support wave in their business history thereby finally enabling them to directly link with global markets. Lankan SMEs in spices, food preparations and ICT/BPO are to receive support in the first round. 

Munchee launches Potato Cracker

Munchee recently launched ‘Potato Cracker’ to the market as its latest innovation with a view to offer total new sensation to cracker consumers in Sri Lanka.

Korean business delegation visits Sri Lanka

A 13-member Korean business delegation visited Sri Lanka at the invitation of Ideal Group to explore business and investment opportunities in diverse areas. 

Mexican restaurant chain Taco Bell opens first outlet in Sri Lanka

Taco Bell, the world’s largest Mexican inspired quick service restaurant (QSR) chain opened its first restaurant in Horton Place, Colombo – 7 yesterday. 

Ceylon Chamber prefers new revenue bill implemented from April, next year

Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), yesterday said the new Inland Revenue Bill should ideally be implemented from April 1, next year, giving a longer transitional period for both the taxpayer and Inland Revenue Department to become fully conversant with the provisions of the law.

Nineteenth premier packaging exhibition to be held in October

The 19th edition of the premier international packaging exhibition in Sri Lanka will run from 27 – 29th October at the Bandaranaike Memorial International Conference Hall (BMICH).