Sri Lanka’s bank credit against GDP among lowest in Asia Pacific: Fitch

Despite the record high banking sector credit granted in recent years, Sri Lanka’s private sector credit still stands amongst the lowest in comparison to the size of the economies in the Asia Pacific region, the data compiled by Fitch Ratings Lanka showed.  

Rupee ends weaker; spot trading resumes after 6 weeks

REUTERS: The Sri Lankan rupee ended weaker yesterday as dollar demand from importers weighed on the spot currency when it resumed trading after six weeks, dealers said.

Silicon Valley giants outrank many nations, says first ‘techplomat’

REUTERS: The top firms in California’s Silicon Valley carry more weight on the global stage than many countries, which makes building diplomatic relations with them increasingly important, the world’s first national technology ambassador said.

FinMin stresses need for climate-resilient infrastructure at AIIB conference

Sri Lanka’s newly appointed Finance Minister Mangala Samaraweera has emphasized the need for disaster-resilient infrastructure in the face of climate-related calamities, such as the deluge Sri Lanka experienced a couple of weeks ago.

Amãna Bank set to increase capital to Rs.10bn via rights issue

Amãna Bank has received an approval in principle from the Colombo Stock Exchange (CSE) for listing of additional shares to be issued through its proposed rights issue.  Upon securing the shareholder approval at the forthcoming extraordinary general meeting (EGM) on July 4, 2017, the bank plans to issue 1,250,695,267 new shares at Rs.3.80 per share in a ratio of one new ordinary share for every one ordinary share held. 

Economic Summit to discuss competitiveness building of Lankan manufacturers

The upcoming ‘Sri Lanka Economic Summit 2017’ organized by the Ceylon Chamber of Commerce will conduct a dedicated thematic session to discuss, how important it is for the Lankan manufacturing sector to become competitive to attract global markets.

BMICH awarded prestigious Green Certification

Re-asserting its longstanding commitment to the environment, the S.W.R.D. Bandaranaike National Memorial Foundation (BMICH) was recently recognised with the prestigious ISO 14064-1:2006 pollution control certification, awarded by the Sri Lanka Climate Fund. 

CSE helps Matara

The Colombo Stock Exchange (CSE) recently helped a group of residents in Matara who were affected by floods. 

Workshop on export procedures  under new GSP Plus concession

A one-day workshop on export procedures and documentation  with special attention on enhanced market access under the new GSP plus concession, will be held on June 30  from 9.00  a.m to 4.30 p.m  at the chamber auditorium, Colombo - 10.

JKH unit trims exposure in Union Assurance over free float

Whittall Boustead Limited, a subsidiary of John Keells Holdings PLC (JKH), yesterday divested 65,001 shares of Union Assurance PLC to allow the insurer to work towards complying with the continuous minimum public holding rules of the Securities and Exchange Commission.

Fairway Waste Management Forms a Partnership with The Waste Management Authority by Means of a Conce

Fairway Waste Management (Pvt) Ltd and the Waste Management Authority of the Western Provincial Council recently signed a Concession Agreement to form a Public-Private Partnership that would 

The Lamudi Third Real Estate Expo indicates a striking success

The Third Lamudi Real Estate Expo that took place onthe North Lawn of Taj Samudra on the 17th and 18th of June 2017 turned out to be a roaring success. Welcoming property seekers and investors from 

KDK @ Construction Expo 2017

Elite Radio & Engineering Co., (Pvt) Ltd. sole agent for KDK brand fans participated at Construction Expo 2017 as Gold Sponsor, seen here is is CEO SurenKundanmal explaining the concept of IAQ - Indoor Air 

Listed company earnings dip amid challenging business environment

Sri Lanka’s listed entities have put up a poor show for the first quarter of 2017 (1Q17) as their cumulative recurring profits saw a significant decline from the corresponding quarter of the previous year reflecting the tougher economic conditions and weaker business and consumer sentiment engulfing the country’s business landscape.   

SL’s state-owned banks’ market share on decline: Fitch

Sri Lanka’s state-owned lenders such as Bank of Ceylon, People’s Bank and National Savings Bank, have slightly lost their market share to privately held banks during the last three years, Fitch Ratings said.

Shippers call for total liberalization of maritime sector

Sri Lanka Shippers’ Council (SLSC) immediate past Chairman Sean Van Dort called for the total liberalization of the maritime sector, when he said age old walls have to be brought down for the island nation to fully benefit from the seas surrounding it. 

Sunshine mulls closing struggling packaging subsidiary

Diversified conglomerate Sunshine Holdings PLC is currently evaluating the possibility of shutting down operations of its fully-owned packaging subsidiary, Sunshine Packaging Lanka Limited, by end-August, a filing to the Colombo Stock Exchange said.

SriLankan Airlines says Airbus agreed to change A350 order

REUTERS: Airbus is willing to change the terms of an order for four A350-900s from SriLankan Airlines to different planes, the struggling state-run carrier said last week. 

Edulink launches international journal on entrepreneurship

Edulink International Campus, once again plays the role of being a leader in the education industry in nurturing entrepreneurship amongst the youth in the country by launching an international journal on entrepreneurship titled as ‘International Journal of Management and Entrepreneurship’.

Envoy Mansion opens doors to NEGC privilege membership programme

The iconic men’s wear brand Envoy Mansion in association with Channel17 warmly welcomed the membership of Nuwara Eliya Golf Club (NEGC) to enjoy premier fashion and luxury lifestyle at their plush showroom at Bagatalle Road in Colpetty. 

Gamma and Interpharm open quality control laboratory

The new quality control and quality assurance laboratory of Gamma Pharmaceuticals (Pvt) Ltd., and Interpharm (Pvt) Ltd., was declared open by Kalana Hewamallika, the Chairman and the Managing Director of the two companies recently at the factory premises of the companies’ at Madapatha Road, Piliyandala.

Laugfs shares light of Vesak, Poson celebrations with employees, communities

Laugfs initiated a series of programmes themed ‘Laugfs Sadaham Prarthana’ to mark the Vesak and Poson poya days. 

Waters Edge breaks ground for extensive expansion project

The Waters Edge Hotel, Battaramulla broke ground for its extensive expansion project of the 4-floor banquet facility this week, with the objectuve of providing a unique ballroom experience along with the country’s largest banquet facility to visitors by the end of next year.

Rupee edges down on importer dollar demand; stocks up

REUTERS: The Sri Lankan rupee traded slightly weaker yesterday as dollar demand from importers weighed on the local currency, dealers said.

IMF takes ‘unusual’ steps for Greece

AFP: By promising Thursday to approve a new aid plan for Greece, but without releasing any money, the IMF has again departed from its usual procedures to support Athens, exposing itself to accusations of giving the country special treatment. 

BoJ chief says no plan for monetary easing exit

AFP:  The Bank of Japan’s governor yesterday ruled out pulling the plug on its massive monetary easing plan anytime soon, even as his counterparts overseas move in the opposite direction.

Tesco lifts food sales despite rising UK inflation

AFP:  Britain’s largest retailer, supermarket group Tesco, reported yesterday rising sales during its first quarter as it looks to turn a corner after an accounting scandal.

Britain’s Hammond says ‘growth and jobs’ Brexit priority

AFP:  British Finance Minister Philip Hammond yesterday said London Britain must prioritise prosperity in Brexit talks with the EU that begin next week in Brussels.

Asian markets mostly up, dollar and pound extend gains

AFP: Asian markets mostly rose yesterday following a sell-off the previous day, while the dollar and pound extended gains on growing expectations of a hike in US and British interest rates.

Blue Mountain spreads light for Poson celebrations in Town Hall

Blue Mountain erected lanterns to brighten up the streets of Colombo for Poson, earlier this week.  This initiative was carried out in collaboration with the Colombo Municipal Council to celebrate Poson Poya. Over 600 six-foot lanterns were placed in the forms of lotus flowers and stupas every six