Advantis Projects bridges logistics gap for Sri Lanka’s energy growth

As a nation focused on development and in the midst of transitioning from a lower-middle-income country to an upper-middle-income country, it is no surprise that Sri Lanka is facing a rise in demand for electricity.

EFL strengthens international management team

Leading logistics provider EFL announced the appointment of three new independent directors to its international board as part of its ongoing efforts to add international expertise to its management team. Ram Menen, Stephen Dearnley and Mike Sherman joined as Independent Directors to the board led by Founder and President  Hanif Yusoof. 

Interpharm ventures into pharmaceutical export

Interpharm (Private) Limited and Gamma Pharmaceuticals (Pvt.) Ltd, leading pharmaceutical manufacturing companies in Sri Lanka, opened a new chapter in their operations by venturing into export of their locally manufactured pharmaceuticals.  

Dialog TV brings advertising-free live broadcast of ICC Champions Trophy

To facilitate an unmatched, uninterrupted and superior viewing experience of the ICC Champions Trophy, Sri Lanka’s premier digital pay television network, Dialog Television, brings its viewers live telecasts of all matches from London without advertising for the first time in Sri Lanka. 

ADB approves US$2 mn grant for flood and landslide relief

The Asian Development Bank (ADB) approved a US$2 million grant to finance relief efforts in the country following the recent floods and landslides that claimed the lives of over 200 people and damaged the homes and livelihoods of hundreds of thousands more.

Airbus says passenger plane market to double within 20 years

AFP: Airbus yesterday said it expects the market for large passenger planes to more than double in the next 20 years driven by growth from Asian markets.

Thai army officers charged over online arms trading

AFP:  Several Thai army officers were charged yesterday over an online weapons market that saw soldiers sell grenades and bullets over social media, in a country where military weapons routinely turn up on the streets.

Merkel in Argentina hopes for S. America trade deal

AFP: Germany and Argentina voiced hopes Thursday for a free trade agreement between the European Union and South America as German Chancellor Angela Merkel visited Buenos Aires. In talks with Argentine President Mauricio Macri, Merkel discussed bilateral commerce and efforts to strike a deal with the Mercosur grouping of South American countries.

Chinese exports, imports smash forecasts in May

AFP:  China posted a forecast-busting surge in exports and imports in May, official data showed on Thursday, signalling improvement in the world’s number two economy.

Tokyo’s Nikkei up, pound down with eyes on British election

AFP: Tokyo’s benchmark stock index opened higher yesterday after ousted FBI chief James Comey’s explosive testimony, while the pound took a hit as British election exit polls pointed to a hung parliament.

Rupee steady on inward remittances; stocks down

REUTERS: The Sri Lankan rupee traded steady yesterday in tepid trade as mild inward remittances offset dollar demand from importers, dealers said.

Samsung Sri Lanka reaches out to flood-affected communities

In a gesture that will enable flood-affected communities to overcome difficulties with regard to their damaged equipment, Samsung Sri Lanka plans to host a free service camp in Galle and Matara for all Samsung devices and products.

Boston Lanka presents first-ever US Lanka Fashion Week in New York

Boston Lanka presents the first-ever US Lanka Fashion Week in Staten Island, New York.  The Sri Lankan fashion week in New York will be the first-ever event to promote Sri Lankan fashion exclusively in New York City for a duration of one week. 

CA Sri Lanka awards scholarships to 140 outstanding students

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently awarded scholarships to 140 outstanding students, including the top achievers at the 2016 GCE Advanced Level Examination, to help them realise their dreams of becoming globally sought-after chartered accountants. 

‘PickMe Waasi’ to reward one lucky winner with Rs.1mn this week

The grand draw of ‘PickMe Waasi’, the three-month loyalty programme introduced for the patrons of the tech-based taxi-hailing company, draws closer and closer as PickMe will be choosing one lucky winner on June 10, who will walk away with a grand prize of Rs.1 million. 

Deen Brothers Imports holds annual DBL Bath Dansala

To mark the Vesak festival, Deen Brothers Imports (Pvt.) Ltd (DBL) successfully held its fifth annual DBL Bath Dansala at the head office of Deen Brothers Imports (Pvt.) Ltd Matara.

Amãna Takaful - the pioneer in the ‘takaful way’ celebrates 18 years in the insurance industry

Takaful is a concept of Joint Guarantee or Mutuality, which simply means that any Takaful (insurance) contract is transparent and participatory. The Participant is the Takaful Certificate holder and thereby 

Watawala Tea Ceylon celebrates Watawala Tea becoming the No 1 brand

Watawala Tea Ceylon Ltd, a member of the Sunshine holdings group celebrated its outstanding achievements for the last year with a gala event on the 21st of April 2017 at the Grand Ballroom of the 

The Gem and Jewelry Industry As Described By The Experts

For hundreds of years the Gem and Jewelry Industry of Sri Lanka has played a vital role in the country’s cultural, social and economical development. Growing from strength to strength the industry 

The French Embassy and the Alliance Française de Kotte launch French Spring Festival 2017 in Sri Lan

For this edition of the French Spring Festival, The French Embassy and the Alliance Française intend to bring the best of French modern culture, to an extended audience, in Colombo and Kandy.

Land Rover Bar Move Closer To America’s Cup Final

Land Rover BAR have qualified for the Louis Vuitton America’s Cup Challenger Playoffs following the conclusion of the double Round Robin stage. A competitive and hard-fought nine days of racing 

Hameedia reopens their newly revamped Crescat Showroom

Marking another milestone in its style studded history Hameedia has revamped its showroom at Crescat Boulevard to mirror its eminence as the ‘most preferred and trusted men’s wear specialist in 

Hameedia teams up with Avirate for a delightful Ramazan shopping experience

Hameedia, Sri Lanka’s leading menswear specialist has entered into a strategic partnership with Avirate to offer a special range of Women’s Ready-to-wear collections complementing its exclusive 

Governor says next year’s debt challenge bigger than this year’s

The Central Bank Governor, Dr. Indrajith Coomaraswamy said the domestic debt repayment challenge in 2018 would be much worse than that of this year’s and going forward Sri Lanka would have sovereign debt maturities every year starting from 2019 leaving very little headroom for further borrowings. 

Watawala to start commercial dairy operations later this year

Watawala Plantations PLC (WATA), a subsidiary of Sunshine Holdings PLC, will begin commercial dairy operations during the latter half of the 2018 financial year, a top official said.

Qatar debt rating downgraded by S&P as riyal hits 11-year low

Standard & Poor’s downgraded Qatar’s debt on Wednesday as the riyal currency fell to an 11-year low amid signs that portfolio investment funds were flowing out of the country because of Doha’s diplomatic rift with other Arab states.

Bangladesh export fears as EU slaps on security checks

AFP:  European Union security screening of Bangladesh exports could damage the country’s multi-billion dollar textile industry, garment manufacturers alleged yesterday.

Softlogic March in red; top line growth remains modest

Softlogic Holdings PLC, the diversified retailer turned a net loss of Rs.234.5 million for its January-March quarter (4Q17), compared to a net profit of Rs.146.2 million year-on-year (YoY) due to heavy finance costs, increase in overheads and modest growth in top line, the interim results released by the company showed. 

Fitch forecasts lower reserves than official estimates by end-2017

Credit rating agency, Fitch, is expecting Sri Lanka’s foreign reserves to fall in the short-term to be well below the targets of theCentral Bank and the Finance Ministry, raising concerns over the country’s ability to meet the reserves target set by the International Monetary Fund (IMF) loan programme.

Richard Pieris 4Q profit soars on retail business and better cost management

Diversified conglomerate, Richard Pieris and Company PLC, increased its January – March quarter (4Q17) earnings by as much as 152 percent to Rs.890.1 million or 44 cents from a year ago, well supported by its major business segments led by retail, but the plantations business encountered challenges, the interim financial accounts showed.