Rupee ends firmer on exporter dollar sales

REUTERS:  Sri Lankan rupee ended slightly firmer yesterday as dollar selling by exporters outpaced importer demand for the U.S. currency, even as investors weighed the consequences of weather-related damage to the economy, dealers said.

Melstacorp March profit up 44% on alcoholic beverages and lower tax expenses

Melstacorp PLC, the former Distilleries group of companies, reported a net profit of Rs.1.4 billion or Rs.1.20 a share for the January – March quarter (4Q17), an increase of 44 percent year-on-year (YoY) due to lower tax expenses, as the profit from operations was down by 29 percent, the interim results showed.  

JKH to demolish and recreate Bawa legacy at Bentota Beach

John Keells Hotels PLC (KHL), a subsidiary of the country’s largest conglomerate, John Keells Holdings PLC (JKH) will be demolishing the Bentota Beach Hotel, one of the masterpieces of the legendary Sri Lankan Architect Geoffery Bawa, next month, for recreation at a cost of around Rs.4 billion.

Rupee firms on dollar sales; floods weigh

REUTERS: Sri Lankan rupee ended slightly firmer yesterday due to dollar selling by a foreign bank, but the rupee is expected to weaken as floods and landslides brought damage and dented market sentiment, dealers said.

Tourism authorities say flood impact on industry minimal

Sri Lanka’s tourism industry has experienced only minimal impact from the recent floods, state and private sectors stated this week, which has led the tourism authorities to maintain their revenue and arrival forecasts for the year.

Sri Lanka tightens building laws as monsoon rain toll tops 200

Sri Lanka pledged yesterday to tighten construction laws as the toll from heavy rains rose to 203, saying many landslide victims would have survived had their homes not been built on slopes. The government will also prosecute anyone violating existing rules by building on landslide-prone slopes, said Disaster Management Minister Anura Yapa.

Trade consultation session at Kandy District Secretariat today

The government has embarked on a number of development initiatives to open up new doors for the country to make Sri Lanka an advanced economy in the world by adopting private sector-led, export-based, FDI-driven development strategy. 

Mobitel launches standing order facility for first time in Sri Lanka

Mobitel’s mobile money platform, mCash recently launched a facility providing customers the ease of giving a standing order via mCash to schedule payments to other mCash users and pay key utilities and other bills. This hassle-free service will be another first from mCash, allowing mCash customers to schedule pre-defined payments at regular intervals using a mobile phone to other mCash users such as family and friends and also to over 40 ke

Sanjay Wijemanne joins Fairway Holdings

Sanjay Wijemanne, the former Head of Retail Banking at Standard Chartered Bank Sri Lanka, will join Fairway Holdings’ as Group Director of Sales and Marketing. 

Coyle salutes PM and government for re-gaining GSP Plus

The Chamber of Young Lankan Entrepreneurs (COYLE) expressed their appreciation on the re-implementation of the Generalized Scheme of Preferences (GSP) by the EU this year stating that it presents both opportunities and challenges for Sri Lankan exporters.

CFA Institute recognizes Ravi Abeysuriya for contribution made to management profession

Ravi Abeysuriya, CFA, has been recognized by CFA Institute, the global association of investment professionals that sets the standard for professional excellence, by receiving the inaugural Lifetime Achievement Volunteer of the Year Award from Paul H. Smith, CFA, President and Chief Executive Officer, and Frédéric P. Lebel, CFA, Chair, Board of Governors, on 19 May 2017 at the Society Leadership Conference held in Philadelphia, Penn

Piling of the iconic 50-storey Capitol TwinPeaks completed ahead of schedule

Capitol Developers Limited’s latest 470 apartment twin tower project - Capitol TwinPeaks – is pleased to announce that it has completed the Piling stage fully and that construction is progressing steadily. 

Oman Air Champions IATA AGM 2017 as Exclusive Airline Partner

Oman Air stepped forward to facilitate the 2017 IATA Annual General Meeting as the Exclusive Airline Pared and much anticipated event amongst the IATA tner for the event. A highly-

Auxenta Opens New Office Dedicated to Product Innovation

Auxenta Inc, a Silicon Valley based IT company, recently moved to a new state-of-the-art office at 61, Level 1, Janadhipathi Mawatha, Colombo 1. The modern workspace was designed to create an 

Bradby Fiesta Postponed - Fiesta Committee to help Flood Relief

The Bradby Fiesta carnival and after party organized to coincide with the 2nd leg of the Bradby shield encounter, scheduled for 03rd June 2017, has been postponed till further notice. “The Bradby Fiesta

Sanjay Wijemanne joins Fairway Holdings

Mr. Sanjay Wijemanne, the former Head of Retail Banking at Standard Chartered Bank Sri Lanka, will join Fairway Holdings’ as Group Director of Sales and Marketing. With his appointment, Fairway 

Christell introduces PRP therapy - a non-surgical procedure proven to rejuvenate skin and hair

The Christell Skin Clinic in Colombo has introduced PRP (Platelet Rich Plasma) therapy for skin and hair. This ground-breaking advancement in medicine is a non-operative treatment that helps to

Unilever’s Project Arunella Works with Communities on Sustainable Waste Management

The Arunella Waste Management project spearheaded by Unilever Sri Lanka’s Ceytea Factory in Agarapathanarecently achieved the complete elimination of waste being dumped in and around the   

Flood-hit borrowers get 3-month moratorium

The Central Bank has instructed all banks to grant a moratorium on loans obtained by the borrowers hit by the floods and adverse weather conditions in a bid to provide some relief until they get back on their feet, Mirror Business learns. 

Tourism authorities say flood impact on industry minimal

Sri Lanka’s tourism industry has experienced only minimal impact from the recent floods, state and private sectors stated yesterday, which has led the tourism authorities to maintain their revenue and arrival forecasts for the year.

Ondaatjie family finance firm divests ComBank stake; Indra Silva buys

Ondaatjie family controlled Mercantile Investments and Finance PLC (MIF) yesterday divested its entire holdings in Sri Lanka’s largest private lender, Commercial Bank of Ceylon PLC, in a Rs.1.43  billion deal.

Royal Ceramics March net up over healthy gains from tiles and aluminium

Royal Ceramics Lanka PLC reported earnings of Rs.889.7 million or Rs.8.03 a share for the January –March quarter (4Q17), recording an increase of slightly over 17 percent year-on-year (YoY) due to healthy growth in profits from tiles, sanitary ware and  aluminium segments.

SLPA refutes efficiency and profitability related allegations of critics

A top Sri Lanka Ports Authority (SLPA) official recently appealed to the detractors of the state institution to recognize the sacrifices it is making to create a level playing field for the private sector while delivering a positive performance.

Laugfs Gas records Rs.748mn net loss for 4Q as costs surge

 Diversified conglomerate, Laugfs Gas PLC, posted a net loss of Rs.747.6 million for the March quarter (4Q17), against a net profit of Rs.120.9 million year-on-year (YoY) due to higher cost of sales and higher finance costs arising from the highly leveraged business, the interim financial accounts showed.  The loss per share for the quarter was Rs.1.9, against earnings of 31 cents a share, YoY. However the group’s gross revenue fo

Exporters say new FM’s competencies a boost to commercial diplomacy

The National Chamber of Exporters of Sri Lanka (NCE) which is the private sector chamber exclusively serving Sri Lankan exporters, whose member exporters make a substantial contribution to the economic development of Sri Lanka through exports, welcomes the strategy of the Ministry of Foreign Affairs to actively engage in ‘Commercial diplomacy’ through the Sri Lankan missions overseas, as announced by Dr. Harsha De Silva, Deputy Minist

Flood and rain stall work on Southern railway extension project

The work on phase one of the Southern railway extension came to a sudden stop due to the heavy deluge that inundated the Matara district last Thursday and Friday. Most of the base camps established by China National Machinery Import & Export Corporation (CMC) were submerged and the staff had to be evacuated.

Sri Lanka to fully automate company registration process

Turning a new page in Sri Lanka’s business history, the entire company registration process is to be fully automated thereby slashing the waiting period for the birth of a new company. 

Wickramarachchi celebrates 40 years of serving the nation

The pioneers of Cochlear implants in Sri Lanka, J.M Wickramarachchi & Company celebrated 40 years of selfless service to the nation recently. 

SriLankan expands network to Myanmar with Myanmar Airways

SriLankan Airlines will expand its network to Yangon, the capital of Myanmar, from 1st June, with the commencement of a codeshare partnership with Myanmar Airways International (MAI), one of Myanmar’s best-known airlines.

Eight lucky PickMe drivers win Rs.100,000 with ‘Lakshapathi Waram’

PickMe, the homegrown startup with the leading tech-based taxi-hailing app in Sri Lanka, continues its efforts to uplift the spirit of their drivers with the launch of ‘Lakshapathi Waram’, a unique initiative to honour the values of their driver partners. The driver-rewarding scheme recently chose eight drivers and presented each of them with Rs. 100,000.