People’s Merchant Finance sells prime property to parent for Rs.1bn

People’s Merchant Finance PLC (PMF), a unit of state-owned People’s Bank, has sold a 108 perch property it owned in Nawam Mawatha, Colombo 2, to its parent for a consideration of Rs.1.04 billion with the approval of the Central Bank. 

Lankan bureaucrats, economists undergo training to better negotiate FTAs

Sri Lankan bureaucrats and economists are currently undergoing training on how to better negotiate free trade agreements (FTAs) and set up effective trade policies at the Miloda Academy of Financial Studies, under an International Trade Centre (ITC) event backed by the European Union (EU).

Shares rise as foreign investors buy blue chips

REUTERS: Sri Lankan shares edged up from a one-week low yesterday as foreign investors bought shares in blue chips such as John Keells Holdings PLC, with turnover hitting a five-week high.

India, Japan JV to set up LNG import terminal in Sri Lanka

NEW DELHI: India and Japan will join hands to set up a US $ 250 million liquefied natural gas (LNG) import terminal in Sri Lanka, the first collaboration between the two to counter China’s growing influence in the island nation.     

New ports minister to appoint maritime professional to SLPA

Sri Lanka’s new Ports and Shipping Minister Mahinda Samarasinghe yesterday said he would appoint a qualified person with updated knowledge on the maritime sector as the Sri Lanka Ports Authority (SLPA) Chairman.

Nuwara Eliya now home to Pizza Hut’s 50th outlet

Pizza Hut is the only international restaurant chain to open 50 outlets in Sri Lanka. 

Colombo Port City and Megapolis discuss LRT plans

A group of senior officials from the Colombo Port City Development project met the transport master plan team of the Western Region Megapolis Project to discuss the ongoing study on light rail transit (LRT) lines and its connectivity to the Port City.

Advocata Institute launches essay competition on economics

The Advocata Institute, a think tank based in Colombo, has launched an essay competition on the topic of ‘What economic freedom means to me’.

Apartment development sector reacts to CB Governor’s recent comments on industry

Responding swiftly and strongly to the statement made by Central Bank Governor Indrajit Coomaraswamy, with regard to the apartment development industry, the stalwarts of the industry have stated that it was irresponsible and damaging.

SWT Associates becomes independent member firm of IAPA International

The UK based International Association of Practicing Accountants (IAPA) recently inducted the Chartered Accountant firm SWT Associates, as its member firm in Sri Lanka.   

Milo partners RCU for Bradbly Fiesta

The stage is all set for a great game of rugby, when the historic rivalry between the Royalists and the Trinitians continues on field, at the 2nd leg of the 73rd Bradby Shield, scheduled to be held at Royal College, Sports Complex on the 3rd June.  

Two Lankan plantation firms borrow abroad

Sri Lanka’s plantation firms with their parents in the UK have borrowed in US dollars to enjoy cheaper interest costs.

ICC Sri Lanka welcomes govt.’s efforts to restore GSP Plus

The International Chamber of Commerce (ICC) Sri Lanka welcomed the quick initiative taken by the government to regain GSP Plus as it would pave the way for duty free access to the European Union (EU) market on a whole range of products.

Colombo YMBA and Ratnapura Buddhist Society hold workshop on entrepreneurship

A workshop was held recently, aimed at identifying and resolving the issues faced by the local small and medium business owners as well as empowering them as an important collective in the nation.  The workshop was attended by more than 100 such entrepreneurs in the Ratnapura district.

Home Lands Group to facilitate PIMA vision as strategic partner

Home Lands Group has come forward as the strategic partner for Postgraduate Institute of Management Alumni Association (PIMA). 

Best Bancassurance performers from AIA and NDB recognized

A ceremony in celebration of AIA’s and NDB’s top Bancassurance performers was recently held at the Cinnamon Lakeside Colombo. 

Graded hotels gain marginally over informal sector in 2016

The graded hotel segment has been able to prune the relative growth of the informal and supplementary accommodation sector in 2016 according to Central Bank data, a situation which may continue to favour the graded sector in the future due to government intervention.

Dialog paves way for 5G with successful Massive MIMO trial

Sri Lanka’s leading telecom services provider, Dialog Axiata has carried out South Asia’s first successful trial of next-generation, Massive MIMO (Multiple-Input Multiple-Output) technology.

Aitken Spence to introduce Heritance brand to Maldives

Sri Lanka’s Aitken Spence Hotels and Resorts is to introduce its Heritance brand to the Maldives with the opening of Heritance Aarah next year, according to Maldivian news website Maldivian Insider. 

Proposed Sri Lanka-Malaysia FTA advances into scoping stage

Discussions on the proposed Sri Lanka-Malaysia free trade agreement have advanced into the scoping stage, where both parties conduct feasibilities on the benefits and costs of entering into intimate trade relations, the Malaysian High Commissioner in Colombo, Zaidi Wan Abdullah, told   reporters, this week.

Two Lankan plantation firms borrow abroad from parent

Sri Lanka’s plantation firms with their parents in the U.K. have borrowed in US dollars to enjoy cheaper interest costs.

Colonial Motors gets Vespa, Aprilia two-wheeler distributorship

C M Holdings PLC subsidiary, Colonial Motors (Ceylon) Limited, will begin importing and distributing Italian auto maker Piaggio’s iconic scooter Vespa and the Aprilia 2-wheelers, a disclosure to the Colombo Stock Exchange stated.

CIC embarks on 2020 Re-strategizing with MTI

The diversified conglomerate CIC Holdings has embarked on a major strategic change initiative titled ‘2020 Re-strategizing’, which will see the group undertaking an intensive business rationalization exercise, followed by strategic and organisational realignment. MTI Consulting has been retained for this 12-month assignment, covering CIC Holdings, CIC Agri and Chemanex.

WiLAT Sri Lanka elects Dhashma Karunaratne as new Chairperson

Women in Logistics & Transport (WiLAT) Sri Lanka   appointed its new Chairperson Dhashma Karunaratne for the year 2017 at the fourth annual general meeting held recently at the National Chamber of Commerce auditorium, amidst a large gathering of the industry’s eminent personalities.

Mahinda Samarasinghe assumes duties as new Ports and Shipping Minister

Mahinda Samarasinghe assumed duties in office yesterday as the new Ports and Shipping Minister.  The function took place at the Ports and Shipping Ministry, No: 19, Chaithya Road, Colombo 1, amidst the blessings of Maha Sangha and a large gathering of ministers, deputy ministers and officials of a number of government institutions.  

PF-KAS organise ‘Social Market Economy in South Asia: Germans Experience’ conference

Together with the Pathfinder Foundation (PF), the Konrad-Adenauer-Stiftung (KAS) Social and Economic Governance Programme Asia (SOPAS) organised a bilateral expert roundtable conference titled ‘Social Market Economy in South Asia: Germans Experience of Fostering Small and Medium Enterprises’ in Colombo yesterday.

Prof. Ajantha Dharmasiri to deliver Prof. Sudatta Ranasinghe Memorial Oration

The Alumni of the Postgraduate Institute of Management (PIMA) has made arrangements to commemorate the fourth death anniversary of Prof. Sudatta Ranasinghe, Senior Professor in Management of Open University of Sri Lanka, who was a distinguished alumni and a longstanding teacher of the PIM.

Nawaloka Holdings acquires machinery manufacturer Alcobronz

Nawaloka Holdings, a diversified conglomerate in Sri Lanka recently acquired machinery manufacturer, importer and distributo,r Alcobronz (Pvt) Limited. 

WTC celebrates Vesak festival with giant lantern

Overseas Realty Ceylon PLC, the owner manager and developer of the World Trade Center Colombo (WTC), is displaying a giant Vesak lantern at its premises to celebrate this year’s Vesak festival. As UN Day of Vesak is hosted in Sri Lanka, it will be the first time we celebrate the Vesak Festival internationally allowing us to showcase our creativity and rich Buddhist culture to the world. 

Six lucky customers win MacBooks from MBRK

MBRK, the premium men’s clothing brandlaunched an innovative promotion that surprised and delighted shoppers.