BoI and Int’l Trade Ministry host 2nd EU-Sri Lanka dialogue

The Development Strategy and International Trade Ministry and Board of Investment (BoI) of Sri Lanka conducted a dialogue with the European Union (EU) embassy and embassies of the EU representative countries for the second time.

Prices of essential goods drop, supply remains steady: Rishad

A steep drop in prices of essential items, sustained by steady supplies, has resulted in one of the best Vesak buying seasons for the Sri Lankan consumer, an Industry and Commerce Ministry statement said. 

NCE officials meet FinMin to discuss export related issues

National Chamber of Exporters (NCE) President Ramal Jasinghe, Secretary General Shiham and other relevant officials called on Finance Minister Ravi Karunanayake to brief him on the activities of the chamber for the current year, and also to discuss other export related issues of relevance in the current context. 

Hemas Vesak Lantern for 20th consecutive year

The Hemas Vesak Lantern, which is now a landmark at Braybrooke Place in Colombo since 1998, was ceremonially inaugurated by Hunupitiya Gangarama Temple Chief Incumbent Ven. Galaboda Gnanissara Thera on May 8, 2017. This Vesak Lantern will be on display till May 13 at Hemas House, No: 75, Braybrooke Place, Colombo 2. 

PF attends India’s Oceans Dialogue 2017 conference

The Observer Research Foundation (ORF) based in New Delhi, in association with the Government of Netherlands organised a conference in Thiruvananthapuram, India recently. 

PIM Alumni holds 2017/18 Chairman and Director Board installation

The PIM Alumni, the professionals’ association of the prestigious Postgraduate Institute of Management (PIM), affiliated to the University of Sri Jayewardenepura, recently concluded the official installation of its PIMA Association (PIMA) Chairman and Board of Directors for the year 2017/18, at Grand Oriental Hotel ceremoniously. 

Verité Research facilitates workshop for regional chambers and businesses

Last week, Verité facilitated a capacity building workshop for regional chambers of commerce and business associations in Sri Lanka, together with the Centre for International Private Enterprise (CIPE) and Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). 

Sri Lanka’s foreign reserves dwindle to US $ 5.05bn

Sri Lanka’s foreign reserves this April slipped 1.4 percent compared to March 2017, to US $ 5.05 billion, just ahead of the government executing its plan to raise reserves to double digit levels by the end of this year.

Piramal Ceylon posts Rs.210mn net for 4Q

Sri Lanka’s only glass bottle maker, Piramal Glass Ceylon PLC, posted a net profit of Rs.209.75 million for its fourth quarter of 2017 (4Q17), slightly up from Rs.200.68 million  year-on-year (YoY).

Shares extend gains ahead of Central Bank rate call

REUTERS: Sri Lankan shares extended gains into a third session yesterday, posting their highest close in nearly one year, with blue chips leading the rise ahead of the Central Bank’s monetary policy  rate announcement.

EU envoy hopeful of Sri Lanka regaining GSP Plus

The European Union (EU) Ambassador to Sri Lanka and the Maldives, in his statement for Europe Day, said that he is hoping for the readmission of Sri Lanka into the preferential trade programme Generalized System of Preferences (GSP) Plus in the coming week.

Pan Asia Bank Chairman ups stake; but disclosures yet to arrive at CSE

Pan Asia Banking Corporation (PABC) Chairman Eshana De Silva has increased his shareholding in the bank over the last quarter, the recently released interim financial accounts of the mid-sized bank showed.

Rupee ends slightly weaker on importer dlr demand

REUTERS:  Sri Lankan rupee forwards ended slightly weaker yesterday on mild dollar demand from importers, but anticipated dollar inflows from sovereign bonds and syndicated loans prevented steeper losses in the local currency,  dealers said.

ACL Cables continues ascent amongst Top 50 Most Valuable Brands

Sri Lanka’s premier cable in Sri Lanka, ACL Cables PLC, was ranked 41 amongst the Top 50 Valuable Brands for 2017, a continued ascent from last year’s ranking.    

Chemanex-KAO partner to introduce world-renowned construction chemicals to Sri Lanka

Chemanex PLC, one of the leading producers and importers of industrial chemicals and intermediates in Sri Lanka, recently introduced a new construction chemical product line to the market at a ceremony held at Taj Samudra Hotel, Colombo. 

President inaugurates Tokyo Cement’s 2nd biomass power plant in Trincomalee

President Maithripala Sirisena ceremoniously inaugurated Tokyo Cement’s second biomass power plant in Trincomalee recently, as part of a series of events held in commemoration of late Deshamanya A.Y.S. Gnanam, Founder Chairman of the company.

Top awards for Hayleys’ KVPL at Beijing Ceylon Specialty Estate Tea Competition

The Hayleys group company, Kelani Valley Plantations PLC (KVPL), took top awards at the recently concluded Ceylon Specialty Estate Tea of the Year Competition taking place in Bejing, China. 

‘FastTrack15’ internship programme returns for 7th consecutive year

Introduced in 2011, the country’s premier annual internship programme ‘Fast Track15’ (FT15) organised by Ceylon Tobacco Company PLC, Commercial Bank of Ceylon PLC and John Keells Holdings PLC will commence in June 2017.

Bradby Fiesta back again on June 3

The stage is set for the fourth consecutive Bradby Fiesta to add colour, glamour and festivities to the school rugby’s most anticipated game, where the ‘lions’ from Kandy clash with the ‘elephants’ from Colombo.  

Top Aussie tourism official urges Lanka to undertake research to succeed

Sri Lanka must convert its plans into action by conducting market research to fuel its tourism policies in the future, an Australian tourism expert urged recently after evaluating the country’s 2020 Tourism Vision policy document.

TPG pulls out of SriLankan Airlines bid talks

REUTERS: U.S. private equity firm TPG, one of three bidders short-listed to buy a 49 percent stake in state-owned SriLankan Airlines, has pulled out of talks about the potential acquisition, the Chairman of the national carrier said.

Ravi K softens tone after slamming Central Bank’s conduct

Finance Minister Ravi Karunanayake appears to have moderated his views on the Central Bank even further as he recently expressed mixed sentiments on how far he is willing to go to clip the wings of the country’s monetary authority. 

BoI Chief says foreign investments safe in Sri Lanka

While providing a better understating of Board of Investment (BOI) policies for foreign investments, BOI Chairman Upul Jayasuriya assured that all foreign investments were safe in Sri Lanka, and that BoI was always prepared to facilitate  any shortcomings faced by  the investors. 

Sluggish consumer demand, higher costs hamper Nestlé Lanka’s March quarter

The sluggish consumer demand dented the sales of Nestlé Lanka PLC, while the prolonged drought pushed up the costs impacting the consumer food maker’s bottom line, the interim results filed by the company with the Colombo Stock Exchange showed. 

Sampath Bank 1Q17 net up 30% to Rs.2.4 bn over stronger growth in loans

Sampath Bank PLC reported earnings of Rs.12.81 or Rs.2.39 billion for its January - March quarter (1Q17), a 29.6 percent jump from a year ago, but the margins slightly narrowed amid rising cost of funds. 

India calls satellite ‘gift to South Asia’, Pakistan says no thanks

REUTERS: India launched a communications satellite last week for its smaller neighbours to share, part of its efforts to build goodwill in the region and counter Chinese influence, but arch- rival Pakistan said it would stay away from the project.

Lankem in Rs.480mn rights issue; subsidiary buys PET bottle maker for Rs.225mn

Diversified manufacturing and trading conglomerate, Lankem Ceylon PLC, is gearing up for a rights issue worth Rs.480 million in the near future to settle inter-company borrowings and working capital requirements.

Chinese developers of Colombo Port City look for prospective investors

As they are in the process of looking for prospective investors, the Chinese officials of the Colombo Port City, the offshore city being built on a man-made island, said that any interested developer or investor could contact them to invest in the project.

Bogawantalawa achieves Carbon Neutral Certification

Bogawantalawa Tea Estates PLC, renowned for its outstanding quality of tea grown in the Golden Valley nestling in the central hills, is perhaps the world’s first tea growing, manufacturing and marketing companyoffering uncompensated Carbon Neutral Teas from its state-of-the-art carbon neutral facilities. 

Serta mattresses now at Comfort World

Comfort World International, the market leader in mattress manufacture and retail in Sri Lanka, Maldives and Seychelles, introduced Serta mattresses, the emperor of mattresses to Sri Lanka recently.