SriLankan to resume normal operations as BIA reopens fully for business

SriLankan Airlines yesterday said it would resume the normal operations throughout its global route network from tomorrow, following the resumption of the full services at Colombo’s Bandaranaike International Airport (BIA), which had been partially closed for three months while its runway underwent resurfacing.

Browns Beach to go for Rs.1.4bn rights issue

Browns Beach Hotels PLC (BBH) is expecting to raise Rs.1.4 billion through a rights issue on April 24, amid protest from the major shareholders due to the devalued market prices of the BBH shares.  Last August, BBH’s director board had approved a plan to issue five new ordinary shares for every 12 ordinary shares held by the shareholders for a total issue of 54 million shares for a consideration of Rs.25.85 per share. However, the mark

CMTA says vehicle assembly with used spare parts against Customs laws

The Ceylon Motor Traders’ Association (CMTA) yesterday said the decision by the government to allow the assembling of motor vehicles locally with used imported spare parts violates the Customs regulations and endangers the lives of the buyers of such vehicles. 

Prof. Norbert Lammert on official visit

Professor Norbert Lammert, who has served as President of the German Bundestag since October 2005, arrived in Colombo on an official visit on Monday. Dr. Lammert was warmly welcomed by Markus Marti, General Manager of Mövenpick Hotel Colombo and the team

State-owned Laksala posts Rs.4mn net profit for 2016

Sri Lanka’s leading national market facilitator for its historic arts and crafts has turned around with surging profits.

Power generation woes to intensify SL’s trade deficit worries

Sri Lanka’s trouble with its trade account is set to continue for the foreseeable future as the provisional data released for this year have indicated a further widening of the country’s trade deficit due to current power generation largely depending on petroleum imports.

Agalawatte Plantations back in spotlight for all wrong reasons

A case of major corporate skullduggery has been unearthed at Agalawatte Plantations PLC (AGAL), where the ex-owners and the management were alleged to have squandered billions of rupees on extravagant projects, duping employees, bankers  and shareholders.

BPPL Holdings makes CSE debut

Brush manufacturer and exporter of sanitary maintenance tools, BPPL Holdings Limited (BPPL), also known as Biera Group, rang the opening bell to commence trading and celebrate the listing of its shares on the Colombo Stock Exchange  (CSE) yesterday.

RIL Property IPO snapped up on opening day

The Rs. 960 million Initial Public Offering (IPO) of commercial office space owner, developer and manager, RIL Property Ltd., was oversubscribed within minutes of the issue opening yesterday on the Colombo Stock Exchange (CSE).

CSE awaits SOE listings to reignite market

The top management of the Colombo Stock Exchange (CSE) is depending on the listing of state-owned enterprises to reignite the bourse, after two and a half years of stagnation.

India’s Asian Paints acquires SL’s Causeway Paints for Rs.9.05bn

India’s Asian Paints has acquired Sri Lankan paint maker Causeway Paints Lanka (Pvt) Ltd. in a deal to the tune of Rs.9.05 billion, Indian media reports said.

Ease of Doing forum for PPP interaction on Thursday at MILODA

The Ease of Doing business forum, an initiative by the Ministry of Finance to fast track the business processes and maintain a continuous dialogue between the government agencies and the private sector organizations will hold its 12th forum at 2.00 pm on the 06th at MILODA, Colombo 01.

CA Sri Lanka recognizes 13 accredited learning partners

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently recognized 13 professional education providers as Accredited Learning Partners. 

CMA conducts discussion on capital market

An evening discussion on the capital market as a source of corporate finance was organised by the Continuing Professional Development (CPD) Committee of the Institute of Certified Management Accountants of Sri Lanka (CMA) recently, at the auditorium of the CMA

Nalin Perera appointed as CEO of Mobitel

Nalin Perera has been appointed as Chief Executive Officer (CEO) of Mobitel (Pvt.) Ltd.  He started his career at Mobitel in 2001 as General Manager Marketing and progressed to the positions of Senior General Manager Marketing and Senior General Manager Contact Centre Operations, respectively. 

FinMin meets Malaysian PM

Finance Minister Ravi Karunanayake, who is in New Delhi to participate in the Subregional Economic Cooperation Summit of South Asia, which was inaugurated in New Delhi yesterday, on the sidelines of the summit, met Malaysian Prime Minister  Najib Razak. 

Vehicle registrations continue to slump amid higher taxes, stricter financing conditions

Vehicle imports to Sri Lanka crashed in February as the prospective buyers were hit by the double whammy of higher excise duties and stricter financing conditions, dashing their hopes of owning a small car or a three-wheeler for the foreseeable future. 

Sri Lanka computer ownership falls as usage of smartphones, tabs gains

Ownership of desktops and laptops in Sri Lanka has fallen significantly in the first half of 2016 (1H16) compared to the same period in 2015 due to increased use of smartphones and tablets.

Sri Lanka 4Q unemployment falls to 4.2%

Despite the prolonged drought that was present throughout the final quarter of 2016, Sri Lanka’s unemployment fell to 4.2 percent from 4.4 percent year-on-year (YoY) and 4.5 percent in the third quarter of 2016, data from the Census and Statistics Department showed. 

Rupee ends firmer on exporter dlr sales

REUTERS: The Sri Lankan rupee ended slightly firmer in dull trade yesterday due to inward remittances and exporter dollar sales ahead of the festival season, dealers said.

“Ranil Wickremesinghe is a gentlemanly and able politician”

How many books have you written so far and where do you get the passion to right?  

Hayleys appoints Noel Joseph to director board

Sri Lanka’s most diversified conglomerate, Hayleys PLC announced the appointment of Noel Laxman Sanath Joseph to its director board.

Sri Lankan delegation taps Italian travel trade stakeholders

An interactive meeting was held between Italian travel trade stakeholders and the Minister of Tourism Development, Lands and Christian Religious Affairs John Amaratunga in Italy yesterday.

DSI Mega 2017 shopping festival opens with a bang

The ultimate shopping festival, the DSI Mega 2017, was declared open on the 1st of April.  Happening at the head office complex of D. Samson and Sons (Pvt) Ltd, at High Level Road, Maharagama, the shopping festival offers something for everyone in the spirit of the impending New Year. Organized for the second time, the Shopping festival is open to the public, with no required entrance fee. 

Samsung launches Avurudu promo offering exceptional value for customers

The Sinhala & Tamil New Year heralds in a time of celebrations for all Sri Lankans ; for Samsung Sri Lanka, it is the right opportunity to share the ‘Samsung Amazing Avurudu’ promotion with their consumers. 

Durdans invites public to open day on cosmetic care consultation

The sunny days of Avurudu are almost upon us. As temperatures and humidity soar, one of the biggest beauty challenges is finding the right cosmetic care in the sweltering conditions. 

Dr. Gamini de Silva appointed as IASSL President

Veteran lecturer and statistician, Dr. Gamini de Silva, has been appointed as the new President of the Institute of Applied Statistics of Sri Lanka (IASSL) with the objective of localization of business paradigm to suit the country and people.

Ground broken for Dusit Thani Beachfront Balapitiya

The ground breaking ceremony of the Indola Group’s and Dusit Thani Sri Lanka’s US $ 200 million beachfront project in Balapitiya took place yesterday.

Alliance Finance receives Merit award at Social Dialogue & Workplace Cooperation competition

Alliance Finance Company PLC (AFC), the third oldest finance company in Sri Lanka, recently received a Merit award in the Large-Scale category under the Services sector at the Social Dialogue & Workplace Cooperation competition organised by the Labour Department of Sri Lanka. 

Inflation hits multi-year high as March prices up 7.3%

Sri Lanka’s headline inflation hit a multi-year high of 7.3 percent in March, accelerating from 6.8 percent in February mainly due to the base effects through the recent drought and the demand push factors.