CAB to hold Interbank Quiz Competition on April 29

The 25th Annual Interbank Quiz Competition organized by the Clearing Association of Bankers (CAB) is to be held on April 29 (4:00 p.m. onwards) at the Galadari Hotel.  

MTD Walkers subsidiary secures first project in Maldives

Walkers CML International (Private) Limited, a subsidiary of MTD Walkers PLC, yesterday said it has secured its first luxury residential project in the Maldives. 

Insee Cement’s Sanstha brand wins People’s Award for sixth successive year

Insee Cement emerged victorious at the recently concluded SLIM-Nielson People’s Awards 2017, where Sanstha Cement was lauded with the Brand of the Year Award for housing and construction for the sixth consecutive year. 

Shares up 1% as foreign buying hits near 3-yr high

REUTERS: Sri Lankan shares rose more than one percent to end at a six-month high yesterday as foreign investors increased the pace of stock purchases, with the net single-day inflow hitting its highest in nearly three years.

Lee Hedges fully acquires its real estate developer

Lee Hedges PLC (SHAW) recently acquired the full control of Lee Hedges Investments Limited (LHI), which has been carrying out real estate development on behalf of SHAW.

Ishara ups direct holding in Browns Investments

Corporate leader Ishara Nanayakkara has upped his direct holding in Browns Investments PLC, the strategic investment vehicle of Browns and LOLC groups, Nanayakkara’s broker, LOLC Securities, informed the Colombo bourse yesterday.   

Indian tycoon Mallya granted bail in London extradition hearing

REUTERS: Flamboyant businessman Vijay Mallya, pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines, was arrested in London yesterday and appeared in court for an extradition hearing.

Nation Lanka Finance raises Rs.250mn to support lending

Nation Lanka Finance PLC, a licensed finance company with an asset base of around Rs.8.0 billion has raised Rs. 250 million via a subordinated debenture issue by  way of a private placement with the objective of buttressing the company’s tier II capital, a stock exchange filing by the company said. 

Rupee ends weaker on importer dollar demand

REUTERS: The Sri Lankan rupee closed weaker yesterday due to dollar demand from importers, but the currency is expected to steady in the near term, dealers said. Rupee forwards were active, with two-week forwards ending at 153.15/25 per dollar, compared with Monday’s close of 152.95/153.10. “There is some importer demand and we see the currency stabilising at these levels,” said a currency dealer who requested anonymity.

Dialog seeks shareholder nod to relax eligibility criteria for ESOP

Leading    telecommunications services provider Dialog Axiata PLC has proposed to relax some of the criteria to make its high performing employees become eligible for the Employee Share Option (ESOP) scheme, which is a part of its Long Term Incentive Plan (LTIP).

Vidullanka’s overseas acquisition held up by delays in regulatory approvals

Renewable energy developer Vidullanka PLC is experiencing some headwinds in its attempt to acquire a Uganda-based renewable energy firm, which will delay the issuing of Vidullanka shares to fund  the acquisition.

SAGT strikes deal with workers to end 13-day operational disruption

South Asia Gateway Terminal (SAGT), a private container terminal operating at the Colombo port, has managed to strike a deal with its workers, ending a 13-day operational disruption at its berth, SAGT said in a statement, yesterday.  

ADB says further monetary tightening by CB cannot be ruled out

The Asian Development Bank (ADB) recently said it could not rule out further tightening of the monetary policy by the Central Bank of Sri Lanka during this year to fend off any adverse developments in the economy. 

Top poultry producer says Sri Lanka’s chicken meat consumption up in 2016

Despite all the noise about the current political stalemate, expected economic slowdown and crisis-stricken agricultural sector, Sri Lankans have increased their daily intake of proteins by way of eating more chicken meat, perhaps to produce more energy to face tougher times ahead. 

CSE banks on whistleblowers to curb market manipulation

Sri Lanka’s stock market, which has lost significant value during the last couple of years, is now on a mission to rebuild investor confidence by clamping down on market manipulation with the help of whistleblowers. 

Installation of container scanners in 2-3 months: FinMin

The installation of an advanced container scanning system, which has attracted controversy, would take place within the next two to three months, Sri Lanka’s finance minister said recently. “We will probably start in the next two to three months maximum,” Ravi Karunanayake said at the 12th Ease of Doing Business Forum, last week.

Sri Lanka protests cripple health services, dent investor sentiment

REUTERS:  An islandwide protest on Friday by Sri Lankan doctors demanding closure of a private medical college crippled the health services, leaving thousands of patients unattended and threatening the investment climate.

Oil rises further above US $ 55 on Libyan field shutdown, Syria

REUTERS: Oil rose further above US $ 55 a barrel yesterday, supported by another shutdown at Libya’s largest oilfield and heightened tension over Syria following the US missile strike.

Industrial activity edges up in February

Sri Lanka’s industrial activity picked up slightly this February compared to a year ago, amidst higher inflation, although production slowed down compared to January 2017, provisional data released by the Census and Statistics Department showed. 

Huawei to offer over Rs.1.5mn worth gift vouchers this Avurudu

Huawei, the number one growing smartphone brand in Sri Lanka, launched its seasonal Avurudu promotion tagged ‘Avurudu Bonus’ providing gift vouchers worth Rs.1.5 million for customers who purchase the Huawei GR5 2017 and P9 Lite between March 24 to April 30, 2017. 

Blink International launches watch experience centre

Blink International recently announced the launch of a dedicated multi-brand watch experience and service centre. 

Sujeewa Senasinghe to participate in Harvard University Meeting

International Trade State Minister Sujeewa Senasinghe has been formally invited for the second time to attend a prestigious meeting at the Centre for International Development (CID) at Harvard University’s Kennedy School of Government.

Oxford Business Group launches Academic Programme in Sri Lanka

The students at the University of Colombo were recently provided with access to the extensive library of economic reports on emerging markets produced by the global research and consultancy firm Oxford Business Group (OBG).

Abans solar systems – Next step towards sustainable future

The world today is awakening to the realization that sources of renewable energy are more beneficial for energy consumption in both domestic and industrial aspects. Solar power is one such type of renewable energy that has gained widespread popularity globally. 

Farlin unveils first ‘Farlin Corner’ in Matale

Farlin, one of the world’s most trusted baby care brands, unveiled the country’s first Farlin Corner store featuring the entire line up of Farlin products in Matale recently. 

Fiona Nanayakkara launches Bully & Co self-help book

As a step to provide guidance on how to face harassment in the work place, corporate professional Fiona Nanayakkara launched a self-help book called Bully & Co, recently.

NDB introduces 20% discount on fuel this Avurudu

National Development Bank PLC (NDB) has made this Avurudu season more than just a time of celebration but a time of merriment, feasting and visiting family and friends. To make this Avurudu even more special NDB Good Life credit cards introduces an unbelievable discount of 20 percent on fuel for your Avurudu visits on April 12 from 4:00 p.m. to 6:00 p.m. up to Rs.5,000.

CA Sri Lanka’s mentoring programme to nurture new chartered accountants

To help the new members of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) reach their full professional potential, 15 distinguished members of the institute came forward to mentor over 75 new chartered accountants by helping them enhance their professional learning in order to help them reach their professional goals.

Weber Barbecue Grills to open first flagship store in Sri Lanka

Weber Barbecue Grills, a product of Weber Stephen Products LLC, will expand its global footprint when it opens its first flagship store in Sri Lanka in collaboration with World of Outdoor.

Global markets roiled by US attacks on Syria

Global markets shook yesterday, with stock indices largely downbeat but oil, gold and the yen higher after US missile strikes on Syria fanned geopolitical concerns.