CCC and NMRA discuss pharmaceutical pricing policies, industry woes

Consequent to concerns expressed by pharmaceutical companies at the time the government enacted regulations to control prices of forty eight (48) medicinal drugs in October 2016,

Commerce Minister urges to increase annual sugar output

“Today, the government owned sugar production industry is earning profits without any need for privatization. You, the more than 11000 workers under LSCL, have together helped transform our 

Sri Lanka Tourism conducts roadshow in Mumbai

Sri Lanka Tourism Promotion Bureau conducted a roadshow for the travel trade and wedding planners in Mumbai, with an aim to increase footfalls to the emerald island. 

JICA kicks off preparatory study for elevated LRT between Colombo and Malabe

The preparatory study conducted by JICA for the first elevated Light Rail Transit (LRT) line in Sri Lanka between Colombo and Malabe was kicked off this week. 

Asia equities tumble in global retreat but dollar rules

AFP: Asian equity markets fell yesterday after a broad global rally, but the dollar strengthened against most other currencies as traders become increasingly confident the Federal Reserve will hike interest rates this month.

Rupee firmer on dollar sales; stocks down

  REUTERS: The Sri Lankan rupee was slightly higher in dull trade yesterday as exporter dollar sales surpassed demand for the greenback by importers, dealers said.

Tokyo Cement partners The Music Project

Tokyo Cement announced partnering with The Music Project, a non-profit initiative dedicated to empowering and uplifting the lives of children through music.

Cargills Bank holds Speechcraft Grand Finale

Cargills Bank, the new entrant to the banking industry with its innovative products, reputed for being the bank ‘Banking on the human spirit’ conducted its first-ever Speech Craft Programme exclusively for its staff. 

HNB croawned winner at Bankers’ Debate 2016

Determined performances and decisive arguments across four hotly contested matchups helped Hatton National Bank (HNB) to clinch victory at the finals of The Bankers’ Debate 2016 held at Galadari Hotel recently.

Abans free laptop recipient wins gold medal at IMSO Thailand

Young Thisara Chandupa Dassanayaka, a Grade Nine student of Sivali Madya Maha Vidyala, Ratnapura was selected to participate in the 12th International Mathematics and Science Olympiad for Primary Schools held in Thailand in November 2015, after he secured 183 marks in the scholarship examination in 2012.

Ongoing drought could derail SL’s fiscal consolidation, undermine growth: Moody’s

Sri Lanka is currently facing its worst drought in four decades and it could well derail the country’s ambitious agenda for fiscal consolidation and squeeze the growth by at least a percentage point in 2017, warns Moody’s Investor’s Service. 

Sapugaskanda refinery revamping to draw US $ 2bn in foreign investments

The proposal to refurbish and double the capacity of Sri Lanka’s only refinery in Sapugaskanda will draw in US$ 2 billion in financing, the country’s petroleum minister said this week.

Norwegian pension fund’s investments in Lankan stocks at US $ 65mn in 2016

The Norwegian Government Pension Fund Global has invested US $ 65 million in Sri Lankan stocks in 2016, compared to US $ 31 million in the previous year, a Royal Norwegian Embassy statement said.  “The increase in investments is mostly a result of larger ownership in the companies they had already invested in,” the statement said. 

Sri Lanka approves IMF reforms to loss-making state firms

REUTERS: Sri Lanka has approved reforms to make loss-making state firms more efficient and put them on a path towards autonomy, in line with International Monetary Fund (IMF) conditions for a US $1.5 billion loan, an official document showed.  

Central Bank reiterates bonds issuances in compliance with law

Despite the country’s Finance Minister Ravi Karunanayake charging that the Central Bank violated the law in past issuances of treasury bonds, the Central Bank yesterday in a statement stressed it has always complied with the relevant law when issuing such bonds.

CB invites proposals from banks for upcoming US $ 1.5bn bond issue

The Central Bank called on banks and investment houses to submit proposals for the appointment of lead managers/book runners for the US$ 1.5 billion international sovereign bond issue that will take place this year. Institutions that have acted as lead managers/book runners for emerging market bond issuances in aggregate amounting to at least US$ 20 billion are eligible. 

CB Governor speaks on economy at Rotary Club meeting

The Rotary Club of Colombo West (RI District 3220 Sri Lanka & Maldives) held the Rotary Club weekly members’ luncheon meeting at the Galadari Hotel recently.

Ceylon Chamber forms ‘Dairy Association for Sri Lanka’

Dairy sector is one of the important sectors of the national economy that has high potential for improving the livelihood and income levels of poorer segments in the society whilst fulfilling the nutritional requirements of the population. 

PwC’s Academy to hold workshop on ‘Insights to innovate in emerging markets’

With a strong economic growth during the last decade and transforming from rural based agriculture industry driven economy to a service-driven more urbanized economy, Sri Lanka is looking to become a middle income country.  It’s been 7 years since the country emerged from a three decade long civil war but has been progressing to catch up on the lost time to reach its full potential. 

Ceylinco Insurance records strong growth in 4Q, FY16

Ceylinco Insurance PLC, which runs Sri Lanka’s market-leading life insurance business based on gross written premiums (GWPs), recorded earnings of Rs.87.19 a share or Rs.2.3 billion for the December quarter (4Q16), up 38 percent year-on-year (YoY), the interim financial  accounts showed.

Consumer prices up 6.8% in February

REUTERS: Sri Lanka’s consumer prices rose 6.8 percent in February from a year earlier, accelerating from the previous month’s 5.5 percent increase under a revised base year and market basket, data from the Census and Statistics Department showed  on Tuesday. 

Govt. gets IFC assistance to develop sustainable finance roadmap

 President Maithripala Sirisena urged the financial sector and other stakeholders to work towards sustainable development in the country. 

Colombo Dockyard cuts losses in December

Colombo Dockyards PLC (DOCK), a unit of Japan’s Onomichi Dockyard, managed to cut down its net losses to Rs.75.78 million from Rs.1.09 billion year-on-year (YoY) through lower sales costs for the quarter ended December 31, 2016 (4Q16), the interim financial  accounts showed.

Rupee ends firmer on dollar sales

REUTERS: The Sri Lankan rupee ended firmer for a fourth straight session yesterday as greenback sales by exporters and banks outpaced importer dollar demand, dealers said.

Sri Lanka seeks higher bids for ailing airline

REUTERS: Sri Lanka is seeking higher bids to restructure its state-owned loss-making airline, the finance minister said on Monday, after three short-listed firms failed to give “sizable” bids.

Development Lotteries Board records 25% increase in sales revenue

The Development Lotteries Board (DLB) recorded successful financial achievements in 2016 with a recorded 25 percent increase in sales revenue over the previous year and a pre-tax profit increase of over 20 percent, a DLB statement said. 

Canon S’pore President in town for Image Square launch

Canon Singapore Pte Ltd President and CEO Noriko Gunji arrived in Sri Lanka on invitation of Metropolitan Group, Canon’s local distributor for the past 38 years, to signify the importance placed by Canon on Sri Lanka, which is a fast-growing market for consumer and workplace equipment.

PUCSL seeks public comments to develop CEB’s long-term generation expansion plan

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, seeks public comments on the input data parameters and assumptions of the Least Cost Long-Term Generation Expansion Plan (LCLTGEP) 2018-2037 submitted by the Ceylon Electricity Board (CEB). The LCLTGEP of the CEB is prepared based on the input data. 

Sri Lanka’s exclusive workplace solutions exhibition to begin in September

An exclusive exhibition on complete workplace solutions, ‘Office 2017’ is scheduled to be held from the 29th, 30th September and 1stOctober at Sirimavo Bandaranaike Memorial Exhibition Center, Colombo. 

Ananda Sirisena & Company launches first overseas office in Australia

Ananda Sirisena & Company, a registered corporate secretaries and incorporator recently put Sri Lankan company secretaries on the global map by launching its first overseas office in New South Wales, Australia.