EU and EC delegation meets Malik

A European Union (EU) and European Commission (EC) delegation met Development Strategies and International Trade Minister Malik Samarawickrama at his office recently. EU Delegation Ambassador Tung-Lai Margue, EU Trade and Communications Deputy Head Political Roshan Lyman, EC Brussels DG Trade Head Helena Konig and EC Brussels Director DG Trade Peter Ber participated in the discussions. 

Fortune honours Caterpillar in World’s Most Admired Companies list

Caterpillar, the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial turbines and diesel-electric locomotives has been recognized as one of the Top 50 global firms in Fortune’s World’s Most Admired Top 50 All-Stars list for 2017.

Lack of protests against vehicle financing restrictions baffles economist

The lack of protests and lawsuits against recently implemented loan-to-value (LTV) ratio for vehicle financing is surprising, since the policy is likely to cause major macroeconomic distortions, according to the head of Colombo-based research house and an equity brokerage. 

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 Department of Census and Statistics showed yesterday. 

Vidullanka in private placement deal to purchase Ugandan hydro power plant

Vidullanka PLC (VLL), a mini hydro operator said it was carrying out a private placement of shares to partly settle the purchase of a mini hydro project in Uganda, subject to Colombo Stock Exchange and shareholder approval. 

Rupee rises on exporter, bank dollar sales

REUTERS: The Sri Lankan rupee yesterday ended firmer for a third straight session on exporter and bank dollar sales, but the gains were capped by concerns about possible depreciation in the absence of Central Bank guidance, dealers said.

Mystery gazette on G-Secs unravelled

The recently surfaced mystery gazette notification with regard to government securities (G-Secs) is part of an obsolete law, which the Central Bank has been attempting to comply with, and the law would be amended as soon as possible, the country’s economic managers said yesterday.

Rupee ends firmer on late exporter dollar sales

REUTERS: The Sri Lankan rupee ended firmer yesterday aided by late exporter dollar sales, but concerns over possible further depreciation in the absence of Central Bank guidance weighed on the sentiment, dealers said.

C. W. Mackie and Denmark’s Co-Ro in JV to produce Sunquick in Sri Lanka

Diversified manufacturing and trading company and Lankem Ceylon PLC subsidiary, C. W. Mackie (CWM), last week entered into a Rs.1.1 billion joint venture (JV) with Denmark-based soft drink giant, Co-Ro A/S, to produce its popular ‘Sunquick’ brand in Sri Lanka.

Shares hit 2-1/2-week closing low; block deals boost turnover

REUTERS: Sri Lankan shares fell yesterday to hit their lowest close in more than two weeks as investors were worried over rising interest rates, but foreign buying and block deals in Expolanka Holdings boosted the turnover.

Directive on senior citizen deposit limit extension sent to banks

A directive from the Central Bank regarding the extension of the deposit limit for the senior citizen deposit programme with effect from March 1 has already been sent to the banks, both Finance Minister Ravi Karunanayake and Central Bank Governor Dr. Indrajit Coomaraswamy confirmed.

Automobile players form apex body to uplift industry

With the core objective of working concertedly towards greater good and progress of the automobile repair business, a new organization called ‘The Sri Lanka Automobile Service Providers Association’ (SLASPA) was inaugurated by entrepreneurs representing this vital industry on an  island-wide basis. 

Saturday Fortune now on Mondays

In 1987, the lottery that was introduced to the market as ‘Saturday Fortune’ gained such popularity that it was also made available on Wednesdays. 

Scan Technologies secures biggest VRF air-conditioning installation in Sri Lanka

The newly formed Scan Technologies Global (Pvt) Ltd. secured the installation, testing & commissioning of GREE VRF Air-Conditioning systems of Astoria project under construction in the heart of Colombo city. 

Umavi Pathirana presents research at 2nd APCCR forum in KL

Umavi Pathirana recently presented a research paper on ‘Simplifying Legal Statements using Natural Language Processing’ at the 2nd Asia Pacific Conference on Contemporary Research (APCCR) in Kuala Lumpur, Malaysia. 

Ceylon Tobacco MD to address CIM SL CEO Breakfast Forum

The Chartered Institute of Marketing (CIM) Sri Lanka will be hosting its first CIM CEO’s Breakfast Forum for this year on 01st March at the Hilton Colombo Residences from 7.30 am onwards. 

National Planning Dept. urged to take lead in SL’s sustainable development agenda

A stakeholder meeting on managing social and economic changes towards the Sustainable Development Goals (SDG) this week pointed out it is imperative for the National Planning Department to take the lead in charting the path for Sri Lanka to fulfil the 2030 mandate laid out by the United Nations (UN).

Shaking off dieselgate, VW races back into profit

AFP: German auto giant Volkswagen last week said it raced back into the black in 2016 as car sales hit an all-time high, in the latest sign of its ‘dieselgate’ scandal fading into the rearview mirror.

National Chamber hosts Japanese ambassador

Japanese Ambassador Kenichi Suganuma receives a token of appreciation from National Chamber of Commerce President Sujeeve Samaraweera at the ‘Meet the Ambassador’ programme held recently  

Youth should prepare for 500,000 jobs to be generated in 6 months: FinMin

Five hundred thousand jobs will be created by the ongoing development projects under the administration of the good governance in the next six months, said Finance Minister Ravi Karunanayake. 

Kelani Cables introduces Hybrid Bulb to local market

Kelani Cables PLC has launched its newest product, ‘Kelani Hybrid Bulb’ that has the endurance to be alight for 2000 hours non-stop. 

Orient Finance fast-tracks trade-in facility

Orient Finance announced advances in its trade-in vehicle portal, which significantly accelerates the speed at which the lease applicants can calculate their lease amounts and thereby make faster, more informed credit decisions.

Deshamanya NUJ’s 109th birth anniversary commemorated

The 109th birth anniversary of late Deshamanya NU Jayawardena, first Sri Lankan Governor of the Central Bank, senator and financier, was celebrated recently. 

Advantis Warehousing launches digital document storage and management through DOCSTO

Advantis Warehousing, a subsidiary of Hayleys PLC, recently commenced offering digital document storage solutions through their brand DOCSTO expanding their document storage portfolio. 

Govt. tax revenue from fags falters in 4Q

Ceylon Tobacco Company PLC (CTC), which enjoys a virtual monopoly in the manufacturing of cigarettes, yesterday said its contribution to government coffers by way of taxes slowed down in the final quarter (4Q16) of the financial year ended December 31, 2016 (FY16), due to the massive increase in excise duty and charging of value-added tax (VAT) on its products. 

CCC-GS1 Lanka organize workshop on GS1 standards

The Ceylon Chamber of Commerce (CCC) together with GS1 Lanka will hold a workshop under the title ‘Understand supply chain through global standards’, which will explain to participants how to use GS1 standards,

Frugal Innovation guru to speak at CCC’s biz strategy event

An award-winning author and expert in international business, marketing and innovation will be the key speaker at the ‘Future of Business’ event organized by the Ceylon Chamber of Commerce.  Jaideep Prabu, Professor of Business and Enterprise at Cambridge University’s Judge Business School, is set to speak on ‘How to do more (and better) with less’, providing practical lessons for Sri Lankan business leaders.

‘Lankan Fest 2017’ concludes on high note in Melbourne

‘Lankan Fest 2017’, organized by the LankanFest Inc. and endorsed by Colombo Chamber of Commerce was held for the third consecutive year, on the 26th February at the Riverwalk - Crown Entertainment Complex in Melbourne, Australia. 

Inclusion of socio-economic rights in constitution could backfire: political scientist

Incorporation of socio-economic rights into the constitution of a country does not guarantee their delivery to the people nor will ensure good governance, to a top political scientist specialized in constitutional law told a public forum in Colombo, last week.  

Union Bank December net up 75% over strong loan book growth

The Union Bank of Colombo PLC (UBC) group reported 12 cents a share or Rs.136.3 million in earnings for its October-December quarter, recording an increase of 75 percent year-on-year (YoY) supported by some solid growth in its loan book in spite of the margins coming under pressure, the interim financial accounts showed.