FinMin slams Central Bank over mismanaging public debt issuing

Sri Lanka’s Finance Minister Ravi Karunanayake yesterday slammed the country’s Central Bank for mismanaging the public debt issuing process, following the revelation of a mystery gazette notification during the proceeding of the Commission of Inquiry (CoI) appointed to probe irregularities in the issuance of treasury bonds. 

High net worth investor exits Bogawantalawa

High net worth investor Dr. T. Senthilverl last week divested his entire shareholding in Bogawantalawa Tea Estates PLC (BOPL) for Rs. 93 million.He had sold 11.1 percent of the shares or 9.3 million shares in BOPL last Thursday for a consideration of Rs.10 per share.The shares were bought by the Bogawantatalawa parent, Metropolitan Resources Holdings PLC.

People’s Merchant Finance to hold EGM on sale of assets

People’s Merchant Finance PLC (PMF), a subsidiary of state-owned People’s Bank, will be holding an extraordinary general meeting next month to decide on divesting one of its major assets, and streamlining activities, in order to prevent further losses.

Global lingerie giant’s downbeat outlook would not affect Sri Lanka: apparel industry

The negative outlook on global lingerie giant Victoria’s Secret for this year is unlikely to have a major impact on Sri Lanka’s apparel industry, a major supplier to the high end lingerie brand, experts Mirror Business talked to opined. 

Delmege Hiru Kahata, Breeze BOPF ready to take Lankan tea market by storm

Delmege Forsyth & Company Limited, one of the leading diversified conglomerates in Sri Lanka, takes pride in introducing its latest product offerings to the local market. Delmege Hiru Kahata and Breeze BOPF teas, the latest products from the consumer cluster of the Delmege group, were launched recently with a fascinating and unique curtain raising event. 

Speak up or quit, top lawyer tells ind directors

In the wake of allegations of continuous mismanagement practices at publicly listed companies, a leading attorney in the country called on the independent directors on the boards of such companies to either speak up or quit. “You have to ensure that your voice is heard, otherwise, there’s no point of being there,” President’s Counsel Dr. Harsha Cabral told a Sri Lanka Institute of Directors gathering held at Cinnamon Grand

Colombo port among world’s best 25 ports

Colombo port has been ranked 23rd among the world’s best 25 ports in accordance with the Alphaliner rankings in 2016, a Ports and Shipping Ministry statement said.

Seylan Bank December net edges up on tax benefit

Seylan Bank PLC, a licensed commercial bank with an asset base of Rs.356 billion, reported earnings of Rs.3.46 or Rs.1.2 billion for its October – December quarter, up little under 5 percent from a year ago, the interim results of the banking group showed. 

Singer Sri Lanka December net profit up 38%

Consumer durables and electronics retailer Singer (Sri Lanka) PLC posted a net profit of Rs. 531.41 million for the quarter ended December 31, 2016 (4Q16), up 38.02 percent year-on-year (YoY) despite increase in indirect taxation and removal of some tax exemptions.

Sri Lanka to hire Euroclear to boost appeal of bonds

REUTERS: Sri Lanka’s Cabinet has approved a proposal to employ a global stock and bond settlement house to help boost foreign investment in its government bonds, a cabinet document  showed yesterday.

Snapdeal to cut 600 staff, founders forego salary

REUTERS: Indian online marketplace Snapdeal is to lay off 600 employees and its founders will forego their salaries as the company struggles to turn a profit in a market increasingly

Singer’s Senasuma Plus to offer fire and flood cover for all products

Singer, the largest consumer durables retailer in Sri Lanka, is to soon introduce Senasuma Plus – a pioneering warranty and safeguard for all products – to its customers. 

Hands Global appoints agents for CCTV camera bulbs

Hands Global (Pvt.) Ltd that introduced the world-renowned EUROtec Smart CCTV camera bulb equipped with European technology and quality to the local market, taking a step forward to expand its network in order to meet the demands, introduced its new agents for camera bulbs. 

Varun Beverages Lanka announces ‘Pepsimoji’ competition winners

Varun Beverages Lanka (Pvt.) Ltd announced the winners of the recently conducted popular ‘Pepsimoji’ competition, which attracted a record number of entries from across the island.  

INSEE Cement wins Green Platinum Award at Haritha Sihinaya 2017

As a strong advocate and practitioner of sustainable initiatives within the construction industry in Sri Lanka, INSEE Cement was lauded with the Green Platinum Award at Haritha Sihinaya 2017, an educational and environmental exhibition organised by the North Western (Wayamba) Provincial Council through February 12 – 14, 2017. 

Australia’s StudyCo launches Colombo subsidiary

StudyCo Lanka, a subsidiary of StudyCo, which is an Australia-based educational recruitment company representing all the universities in Australia, was launched in Colombo recently. 

Colombo port among world’s best 25 ports

Colombo port has been ranked 23rd among the world’s best 25 ports in accordance with the Alphaliner rankings in 2016, a Ports and Shipping Ministry statement said.

Tax hike on milk imports no solution to boost local dairy industry: Fonterra

As Sri Lanka continues to struggle in improving its dairy industry, the leading global milk processor, Fonterra, stressed tax hikes on milk imports are not the way forward to boost the local capacity as such moves would eventually lead to a scarcity of milk and milk-based products, given the growing demand.

Sri Lanka-based airbag sensor maker to buy Japan parent

ECONOMYNEXT: Lanka Harness, a Sri Lanka-based precision technology company that makes airbag sensors and seat belts, plans to buyout its parent Ito Springs of Japan.

Sri Lanka to raise at least US $ 450mn from 3-year loan

ECONOMYNEXT: Sri Lanka will raise at least US $ 450 million from a syndicated loan for which the government has selected six banks, a media report said.

Cargills 3Q net profit soars 97% to Rs.637mn

The retailing and fast-moving consumer goods (FMCG) giant, Cargills (Ceylon) PLC, posted a net profit of Rs.636.84 million for the third quarter ended December 31, 2016 (3Q17) recording a 37.52 percent increase year-on-year (YoY).

Rupee falls on importer dollar demand; dealers see more pain ahead

REUTERS: The Sri Lankan rupee ended weaker yesterday on importer dollar demand as local traders bought the US currency as a precaution amid concerns of a steep depreciation in the rupee in the absence of Central Bank intervention, dealers said.

Shares edge up as investors pick up bank stocks

REUTERS:  Sri Lankan shares rose slightly yesterday from a more than one-week closing low hit in the previous session as investors bought banking shares, but concerns over rising interest rates weighed on sentiment.

Sweden’s Axis awards Prima Management Services ‘Solution Gold Partnership Certificate’

Prima Management Services (Pvt.) Limited (PMS), a leading IT solutions company, became the first Sri Lankan company to be awarded the ‘Solution Gold Partnership Certificate’ by Sweden-based Axis Communications, a leader in  network video.

NCE-ILO renew contract for LEED project

The National Chamber of Exporters of Sri Lanka (NCE) renewed its commitment to support the economic development activities of the Northern Province, to enhance the income of the people by conducting an awareness programme for  non-member exporters.  

Aitken Spence reaffirms support to CA Sri Lanka with lead sponsorship

Leading blue chip conglomerate, Aitken Spence PLC has once again reaffirmed its support to the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) with yet another  lead sponsorship. 

Dr. Priyantha Wijayatunga appointed as ADB South Asia Energy Division Director

Dr. Priyantha Wijayatunga, former Director General of the Public Utilities Commission of Sri Lanka (PUCSL) and a Senior Professor of Electrical Engineering at the University of Moratuwa, has been appointed as Director South Asia Energy Division of the Asian Development Bank (ADB). 

ProMate exercise books create new sales record

ProMate, the leading Sri Lankan brand of exercise books, manufactured in compliance with international standards, established a new sales record during the last school term, Printxcel (Pvt.) Ltd Chief Operation Officer Nalinda Jayamanne said.

Santani featured on Travel + Leisure’s 2017 It List

Santani, Sri Lanka’s first purpose-built luxury wellness resort, has been featured in Travel + Leisure’s coveted 2017 It List of the best new hotels around the world. 

Rohan Victoria appointed as Asian Packaging Federation VP

Sri Lanka is honoured by the appointment of Rohan Victoria as Vice President of the Asian Packaging Federation (APF), the apex body of the packaging industry in the Asia  Pacific region.