Harry J withdraws plans to appoint Dinesh to HNB board

Business tycoon Harry Jayawardena appears to have taken a step back in his plans to appoint former Commercial Bank Chairman Dinesh Weerakkody to the board of the country’s second largest private lender, Hatton National Bank PLC (HNB).

Lankem to raise Rs.150mn rights issue

Diversified Lankem Developments PLC has resolved to raise Rs.150 million by way of a rights issue subject to shareholder approval.

Poorest province most active in e-commerce says online store co-founder

Sri Lanka’s poorest province is the home to some of the country’s most active e-commerce users, one of Sri Lanka’s digital business founders said this week.

BRAC Lanka Finance in Rs.1.3bn cash call to fund micro-lending

BRAC Lanka Finance PLC, a LOLC group company specialised in microfinance, last week announced a rights issue in the proportion of 5 new shares for every 4 held at an issue price of Rs.10 a share to raise Rs.1.32 billion in equity capital, a stock exchange filing said. 

FinMin tells foreign investors to exploit Lanka’s opportunities

Sri Lanka has ideal investment opportunities to secure diverse business options as the country has been achieving economic prosperity through accelerating growth with social inclusion, Minister of Finance Ravi Karunanayake told an investors meeting in Hong Kong. 

Mobitel and Telecom Ministry connect with Ericsson for strategic ICT partnership

Ericssonin collaboration with Mobitel and the Ministry of Telecommunication and Digital Infrastructurehas formally signed the 5G Island of Innovation Memorandum of Understanding (MoU) in Colombo, Sri Lanka on 10th March, representing a landmark strategic ICT partnership that aims to bring 5G Internet of Things (IoT) innovation and entrepreneurship to Sri Lanka for the first time in South Asia. 

Surge in exports

A general view of Tanjong Pagar container terminal is seen in Singapore on March 17.

NEDA gears for island-wide youth entrepreneur drive

Sri Lanka’s apex State operated entrepreneurship developer, the National Enterprise Development Agency (NEDA), is now on a major youth entrepreneur drive-and the latest node in Sri Lanka’s grassroots market linkage network to start operations will be serving the small time young farmers and fisher-folk in Northern Province’s Mannar district.

World Bank indirectly backs harmful SE Asian projects: report

AFP: World Bank investments in commercial financial institutions are indirectly allowing land-grabs, evictions and pollution in Southeast Asia, a watchdog group charged in a report yesterday.

Oil prices dip as doubts remain over OPEC supply cuts

REUTERS: Oil prices dipped yesterday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang.

Seylan Seylfie empowers ‘Youth with Talent’ programme

Sri Lanka’s youth are immensely talented and a preview of their wondrous talent was glimpsed at the ‘ITN Youth with Talent’ grand finale, which held the audience enthralled. As the official banking partner of the show, Seylan Bank awarded cash prizes to the winners and all finalists of ‘ITN Youth with Talent’ in recognition of their capabilities and to encourage the unique skills and talents of young Sri Lankans.

Dhammika Kalapuge continues to chant ‘Service Mantras’

Dhammika Kalapuge’s most popular inspirational and educational programme ‘Service Mantras’ will be repeated for the seventh time on March 30, 2017, at The Kingsbury, Colombo. 

Annual pirith ceremony at AMW

The traditional pirith ceremony held every year at AMW took place recently at the Suzuki showroom located in Borella.

Rupee weaker on dollar demand from foreign bank

REUTERS: The Sri Lankan rupee edged down yesterday on dollar demand from a foreign bank, but a state bank sold dollars, capping losses in the local currency, dealers said.

NTB holds Nations Trust Bank Amex Golf Extravaganza 2017

The seventh Annual Nations Trust Bank American Express Golf Extravaganza 2017 teed off at the Royal Colombo Golf Club recently.

Upcot’s Strathspey Estate celebrates 150 years of Ceylon tea

Strathspey Estate, situated in Upcot, managed by Maskeliya Plantations PLC, which is owned by Richard Pieris Group of Companies, performed very many religious activities to bestow merit to James Taylor, the father of the Ceylon tea industry, and those who were involved in this industry in the past and to invoke blessings for those currently employed.

Paranthan Chemicals marks World Water Day

The World Water Day is commemorated on March 22 highlighting the importance of freshwater and advocating for the sustainable management of the water resources.

Chinese minister visits BMICH

Chinese Communist Party International Department Minister Hon Song Taopaid visited the BMICH during his recent visit to Sri Lanka. 

Top lawyers urge need to fight for digital consumer rights collectively

Sri Lankan consumers must fight collectively for the enactment of digital consumer rights protection laws in Sri Lanka to keep privacy violating corporates at bay, leading attorneys in the country advocated this week during a forum in Colombo.

Fed to keep rate hikes slow even if U.S. inflation overshoots

REUTERS: The Federal Reserve will stick to a gradual path of interest rate rises even if inflation runs above its 2 percent target, Chair Janet Yellen said on Wednesday, signaling that the U.S. central bank is willing to use low rates to push down even harder on unemployment.

Rupee ends weaker; cbank moral suasion caps fall

REUTERS: The Sri Lankan rupee ended weaker yesterday on dollar demand from importers, but moral suasion by the Central Bank capped the fall after expectations of a nearly US$1 billion inflow from a bond sale failed to ease pressure on the currency, dealers said.

Laugfs mulls expanding presence to Myanmar, Maldives

Sri Lanka’s only private sector liquid petroleum gas (LPG) supplier, Laugfs Holdings PLC, is currently planning to expand its operations to Myanmar and the Maldives, while its US$ 100 million expansion plan in Bangladesh is also progressing the group’s Chairman said recently.

Drought will block Sri Lanka from 2017 growth pace officials see: economists

REUTERS: Sri Lanka’s 2017 growth rate is likely to be significantly lower than the government and Central Bank forecast, mainly due to a severe drought and tight monetary and fiscal policies, private economists said.

Shares hit 1-yr closing low on rate hike concerns

REUTERS: Sri Lankan shares hit a one-year closing low yesterday, falling for an eighth straight session, as concerns the Central Bank would raise rates next week weighed on sentiment after the International Monetary Fund urged it to tighten monetary policy.

SLID and Iclif to present ‘To preserve or enhance?’ interactive discussion

On a one to 10 scale, where one is ‘well below our potential’ and 10 is ‘at peak potential’, how is your organisation currently performing in the marketplace?

Malik meets EU Trade Commissioner in Brussels

Development Strategies and International Trade Minister Malik Samarawickrama accompanied by Ambassador Rodney Perera met with European Commissioner for Trade Cecilia Malmström recently at the European Commission in Brussels. 

Rupee ends weaker; bond sale may ease downward drift

REUTERS: The Sri Lankan rupee ended weaker yesterday due to importer dollar demand, dealers said, but the market expected pressure on the currency to ease after the government raised nearly US $ 1 billion via a bond auction.

Manufacturing sector activity expands in February

Sri Lanka’s manufacturing activity expanded in February as the manufacturing sector PMI rose 0.9 index points compared to the previous month’s record of an index value of 57.1, the latest data released by the Central Bank showed. 

Economy grows at 5.3% in 4Q; 4.4% in 2016

Sri Lanka’s gross domestic product (GDP) grew at 5.3 percent in the fourth quarter of 2016 (4Q16) compared to the same period of the previous year and the economic growth rate for the year 2016 was estimated at 4.4 percent, the country’s statistics office said.

Lankan capital market to woo Aussie, Kiwi investors

The Colombo Stock Exchange (CSE), in association with the Securities and Exchange Commission of Sri Lanka (SEC), Sri Lankan High Commission in Australia and with the participation of stockbroker firms and unit trust companies, will host a series of ‘Invest Sri Lanka’ forums in Australia and New Zealand (ANZ).