Serendib Flour Mills strengthens online presence with new corporate website

Serendib Flour Mills recently launched its new corporate website in keeping with its vision to strengthen its online presence. 

Carolina CTC tea factory establishes all-time auction price

At this week’s ex-estate tea auction held on February 22, 2017, an invoice of PF1 from Carolina Estate, Watawala, established an all time Colombo Tea Auction record price of Rs. 640 for no less than 5 invoices of the PF1 grade and, all invoices were purchased by Uniworld teas (Pvt) Ltd., who is a leading buyer of both liquoring high growns as well as low grown teas, amidst stiff competition from another major multi-national buyer. 

Flexible forex management comes under spotlight amid brewing CB- FinMin conflict

The Central Bank’s laissez-faire policy towards the country’s foreign exchange management came under severe scrutiny yesterday as the country’s financial sector stakeholders argued whether such a policy has delivered the desired outcomes in terms of maintaining lower interest rates and a stable currency. 

National inflation accelerates to 6.5% in January

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 6.5 percent in January 2017 from 4.2 per cent in December 2016, on year-on-year (YoY) basis. 

Drought to lead local paddy cultivation towards ‘worst case scenario’

Local representatives of the World Food Program (WFP) this week issued a fresh warning to relevant stakeholders, pointing out Sri Lanka’s paddy cultivation is heading towards a ‘worst case scenario’ due to the ongoing drought and the absence of a strategic medium to long-term plan to cope with the situation. 

Nestlé Lanka 4Q, full year profits up amid strong sales

Nestlé Lanka PLC, the local unit of world’s largest food company, saw its October-December quarter (4Q16) net profit increasing to Rs.860.1 

SEC re-opens 11 investigations linked to market manipulation

The capital market regulator, Securities and Exchange Commission (SEC) has re-opened 11 cases involving market manipulation, which were closed for two to three years ago, a top SEC official said. 

Norwegian firms keen on investing in Sri Lanka ports: envoy

ECONOMYNEXT: Norwegian companies are interested in investing in Sri Lanka’s shipping and ports sector, the country’s envoy Thorbjorn Gaustadsaether has said.

WIM, IFC invite nominations for Professional and Career Women Awards 2017

Nominations are invited for the seventh Top 50 Professional and Career Women Awards 2017, which is to take place on July 14th, organized by the Women in Management (WIM) and IFC, a member of the World Bank Group partnering the event for the third consecutive year.

Thailand proposes to forge strategic economic partnership with Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama visited Thailand recently to explore avenues of expanding and diversifying the bilateral trade and investment relations and progressing on the establishment of the industrial parks as an aspect of the Sri Lanka government’s economic policy.

ICCSL commences foundation certificate course in int’l biz

The International Chamber of Commerce Sri Lanka (ICCSL), the domestic chapter of Paris-based international world business organisation, commenced its Foundation Certificate in International Business (FCIB) for the year 2017 offering a plethora of knowledge in the areas of logistics, customs, e-business and many alike to the future business leaders in the country. 

Japanese envoy invites Lankan biz to explore Japanese market

Japanese Ambassador to Sri Lanka Kenichi Suganuma invited Sri Lankan businesses to penetrate the Japanese market as it would provide them with tremendous opportunities as the Japanese are wealthy people.  He said that the Japanese market is very lucrative but they have to be impressed with  quality products. 

Apolitical approach vital towards development of Trinco port, Bay of Bengal, says EP Governor

Global geopolitical powers should attempt to be apolitical when developing the Trincomalee port and the area around the Bay of Bengal, in order to ensure maritime security for all stakeholders, the Eastern Province Governor advocated last week.

FinMin banks on e-GP system for efficiency, transparency

Once the electronic government procurement (e-GP) system is introduced, it would help the government to make the public procurement more efficient and transparent, said Finance Minister Ravi Karunanayake. 

Alibaba’s Jack Ma to visit Sri Lanka this year: Ravi K

Chinese e-commerce sensation and Alibaba Founder Jack Ma will likely be visiting Sri Lanka this year, Finance Minister Ravi Karunanayake claimed last week.

Sanasa completes private placement with IFC; raises Rs.510mn in equity

Sanasa Development Bank PLC (SDB) last week raised equity capital to the tune of Rs.510.65 million from the International Finance Corporation (IFC), the private sector investment arm of the World Bank, a disclosure filed with the Colombo Stock Exchange said. 

SL January tea output falls 15.3%

REUTERS: Sri Lanka’s tea output fell 15.3 percent in January due to adverse weather, poor application of fertilisers and a government ban on pesticides, the state-run Tea Board said yesterday.  “Mainly it is the weather; in addition to that, other factors like (poor application of) fertiliser and (government ban on) weedicide also impacted,” said Sri Lanka Tea Board Director General S.A. Siriwardena. 

Sovereign funds pulled US $ 38bn from global markets in 2016

REUTERS: Sovereign wealth funds pulled US $ 37.8 billion from global stock and bond markets in 2016, data from research firm eVestment showed, although the fourth quarter flows showed a slowdown in the rate of redemptions.

Central Bank launches data library for public

The Central Bank of Sri Lanka (CBSL) yesterday launched a data library for the public via the CBSL external website.

Asia Pacific Brewery changes name to Heineken Lanka

Asia Pacific Brewery (Lanka) Ltd changed its corporate identity to Heineken Lanka Limited with effect from February 13, 2017. 

Seminar on adding socio-economic rights to Lankan constitution today

The implications incorporating socio-economic rights to Sri Lanka’s proposed constitution will be the focus of a seminar by Dr. Pratap Bhanu Mehta, a political scientist with extensive international and South Asian experience.

Pizza Hut tantalises island with another range of delectable pizzas

Pizza Hut Sri Lanka, the well-loved international fast food chain that’s given Sri Lanka a whole range of delicious treats throughout the years, tantalises the island with another range of delectable pizzas! Introducing Thin Crust Pizzas! A gourmet range of pizzas, made with premium wheat flour. 

Entries now open for CNCI’s ‘Achiever Awards 2017’

Entries are now open for the ‘Achiever Awards 2017’ for Industrial Excellence competition, which is to take place on August 17, 2017, organised by the Ceylon National Chamber of Industries (CNCI), the premier industry chamber in the country.

Marina educates consumers at CHEMEX 4 exhibition

Marina Foods (Pvt) Ltd, the biggest manufacturer of coconut oil in Sri Lanka, outlined its processes of producing safe and hygienic coconut oil, using state-of-the-art technology in compliance with internationally accepted quality standards to the participants, including school children, at the CHEMEX 4 exhibition and trade fair. 

BMICH celebrates successes of years 2015, 2016

The Chairperson of the Bandaranaike National Memorial Foundation, former President Chandrika Bandaranaike Kumarathunga addressed the foundation staff for the 2nd time since assuming duties as Chairperson in February 2015.

Abans introduces LG dual cool air conditioners to reduce electricity bills

Rising temperatures and increasing costs on electricity bills have invoked consumers across Sri Lanka to avidly search for air conditioners that provide greater energy-efficiency and more powerful cooling in their homes. 

CCC releases note on how govt. can help biz adjust to trade liberalisation

The Ceylon Chamber of Commerce (CCC) has released a document containing recommendations on helping Sri Lanka’s industries prepare for trade liberalization. 

Love Digits dating compatibility app launched in Sri Lanka

Love Digits, an app that brings both dating and gaming services to users, was launched in Sri Lanka this month. 

Sri Lanka’s govt. integrity, economic freedom deteriorate

Sri Lanka slipped down to the ‘Mostly Unfree’ country territory this year in the Index of Economic Freedom, with the lack of government integrity being the only contributor towards the slip in both the ranking and the score.

Top WTO experts in town for DoC’s export confab begining today

Two leading experts from World Trade Organization (WTO) are now in Colombo for today’s pioneering session by the Department of Commerce to work on one of the most technically-demanding barriers for Lankan exporters-- Sanitary and Phytosanitary (SPS) measures or in simpler terms, quarantining and technical barriers.