Report highlights huge hole in Sri Lanka’s trading basket

Almost all the dollars earned by over a million housemaids auctioning their sweat and blood in the Middle East and the dollars spent by around two million tourists annually visiting the country are just getting evaporated as import-dependent Sri Lanka has made a huge hole in its trading basket.   

Watercare becomes first water treatment company to be ISO certified

Watercare Technologies (Pvt) Ltd, Sri Lanka’s most sought after professional organization providing total water care solutions announced it has been awarded the coveted ISO 14001 certification, hence becoming the first water treatment company in Sri Lanka to achieve international recognition for its environmental management system.

Burger King opens 14th outlet in Kiribathgoda

Kiribathgoda has received its own Burger King restaurant, following the opening of the 14th such outlet in Sri Lanka at a prime location in this bustling suburb, by master franchisee Softlogic Restaurants (Pvt) Ltd., a fully-owned subsidiary of Softlogic Holdings PLC.

National Chamber ‘EPF & ETF’ seminar on March 23

The National Chamber of Commerce of Sri Lanka (NCC) will hold a half-day seminar on ‘EPF & ETF’ (English medium) on Thursday, March 23, 2017, from 1:30 p.m. to 4:30 p.m., at the NCC auditorium, No: 450, D.R. Wijewardene Mawatha, Colombo 10.

Unilever Sri Lanka wins big at SLIM Nielsen People’s Awards

Unilever Sri Lanka’s flagship brands Sunlight, Vim, Lifebuoy, Signal and Laojee all secured prestigious awards at the recently concluded SLIM-Nielsen People’s Awards 2017. 

Aitken Spence partners with Europe’s second largest int’l parcel delivery network

The Aitken Spence group recently entered into a partnership with France’s DPD Group, the second largest international parcel delivery network in Europe, which is now available in Sri Lanka and the Maldives.

CCC’s Youth Business Sri Lanka supports MaGIC’s new GAP in SL

The Malaysian Global Innovation & Creativity Centre (MaGIC) has launched a new accelerator programme called the Global Accelerator Programme (GAP). First announced by Prime Minister Najib Razak during the inaugural Global Entrepreneurship Community (GECommunity) 2016, GAP is an evolution of MaGIC’s Accelerator Programme (MAP), taking the highly popular programme to the global stage after three successful cohorts with Malaysian and regio

One Perera exits, another enters!

Former Sampath Bank Managing Director Aravinda Perera has been appointed the Managing Director of Royal Ceramics PLC with effect from yesterday. 

Singer Sri Lanka confident of growth in 2017 despite macroeconomic snags

Consumer durables, particularly the consumer electronics and IT products are set for favourable growth in 2017 despite  the triple threat from higher interest rates, higher taxation and a depreciating rupee, consumer durables giant Singer (Sri Lanka) PLC said  this week.

HNB says comfortable with 17-18% credit growth this year

Hatton National Bank PLC, Sri Lanka’s second largest private sector bank, will be comfortable expanding its loan book this year at similar levels to last year to meet its aggressive Vision 2020 plan, a key official of the bank said yesterday.

Government to introduce SCIs for key SOEs

Department of Public Enterprises of the Finance Ministry said yesterday that the government will be signing Statement of Corporate Intents (SCIs) with selected state owned enterprise (SOEs) today. 

Vidullanka’s US $ 123.5mn Ugandan hydro power plant to be commissioned next week

Vidullanka PLC’s 6.5 megawatt (MW) Muvumbe small hydro power plant located in Uganda will be connected to the African state’s national grid next week, the company said in a filing at the Colombo Stock Exchange.

Top biz chamber wants private sector input in new tax bill

Sri Lanka’s premier business chamber yesterday stressed the need to consult the country’s private sector before finalising the proposed Inland Revenue Bill, which is expected to come into effect from April 1, 2017. 

TUI Group mulls using SL as hub to service Indian Ocean region

The Hanover-based international tour operator, TUI Group, has disclosed its plans to use Sri Lanka as a hub in the Indian Ocean region to service other regional destinations, during a meeting with Sri Lanka’s tourism minister, who is currently in Germany, attending ITB. 

Singer dazzles at SLIM-Nielsen Peoples Awards

Singer Sri Lanka, the country’s leading consumer durable retailer, celebrated its 11th consecutive win as Sri Lanka’s popular brand at the latest edition of the SLIM-Nielsen Peoples Awards held at Waters Edge recently.

As drought slashes rice harvest, 900,000 face hunger in Sri Lanka

Thomson Reuters Foundation: The worst drought in five years has pushed 900,000 people in Sri Lanka into “acute food insecurity”, the World Food Programme (WFP) says.

Shares hit 5-wk closing low on rate hike fears

REUTERS: Sri Lankan shares hit a five-week closing low yesterday on worries the country’s Central Bank would raise interest rates at a meeting next week after the International Monetary Fund (IMF) urged it to tighten monetary policy, brokers said.

Aitken Spence partners with leading European parcel delivery network

The Aitken Spence group, following the representation of a leading global international express network for over 35 years in Sri Lanka and the Maldives, has entered into a partnership with the second largest international parcel delivery network in Europe – DPD Group.

Shangri-La hikes Sri Lankan investment by 60% to US $ 800mn

REUTERS: Hong Kong-based Shangri-La Asia has increased its investment in Sri Lankan properties by 60 percent to US $ 800 million, in order to meet demand for larger-than-planned apartments in Colombo, an official said yesterday.

CB announces change of metal for Rs.1 and Rs.5 coins

The Central Bank yesterday said a new set of Rs.1 and Rs.5 coins would be issued for circulation after changing the metal/alloy from brass-plated steel (gold colour) to stainless steel (silver colour).

Brantel appointed sole distributor for CCTV brand Unifore

Brantel Lanka (Pvt) Ltd., one of the biggest players in the country’s mobile phone market, has diversified into the supply and installation of closed circuit television (CCTV) cameras, following the appointment of the company as sole distributor in Sri Lanka for Unifore, one of China’s leading IP and analogue surveillance equipment manufacturers.

Fashion Bug wins Gold for ‘Best Key Account Partner’ at Triumph Awards

Fashion Bug, one of Sri Lanka’s leading retail clothing stores clinched the Gold Award for ‘Best Key Account Partner’ for the fourth consecutive year at the recent Annual Sales Conference of Triumph International.

Kushan Kodituwakku appointed as new COYLE Chairman

The Chamber of Young Lankan Entrepreneurs (COYLE) appointed its new Chairman Kushan Kodituwakku for the year 2017/18 at the Annual General Meeting held recently at the Oak Room of Cinnamon Grand, Colombo.

Elephant House Cream Soda bags ‘Beverage Brand of the Year’ at People’s Awards

Elephant House Cream Soda has won a remarkable 11th “Beverage Brand of the Year” at the recent SLIM-Nielsen People’s Awards 2017. 

eMarketingEye bags 5 wins at HSMAI Adrian Awards

eMarketingEye, the award-winning Sri Lankan integrated Digital Marketing Agency and a pioneer in the industry, bagged 5 awards at the prestigious 2016 HSMAI Adrian Awards held recently. 

Ajith Nivard Cabraal refutes recent allegations by Finance Ministry

Former Central Bank Governor Ajith Nivard Cabraal in a statement yesterday refuted the recent allegations by the Finance Ministry of managing the public debt fraudulently and issuing treasury bonds in violation of the law.

Waters Edge and Green Leaves Entertainment ink agreement for 500 pax theatre

Bringing to life an initiative to become an all-inclusive entertainment hub in Sri Lanka, Waters Edge together with Green Leaves Entertainment recently inked an agreement for the operation of a 500 pax theatre at the hotel. 

Rohan Masakorala to address Industry Leaders’ Strategy Summit in China

New for 2017, Intermodal Asia – the world’s leading exhibition and conference for the global container, transport and logistics market – will launch the Industry Leaders’ Strategy Summit (ILSS), which will take place from March 21 to 23, 2017, in Shanghai, China.

NCC ‘Insight to Fraud Detection’ seminar on March 21

A half-day seminar on ‘Insight to Fraud Detection’ will be conducted on Tuesday, March 21, 2017, from 9:00 a.m. to 1:00 p.m., at the chamber auditorium, No: 450, D.R. Wijewardene Mawatha, Colombo 10.

Elephant House and Keells Food refresh 138th ‘Battle of the Blues’

Elephant House and Keells Foods have in 2017, continued their longstanding partnerships with the ‘Battle of the Blues’, the historic cricketing rivalry between Royal College and S. Thomas’ College, now in its 138th year.