Central Bank closely watching construction sector for possible bubble

The Central Bank yesterday said it remains vigilant over a possible creation of a construction bubble due to the runaway credit growth.

Application for enjoining orders against Agalawatte Plantations and subsidiary refused

An application by Dr. Chris Nonis, the former Sri Lankan High Commissioner to the United Kingdom, and one Lalith Fonseka to obtain enjoining orders against Agalawatte Plantations PLC, its directors and subsidiary Mackply, was refused by the District Court of Colombo on Tuesday. 

Laugfs emerges winner of Best Stall Representation

Laugfs Holdings was announced winner of ‘Best Stall Representation’ at the EDEX Job Fair 2017 held at BMICH recently. 

NCC to conduct ‘Productivity Improvement’ workshop

Organised by the National Chamber of Commerce (NCC), a one-day workshop on ‘Productivity Improvement Techniques’ for manufacturing and engineering industries will be held on Thursday, February 23, 2017, from 9:00 a.m. to 4:30 p.m., at the chamber auditorium, No: 450, D R Wijewardene Mawatha, Colombo 10.

Sri Lanka takes part in Moscow ProdExpo

February 6, 2017 marked the opening of the 24th ProdExpo International Exhibition, which will be held in Moscow until February 10, 2017.

Deepal Sooriyaarachchi to launch ‘Inward Bound’ on Feb. 16

How do you collaborate with the spirituality of meditation with corporate management? Deepal Sooriyaarachchi’s latest book ‘Inward Bound’ explores how the currently ‘military-sounding’ business environment saturated with ideas such as ‘war room’, ‘penetrate’, ‘take over’ and ‘obliterate’ can be balanced with spiritual attributes through ‘mindfulness’.

Photo Technica wins pinnacle award of photography industry

In a spectacular feat, Managing Director of Photo Technica clinched the coveted ‘Most Outstanding Entrepreneur of the Year-2016’ Gold award in the photography industry of the Western Province in addition to a Silver accolade at the National level, at the ‘Sri Lankan Entrepreneur of the Year- 2016’ Awards ceremony held in Colombo recently.

United Tractor & Equipment opens store in Wattala

Showcasing its premium brands, United Tractor & Equipment (Pvt) Limited (UTE), recently opened its flagship store in Wattala.

Taian Lanka Steel opens galvanized steel tubes and pipe manufacturing factory

Taian Lanka Steel Company (Pvt) Limited opened its new factory recently to manufacture large size galvanized steel tubes and pipes. This would double the production capacity and also enable the company to meet the expanding demand within the entire island.

Samsung launches curved monitors in Sri Lanka

Samsung Electronics recently launched their new and innovative Samsung curved monitor in the Sri Lankan market. 

DoC to hold ‘Export to Sweden’ forum on Feb. 15

Three Swedish trade experts will be arriving in Colombo next week to meet and help Sri Lankan exporters striving for the Swedish market.

Australian HC meets Malik

Australian High Commissioner to Sri Lanka Bryce Hutchesson with a high-level delegation from Australia met Development Strategies and International Trade Minister Malik Samarawickrama at the ministry and held discussions on bilateral trade and investment opportunities between the two countries.

Noritake enters 2017 on winning note with National Quality Award

Noritake Lanka Porcelain (Pvt) Limited entered the new year on a winning note by being awarded the National Quality Award in the Large Manufacturing Category at the National Quality Awards at the Colombo Hilton recently. 

NCE participates in JITF for 4th consecutive year

National Chamber of Exporters of Sri Lanka (NCE) Secretary General Shiham Marikar along with officials participated in the Jaffna International Trade Fair (JITF) held recently.

Czech Republic envoy calls on Malik

Czech Republic Ambassador for Sri Lanka Milan Hovorka called on Development Strategies and International Trade Minister Malik Samarawickrama at the ministry this week. He was accompanied by Czech Republic Consul General for Sri Lanka Dr. Lohitha Samarawickrema. The dignitaries held bilateral talks to enhance investment and trade between the two countries. 

Sri Lanka woos Middle East market at IMTM

Renewed efforts are being made to position Sri Lanka as an attractive destination for the outbound Middle East tourism market, Sri Lanka’s Tourism Ministry said. 

India’s Modi says cash crackdown a fight for the poor

REUTERS:  Indian Prime Minister Narendra Modi yesterday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a fight’ for the poor.

Finnish govt. keen to invest in Sri Lanka

The Ambassador of Finland to Sri Lanka Rauli Suikkanen said that he would call leading entrepreneurs of his country to invest in Sri Lanka. 

Govt. in talks to alleviate impact of US taxes on OTR tyres

The Sri Lanka’s Commerce Department is currently fighting what it calls an erroneous imposition of countervailing duties on Sri Lankan made pneumatic off-the-road (OTR) tyre exports to the US, with the aim of reducing or removing the duties, Mirror Business learns.

Renuka Agri Foods December net up to Rs.76mn

Renuka Agri Foods PLC, a Renuka group company, which has interests in food manufacturing and plantations, posted a Rs. 75.67 million net profit for the quarter ended December 31, 2016, up from Rs. 65.19 million year-on-year (YoY), financial statements released to the Colombo bourse indicated. Earnings per share increased to Rs. 0.13 from Rs. 0.12 YoY.

Rupee slips on bank dlr buying, cbank reference rate revision

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday due to dollar demand from banks as foreign investors continued to sell government securities, while the Central Bank revised the spot reference rate to a record low of 150.75, dealers said.

Ceylinco General Insurance posts strong numbers for 2016

Leading insurer, Ceylinco General Insurance Ltd, has announced excellent results for the year ended December 31, 2016, with premium income growing by Rs.2.5 billion or 18.9 percent year-on-year (YoY) to Rs.16.1 billion.

AIA-DFCC enter into strategic bancassurance partnership

AIA Insurance Lanka PLC has entered into an exclusive, long-term, strategic bancassurance partnership with DFCC Bank PLC, marking another key milestone in the AIA-DFCC relationship. 

Seylan Bank launches Viber sticker pack with Seylfie product

With Viber users in Sri Lanka reaching over six million and Viber being the most downloaded app in Sri Lanka, Seylan Bank decided to launch a sticker pack to promote its new youth banking product – Seylan Seylfie – to reach the youth of Sri Lanka using Viber.

Dr. Kelegama to deliver 27th J.E. Jayasuriya Memorial Lecture

The 27th J.E. Jayasuriya Memorial Lecture, to take place on Monday, February 13, 2017, will be delivered by Institute of Policy Studies of Sri Lanka Executive Director Dr. Saman Kelegama on the topic ‘Non-State Actors in Higher Education in Sri Lanka: Issues and Challenges’. 

Call to protect independence of AG

Good governance activist and retired private sector executive, Chandra Jayaratne has written to the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to come forward to protect the independence of the country’s Auditor General (AG), who is a member of the institute. 

Japanese consortium to invest US $ 15mn in solar power plant

A US $ 15 million project for the establishment of a solar power plant in Sri Lanka is underway with investments from three Japanese companies through a Japanese consortium.  

Access group profits up 15% in December as construction activities resume

The leading infrastructure developer, Access Engineering PLC (AEL), performed better during its December quarter due to the rebound in construction activities, but the steeper rise in tax expenses took the glow out of otherwise excellent results, the interim accounts filed with the Colombo Stock Exchange showed.  

Rupee slips on dollar buying by banks ahead of rate call

REUTERS: The Sri Lankan rupee closed slightly weaker yesterday due to dollar demand from importers and banks as foreign investors continued to sell government securities, dealers said.

Oil stuck near US $ 57 as Iran, OPEC countered by US drilling rebound

REUTERS: Oil steadied close to US $ 57 barrel yesterday as the rising tensions between the US and Iran and OPEC supply cuts were countered by ample inventories and signs that higher prices will revive US output.