C. W. Mackie and Denmark’s Co-Ro in JV to produce Sunquick in Sri Lanka

Diversified manufacturing and trading company and Lankem Ceylon PLC subsidiary, C. W. Mackie (CWM), last week entered into a Rs.1.1 billion joint venture (JV) with Denmark-based soft drink giant, Co-Ro A/S, to produce its popular ‘Sunquick’ brand in Sri Lanka.

Shares hit 2-1/2-week closing low; block deals boost turnover

REUTERS: Sri Lankan shares fell yesterday to hit their lowest close in more than two weeks as investors were worried over rising interest rates, but foreign buying and block deals in Expolanka Holdings boosted the turnover.

Directive on senior citizen deposit limit extension sent to banks

A directive from the Central Bank regarding the extension of the deposit limit for the senior citizen deposit programme with effect from March 1 has already been sent to the banks, both Finance Minister Ravi Karunanayake and Central Bank Governor Dr. Indrajit Coomaraswamy confirmed.

Automobile players form apex body to uplift industry

With the core objective of working concertedly towards greater good and progress of the automobile repair business, a new organization called ‘The Sri Lanka Automobile Service Providers Association’ (SLASPA) was inaugurated by entrepreneurs representing this vital industry on an  island-wide basis. 

Saturday Fortune now on Mondays

In 1987, the lottery that was introduced to the market as ‘Saturday Fortune’ gained such popularity that it was also made available on Wednesdays. 

Scan Technologies secures biggest VRF air-conditioning installation in Sri Lanka

The newly formed Scan Technologies Global (Pvt) Ltd. secured the installation, testing & commissioning of GREE VRF Air-Conditioning systems of Astoria project under construction in the heart of Colombo city. 

Umavi Pathirana presents research at 2nd APCCR forum in KL

Umavi Pathirana recently presented a research paper on ‘Simplifying Legal Statements using Natural Language Processing’ at the 2nd Asia Pacific Conference on Contemporary Research (APCCR) in Kuala Lumpur, Malaysia. 

Ceylon Tobacco MD to address CIM SL CEO Breakfast Forum

The Chartered Institute of Marketing (CIM) Sri Lanka will be hosting its first CIM CEO’s Breakfast Forum for this year on 01st March at the Hilton Colombo Residences from 7.30 am onwards. 

National Planning Dept. urged to take lead in SL’s sustainable development agenda

A stakeholder meeting on managing social and economic changes towards the Sustainable Development Goals (SDG) this week pointed out it is imperative for the National Planning Department to take the lead in charting the path for Sri Lanka to fulfil the 2030 mandate laid out by the United Nations (UN).

Shaking off dieselgate, VW races back into profit

AFP: German auto giant Volkswagen last week said it raced back into the black in 2016 as car sales hit an all-time high, in the latest sign of its ‘dieselgate’ scandal fading into the rearview mirror.

National Chamber hosts Japanese ambassador

Japanese Ambassador Kenichi Suganuma receives a token of appreciation from National Chamber of Commerce President Sujeeve Samaraweera at the ‘Meet the Ambassador’ programme held recently  

Youth should prepare for 500,000 jobs to be generated in 6 months: FinMin

Five hundred thousand jobs will be created by the ongoing development projects under the administration of the good governance in the next six months, said Finance Minister Ravi Karunanayake. 

Kelani Cables introduces Hybrid Bulb to local market

Kelani Cables PLC has launched its newest product, ‘Kelani Hybrid Bulb’ that has the endurance to be alight for 2000 hours non-stop. 

Orient Finance fast-tracks trade-in facility

Orient Finance announced advances in its trade-in vehicle portal, which significantly accelerates the speed at which the lease applicants can calculate their lease amounts and thereby make faster, more informed credit decisions.

Deshamanya NUJ’s 109th birth anniversary commemorated

The 109th birth anniversary of late Deshamanya NU Jayawardena, first Sri Lankan Governor of the Central Bank, senator and financier, was celebrated recently. 

Advantis Warehousing launches digital document storage and management through DOCSTO

Advantis Warehousing, a subsidiary of Hayleys PLC, recently commenced offering digital document storage solutions through their brand DOCSTO expanding their document storage portfolio. 

Govt. tax revenue from fags falters in 4Q

Ceylon Tobacco Company PLC (CTC), which enjoys a virtual monopoly in the manufacturing of cigarettes, yesterday said its contribution to government coffers by way of taxes slowed down in the final quarter (4Q16) of the financial year ended December 31, 2016 (FY16), due to the massive increase in excise duty and charging of value-added tax (VAT) on its products. 

CCC-GS1 Lanka organize workshop on GS1 standards

The Ceylon Chamber of Commerce (CCC) together with GS1 Lanka will hold a workshop under the title ‘Understand supply chain through global standards’, which will explain to participants how to use GS1 standards,

Frugal Innovation guru to speak at CCC’s biz strategy event

An award-winning author and expert in international business, marketing and innovation will be the key speaker at the ‘Future of Business’ event organized by the Ceylon Chamber of Commerce.  Jaideep Prabu, Professor of Business and Enterprise at Cambridge University’s Judge Business School, is set to speak on ‘How to do more (and better) with less’, providing practical lessons for Sri Lankan business leaders.

‘Lankan Fest 2017’ concludes on high note in Melbourne

‘Lankan Fest 2017’, organized by the LankanFest Inc. and endorsed by Colombo Chamber of Commerce was held for the third consecutive year, on the 26th February at the Riverwalk - Crown Entertainment Complex in Melbourne, Australia. 

Inclusion of socio-economic rights in constitution could backfire: political scientist

Incorporation of socio-economic rights into the constitution of a country does not guarantee their delivery to the people nor will ensure good governance, to a top political scientist specialized in constitutional law told a public forum in Colombo, last week.  

Union Bank December net up 75% over strong loan book growth

The Union Bank of Colombo PLC (UBC) group reported 12 cents a share or Rs.136.3 million in earnings for its October-December quarter, recording an increase of 75 percent year-on-year (YoY) supported by some solid growth in its loan book in spite of the margins coming under pressure, the interim financial accounts showed.  

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.