NCE launches 25th anniversary annual export awards application

The National Chamber of Exporters of Sri Lanka (NCE) which is the only private sector Chamber exclusively serving Sri Lankan exporters launched the revised application of the 25th anniversary annual export awards ceremony,

Govt. expects to ‘finish off’ H’tota Port sale deal this week

The final details of the agreement to sell the Hambantota Port shares to Chinese State-owned enterprise China Merchant Port Holdings (CMPH) will be finalized this week and the de

Chevron feels squeeze in lube sales as Dec. profit narrows

Chevron Lubricants Lanka PLC (Chevron), the local unit of the American multinational, saw its bottom line narrowing during the December quarter amid flat revenue but closed the financial year in a positive note, the interim financial showed.  

Trump travel ban will impact US tourism

AFP - President Donald Trump’s executive order blocking immigrants from seven majority Muslim nations will hit tourism to the US, the UN’s World Tourism Organization warned  this week.

Keells Food Products Dec. quarter earnings dips 21%

The market leader in processed foods, Keells Food Products PLC (KFP), reported earnings of Rs.3.03 per share or Rs.77.1 million, down 21 percent from a year ago as the revenues fell during the festive December quarter, where strong sales are generally recorded.  

New Inland Revenue Act likely from April

A senior Finance Ministry official said yesterday a new Inland Revenue Act may come into force from April 1, 2017, but hinted a possible delay is likely, should the piece of legislation be challenged in parliament.

CB’s independence likely to be tested this year: economists

The independence of the country’s Central Bank is likely to be tested in 2017, a development that could undermine the macroeconomic gains made in 2016, economists cautioned during a forum in Colombo organised by the country’s leading trade chamber last week. 

Homegrown ride-sourcing firm PickMe mulls going public

Digital Mobility Solutions (Pvt.) Ltd, which owns PickMe, Sri Lanka’s homegrown ride-sourcing app, is likely to go for an initial public offering (IPO) after a final round of private equity funding, signalling the entrance of the new generation tech start-ups to the Colombo Stock Exchange (CSE).

Dhammika ups holding in Softlogic Finance

Business magnate Dhammika Perera has increased his shareholding in the Softlogic group subsidiary, Softlogic Finance PLC, the latest financial statements of the company for the period ended December 31, 2016 indicated.

Royal Ceramics 3Q profit up 9% over modest growth in sales

Leading floor tile and bathware manufacturer, Royal Ceramics Lanka PLC (RCL), made an earning of Rs.8.85 cents a share or Rs.980.3 million for the quarter ended December 31, 2016 (3Q17), recording a modest increase of 8.5 percent from a year ago, the interim results showed.  

Pan Asia Bank gets CB extension to beef up capital buffers

The Central Bank this week approved Pan Asia Banking Corporation PLC’s (PABC) request to further extend the deadline for meeting the interim capital adequacy requirements for the banking sector. Accordingly, PABC has to meet Rs.7.5 billion in minimum capital by March 31, 2017 and reach Rs.10 billion in minimum capital by January 1, 2018.

Sri Lanka’s first insurance comparison website launched

InsureMe Insurance Brokers (Pvt.) Limited has launched Sri Lanka’s first insurance comparison website www.insureme.lk.  

Funding costs hamper People’s Leasing December profits

People’s Leasing and Finance PLC (PLC), the finance arm of state-owned People’s Bank, saw its performance being affected by higher cost of funds during its December quarter (3Q17) as the earnings narrowed by 16.9 percent year-on-year (YoY) to 67 cents a share or Rs.1.0 billion, the interim accounts showed. 

Dipped Products 3Q turns Rs.107mn net profit; plantations weigh

Dipped Products PLC (DPL), the non-medical glove manufacturing unit of the Hayleys group, made a net profit of Rs.1.78 a share or Rs.106.7 million for the quarter ended December 31, 2016 (3Q17) amid a strong top line growth, while keeping the costs under watch, the interim results filed with the stock exchange showed. 

Omegaa enters into MoU with Western Provincial Council Health Ministry

Omegaa Johkasou Engineering Lanka (Pvt.) Ltd, known for its life-enhancing products, entered into a cooperative agreement (MoU) with the Western Provincial Council Health Ministry recently. 

Retailers’ Association and FinMin discuss shopping festival

Sri Lanka Retailers’ Association held a meeting with the Minister of Finance Ravi Karunanayake recently to discuss the proposed ‘Sri Lanka Shopping Festival.’

Japan Expo Premier to begin in Colombo tomorrow

Japan Expo Premier Sri Lanka 2017 will be held at the BMICH in Colombo from the 03rd to 05th this month, Chairperson of the Japan Expo Sri Lanka Exhibition Committee Mikiyo Furusawa said recently.

Perfect Business Solutions clinches two FCCISL awards

Perfect Business Solution Services (Pvt.) Ltd (PBSS) won two awards – Western Province Medium Gold and National Medium Silver – at the recently concluded awards ceremony organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) held at Stein Studio Ratmalana. 

Cuba ready to support Sri Lankan industries

Cuba, one of their main trade partners of Sri Lanka has expressed its interest to explore Sri Lanka’s coconut cultivation, hinting the possible visit of a delegation from Cuban Ministry of Agriculture to Sri Lanka.

New Indian envoy meets Malik

The newly appointed Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu met Minister of Development Strategies and International Trade Malik Samarawickrama and held bi-lateral discussions at the ministry this week. 

Aitken Spence Printing walks away with NBEA Gold

The export arm of Aitken Spence Printing and Packaging – ACE Exports was awarded at National Business Excellence Awards (NBEA) 2016 in recognition of its overall business excellence and contribution made towards economic progression of the country. 

CIMA Mastercourse on taxation begins on February 12

CIMA Sri Lanka’s first CPD event of the year, the CIMA Mastercourse on Taxation will begin on 12 February and continue until 23 April.  

Red Hat and SLASSCOM introduce open source innovation to Lankan market

Open source technologies has been recognized as an enabler for a variety of problems , providing accessible technologies to a number of services as well as for mass collaboration in sharing knowledge with others to create new resources and opportunities.

Ceylon Chamber releases ‘Economic Review and Outlook 2017’ report

The Ceylon Chamber of Commerce launched its ‘Economic Review and Outlook 2017,’ a new report, which contains information on trends, risks and prospects of both Sri Lankan and the global economy.  

Colombo Chamber facilitates local businesses to attend int’l gem and jewellery shows

The Colombo Chamber of Commerce (CCC), in its pursuit of assisting and providing support to the small and medium enterprises (SMEs) of Sri Lanka, has once again facilitated an exciting opportunity for local businesses to gain international exposure through the chamber’s networks. 

Trademark registration bottlenecks block local brands going global: think tank

Delays in local trademark registration process could undermine the massive benefits deriving from Sri Lanka’s decision to comply with the Madrid Protocol, according to the Colombo-based think tank,  Verité Research.

Consumer prices accelerate 5.5% in January

Sri Lanka’s consumer prices measured by Colombo Consumer Price Index (CCPI) rose to a six-month high of 5.5 percent in January from a year earlier, accelerating from the previous month’s 4.5 percent under a revised base-year and market basket, data from the Department of Census and Statistics (DCS) showed yesterday.  

Amateurish policy making destroying agriculture sector: experts

Politicians are continuing to create unsound policies advocated by laymen to the field of agriculture in order to victimize the poverty-stricken farming population, which would result in an imminent derailment of the economy, scholars warned this week.

Dipped Products 3Q turns Rs.107mn net profit; but plantations weigh

Dipped Products PLC (DPL), the non-medical glove manufacturing unit of the Hayleys group, made a net profit of Rs.1.78 a share or Rs.106. 7 million for the quarter ended December 31, 2016 (3Q17) amid strong top line growth while keeping the costs under watch, the interim results filed with the stock exchange showed. 

CEB and LECO directed to pay interest on customer security deposits

The electricity sector regulator, Public Utilities Commission of Sri Lanka (PUCSL) has issued guidelines to the Ceylon Electricity Board (CEB) and the Lanka Electricity Company private limited (LECO) to pay an interest on security deposit of electricity consumers