Singer Sri Lanka December net profit up 38%

Consumer durables and electronics retailer Singer (Sri Lanka) PLC posted a net profit of Rs. 531.41 million for the quarter ended December 31, 2016 (4Q16), up 38.02 percent year-on-year (YoY) despite increase in indirect taxation and removal of some tax exemptions.

Sri Lanka to hire Euroclear to boost appeal of bonds

REUTERS: Sri Lanka’s Cabinet has approved a proposal to employ a global stock and bond settlement house to help boost foreign investment in its government bonds, a cabinet document  showed yesterday.

Snapdeal to cut 600 staff, founders forego salary

REUTERS: Indian online marketplace Snapdeal is to lay off 600 employees and its founders will forego their salaries as the company struggles to turn a profit in a market increasingly

Singer’s Senasuma Plus to offer fire and flood cover for all products

Singer, the largest consumer durables retailer in Sri Lanka, is to soon introduce Senasuma Plus – a pioneering warranty and safeguard for all products – to its customers. 

Hands Global appoints agents for CCTV camera bulbs

Hands Global (Pvt.) Ltd that introduced the world-renowned EUROtec Smart CCTV camera bulb equipped with European technology and quality to the local market, taking a step forward to expand its network in order to meet the demands, introduced its new agents for camera bulbs. 

Varun Beverages Lanka announces ‘Pepsimoji’ competition winners

Varun Beverages Lanka (Pvt.) Ltd announced the winners of the recently conducted popular ‘Pepsimoji’ competition, which attracted a record number of entries from across the island.  

INSEE Cement wins Green Platinum Award at Haritha Sihinaya 2017

As a strong advocate and practitioner of sustainable initiatives within the construction industry in Sri Lanka, INSEE Cement was lauded with the Green Platinum Award at Haritha Sihinaya 2017, an educational and environmental exhibition organised by the North Western (Wayamba) Provincial Council through February 12 – 14, 2017. 

Australia’s StudyCo launches Colombo subsidiary

StudyCo Lanka, a subsidiary of StudyCo, which is an Australia-based educational recruitment company representing all the universities in Australia, was launched in Colombo recently. 

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.

Tax hike on milk imports no solution to boost local dairy industry: Fonterra

As Sri Lanka continues to struggle in improving its dairy industry, the leading global milk processor, Fonterra, stressed tax hikes on milk imports are not the way forward to boost the local capacity as such moves would eventually lead to a scarcity of milk and milk-based products, given the growing demand.

Sri Lanka-based airbag sensor maker to buy Japan parent

ECONOMYNEXT: Lanka Harness, a Sri Lanka-based precision technology company that makes airbag sensors and seat belts, plans to buyout its parent Ito Springs of Japan.

Sri Lanka to raise at least US $ 450mn from 3-year loan

ECONOMYNEXT: Sri Lanka will raise at least US $ 450 million from a syndicated loan for which the government has selected six banks, a media report said.

Cargills 3Q net profit soars 97% to Rs.637mn

The retailing and fast-moving consumer goods (FMCG) giant, Cargills (Ceylon) PLC, posted a net profit of Rs.636.84 million for the third quarter ended December 31, 2016 (3Q17) recording a 37.52 percent increase year-on-year (YoY).

Rupee falls on importer dollar demand; dealers see more pain ahead

REUTERS: The Sri Lankan rupee ended weaker yesterday on importer dollar demand as local traders bought the US currency as a precaution amid concerns of a steep depreciation in the rupee in the absence of Central Bank intervention, dealers said.

Shares edge up as investors pick up bank stocks

REUTERS:  Sri Lankan shares rose slightly yesterday from a more than one-week closing low hit in the previous session as investors bought banking shares, but concerns over rising interest rates weighed on sentiment.

Sweden’s Axis awards Prima Management Services ‘Solution Gold Partnership Certificate’

Prima Management Services (Pvt.) Limited (PMS), a leading IT solutions company, became the first Sri Lankan company to be awarded the ‘Solution Gold Partnership Certificate’ by Sweden-based Axis Communications, a leader in  network video.

NCE-ILO renew contract for LEED project

The National Chamber of Exporters of Sri Lanka (NCE) renewed its commitment to support the economic development activities of the Northern Province, to enhance the income of the people by conducting an awareness programme for  non-member exporters.  

Aitken Spence reaffirms support to CA Sri Lanka with lead sponsorship

Leading blue chip conglomerate, Aitken Spence PLC has once again reaffirmed its support to the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) with yet another  lead sponsorship. 

Dr. Priyantha Wijayatunga appointed as ADB South Asia Energy Division Director

Dr. Priyantha Wijayatunga, former Director General of the Public Utilities Commission of Sri Lanka (PUCSL) and a Senior Professor of Electrical Engineering at the University of Moratuwa, has been appointed as Director South Asia Energy Division of the Asian Development Bank (ADB). 

ProMate exercise books create new sales record

ProMate, the leading Sri Lankan brand of exercise books, manufactured in compliance with international standards, established a new sales record during the last school term, Printxcel (Pvt.) Ltd Chief Operation Officer Nalinda Jayamanne said.

Santani featured on Travel + Leisure’s 2017 It List

Santani, Sri Lanka’s first purpose-built luxury wellness resort, has been featured in Travel + Leisure’s coveted 2017 It List of the best new hotels around the world. 

Rohan Victoria appointed as Asian Packaging Federation VP

Sri Lanka is honoured by the appointment of Rohan Victoria as Vice President of the Asian Packaging Federation (APF), the apex body of the packaging industry in the Asia  Pacific region.

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.