Odel December profit hurt due to higher admin and finance costs

Sri Lanka’s up market fashion and lifestyle retailer, Odel PLC, saw its bottom line getting dented the most during its December quarter and during the nine months due to higher administrative and finance costs albeit the top-line showing a modest growth, the interim results showed. 

Nepali billionaire launches journal in Sri Lanka

Nepal’s only Forbes-list billionaire, long-standing investor in Sri Lanka and CG Group Chairman Binod Chaudhary (second from left) last week launched his memoir titled ‘Making it Big’ in Sri Lanka with Prime Minister Ranil Wickremesinghe as the Chief Guest. Here Wickremasinghe poses with the copy of the inspiring life story of Binod. CG Corp Sri Lanka Chairman Tilak De Zoysa and Charge d’ Affairs of Nepal Dhan Kumari Joshi

National Chamber to feature Japanese envoy in ‘Meet the Ambassador’ programme

The Japanese Ambassador to Sri Lanka , Kenichi Suganuma  will be the Special Guest speaker in  ‘Meet the Ambassador’ programme on ‘Bilateral trade between Sri Lanka and Japan’  on February  21st at the National Chamber of Commerce, from 3.00 p.m. to 4.30 p.m. D R Wijewardene Mawatha Colombo  10. 

 High-powered Lankan business delegation visits Thailand

The Sri Lanka–Thailand Business Council visited Thailand from the 1st – 4th of February for B2B meetings and bilateral talks with their Thai counterparts.

Profood, Propack and Ag-biz expo to be held in August

Pro Food and Pro Pack and Agbiz Exhibition, Sri Lanka’s largest food, packaging and agriculture expo will be held from 4th - 6th August  for the 16th consecutive year at the Sirimavo Bandaranaike Memorial Exhibition Hall.

Sri Lanka Standards Institution recognizes Nestlé quality standards

Nestlé’s Maggi Coconut Milk Powder, Nespray Nutri-Up and Nescafé Ice CoffeeRTD (Ready-To-Drink) were recognized for their high quality standards at the recent SLSI (Sri Lanka Standards Institution) Certification Awards. 

Ceylinco Life draws Grand Prize winners at 10th ‘Family Savari’ promotion

‘Oh to be in England’ could be the refrain that some lucky policyholders of Ceylinco Life will soon be singing when they learn that they are the winners of the grand prize in the 10th edition of the life insurance leader’s ‘Family Savari’ mega promotion.

Fitch affirms SL’s ‘B+’ rating; revises outlook to stable

Fitch Ratings yesterday revised Sri Lanka’s outlook to stable from negative while affirming the country’s credit rating at ‘B+’ largely due to fiscal side improvements, stable growth prospects and policy coherence stemming from the loan arrangement with the International Monetary Fund (IMF).

SriLankan CEO says wet lease with PIA ‘most profitable’ deal in recent past

National carrier SriLankan Airlines yesterday said the leasing of one of its aircraft to Pakistan International Airlines (PIA) has been the ‘most profitable’ commercial agreement undertaken by the airline in the recent past.

CB to meet state banks over high credit growth

The Central Bank will be entering into discussions with the top management of state banks in the country through which private credit had expanded at unnaturally high rates, in a bid to cut down credit growth.

Rupee ends steady ahead of long weekend

REUTERS: The Sri Lankan rupee ended steady yesterday ahead of a long weekend as dollar sales by exporters offset demand for the U.S. currency from banks to facilitate continuing exit of foreign investors from government securities, dealers said.

Kenyan operations boost Sierra Cables 3Q profits

Leading electrical cable manufacturing company, Sierra Cables PLC (SIRA), posted a net profit of Rs.81.02 million for the quarter ended December 31, 2016 (3Q17), a 27.61 percent increase year-on-year (YoY).

Shares snap 2 days of gains; rising interest rates weigh on market

REUTERS: Sri Lankan shares closed slightly weaker yesterday, snapping two straight sessions of gains and hovering near a more than 10-month closing low hit earlier this week, as concerns over rising market interest rates weighed on sentiment.

Altair architect Moshe Safdie to visit Sri Lanka this month

One of the world’s most eminent architects, who has a unique association with Sri Lanka, will visit the country next week to grace the 35th annual sessions of the Sri Lanka Institute of Architects (SLIA).

Aitken Spence Elevators awarded ISO quality management systems certificate

Aitken Spence Elevators, the sole distributor of OTIS elevators and escalators in Sri Lanka, was recently awarded the ISO 9001:2008 certification for its Quality Management System (QMS) by SGS Lanka (Pvt) Ltd. 

Fadna attends Prod Expo international exhibition in Moscow

Food and Nature (Pvt) Ltd, well known as Fadna took part at the 24th Prod Expo international exhibition held in Moscow recently.

Celebrate Valentine’s Day with Hameedia

Committed to enhancing customer engagement, Hameedia is ensuring this year’s Valentine’s Day is extra special by offering amazing discounts and exciting opportunities for 20 couples to go on super dates that will be the most memorable yet. 

St. Regis helps save trees with new SLS-certified three-ply tea sack

St. Regis Packaging, the first company to obtain SLS certification for Rigid T Sacks and Multiwall paper sacks for bulk packaging of tea, has achieved yet another breakthrough by reducing the environmental impact of one of its paper sacks, significantly supporting the tea industry’s efforts to go Green.

Sri Lanka to raise up to US $ 2.5bn via foreign loans this year

The Central Bank already has plans to raise up to US $ 2.5 billion in debt through a syndicated loan and an international sovereign bond to build the country’s foreign reserves to US $ 7.5 billion by the end of this year, the Central Bank officials said yesterday.

Finnish govt. keen to invest in Sri Lanka

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

CB Governor remains tight-lipped on actions taken against Perpetual

Although asserting that action has been taken to curtail the operations of the controversial primary dealer Perpetual Treasuries, Central Bank Governor Dr. Indrajit Coomaraswamy yesterday refused to give the details by taking refuge in the secrecy provisions afforded to the Central Bank under the Monetary Law Act.

Sri Lanka ramps up fuel imports as drought hits hydropower

REUTERS: Sri Lanka’s fuel imports in January jumped to double typical monthly levels, with the country rushing to plug an energy shortfall as severe drought hits its hydropower output, industry sources said.

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.