NCE urges exporters to make effective use of GSP Plus

While lauding the government for its role in regaining GSP Plus tariff concession from the European Union (EU), a leading export chamber in the country urged its members as well exporters in general to prepare themselves to make use of the opportunity to the maximum. 

Lakdhanavi and LTL Holdings subsidiaries import furnace oil direct from Singapore

The two subsidiary companies of Lakdhanavi Ltd and LTL Holdings (Pvt) Ltd, namely; Raj Lanka Power Company Ltd (RLPCL) and Lakdhanavi Bangla Power Ltd (LBPL) which operate two thermal power plants with the capacity of 104 MW in Bangladesh, 

Minodh de Sylva wins ‘Young Achiever Award’ in India

Minodh de Sylva won the Young Achiever Award, presented to those with significant achievements under the age of 35 years at the recently concluded Marketing Excellence Awards at the Taj Lands End Hotel, India. 

Sri Lanka-Pakistan bilateral trade could be improved further: envoy

The second edition of the Single Country Exhibition of Pakistan was held at the Bandaranaike Memorial International Conference Hall (BMICH) last weekend.

Pest managers hold first AGM

The first Annual General Meeting of the Pest Managers Association of Sri Lanka was held yesterday. About 38 registered companies attended the event. The following office bearers elected to lead the Association during year 2017. (Photo credit:Travis Ferreira)

Foundation laid for Nestlé Lanka’s Rs.5bn factory expansion

Foundation stone laying ceremony of the Nestlé Lanka’s newest state-of- the-art factory in Pannala took place yesterday with the participation of President Maithripala Sirisena and many other distinguished invitees.

Sri Lanka decades behind ETCA with India, just catching up now: economist

Sri Lanka is at least three decades behind in getting into a much deeper trade, services and investment agreement with India

Access Engineering invests Rs.2.3bn in mixed development project

Diversified conglomerate and construction giant, Access Engineering PLC said it invested Rs.2.3 billion in a mixed development project jointly developed with Singapore’s Mustafa’s (Pte) Ltd and China Harbour Engineering Company (Lanka) Limited.

September export earnings up; trade deficit narrows 12%

Sri Lanka’s external sector performance improved in September 2016 as exports grew for the second consecutive month and tourist earnings rose narrowing the trade deficit, data released by the Central  Bank showed.

European Commission proposes GSP Plus to SL

The European Commission, the executive body of the European Union (EU), yesterday proposed to restore the special concessions under the Generalized Scheme of Preferences Plus (GSP Plus) for imports from Sri Lanka in exchange of an improved human rights and labour record. 

Dr. Coomaraswamy to deliver CA Sri Lanka 21st Annual Tax Oration

Central Bank Governor Dr. Indrajit Coomaraswamy will deliver the 21st Annual Tax Oration organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on January 19, 2017.

CMA-UoM to set construction standards for condominium development

The Condominium Management Authority (CMA) joined hands with the University of Moratuwa (UoM) to conduct research work in setting construction standards in the development of condominiums in Sri Lanka.

LTL Transformers procures Rs.600mn contract in Pakistan

LTL Transformers Ltd (LTLT), Sri Lanka’s internationally-acclaimed transformer manufacturing company, has procured an order for the supply of 1,000, 11 kV/200 kVA distribution transformers, to the value of Rs.600 million, to the Lahore Electricity Supply Company (LESCO) in Pakistan.

All-time record tea prices galore

Abbotsleigh estate, situated in the Hatton region and selling under the garden mark Florence, has achieved an all-time record price of Rs.550 on two invoices of BP1 in the CTC high category at the weekly tea auction held on January 10, 2017.

Central Bank to publish new indices on property, wages

The Central Bank is to publish new indices on property prices going forward while modifying the existing wage indices in a bid to enhance the statistical inputs used in policymaking at the Central Bank and also to better track the various developments in the private sector. 

SL delegation arrives in Thailand for 4th Bangkok talks

As major changes are sweeping the 42-year long historic Asia Pacific Trade Agreement (APTA – also known as Bangkok Agreement), a top official delegation left Sri Lanka on January 10 to attend the latest Bangkok Agreement talks in Thailand.

UTE Engineering Services achieves official recognition with ISO 9001:2015

United Tractor & Equipment (Pvt) Limited (UTE) is one of the first companies in Sri Lanka in the power generation engineering solutions sector to successfully achieve the new ISO 9001:2015 certification standard for sales and marketing of power generators with related engineering solutions.

Linea Aqua obtains WaterNeutral certification for Hanwella factory

Leading swimwear manufacturer Linea Aqua (Pvt) Ltd announced its latest landmark accomplishment in the field of environmental sustainability through obtaining WaterNeutral certification for its Hanwella factory, thereby making it the first apparel manufacturing facility in the world to have achieved this status. 

Sri Lanka to raise US $ 1.5bn through bonds in new year

AFP: Sri Lanka announced yesterday it would raise US $ 1.5 billion through a domestic bond sale this year as it moves to rebuild its foreign exchange reserves.

JLanka wins big at Entrepreneur Awards

Dr. Mayura Jayasoma, CEO and Technical Director of JLanka Technologies was recognized for his entrepreneurial vision by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), at the Sri Lankan Entrepreneur of the Year Awards ceremony held at Stein Studio Rathmalana. 

JITF: An opportunity to reap benefit from emerging North

The Jaffna International Trade Fair (JITF 2017), the largest consumer exhibition and trade fair in the fast-growing northern region of Sri Lanka, will be held from January 27 to 29, 2017 for the eighth consecutive year, with all arrangements in place to make it a great success for private and public sector companies, suppliers, buyers/procurers, academics, students and the public.

BIA inconveniences due to partial closure eased: minister

The initial congestion caused as a result of the partial closure of the Bandaranaike International Airport (BIA) beginning January 6 has now been completely eased according to the Minister of  `Tourism Development. 

Yahoo to be named Altaba, Mayer to leave board after Verizon deal

REUTERS: Yahoo Inc said it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.

SLTDA to introduce new regulations to empower small accommodation providers

Sri Lanka Tourism Development Authority (SLTDA) will be introducing regulations and providing greater support to small scale accommodation providers who have been the fastest growing segment in the country’s hospitality industry, according to a  leading official.

Shares end marginally lower; T-bill yields hit 4-mth high

REUTERS: Sri Lankan shares erased early gains to end marginally lower yesterday as yields on short-term government securities rose in a weekly auction amid uncertainty over government’s monetary and budget policies.

Rupee marginally up on dollar sales

REUTERS: The Sri Lankan rupee ended slightly firmer yesterday as foreign banks and some exporters sold dollars, but dealers expect the strength to be short-lived on lingering concerns after the Central Bank last week changed its intervention policy. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, dealers said.

CMA members approved to register as company secretaries

As per the Extraordinary Gazette No. 1998/11 of December 20, 2016, under the Companies Act No. 7 of 2007 made by the industries and commerce minister reads as follows: Companies (Secretaries) Regulations published in the Extraordinary Gazette 471/6 of September 14, 1987 by the addition of the following sub section ix as a new subsection under section 2(1)(b), which reads as follows.

Shangri-La names VP, GM, Director Sales and Marketing for Colombo

Shangri-La Hotels and Resorts announced the appointment of Timothy Wright as Vice President and General Manager and Chris McFall as Director Sales and Marketing for Shangri-La Hotel, Colombo due to open during the second half of 2017. 

Chambers and businesses briefed on commercial mediation

Introduction of ‘commercial mediation’ will offer Sri Lanka’s business community an optional dispute resolution mechanism in addition to litigation and arbitration, both of which are riddled with delay and expense.

ITN-Abans join hands for ‘Sooryabala Sangramaya’

ITN joined hands with Abans for ‘Sooryabala Sangramaya’, an initiative to generate electricity using solar power to fulfill ITN’s energy consumption.