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

PABC gets CB extension to beef up capital buffers

The Central Bank this week approved Pan Asia Banking Corporation PLC’s request to further extend the deadline for meeting the interim capital adequacy requirements for the banking sector.

Research house projects gloomy outlook for economy

An independent research house has projected a gloomy outlook for Sri Lanka this year with the economy just growing a mere 3.9 percent amid slowing consumer spending, a depreciating rupee and an expanding budget deficit, though private sector credit is likely to ease. 

HVA Foods likely to get green light to commence work on US $ 4mn agri resort project

After years of delay, HVA Foods PLC is likely to finally receive its legally entitled lease agreement for a 175-acre state land near Wilpattu to start a US $ 4 million organic agricultural resort, expanding a 20-year-old pilot project.

CB grants additional time to Amana Bank meeting capital requirements

The Central Bank for the second time has granted additional time to the licensed commercial bank, Amana Bank PLC, to meet the interim minimum core capital, required to have been met by January 1, 2017, according to a filing to the Colombo Stock Exchange.  

CTC announces closure of two leaf depots

Ceylon Tobacco Company PLC (CTC) yesterday announced that it would be closing two of its leaf depots situated in Anuradhapura and Sigiriya.

CCEA-approved Rs.600mn poultry project asked to relocate

The construction of a Rs.600 million, five-hectare poultry farm in Nellikulama in Anuradhapura approved by the Cabinet Committee on Economic Affairs (CCEA) has received opposition from the Forest Department. 

Ceylon Chamber takes part in 8th Jaffna Int’l Trade Fair

The Ceylon Chamber of Commerce (CCC), which is the premier business chamber in the country, takes part in the eighth Jaffna International Trade Fair, which commenced on January 27, 2017. The CCC showcases the range of business services that it offers to the business community at this three-day fair, which is held at the Municipal Grounds in Jaffna. 

FinMin tells private sector to sue errant govt. agencies

Private sector companies should sue government agencies which are not fulfilling contractual obligations, Finance Minister Ravi Karunanayake urged last week, continuing his assault on the country’s public sector and officials. 

New ‘green’ fertilizer trialled on Lankan rice farms could contribute to food revolution: scientists

Thomson Reuters Foundation: A new synthetic fertiliser could help farmers to save money, boost food production and reduce planet-warming emissions, scientists have found after trialling it on rice farms in Sri Lanka. 

Watawala Plantations 3Q profit soars amid strong palm oil, tea gains

Diversified plantation company, Watawala Plantations PLC (WATA), saw its performance improving during the December quarter (3Q17) due to strong gains from the palm oil segment and improving tea prices, the interim financial accounts filed with the Colombo Stock Exchange showed.  

Sri Lanka’s 2016 FDI dives 54% as policy inconsistency weighs

REUTERS: Sri Lanka’s foreign direct investment (FDI) slumped 54 percent to reach an ‘extremely low by any standard’ level last year, the government said as inconsistent tax and economic policies weighed on offshore investments.

John Keells Hotels December profits up

John Keells Hotels PLC recorded improved financial performance for the December quarter as its Sri Lankan city hotels and Maldivian resorts showed improved occupancy, the parent company John Keells Holdings said in an earnings release. 

Cold Stores 3Q net profits up 26% as segments see strong sales

John Keells group subsidiary, Ceylon Cold Stores PLC (CCS), which has interests in consumer goods manufacturing and retailing saw both its top line and bottom-line making significant gains during the December quarter supported by stronger consumption demand, which continued unabated throughout 2016/17.

Bairaha Farms December profit up 43% over healthy sales

Sri Lanka’s pioneer chicken processing firm, Bairaha Farms PLC, posted a net profit of Rs.14.82 cents a share or Rs.237.1 million for the December quarter (3Q17), which generally sees higher sales due to festive demand.  

Domino’s opens outlet in Boralesgamuwa

Expanding its presence in Sri Lanka, Domino’s opened its 23rd restaurant in Boralesgamuwa on 21st December, amidst much fanfare and celebration. 

Singer launches Moulinex MasterChef Gourmet Plus kitchen appliance

Singer Sri Lanka PLC, the leading retailer of household and electrical appliances in the country, launched the MasterChef Gourmet Plus kitchen machine, latest high-tech version to complement the kitchen machine range under renowned French brand Moulinex. 

Nature’s Beauty Creations appoints Bimal Silva as Group CEO

Nature’s Beauty Creations Ltd. (NBC) has appointed Bimal Silva as theDirector/Group Chief Executive Officer (GCEO) as a milestone endeavour in their steady vision of creating a global brand of herbal cosmetics from Sri Lanka by 2020. 

Green Energy Champion Project ends on high note

President Maithripala Sirisena and German Ambassador to Sri Lanka and the Maldives Jörn Rohde officially handed over the facilities awarded for the winner of the Green Energy Champion competition, including a solar PV system, which now powers the Ananda College hostel, at a ceremonious event tagged ‘Harithananada’. 

3WC to launch first int’l Black Belt in Retail Programme in Sri Lanka

3WConsulting (3WC), Sri Lanka’s leading enterprise renewal and management consultants, together with the Global Retail Association (GRA) has announced the launch of the international Retail Mastery Programme, which will introduce the country’s first International Black Belt in the Retail Series. 

German Embassy Colombo funds Vote for a Woman project

On January 17, 2017, Ambassador Jörn Rode participated in the opening ceremony of the awareness campaign, Vote for a Woman, a project of the Centre for Policy Alternatives (CPA), which is funded by the Federal Republic of Germany. 

JCI Sri Lanka appoints new Director Marketing

Junior Chamber International (JCI) Sri Lanka appoints Christopher Wijeyakulasuriya as Director Marketing to the National Board. 

CCC to hold seminar on capital structure management

The Ceylon Chamber of Commerce (CCC) will hold a seminar under the title of ‘Capital Structure Management for Better Financing’ in  a bid to help the finance sector professionals maintain a healthy capital structure in their firms.

Agri seminar today

The Marga Institute and Gamani Corea Foundation are conducting a seminar on ‘The Future of Agriculture in Sri Lanka and Food Security’ today, from 3:30 p.m. to 6:30 p.m., at the BMICH Committee Room D.