Ceylon Chamber gives thumbs up for Central Bank’s reform agenda

Sri Lanka’s premier business chamber, Ceylon Chamber of Commerce (CCC), yesterday gave thumbs up for the Central Bank’s recently released monetary policy road map for 2017 and called on the country’s business community to support the independence of the institution and its policy reform efforts. 

Planters sound alarm as ban on glyphosate strangles tea industry sustainability

In the face of devastating crop losses in excess of an estimated Rs. 15 billion in 2016, the Planters Association of Ceylon (PA) released a statement pleading with the government to immediately provide a rational and effective solution to the management of chemical weeding in the estate sector in a commercially-viable manner. 

Sri Lanka fiscal deficit narrowly misses target in 2016

The Sri Lankan government has narrowly missed its fiscal deficit target of 5.4 percent of Gross Domestic Product (GDP) for 2016, accruing a deficit of 5.6 percent of GDP, official Treasury data shared by the Finance Ministry with the press, showed.

Rupee ends weaker; moral suasion caps fall

REUTERS: The Sri Lankan rupee ended weaker yesterday due to dollar buying by foreign banks, but the Central Bank’s moral suasion prevented further fall, two days after the monetary authority signalled a change in its intervention policy.

DPMC rewards winners of Thegi Nidhanaya 2016

David Pieris Motor Company Ltd (DPMC), the largest automotive company in Sri Lanka awarded winners of the ‘Bajaj Thegi Nidhanaya’ promotion at an event held at their City Office in Battaramulla. The campaign which began on the 10th of October 2016, livened up the festive season as DPMC rewarded its loyal customers who purchase genuine Bajaj spare parts for their Three Wheelers and Motorcycles.

Safe Hands Products clinches FCCISL Silver and Merit Awards

Federation of Chambers of Commerce and Industries of Sri Lanka has honoured the performance of Safe Hands Products (Pvt) Ltd, a pioneer in manufacturing gloves with silver award for the Western province and national level merit award at the Entrepreneur of the Year. 

BMICH partners Hayleys for Christmas carols

To complement national Christmas festivities and the Tourism Fest organized by the Ministry of Tourism Development and Christian Religious Affairs, BMICH partnered with the Hayleys Group choir, capturing the spirit of the holiday season with much-loved musical classics that kindle nostalgic memories. 

Sadaharitha secures Gold at Swarnadeepa Awards

The renowned pioneer in afforestation in Sri Lanka, Sadaharitha Plantations Ltd, won the coveted Gold Award for uplifting sustainable commercial forestry at the recent Swarnadeepa Awards presentation.  

Lanka Social Ventures organises international conference on social enterprises and financing

In order to create awareness on social enterprises and social financing and reflect on their potential to contribute to sustainable development and poverty reduction, an international conference is organised by Lanka Social Ventures in partnership with Oxfam, National Enterprise Development Authority (NEDA), British Council, Good Market and VEGA BIZ+, Lanka Impact Investors Network (LIIN) and Social Enterprise Lanka. 

eMarketingEye celebrates record haul of 27 award wins in 2016

eMarketingEye, the award-winning Sri Lankan integrated digital marketing agency and a pioneer in the industry, reached a record haul of 27 award wins in the year 2016, making it one of the most successful years in the company’s history. 

Sri Lanka-Thailand Business Council holds AGM

The Annual General Meeting (AGM) of the Sri Lanka-Thailand Business Council (SLTBC) was held at the Siam House, Colombo recently.

Kalubowitiyana teas establish all-time record price

Kalubowitiyana Tea Factory achieved Rs.670 at the auction held on January 3/4, 2017 thus establishing an all-time record price. The teas were purchased by M/S Watawala Tea Ceylon Ltd and the selling broker was Ceylon Tea Brokers PLC. The factory is managed by Kalubowitiyana Tea Factory Ltd.

SL’s new forex law to make violations civil offence

Sri Lanka’s new Foreign Exchange Act, which is expected to be presented to parliament this year, will do away with the current practice of foreign exchange-related offenses being prosecuted in a criminal court, as such will be dealt in a civil court, according to the Central Bank Governor. 

November tea output edges up on good weather

REUTERS: Sri Lanka’s tea output edged up in November for its first monthly gain in 10 months thanks to favourable weather conditions, the state-run Sri Lanka Tea Board said yesterday. 

Struggling stockbrokers ask for temporary deactivation

The Securities and Exchange Commission (SEC), Colombo Stock Exchange (CSE) and stockbrokers are actively engaged in a discussion over the sustainability of the broking industry as many broking firms are losing money heavily due to the depressed state the Colombo bourse is currently in, Mirror Business learns. 

Strong growth predicted for Lankan oil palm industry

Sri Lanka’s oil palm plantation operators can expect strong growth in the industry for the foreseeable future due to the global palm oil demand, the research arm of a Colombo-based equity brokerage said in a report.  

State-owned buildings to go green

The inaugural ceremony of the national programme to transform all state sector buildings into renewable energy centres will be officially held under the patronage of Finance Minister Ravi Karunanayake at the Finance Ministry next Monday (January 9).

Rupee flat; CB Governor’s comments weigh

REUTERS: The Sri Lankan rupee ended steady in thin trade yesterday amid worries over slowing foreign fund inflows and after the Central Bank chief signalled a change in the monetary authority’s intervention policy to defend the currency.

Sampath Bank makes commercial property renting unit fully-owned subsidiary

Sampath Bank PLC yesterday said it purchased 2.88 percent shares of Sampath Centre Ltd, a company in the business of renting commercial property, making it a fully-owned subsidiary of the bank.

EDB promotes SME jewellery manufacturers under 2000 Exporter Development Programme

The Export Development Board (EDB) has initiated a number of programmes focusing the small and medium enterprises (SMEs) especially in the provinces to develop identified entrepreneurs to become exporters ready under the 2000 Exporters  Development Programme.

Asanga Ranasinghe appointed to Laugfs boards

Laugfs Holdings, one of the largest diversified business conglomerates, announced the appointment of Asanga Ranasinghe to the boards of Laugfs Holdings and Laugfs Gas PLC as Executive Director.  He is also appointed as Sector Managing Director of the Consumer and Retail cluster of Laugfs Holdings and further holds the position of Group Marketing Director.

Teejay first in industry to develop green fabric

Teejay, South Asia’s leading fabric manufacturer, has taken the lead in producing green fabric for some of its key customers. The company, which was named amongst the 2016 Forbes list of Asia’s Top 200 Companies under a Billion US dollars, announced its new identity last month and the sustainability initiative is one of the long-term goals under Teejay’s new direction.

S-lon partners JITF 2017 for second consecutive year

S-lon Lanka, the premier water management solutions provider and market leader of PVC pipes in Sri Lanka, has partnered the Chamber of Commerce and Industries of Yarlpanam (CCIY) to co-sponsor the 2017 edition of the Jaffna International Trade Fair (JITF) to be held in January 2017.  This was announced at a press briefing held at Hotel Ramada recently.

Resolute Coomaraswamy seeks greater powers for Central Bank

Sri Lanka’s Central Bank yesterday called for greater powers from the announced restructuring of the institution by the government to better regulate the country’s financial system.

Sri Lanka welcomes 2.05mn tourists in 2016

Tourist arrivals to Sri Lanka in 2016 crossed little over 2.05 million, growing at a rate of 14 year-on-year (YoY), yet below the revised government target of 2.2 million tourists, the data released by the country’s tourism office showed. 

Prime Lands to acquire Summit Finance for Rs.510mn

Property and real estate developer Prime Lands (Pvt) Ltd is to acquire 17 million shares or 75.54 percent of Summit Finance PLC held by Sarvodaya Development Finance Limited at a price of Rs.30 per share aggregating to a total consideration of Rs.510 million.

Over 30 parties keen to refurbish Sapugaskanda refinery: minister

As the report on refurbishing Sapugaskanda Oil Refinery is expected to be submitted this month, Petroleum Resources Development Minister Chandima Weerakkody said yesterday that, nearly 30 parties have already shown an interest to conduct a field study on it.

NLB sells lottery tickets

Since the lottery ticket vendors went on strike in protest of the price increase of lotteries by the government, The National Lotteries Board yesterday resorted to sell the lottery tickets itself. A picture shows a vehicle belonging to NLB selling lottery tickets   Pic by KIthsiri de Mel

PM to open new Kadana water treatment plant built with Japanese support

Prime Minister Ranil Wickremesinghe will ceremonially open the water treatment plant in Kadana, Horana constructed under the Kalu Ganga Water Supply Project Phase I Stage II on January 5, 2017, in the presence of Koji Yagi, on behalf of the Ambassador of Japan in Sri Lanka. 

Lanka Social Ventures organises int’l conference on social enterprises and financing

In order to create awareness on social enterprises and social financing and reflect on their potential to contribute to sustainable development and poverty reduction, an international conference is organised by Lanka Social Ventures in partnership with Oxfam, National Enterprise Development Authority (NEDA), British Council, Good Market and VEGA BIZ+, Lanka Impact Investors Network (LIIN) and Social Enterprise Lanka.