Sri Lanka–Pakistan Business Council supports Pakistani Single Country Exhibition

The Sri Lanka–Pakistan Business Council of the Ceylon Chamber of Commerce will be partnering with the High Commission of Pakistan in Sri Lanka, Trade Development Authority of Pakistan (TDAP) and Sri Lanka Export Development Board to organise the Business Matchmaking Session at the Single Country Exhibition of Pakistan from January 13 to 15, 2017, at the BMICH, Colombo.

JITF 2017 to set up special pavilion for education sector

The Jaffna International Trade Fair (JITF 2017), the largest consumer exhibition and trade fair in the fast-growing northern region of Sri Lanka, will have an exclusive pavilion for the education sector due to the high demand for the area, specially from parents and students.

CTC to lay off 20% of factory staff due to sales drop

Ceylon Tobacco Company PLC (CTC) yesterday said it is letting go 20 percent of its factory staff on the back of sharp decline in its sales volumes.

Budget deficit in first 10 months down at 4.4%

Sri Lanka’s budget deficit up to October was contained at Rs.547.53 billion or 4.41 percent of gross domestic product (GDP) with higher revenue holding back higher expenditure to improve the situation from Rs.612.24 billion or 5.47 percent of GDP year-on-year (YoY), the Treasury data showed.

Top distiller says government efficiently tackling illegal alcohol operations

The Sri Lankan government has been tackling illegal alcohol operations more efficiently recently, which has created more business for formal hard liquor manufacturing companies, the industry’s market leader said recently.

Lamurep Investments makes voluntary offer on Sunshine Holdings

Lamurep Investments Ltd, an investment vehicle which now holds 43.4 million shares or 32.12 percent of Sunshine Holdings PLC, yesterday announced a voluntary offer to buy the remaining shares of the company at Rs.47.50 per share.

Rupee ends thin session weaker, seen under pressure

REUTERS: The Sri Lankan rupee closed weaker in its first session of the year yesterday as a lack of inflows weighed on sentiment, dealers said.

Melstacorp-backed Lanka Bell plans resurgence

Telecom operator Lanka Bell, which has been whammed with taxation, is hoping to get back on its feet through efficiencies and cost cutting, its parent Melstacorp PLC (MELS) said recently.

Flemingo Duty Free offers 20% discount for ComBank credit card holders

Commercial Bank’s credit cardholders are now eligible to enjoysubstantial savings onpurchases made at Flemingo Duty Free at the Bandaranaike International Airport (BIA).

German Embassy sponsors motivational speaker Janis McDavid

Janis McDavid was born in 1991 in Hamburg, Germany and grew up with four siblings in Bochum, Germany. 

All school children to benefit from Rs.200,000 health cover: FinMin

Finance Minister Ravi Karunanayake assuring sustained economic development in the New Year said he was delighted to announce the introduction of a bonanza for all school children from 2017.

DFCC Bank celebrates spirit of season

 DFCC Bank, in its efforts to celebrate the spirit of season has been very active in the month of December, adding to the festive ambience in Colombo. 

Talawakelle tea estate wins Gold at Annual Report Awards

Hayleys PLC owned, Talawakelle Tea Estates PLC (TTE PLC) was honoured with a Gold Award under the plantation companies category for the third successive year by the Institute of Chartered Accountants of Sri Lanka at the 52nd Annual Report Awards ceremony held on 6th December 2016 at the Waters Edge. 

Industry and Commerce Ministry positions for president’s 2030 initiative

Sri Lanka’s Industry and Commerce Ministry yesterday threw its full weight behind the latest national initiative on poverty and sustainable resources.

AVIC Astoria unveils first tower to public

AVIC International Hotels Lanka Limited, a subsidiary of the Aviation Industry Corporation of China (AVIC) and a Global 500 company recently launched AVIC Astoria’s Tower 1 to the public at an event which took place amidst a ceremonial gathering on 21st December. 

Milinda meets top Japanese officials

Pathfinder Foundation Founder Milinda Moragoda visited Japan recently. The photo shows him with senior Japanese emissary, Ambassador Yasushi Akashi and Foreign Affairs Ministry International Cooperation Bureau Director General Takio Yamada. Akashi and Yamada accompanied Shinzo Abe, the first Japanese Prime Minister who visited Sri Lanka in 24 years, in 2014.

Hypromac Engineering wins International Quality Crown

Business Initiative Directions (BID) recently recognised Hypromac Engineering Services of Sri Lanka for commitment to quality, leadership, technology and innovation in the pursuit of excellence. 

CICT surpasses 2 mn TEU milestone in second full year of operation

Colombo International Container Terminals (CICT) has reported a throughput of 2 million TEUs for the 12 months ending 31st December 2016,

Supun Weerasinghe takes over as Dialog’s Group CEO

In a filing to the Colombo Stock Exchange last Friday, Sri Lanka’s premier connectivity provider, Dialog Axiata PLC, announced the succession of Supun Weerasinghe, as its Group Chief Executive, taking over from Dr. Hans Wijayasuriya who led the Company since 1997.  The transition of leadership takes place with effect from 1st January 2017. Weerasinghe will also join the board of directors of the Dialog Group in the capacity of an execu

Private credit in October soars

Despite the slight slowdown seen in private sector credit granted by the banking system in the country in October on a year-on-year (YoY) basis, the month marked the highest credit granted in absolute terms after March this year, bringing the total private sector credit granted during the first 10 months to a historically high, an analysis by Mirror Business showed. 

Ship agents urge authorities to expedite East Container Terminal

An influential shipping industry body recently said delays in the construction and operations of the East Container Terminal (ECT) of the Colombo Port may result in investors and container volumes shifting to regional ports.

December inflation accelerates to 4.1% as food prices spike

Sri Lanka’s headline inflation in capital Colombo accelerated to 4.1 percent during the 12 months to December from 3.4 percent due to faster rise in food and beverage (F&B) prices and moderate increases in non-food prices, the data released by the country’s Statistics department showed.  The inflation measured by the Colombo Consumer Price Index (CCPI) rose by 1.9 index points or 0.99 percent to 192. 8 during December from a

Melstacorp bets big on tourism, energy and financial services for future growth

Melstacorp PLC, (MELS) the latest entrant to the Colombo Stock Exchange, and the new parent of the blue chip Distilleries Company of Sri Lanka PLC (DCSL), is planning to focus on the three core areas of niche tourism,

Bank of Ceylon divests Mireka Capital Land

The sale of state-owned investments continued last week, with Overseas Realty Ceylon PLC (ORCL) acquiring the remaining shares of its subsidiary Mireka Capital Land (Pvt) limited from state-run Bank of Ceylon for Rs.3.88 billion.

Lanka Hospitals pioneers platform for medical knowledge sharing

For the first time in the private healthcare industry in Sri Lanka, Lanka Hospitals hosted ‘Clinical sessions 2016’, a forum created for medical professionals to share and upgrade knowledge, develop a learning culture and maintain continuous education among the medical fraternity in the country. 

Lux excels with ‘Suwadaka Siwu Abarana’

Unilever’s iconic beauty brand Lux, catapulted them into the New Year with yet another innovative promotion guaranteed to ignite the Lux spark in the hearts and minds of its consumers, namely ‘Lux Suwadaka Siwu Abarana’.

Minuki Group bags SLCSMI and FCCISL awards

Minuki Group of Companies are pioneers of trusted total solution providers with the noble and diligent service to the footwear industry in Sri Lanka, was presented the National Silver Award by President Mithripala Sirisena at the  “SLCSMI Industrial Excellence Awards – 2016” organized by the Sri Lanka Chamber of Small & Medium Industries. 

Ceylon Biscuits among top 10 best corporate citizens for 8th occassion

Ceylon Biscuits Limited (CBL) took centre-stage yet again at the ‘Best Corporate Citizen Sustainability Awards 2016’ held recently. 

Colombo City Centre – epitome of luxury living and lifestyle

Colombo City Centre, the majestic mixed-use development project by Abans Group in collaboration with SilverNeedle Hospitality is getting ready to redefine the benchmark of luxury in Colombo, Sri Lanka. 

CB keeps policy rates steady in December

Sri Lanka kept policy rates were unchanged during yesterday’s monetary policy review as private credit showed signs of slowing, though in absolute terms the figure still remained high, the country’s Central Bank said.