Melstacorp share trading begins with great optimism

The trading of shares of Melstacorp PLC, the new parent company of the restructured Distilleries Company of Sri Lanka PLC (DCSL), commenced yesterday at the Colombo Stock Exchange (CSE), with great optimism from both the CSE and Melstacorp top management expressed during a ceremonious market opening event.

Singapore’s GIC buys stake in British mall

AFP - Singapore sovereign wealth fund GIC will pay close to US$ 60 million for a 50 percent stake in a leisure and dining development in Britain, a joint statement said yesterday.

The event awarded ten individuals in ten fields of service. The honorees of this year were:

Rohanthi Wijewickrama for business, economic and entrepreneurial accomplishment Mohamed Shihan Haniff for the contribution to children and world peace

TOYP honours ten individuals of diverse fields

The Ten Outstanding Young Persons of Sri Lanka (TOYP) Awards for 2016 was held recently with the presence of Junior Chamber International President, Paschal Dike from Nigeria as the chief guest. 

Rupee falls nearly 4% in 2016; spot reference rate at record low

REUTERS: The Sri Lankan rupee fell 3.9 percent in 2016, with the spot currency reference rate hitting a record low yesterday, as higher imports and private sector credit as well as lower export earnings weighed on the currency throughout the year.

Christmas celebrations at Nawaloka Hospitals

Nawaloka Hospitals held a lineup of festive activities to celebrate the spirit of Christmas on 21st December. 

Lanka Shakthi Technologies opens Galle branch

Lanka Shakthi Technologies (Pvt) Ltd opened up a branch in Galle to expand its operations to Southern province. 

Etisalat heralds festive spirit through carol service

Etisalat Sri Lanka celebrating unbreakable bonds with the staff and their families recently held a carol service at their Rotunda Store and a Christmas decoration competition at their head office in Colombo.

CPI Footwear receives SLCSMI Award for business excellence   

CPI Footwear (Pvt) Ltd recognized for their trustworthy mark in the world of footwear manufacture and sales grabbed Business Excellence Award at Entrepreneurship 2016 organized by Sri Lanka Chamber of Small and Medium Industries. 

Tokyo down again as Asian markets end volatile year

AFP - Tokyo retreated again yesterday despite Toshiba’s shares ending their three-day free fall but Hong Kong rallied as Asian markets brought down the curtain on a volatile year. 

China to build US$ 1.5 bn power line across Pakistan

AFP-  China’s State Grid Corporation is set to build a US$1.5 billion power line across Pakistan to enable the transmission of 4,000 megawatts of electricity from the country’s north to south, the government said yesterday.

Shares fall about 10% in 2016; directions on rupee, rates awaited

REUTERS: Sri Lankan shares fell yesterday, posting a yearly decline of about 10 percent, in thin trade due to year-end holidays, while investors waited for directions from the Central Bank on the rupee and interest rates.

Rupee ends steady amid moral suasion

REUTERS: The Sri Lankan rupee closed steady yesterday as light importer dollar demand was met by exporter selling and moral suasion by the Central Bank boosted sentiment, dealers said. They said the local currency might weaken in January after the Central Bank’s comment on Friday that the rupee’s depreciation was not necessarily negative for the economy.

Sri Lanka to raise up to US$ 1bn next year for development projects

REUTERS: Sri Lanka intends to raise up to US $1 billion via foreign currency term financing facility (FTFF) to finance the import elements of development projects specified in the 2017 budget, the government said on Wednesday.

Sunshine Holdings shareholder pools stakes under one entity in Rs.761mn deal

A share sale of significant size relating to the diversified conglomerate Sunshine Holdings PLC’s) took place between entities controlled by Sunshine Holdings director G. Sathasivam, a company official said yesterday.

Toxic politics could undermine results expected from ETCA

The controversial Economic and Technical Cooperation Agreement (ETCA) currently being negotiated with India may not create market access and competition in the scale that is expected by Sri Lanka due to toxic politics that have prevailed between the two countries for a long time, a leading economist and a policy analyst opines. 

China changes CFETS currency basket for calculating yuan index

REUTERS: China will change the way it calculates a key yuan index in the New Year, nearly doubling the number of foreign currencies in a basket that is used to set the yuan’s value, its foreign exchange market operator said yesterday.

Shares hit more than 1-wk closing high; PABC boosts turnover

REUTERS:  Sri Lankan shares touched a more than one-week closing high yesterday led by financials, with shares of Pan Asia Banking Corporation Plc accounting for 85 percent of the day’s turnover. 

Sri Lanka gets US $ 75mn World Bank credit line to streamline welfare system

Sri Lanka has signed an agreement to obtain a US $ 75 million World Bank credit line to support the country’s welfare programmes and improve the equity, efficiency and transparency of its social safety net system.

CB most likely to keep rates steady: poll

REUTERS: Sri Lanka’s Central Bank is most likely to keep its key interest rates steady tomorrow, even as some economists expect further tightening to ease pressure on the rupee following the Fed rate hike earlier in the month, a Reuters poll showed. 

Melstacorp shares to hit bourse tomorrow

The trading of shares of Melstacorp Limited will commence from tomorrow, the Colombo Stock Exchange (CSE) yesterday said.

Price band may prompt some drug brands to exit: SLCPI

Sri Lanka’s pharma chamber yesterday cautioned that a few medicinal drug brands, particularly manufactured in developed countries, may not be available in the local market as a result of the companies marketing these products exiting the market. 

Director board of troubled The Finance Company reconstituted

The Monetary Board of the Central Bank has reconstituted the board of directors of The Finance Company PLC (TFC) following the resignation of the entire director board of the troubled finance company, which was earlier part of the Ceylinco group.

Sri Lankan envoy attends AMCHAM event

From left: Dr Kumudu Gunasekara (Vice President  AMCHAM / Director of Stax),   Asanka Rathnayake (Director Hayleys Advantis),  Radhika Obeyesekere  (CEO AMCHAM),   Ambassador to the USA Prasad Kariyawasam,   Ravin Basnayake (President AMCHAM / Country Manager Citi Bank Sri Lanka),   Suren Rajanathan (Vice  President 3M Sri Lanka) and Bede  Dhammika Cooray (CEO/MD ADMO Vinseth Engineering) 

Sri Lanka set to host 2nd Pakistan single country exhibition

Introducing a series of invaluable business and commercial opportunities to the Sri Lankan market, the Pakistan High Commission in partnership with Trade Development Authority of Pakistan (TDAP) announced the second consecutive Pakistan single country exhibition. 

Cinnamon Air aircraft suffers damages

Cinnamon Air yesterday said an amphibious float of one of its aircraft was damaged whilst on the water at the Polgolla Reservoir in Kandy on December 22. 

Energy regulator calls for urgent action to avert power crisis in 2017

The energy regulator, Public Utilities Commission of Sri Lanka (PUCSL), has written to state-owned electricity supplier, the Ceylon Electricity Board (CEB), to enact contingency measures in order to prevent a power shortage within the first four months of 2017.

Group Lease appoints two directors to Commercial Credit board

Group Lease Holdings, a Singaporean subsidiary of Thai-listed Group Lease Public Company Limited (GL), has appointed two directors to the Colombo Stock Exchange listed Commercial Credit and Finance PLC after purchasing a 29.9 percent stake in the Sri Lankan entity.

Fortress Resorts to build Rs.2.1bn 5-star property in Mirissa

La Forteresse (Private) Limited, a fully-owned subsidiary of Dhammika Perera-controlled Fortress Resorts PLC, has invested Rs. 364 million in a subsidiary, to go ahead with its previously planned Rs. 2.1 billion 5-star property in Mirissa.

Oil steadies above US $55 ahead of supply cut deal

REUTERS: Oil steadied above US$ 55 a barrel yesterday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday.