Shares hit more than 8-month closing low; turnover slumps

REUTERS: Sri Lankan shares closed at their weakest in more than eight months in typical year-end holiday-thinned trading yesterday, with turnover slumping to a near 33-month low as investors stayed away.

China to speed up drafting overseas investment regulations

REUTERS: China will speed up drafting regulations on overseas investment, as investment in sectors such as property has shown irregularities, a senior commerce ministry official was quoted as saying yesterday.

ADB loans US $ 150mn to CEB for clean power generation

The Asian Development Bank (CEB) has agreed to loan US$ 150 million to Ceylon Electricity Board (CEB) under a treasury guarantee for the second tranche of the of Green Power Development and Energy Efficiency Improvement Investment Programme.

Leema Creations clinches National Gold Award

Leema Creations (Pvt) Ltd, the most sought after ‘interior specialist’ in Sri Lanka had been honoured with the National Gold Award for large category segment at the “Entrepreneur of the Year 2016’, annual ceremony organized by the Federation of Chambers of Commerce & Industries in Sri Lanka (FCCISL). 

Grays wins Intersport award

Grays International was named as Team Sports Supplier of the year for 2016 by Intersport UK at their annual awards ceremony in Birmingham last week, with Adidas and Nike taking second and third place.

Ceyoka launches KeenMind for natural cognitive support

In today’s fast paced world, clarity of memory and improved concentration are crucial cognitive abilities. Several randomized placebo clinical trials have demonstrated that the Ayurvedic herb extract ‘Bacopamonnieri’, promotes mental clarity in both children and adults. Sri Lankans refer to this plant as ‘luniwila’.

NSB holds annual Christmas carols

The annual Christmas carols organized by the National Savings Bank (NSB) was held recently  at the NSB head office premises.

EBA recognizes Venora Group chief’s contribution to business

Eng. Sagara Gunawardana, Chairman of Venora Group of Companies (PVT) LTD, has been bestowed with the Socrates International Award for personal contribution to the intellectual development of today’s society in the category for ‘Business and Economy’ by the European Business Assembly (EBA).

DSI Mega 2016 shopping festival opens with bang

The ultimate shopping festival, DSI Mega 2016 was declared open on 23rd December. Happening at the head office complex of D. Samson and Sons (Pvt) Ltd,at No. 257, High Level Road, 

Fears voiced over special development agency becoming fertile ground for cronies

The special agency proposed to be set up through the Development (Special Provisions) draft bill with the objective of fast-tracking foreign investments could become another state agency, which fast-tracks deals for government cronies, unless it runs free from political interference, a top economist opined.  

November sees highest vehicle registrations for this year

Vehicle registrations in Sri Lanka for November were the highest so far this year, with 47,771 registrations, as pre-budget demand, 

India’s Modi eyes real estate assets in drive against graft

REUTERS: Indian Prime Minister Narendra Modi has quietly plugged a tax loophole used by the wealthy to buy real estate in someone else’s name as part of his campaign against corruption,

China 2016 outward investment tops US $161bn

REUTERS: China’s non-financial outbound direct investment is likely to hit 1.12 trillion yuan (US $161.19 billion) in 2016 and foreign direct investment into China will total 785 billion yuan, Commerce Minister Gao Hucheng said yesterday.

Amaya Leisure divests subsidiary to Dhammika Perera at huge premium

Amaya Leisure PLC, Hayleys group’s leisure arm has sold 6.18 million shares or 84.3 percent of its subsidiary, The Beach Resorts Limited, to businessman Dhammika Perera for a consideration of Rs.330.1 million in a related party transaction, a stock exchange filing by the company said. 

Top exporter urges govt. to resolve FTA issues before ETCA

A leading exporter has urged the government to resolve the prolonged issues with the existing free trade agreement (FTA) with India prior to signing the controversial trade and services pact which will open up market access to both goods & investments and services.  

No conspiracy to layoff H’tota Port employees: Malik

Employees of the Hambantota Port who are now facing the possibility of mass layoffs may be recruited by the Sri Lanka Ports Authority or the new owners of the port, China Merchant Holdings, depending on qualifications, a Sri Lankan minister said this week.

Ravi says digitalization will help mid-income countries improve public service efficiency

The economic digitalization process proposed by Budget 2017 will create a conducive background, giving easy access to markets and technology, Finance Minister Ravi Karunanayake said.

CSSL elects new council for year 2017

The Annual General Meeting of the Computer Society of Sri Lanka (CSSL) was held recently, and the new executive council for the year 2017 was duly elected. 

Ports Authority to hire female gantry crane operators

ECONOMYNEXT: The Sri Lanka Ports Authority will next year employ its first female gantry crane operators presently undergoing training at its Mahapola Training Institute, Minister of Ports and Shipping Arjuna Ranatunga said.

Asia gold-price slump fails to revive demand in India; China premiums shrink

REUTERS: Gold demand in India remained subdued this week despite a sharp fall in prices to over 10-1/2 month lows as a severe cash crunch and holidays kept buyers away from the market, while premiums in China fell from near 3-year highs touched in the prior week.

Wealth inequality rises in euro zone - ECB survey

REUTERS: The concentration of wealth among euro zone’s richest households has increased since the bloc’s debt crisis, even as wealth levels fell across the board due to lower property prices, a survey released by the European Central Bank showed yesterday. The euro zone’s top 5 percent of households owned 37.8 percent of the net wealth in 2014, up from 37.2 percent in 2010 while the bottom 5 percent owned only debt, the ECB said

Asian stocks fall after Wall Street rally stalls

AFP - Hong Kong and Shanghai led an Asian sell-off yesterday, as markets followed Wall Street lower and oil prices weakened on the last trading day before Christmas.

HNB holds annual Christmas carols

Hatton National Bank (HNB) staff held their annual Christmas carols at their head office auditorium recently. 

Seylan Bank celebrates ‘Christmas in Harmony’ with carols for 26th consecutive year

Seylan Bank recently held its annual Christmas carols under the theme ‘Celebrating Christmas in Harmony’ to usher in the festive season. 

Unilever-Cargills Food City Shopping Star - Season 4 grand finale on Dec. 27

The Season 4 of the Shopping Star annual shopping promotion, jointly organised by Unilever Sri Lanka and Cargills Food City draws to a successful closure recording a surplus of interest from customers. 

Rupee steady in thin trading ahead of holiday

REUTERS: The Sri Lankan rupee was steady in lacklustre trading yesterday ahead of a long weekend, amid little importer demand for the dollar,  dealers said.

Coca-Cola and magical story of Santa Claus

Over the years Coca-Cola with its well-loved Christmas adverts and campaigns, as well as its ongoing promise of refreshment, has become an integral part of the holiday season. The festive season however,

PABC organises evening of Christmas carols

Pan Asia Bank recently organised an evening of Christmas carols to celebrate the spirit of the season. At this event, which was held at Pan Asia Bank’s head office, talented choristers of Pan Asia Bank staff entertained the audience with a selection of seasonal melodies in the presence of the management, staff and their families.

Mobitel Cash Bonanza Montero Extravaganza awards 11th lucky winner

Cash Bonanza Montero Extravaganza 2016, introduced by the national mobile service provider SLT Mobitel, saw A.L. Sathkumara from Weerapokuna walk away with the Montero for November 2016, as the 11th lucky winner. 

Abans rewards annual Christmas carol competition winners

Abans recently held its Christmas carol competition at Abans Elite Welisara.