Nippon Paints wins two NBEA Golds

Nippon Paints Lanka, one of the island’s largest paint manufacturers, was adjudged the Gold award winner at the recently held National Business Excellence Awards (NBEA) 2016, an annual competition conducted by the National Chamber of Commerce of Sri Lanka (NCCSL) to recognize local business enterprises for  their excellence. 

Browns awarded Silver at CA Sri Lanka Annual Report Awards 2016

Brown & Company PLC announced that its annual report was awarded Silver for the Trading sector at the 52nd Annual Report Awards competition conducted by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) at a glittering event that took place at Waters Edge, Battaramulla.

Moody’s advocates rate hike to limit capital flight

Ratings agency Moody’s yesterday noted that Sri Lanka’s Central Bank may have to tighten its monetary policy to limit capital outflows, in the midst of the country’s reserves falling significantly over the past two months. 

Rs.8bn in financing for Bank of Ceylon through listed debt

State-owned Bank of Ceylon (BOC), Sri Lanka’s largest bank, will be listing a Rs.5 billion debenture on the Colombo Stock Exchange tomorrow, in order to improve its capital adequacies and to expand its loan book amid high private credit growth. In a statement, BOC said that the debenture issue could be further expanded to Rs.8 billion in the case of oversubscription and that the minimum investment would be Rs.10,000.

Pan Asia Bank raises over US $ 17mn in foreign funding

Pan Asia Banking Corporation PLC (PABC) has recently entered into an agreement with Geneva-based Symbiotics Group to raise over US $ 17 million through a senior debt arrangement to support PABC’s sustainable small and medium-scale enterprise (SME) advances.

PM cancels Seylan Bank foreign deal, orders probe: FinMin

REUTERS: Prime Minister Ranil Wickremesinghe has ordered a reversal and a probe into the Rs.1.3 billion Seylan Bank foreign deal as it failed to follow proper procedure, the country’s finance minister said yesterday.

Russel’s holds 28th awards ceremony

Russel’s celebrated its 28th awards ceremony recently at Hotel Sapphire, Wellawatta with a grand gala dance.

Orient Finance issues Rs.400mn in preference shares

Orient Finance PLC, which was relisted on the Colombo Stock Exchange earlier this year, will be raising Rs.400 million through the issuance of five-year, redeemable preference shares to meet its capital adequacy requirements.

Rupee closes lower on importer dollar demand

REUTERS: The Sri Lankan rupee closed weaker yesterday on importer dollar demand, as the market braced for declines in the local currency with the Central Bank raising the spot reference rate following a hike in US interest rates, dealers said.

Crystals reopens in true festive splendour

Preethi Fernando, a connoisseur of crystal ware and all things fine and luxurious reopened her super luxury crystal boutique recently with Maliban Biscuit Company Chairman A.G.R. Samaraweera gracing the occasion as the chief guest. 

Surf Excel rewards children’s creativity with trip to Universal Studios S’pore

This August holiday, Surf Excel’s ‘Raja Wada Paddo’, an initiative aimed at encouraging children to use their creativity by making their own toys with discarded items and Surf packs, kept children creatively engaged for the season.

Tokyo Cement inaugurates 1mn ton plant in Trinco

Tokyo Cement Company (Lanka) PLC commenced the initial testing of a cutting-edge cement manufacturing plant in Trincomalee at a soft opening ceremony held recently.

Laugfs’ GnTracker wins at APICTA Awards 2016

Laugfs Holdings, one of the largest diversified business conglomerates and a trusted name in Sri Lanka, yet again clinched an award for its pioneering GnTracker device at the prestigious Asia Pacific ICT Alliance (APICTA) Awards 2016 held recently in Taipei. 

Swadeshi to honour loyal Lanka Sathosa customers

This Christmas and New Year season offers all customers of Swadeshi products a chance to win Rs.100,000 cash gifts from Lanka Sathosa.

All stakeholders should pull their act together: Central Bank Governor

In order to take benefit of the best set of circumstances Sri Lanka has ever had in the past 50 years, all stakeholders of the economy have to pull their act together, Central Bank Governor Dr. Indrajit Coomaraswamy  stressed recently. 

Sanasa Bank to raise Rs.3.3bn from int’l market

Sanasa Development Bank PLC (SDB) is planning to raise Rs. 3.3 billion from international financiers through private placement of shares, convertible loan facilities and a senior term loan in order to meet the minimum capital requirements that will be enforced soon through the 2017 budget and to expand its loan book.

SL’s manufacturing, services PMI expands in November

Sri Lanka’s manufacturing and services sectors have expanded in November from a month ago, mainly supported by the employment and manufacturing activities while the data also pointing to continued expansion of the activities during the next three months, the Purchasing Managers’ Index (PMI) showed.  

Fitch Ratings revises Sri Lankan banks’ outlook to ‘negative’ as operating conditions turn challengi

Fitch Ratings revised its outlook on Sri Lanka’s banking sector to ‘negative’ from ‘stable’ as the rating agency foresees more challenging operating conditions with higher bad loans  and mounting pressures on capital and bottom-lines. 

Sri Lanka could attract up to US$ 4 bn FDIs next year: FinMin

Sri Lanka could look forward to up to US$ 4 billion in Foreign Direct Investments (FDIs) next year, despite a disappointing FDI performance in recent times, Finance Minister Ravi Karunanayake said at a media briefing recently.

Idea Group launches 54 ‘Siyana’ showrooms in a day

Idea Group of Companies launched 54 showrooms that offer a total roofing solution, islandwide. The unveiling of all Siyana showrooms took place simultaneously at all locations, in one day, at the same time.

Arpico lights up giant Christmas tree at Hyde Park Supercentre

It does not seek to break records, but the larger-than-life stylised depiction of a Christmas tree at the Arpico Supercentre at Hyde Park Corner, Colombo, is attracting droves of selfie takers and happy snappers as they shop at the retail giant’s flagship outlet. Soaring to some 50 feet, the tree, which becomes a colossal cone of light at night, dwarfs the efforts at traditional seasonal décor at the country’s other supermarket

Renuka Foods introduces innovative Christmas offers

With the appetizing fragrance from the oven adding to the festive air, Renuka Foods has laid out a mouth-watering array designed to make your Christmas fare better and brighter this season.  Going hand in hand with this cavalcade of delectable goodies are exciting pathways via Facebook competitions that will make the season packed with fun.  

Abans offers Skechers Burst collection this Christmas

Searching for that dream pair of shoes that is stylish, versatile and comfortable? Well, look no further. This Christmas, Abans PLC, being Sri Lanka’s sole distributor for Skechers -- a global leader in performance and lifestyle footwear, now offers you the innovative Skechers Burst Collection with the ergonomic air-cooled memory foam that provides you with the ultimate comfort, while being ultra stylish.

Direct2Door delivers big benefits for online grocery customers

Already firmly established with a rapidly growing customer base, household concierge service Direct2Door is encouraging everyone living within Colombo and Greater Colombo to experience its improved utility and convenience, not just in terms of door-to-door delivery but also benefiting from the advice and assistance provided by concierges, who are well trained to ensure all customer needs are satisfied.

Freshness of chicken matters most for consumers: study

The Management Faculty of the University of Kelaniya recently conducted a market research study to ascertain consumer views and preferences, with a view to studying various aspects of purchasing behaviour among consumers when buying chicken.

CICT ‘Highly Commended’ at Lloyds List awards in Dubai

Colombo International Container Terminals (CICT) has been presented with a ‘Highly Commended’ certificate in the ‘Port Operator’ category at the prestigious Lloyd’s List Middle East and Indian Subcontinent Awards for 2016.

Bangladesh’s Gemcon Group retains MTI for 8th consulting project

The Gemcon Group, one of Bangladesh’s top business conglomerates (including the leading supermarket chain Meena Bazar), has engaged MTI to for the 8th project since MTI’s inception in Bangladesh in 2006. 

Verité Research and LFVPPEA hold discussion on agri exports

Verité Research, in partnership with the Lanka Fruit & Vegetable Producers, Processors and Exporters Association (LFVPPEA) held a roundtable discussion recently on “Boosting Agri Exports: Reducing Domestic NTB’s”at the Ceylon Chamber of Commerce.

Jaffna International Trade Fair to kick-start on January 27

The Jaffna International Trade Fair (JITF 2017), the largest Consumer Exhibition and Trade Fair in the fast-growing northern region of Sri Lanka, will be held from January 27 to 29, 2017 for the 8th 

ICCSL reiterates commitment to back PPPs and FTAs

The International Chamber of Commerce Sri Lanka (ICCSL), which has been advocating market and economic reforms since its inception, reiterated its commitment to focus on consulting closely with the government and various other stakeholders in implementing Public Private Partnerships (PPPs) this week.