China sets biggest one-day yuan increase in over decade

AFP - China yesterday hiked the yuan against the dollar in its biggest one-day increase since 2005, after the greenback fell against leading currencies the previous day. 

ILO to publish World Employment and Social Outlook report

The International Labour Organization (ILO) is to launch its report, ‘World Employment and Social Outlook – Trends 2017’, on January 12th. 

Rupee falls on dollar demand from foreign banks, importers

REUTERS: The Sri Lankan rupee traded weaker yesterday due to dollar buying by foreign banks and importers, but the Central Bank’s moral suasion continued to prevent further decline, days after the monetary authority signalled a change in its intervention policy.

Canada not afraid of Trump-induced US investor flight

AFP - Canada’s international trade minister said Thursday that pressure by US President-elect Donald Trump would not keep American firms from investing in Canada or prompt them to withdraw any investments already made. “The fact that Canada is now one of the countries in the world that supports an open society and open trade is a good reason to invest in Canada,” Chrystia Freeland told a press conference.

BOC Christian Association holds 51st Christmas carol service

Bank of Ceylon (BOC) Christian Association celebrated its 51st Christmas carol service recently. The first carols service was held on December 17, 1965. 

Leo Art 8th edition to take place at Galle Literary Fest

Leo Burnett Sri Lanka, the local office of the global advertising network Leo Burnett Worldwide, is gearing up to host the eighth edition of Leo Art at the Galle Literary Festival, which brings the creative community, writers and artists from across the island and around the world together annually at the historic Dutch Fort in Galle.

CMA Sri Lanka holds 13th graduation ceremony

Angeline Dhevagunanesan was awarded the Prof. Lakshman R. Watawala Founder President Gold Medal for the best all-round student 2015/2016 at the graduation ceremony 2016 by chief guest Industry and Commerce Minister Rishad Bathiudeen,

Forecasting ‘in crisis’ on Brexit: BoE chief economist

AFP - Economic forecasting ‘is to some degree in crisis’, the Bank of England’s chief economist has said after it misjudged the fallout from Britain’s vote in favour of Brexit.

Chinese ready to go ahead with H’tota port deal minus land: Malik

China Merchants Port Holdings (CMPH), the Chinese company with which government plans to enter into an agreement to develop Hambantota port, will still go ahead with the deal minus the 15,000 acres of industrial land, which would make the port viable, a high ranking government minister said yesterday.

Monetary Board likely to issue directive on banks’ minimum capital

The Central Bank is likely to issue a formal directive in due course to the effect of higher minimum capital requirements for licensed banks after the Monetary Board, the institution’s governing body, studies the proposal as they are well in favour of sector consolidation, according to the Central Bank Governor. 

Sri Lanka seeking US $50bn foreign investment for development -PM

REUTERS: Sri Lanka will aim to attract US $50 billion of mostly foreign investment in the next five to 10 years to help develop its infrastructure, Prime Minister Ranil Wickremesinghe  said this week.

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.