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.

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.