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.

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.