Moody’s says govt. revenue targets ambitious, warns of fiscal slippage

Moody’s Investors Service cast its doubts over the achievement of the budgeted revenues by the Sri Lankan government in 2017,

Balasooriya Hospital receives two Silvers at FCCISL Entrepreneur Awards

Balasooriya Hospital Chairman Priyanthalal Balasooriya received the Silver award in the Large category – Service sector (National level) and the Silver award in the Large category – Aervice sector (Provincial level) at the Sri Lankan Entrepreneur of the Year Awards ceremony organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). 

Kalapuge holds workshop for Wijeya Newspapers staff

Renowned motivational speaker and trainer Dhammika Kalapuge held a workshop recently for Wijeya Newspapers Ltd Circulation and Brand and Promotion Department employees at Hilton Colombo Residencies on the topic of ‘Be the best you are born to be’  – focusing on customer care and  team motivation.

Colombo Christmas Street kicks off tomorrow

The Colombo Christmas Street (CCS) 2016, a trade and fun fair organized by the Ministry of Tourism and Religious Affairs together with the Colombo Municipal Council,

Most Asia markets struggle but Tokyo back in black

AFP - Most Asian markets struggled yesterday with traders spooked by geopolitical concerns following deadly attacks in Europe but Tokyo’s Nikkei returned to winning ways, reversing an earlier sell-off as the yen rebounded.

Sri Lanka extremely hospitable - Tajikistan Trade Minister

“Sri Lanka is an extremely hospitable country. This is reflected through the warm smiles and welcoming nature of the local people, which is often a rare sight elsewhere in the world,” said Tajikistan Minister of Economic Development and Trade, Nenatullo Khikmanllozoda.

Leo Burnett wins Gold at Campaign Asia Agency of the Year Awards

Leo Burnett Sri Lanka, the local office of the global advertising network Leo Burnett Worldwide, repeated its success at Campaign Asia’s Agency of the Year (AOY) awards by securing the Gold for Agency of the Year for the Rest of South Asia.

Rupee ends lower on dollar buying by banks, importers

REUTERS - The Sri Lankan rupee closed weaker yesterday on dollar buying by banks and importers, with dealers saying the rupee was expected to fall further unless the country’s central bank stepped in to raise interest rates.

Lotteries Board relaunches Development Fortune ticket with new range of prizes

The Development Lotteries Board, which has earned prestige for being the leader of introducing the latest trends to the lottery market, took measures to launch a new lottery recently.

SLID holds graduation for third batch

The graduation of the 3rd batch of the Sri Lanka Institute of Directors (SLID) ordinary members took place at World Trade Centre recently.

Thailand will help to strengthen Sri Lankan tax system: Envoy

Thailand Ambassador Nopporn Adchariyavanich assured that his country would support Sri Lanka to strengthen the tax structure. 

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.