Finance Ministry gathers budget proposals from trade unions

The proposals for budget 2017 from trade unions of public sector, statutory boards and private sector were collected recently at a meeting held with the patronage of Finance Minister Ravi Karunanayake at the Ministry of Finance. 

Watawala 2Q profit jumps over palm oil

The diversified regional plantation company, Watawala Plantations PLC, saw its September net profit jumping to Rs.309.3 million from Rs.131.1 million a year ago, an increase of 136 percent, as the palm oil business pushed both top-line and the bottom-line performance. The company made Rs.1.31 a share profit against 55 cents during the same quarter last year. 

Puritas Oxypura- Personal Protection Partner of Colombo Motor Show

Puritas, a fully owned subsidiary of Haycarb, a Group member of Hayleys PLC was the personal protection partner of the recently concluded Colombo Motor Show 2016, the largest international automobile event in Sri Lanka. 

Lego Group recognizes KTI for unique initiatives

Kiddies& Toys International (KTI) was recognized by the Lego Group for their unique engagement initiatives. The Sri Lankan company, which beat out other regional distributors for the top prize, was the recipient of the ‘Best Big Bets Plans and Execution’ award at the recently concluded Lego Distributor Conference for Emerging Asia 2016 which took place in Billund, Denmark. 

HNB’s Rs.6bn worth of debentures snapped up

Hatton National Bank PLC (HNB) yesterday said its Rs.5 billion debenture issue with an option to 

India’s Ratan Tata vows ‘stability’ after shock sacking

AFP: Family patriarch Ratan Tata sought to reassure rattled investors of stability at India’s biggest 

Power regulator appoints high-profile committee to probe Norochcholai breakdown

Power regulator, the Public Utilities Commission of Sri Lanka (PUCSL) yesterday announced the 

Sri Lanka targets 10% cut in total expenditure next year

REUTERS:  Sri Lanka will curb its total expenditure by around 10 percent to Rs.3.33 trillion (US$ 

Start-up stakeholders call govt. to set up one-stop shop

Stakeholders in the start-up scene recently called on the government to support local entrepreneurs 

AVIC International celebrates China’s 67th national day in Sri Lanka

China’s 67th founding anniversary celebrations organised in Sri Lanka by AVIC International Hotels 

LTL Transformers bags NCE Silver Award

LTL Transformers (Pvt.) Ltd, Sri Lanka’s leading transformer manufacturer, received the Export 

Sri Lanka-China Business Council elects new President

The Annual General Meeting (AGM) of the Sri Lanka-China Business Council (SLCHBC) of the 

Singer continues to spearhead e-waste collection

Disposing of redundant electronic goods in an environmentally responsible manner is vital as failure 

Sujan International joins hands with Millers

The award-winning vegetarian food product company Sujan International (Pvt.) Ltd joins hands with 

Lakdhanavi receives National Occupational Safety & Health Excellence Silver Award

Lakdhanavi Limited, the power generation arm of the LTL Holdings group, was presented National 

Top economists call for austerity budget

Leading economists recently called on the government to implement austerity measures in the upcoming budget in order to save the country from the trouble it is in and to market the budget as a ‘thrifty budget’ to rally public support around it.

India’s Tata Sons dumps Cyrus Mistry as Chairman

AFP: India’s Tata Sons dumped Cyrus Mistry as its Chairman in a surprise announcement yesterday, almost four years after his appointment as the first chief of the conglomerate from outside the Tata family.

ComBank’s Rs.5bn debt issue oversubscribed twice over

The Rs.5 billion debenture issue of Commercial Bank of Ceylon PLC closed within minutes of opening yesterday after it was oversubscribed twice over. The bank received a substantial amount of applications and has decided to exercise its option of enlarging the issue to Rs.7 billion, the bank notified the Colombo Stock Exchange (CSE).

Maldivian envoy invites more Lankan firms to invest in archipelago

The highest ranking Maldivian diplomat in Sri Lanka yesterday asked local companies to invest more in the Maldives in the future, as the Indian Ocean archipelago gears itself up to an economic transformation under its current leadership.

FIU-Inland Revenue Dept. sign MoU to curb financial crime

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MoU) with the Inland Revenue Department recently to exchange information in order to facilitate investigations and prosecutions on money laundering and terrorist financing.   

Shares hit 12-week low as investors eye budget, 5-year plan

REUTERS: Sri Lankan shares closed yesterday at their lowest in 12 weeks in lean trade as investors awaited cues from the central government budget and the five-year plan ahead of corporate results. Sri Lanka’s quarterly earnings season started two weeks back, but the bulk of locally listed firms will not report until late October or early November. The national budget is scheduled to be presented on November 10. The benchmark index of the C

Australian HC to have trade talks at NCC

Australian High Commissioner Bryce Hutchesson will be the special guest speaker at a session on ‘Bilateral trade between Sri Lanka and Australia’ organised by the National Chamber of Commerce (NCC), on Tuesday, October 25, 2016, from 3:00 p.m. to 4:30 p.m., at the chamber auditorium, No: 450, D.R. Wijewardena Mawatha, Colombo 10.

Indian Foreign Secy holds project-related discussions in SL

Indian Foreign Secretary S. Jaishankar was on a three-day official visit to Sri Lanka recently.  He was accompanied by an official delegation of top officials from public sector companies and a team from the Confederation of Indian Industries. 

Europe’s leading futurist to address Lankan CEOs

Dr. Patrick Dixon, a globally acclaimed futurist, a growth strategist and a keynote speaker, will address Lankan CEOs this Friday at the Ceylon Chamber of Commerce (CCC).

SriLankan-Mihin Air merger: Marriage of two sick individuals

One of the country’s leading economists said that future operations of the national carrier SriLankan 

Dhammika to invest in two digital healthcare platforms

Business magnate Dhammika Perera said that he will be investing in two technological platforms to help boost the country’s health sector as a part of his charity work.

Consumer durables industry likely to experience headwinds as demand slows

Consumer durables industry, which showed some resilience across the country’s economic cycles, is set to experience some headwinds, an international credit rating agency recently said.

Health Ministry reduces prices of 48 high demand drugs

The Health, Nutrition and Indigenous Medicine Ministry has reduced the prices of 48 drugs this 

Immigration and Emigration Department to have advanced database on passengers

Immigration and Emigration Controller General Nihal Ranasinghe said that by next year his 

Hole in SL’s tea cup widens in September

The hole in Sri Lanka’s tea cup further widened in the month of September with the production figures plunging to a 15-year low.