Karu envisages regional fortunes for Ceylon Shipping Corporation

State-owned Ceylon Shipping Corporation Ltd (CSC) should be developed into a main regional line, Sri Lanka Parliament Speaker Karu Jayasuriya recently told a maritime forum in Colombo. 

Sarada appointed to HVA Foods board

HVA Foods PLC, a leading tea exporter in the country, has appointed Sarada De Silva as an Independent Non-Executive Director with effect from October 1, 2016. De Silva counts over 40 years of experience in the spice industry, specially in the cinnamon industry, and is Founder Chairman of the Spice Council of Sri Lanka. 

Singapore’s Group Lease to acquire 29.9% of Commercial Credit for Rs.10.6bn

Singapore-based Group Lease Holdings (GLH) is to acquire a 29.99 percent stake in Sri Lanka’s Commercial Credit and Finance PLC (CCF) for a total consideration of Rs.10.6 billion. 

Vidullanka’s associate company power plant connected to national grid

Vidullanka PLC, a mini hydro developer, yesterday said its associate Nilwala Vidulibala Company (Pvt.) Ltd has successfully completed the construction of the two megawatt Ethamala Mini Hydro Power Plant in Pitabeddara, Matara and the plant was grid connected on September 30.

Fitch assigns ComBank’s Rs.7bn debt issue final ‘AA-(lka)’

Fitch Ratings Lanka has assigned Commercial Bank of Ceylon PLC’s (AA(lka)/Stable) proposed Basel II-compliant subordinated debentures of up to Rs.7 billion a final national long-term rating of ‘AA-(lka)’.

Ceylon Electricity Board proposes to hike energy tariffs by 5% to cut losses

The Ceylon Electricity Board (CEB) has submitted a proposal to the energy regulator, the Public Utilities Commission of Sri Lanka (PUCSL), to increase electricity tariffs on all consumer categories by 5 percent for the next six months, due to the rise in global coal prices.

Noritake opens newest showroom in Pepiliyana

Japanese porcelain maker Noritake recently opened its latest showroom with new designs in Pepiliyana. 

Baraka opens first franchise outlet in Europe

Bio Extracts (Pvt.) Ltd announced the opening of its first international franchise outlet for Baraka, the company’s flagship brand, in Bosnia recently. 

Japanese firm PAG Investment Management assists HelpAge Sri Lanka

PAG Investment Management Ltd in Minato –Ku, Tokyo, Japan recently assisted HelpAge  Sri Lanka (HASL) to provide school books and educational  equipment to 112  flood affected underprivileged school children of Bollatawa  Junior School in Kosgama. This rural school is located in the Homagama Educational Zone.

MAS Holdings and Royal College Union support ‘Trail 2016’

MAS Holdings and Royal College Union (RCU) extended their financial support towards Trail 2016, contributing US $ 100,000 and Rs.50 million respectively.

Milo Cycle Parade paints Colombo green with 1000 cycles on Children’s Day

Over 1,000 children and their families celebrated the World Children’s Day with Milo at the grand finalé of the popular ‘Mom, Me and My Milo’ campaign, painting the streets of Colombo green in a mega Milo Cycle Parade. 

Arpico revamps water pump with advanced Italian technology

Arpico water pump, Sri Lanka’s leading water pump brand, was recently relaunched with a host of specialized features that amplify the brand’s continued commitment to customer service excellence and trust built through the years. 

CB Governor sheds light on grave ageing problem Sri Lanka yet to fathom

Sri Lanka has made its demographic transition well before making the economic transition in stark 

Govt. to fast-track company registration process to 24 hours

Investors will be soon able to register their companies within 24 hours via the Company Registrar’s Office, Finance Minister Ravi Karunanayake said.

September inflation slows over lower food prices but core-inflation up

Sri Lanka’s headline inflation measured by the Colombo Consumer Price Index (CCPI) has edged 

SLAASMB wants Agalawatte Plantations’ annual financial statements re-audited

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) last week directed 

World’s largest integrated tourism group to operate charter flights to SL this winter

TUI, the world’s largest integrated tourism group will be operating weekly charter flights to Sri Lanka after a lapse of six years, starting from December 2016 until March 2017.

PUCSL tells CEB to submit action plan quickly to avert crisis

The energy sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL), has requested 

Commercial Credit parent to divest controlling stake in Myanmar micro lending subsidiary

Commercial Credit & Finance PLC’s parent BG Group last month signed a Memorandum of 

Budget will be based on country’s development agenda: FinMin

Political agendas are immaterial for the current administration of good governance in preparing its national budgets, Finance Minister Ravi Karunanayake stressed. 

Hayleys Energy Services completes Sri Lanka’s first oil rig testing and modification

In a significant and strategic shift in the oil and gas industry in Sri Lanka, Hayleys Energy Services yesterday announced that it has completed the testing, repair and modifications of the hydraulic work over rig, the ‘Lewek Explorer 600’, due to be mobilized for an oil field project in Bangladesh shortly. 

European Union’s ‘Monsieur Brexit’ starts tough job

AFP - Frenchman Michel Barnier officially starts work as the European Commission’s Brexit negotiator today in an appointment that British media called a “declaration of war”.

SriLankan FAM tour for Lahore travel agents

SriLankan Airlines celebrated its launch of services to Lahore, by organizing a familiarization tour to Sri Lanka for a group comprising top travel agents and media personnel from the Lahore / Punjab Province area.

Asian, European markets sink on Deutsche Bank woes

AFP - Asian and European markets tumbled yesterday, tracking a sell-off in New York as worries about the future of German banking giant Deutsche Bank hammered financial stocks.

Rupee edges up as tight liquidity prompts dollar sales

Reuters - The Sri Lankan rupee traded slightly firmer yesterday, after four straight sessions of losses, as tight rupee liquidity triggered dollar sales by some banks, dealers said. The spot rupee was at 146.75/90 per dollar at 0556 GMT, compared with Thursday’s close of 146.90/147.00. The rupee has fallen 0.58 percent so far this week.

Chartered accountants can be all-rounders: MAS official

With companies becoming more demanding in today’s complex and challenging world, chartered accountants have the option of adapting to various situations as well as positions to become all-rounders despite hailing from an accounting background, said MAS Group Director and STR Holdings CEO/Managing Director Timothy Speldewinde. 

Sri Lanka Insurance powers Commando Challenge

  Sri Lanka Insurance Motor Plus has stepped forward as the exclusive insurance partner and a sponsor of the high-adrenaline Commando Challenge Supercross motor racing event, which will take place in October. 

MD commemorates World Children’s day

MD, pioneers in producing quality food products for Sri Lanka children, joins into celebrate the World Children’s Day. Lanka Canneries Limited, under the brand MD, has won the hearts of the Sri Lankan consumer, whether they be children or adults, with a wide range of products. 

PABC Sports Club powers Marians’ ‘Clarence Unplugged’

The popular band, Marians performed at the Bandaranaike Memorial International Conference Hall (BMICH) recently providing an evening full of acoustic music and dazzling entertainment to a full house. 

SIB partners NAFILIA Congress 2016

The number one group and pure life insurance broker in Sri Lanka, Strategic Insurance Brokers (SIB) took the seventh Congress of the National Forum for Life Insurance Advisors (NAFILIA) to a new level this year, extending the benefits of an international broking partnership for the congress.