Top corporates pledge Rs.700mn for MTI’s ‘idea2fund’

Sri Lanka’s top corporates from various industries have pledged in total Rs.700 million for MTI’s ‘idea2fund’. The investment pool of Rs.700 million is to encourage budding entrepreneurs with business ideas to start up through the idea2fund platform. 

ACCA discusses importance of double tax treaties

Sri Lanka has a network of almost 42 double taxation treaties (DTAs), which are aimed towards the elimination of double taxation. With globalization, 

PUCSL to employ int’l tool to asses future electricity demand

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, is planning to adopt an internationally accepted tool to review the forecasted electricity demand in Sri Lanka and to access the Long-Term Generation Expansion Plan (2015-2032) by the Ceylon Electricity Board (CEB). 

Fitch affirms SriLankan’s guaranteed bond at ‘BB-’

Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) US dollardenominated government guaranteed bonds at ‘BB-’. The national carrier’s bonds are rated at the same level as SLA’s parent, the state of Sri Lanka, 

US $ 100mn capital infusion to ETI Finance gets CB nod

ETI Finance Limi ted , a registered finance company with the Central Bank, is to receive foreign equity investment to the tune of US $ 100 million, Swarnamahal Financial Services PLC said in a filing to the Colombo Stock Exchange. 

Malik calls foreign investors to be part of country’s development agenda

International Trade Minister Malik Samarawickrama called on foreign investors to partake in the national development agenda assuring them that the government was committed to transform the country’s economy.

Cruise ship makes call on all Lankan main ports for first time

For the first time in Sri Lanka, a cruise ship has made calls on the four main ports of Sri Lanka. The Luxury Cruise Ship Ms Europa 2 owned by German operator Hapag-Lloyd Kreuzfahrten called on the 29th, 30th and 31st January 2016 to the Ports of Galle

JKH December net profit falls 10% over previous year’s capital gains

Sri Lanka’s premier blue ship, John Keells Holdings PLC (JKH) saw its net profit for the quarter ended December 31, 2015 (3Q16) dropping 10 percent year-on-year (yoy) to Rs.3.9 billion as the corresponding quarter last year included a capital gain of Rs.610 million, 

‘Ease of doing Business’ 6th session this Wednesday

The sixth session of the ‘Ease of doing Business’ series will be held under the aegis of Finance Minister Ravi Karunanayake at 2.00 p.m. on February 03 at MILODA Institute. ‘Ease of Doing Business’ is conducted with the prime objective of finding solutions to problems encountered by local businessmen in carrying out their business activities.

Cinnamon Lakeside owner’s 3Q down 53%; records higher costs, borrowings

Trans Asia Hotels PLC, a unit of John Keells group, which owns the 5-star Cinnamon Lakeside Hotel posted net profit of Rs.81.8 million for the quarter ended December 31, 2015 (3Q16), 

Power and energy firms hail proposed fuel formula

The highly anticipated fuel formula, if implemented as planned, is expected to be beneficial to power and energy companies, the country’s private power sector operators said. 

SriLankan Airlines launches thrice weekly non-stop flights from Guangzhou to Colombo

Airlines introduced thrice weekly non-stop flights from Guangzhou to Colombo from January 2016, on three of its four frequencies, becoming the first airline operating direct flights between Guangzhou and Colombo in the South China market. 

Rupee forwards rise on dollar sales; stocks up

REUTERS - Sri Lankan rupee forwards strengthened yesterday as a foreign bank sold dollars, while the spot rupee was not traded as banks were reluctant to trade it below the 144.00 level amid moral suasion by the Central Bank, dealers said.

Jaffna International Trade Fair kick-starts

The largest exhibition and consumer fair, JITF 2016 opened for the 7th consecutive time at the Municipal Grounds, Jaffna yesterday.  The event is organized by the Lanka Exhibition and Conference Services (Pvt.) 

CCC Biz Council promotes trade and investment in China’s three major provinces

In November 2015, The Sri Lanka - China Business Council of the Ceylon Chamber of Commerce achieved a major milestone in its journey so far, when the Council organized its first 

Citrus Leisure posts Rs. 323 mn revenue in Q3 2015/16

The Citrus Leisure Group announced a revenue of Rs. 323 million for the third quarter of 2015/16 ending 31st December 2015, a 66 percent growth compared to the corresponding quarter in 2014/15. 

Breast is best for babies, mothers and economy: study

AFP - Breastfeeding more babies for longer could save the global economy some $300 billion in a single year, simply by yielding smarter and higher-earning offspring, researchers said yesterday.

Oil up in Asia, analysts temper hopes on Russia-OPEC talks

AFP - Oil extended a recent rally in Asia yesterday, boosted by weakness in the dollar and Russia saying it could meet the OPEC producers’ group for talks on possible output cuts to ease a painful supply glut.

Ruhuna University Alumni pay tribute to Ronnie De Mel

Ronnie De Mel, the former Finance Minister was felicitated by the Ruhuna University Alumni Colombo Association recently. The citation 

MTI RELEASES BUSINESS OUTLOOK FOR 2016

The international management consultancy – MTI Consulting – recently concluded its fifth CEO Business Outlook Survey, collectively outlining the Sri Lankan business community’s perception for the state of business in 2016.

JKH’s commodity and stockbroking unit profits slump in 3Q

John Keells Holdings (JKH) subsidiary John Keells PLC, which has interests in commodity broking, stockbroking and warehouse operations, saw its net December quarter profits (3Q16) falling as much as 91 percent year-on-year (YoY) to Rs.4.6 million.

Investment promotion and protection agreements will boost FDI: Mangala

The government has taken initiatives to sign investment promot ion and protect ion agr eemen ts to encourage foreign direct investment (FDI) to the country, Foreign Affairs Minister Mangala Samaraweera told Parliament recently.

UK company law for businesses in Port City: PM

The UK company law would apply to the businesses that operate in the proposed business and financial district in the US $ 1.4 billion Chinese-financed Colombo Port City, Prime Minister Ranil Wickremesinghe said.

November trade deficit narrows sharply

Sri Lanka’s November trade deficit fell sharply by 13.2 percent year-on-year (YoY) to US $ 630 million amid significantly lower expenditure on imports, the Central Bank data released yesterday showed.

Hayleys Fabric 3Q net triples over lower costs

Hayl eys group kni t t ed fabr i c manufacturing unit, Hayleys Fabric PLC, tripled its net profit to Rs.71 million for the quarter ended December 31, 2015 (3Q16) from Rs.17.4 million posted during the corresponding quarter last year,

Axiata and Bharti Airtel to merge B’desh subsidiaries

REUTERS : Axiata Group Bhd, Malaysia’s largest mobile operator by market value, and Bharti AirtelLtd, India’s largest telecom operator by subscribers, agreed to merge their subsidiaries in Bangladesh, Axiata said yesterday.

New foreign investors among JKH top 20 shareholders

New foreign investors have entered into the top 20 shareholder list of premier blue chip John Keells Holdings PLC (JKH), Mirror Business learns. As at December 31, 2015, HWIC Asia Fund, a unit of Fairfax Asia,

MTI launches ‘idea2fund’ platform for entrepreneurship development

?MTI Corporate Finance announced the launch of much-awaited ‘idea2fund’, a platform for anyone to pitch their business idea and gain access to funding and advisory.

Millennium Housing Developers breaks ground for ‘The Heights’ apartments

The Nawaloka group’s Millennium Housing Developers PLC on Wednesday broke ground on its Rs.580 million ‘The Heights’ apartment complex situated on a 50-perch property off Edmonton Road, Colombo 5.

CCC Solutions and CITI Bank to inaugurate entrepreneurship programme in Puttalam today

The ‘Rural Economic Empowerment Programme’, a joint effort between the CCC Solutions of the Ceylon Chamber of Commerce and CITI Bank Sri Lanka, which is aimed at nurturing prospective rural entrepreneurs,