Indian Hotels transfers Tal Lanka shares to subsidiary

?Indian Hotels Company Ltd (IHCL) yesterday sold its total shareholding in Tal Lanka Hotels PLC, the owning company of Taj Samudra Hotel in Colombo, for Rs.850 million.

New life insurer to open shop; US-based PE firm among promoters

?The Sri Lankan insurance industry will soon see the entry of a long-term (life) insurer backed by one of the largest US-based emerging market private equity (PE) investors among its promoters. 

Mercmarine conducts programmes for IAAC cabin crew trainees

?Leading maritime education provider, Mercmarine Training (MSTI) has successfully conducted a series of training programmes for the Airline Cabin Crew Diploma conducted by the International Airline & Aviation College (IAAC).

Orient Finance to re-enter bourse with Rs.1bn IPO

?Janashakthi group subsidiary Orient Finance will be relisting on the Colombo Stock Exchange by way of a Rs.1.07 billion Initial Public Offering (IPO) later this month.

HNB Grameen soon to be listed on CSE: official

?Hatton National Bank PLC (HNB) subsidiary HNB Grameen will be listing on the Colombo Stock Exchange (CSE), a top official of the group said yesterday.

Spanish global family business expert impressed by Sri Lanka

?One of the most globally well-known family business consultants - Jose Manuel Zugaza -celebrated his 25th wedding anniversary with his wife and three children in Sri Lanka recently.

Qatar Airways begins New Year in Los Angeles

Qatar Airways rang in the New Year with a new daily, non-stop service between Los Angeles International Airport (LAX) and Hamad International Airport (DOH) in Doha, which started January 1.

Thomas Cook India completes Kuoni Travel buy

Having received clearance from the Competition Commission of India (CCI) earlier this week, Thomas Cook (India) Ltd, a travel and travel-related financial services company, along with its wholly-owned subsidiary...

Norwegian Foreign Minister to meet Lankan biz community at CCC

?Norwegian Foreign Minister Borge Brende, who will be in the country today, will hold a high-level discussion with the Sri Lankan business community and related stakeholders at the Ceylon Chamber of Commerce (CCC).

HNB Smart ATMs dispense over Rs.1bn in a single day during holiday season

?Hatton National Bank (HNB) has announced that its islandwide Smart ATM network, which includes over 465 multifunctional ATMs, has dispensed in excess of Rs.1 billion per day on two days during the festive period leading up to December 31, 2015.

‘Sri Lanka Economic Forum 2016’ kicks off today

?‘Sri Lanka Economic Forum 2016’, an initiative hosted by Prime Minister Ranil Wickremesinghe and attended by international figures such as George Soros, Joseph Stiglitz and Ricardo Hausmann, is to kick off today at Cinnamon Grand Colombo.  

Laugfs breaks ground for US $ 80mn LPG terminal

Laugfs Terminals Limited with China Huanqiu Contracting & Construction Corporation (HQC) recently broke ground for the 45, 000 metric tonnes Laugfs LPG import/export terminal at Hambantota Port, with an investment of over US $ 80 million allocated for the project.

Premier packaging exhibition ‘Lankapak-2016’ to be held in May

?To showcase state-of-the-art packaging, The Sri Lanka Institute of Packaging (SLIP) together exhibition organizer, CDC events and connected organisations have organized an all-encompassing exhibition in May 2016. 

New IMF Executive Director visits Sri Lanka for first time

?Dr. Subir Gorkan, Executive Director on the board of the International Monetary Fund representing India, Bangladesh, Bhutan and Sri Lanka met Finance Minister Ravi Karunanayake at the Finance Minister last evening (04).

MTI to evaluate Sri Lanka’s export strategy at chamber AGM

MTI Consulting CEO Hilmy Cader will be delivering the keynote at the Annual General Meeting (AGM) of the National Chambers of Exporters (NCE) on 14, at Galadari Hotel.

All entrepreneurs should be armed with latest business knowledge- FCCISL Chairman

?Small and medium scale entrepreneurs are the main shareholders of the national economy. As such they should be armed with new business knowledge to give of their best to strengthen the national economy. 

Major facelift for electricity sector in 2016

Sri Lanka’s electricity sector is gearing up to undergo a major facelift this year with the Public Utilities Commission of Sri Lanka (PUCSL) having put in place a comprehensive plan to address issues and turnaround performance.

Monaragala: Next hotspot for rubber?

?A Rs.2 billion UN-funded 5,000-acre rubber plantation project in Monaragala has just entered commercial production, the Colombo Rubber Traders Association (CRTA) said.

Sanken to open first US$ 50mn Maldivian resort next week

?Construction giant Sanken’s international arm, Sanken Overseas (Pvt) Ltd is planning to open its first US$ 50 million 120-room Maldivian Resort in the island of Havodda on January 14.

Sri Lanka mulls yen and renminbi bonds to strengthen reserves, for debt financing

The Central Bank of Sri Lanka (CB) may be opting for renminbi and yen denominated bonds to shore up foreign reserves and for debt financing needs of the country this year, CB Governor Arjuna Mahendran said.

Motorised transport to have lowest priority in Port City’s transport plan

?The vision for internal transport within Colombo Port City (CPC) will give first priority to non-motorised modes of transport such as pedestrian walking and cyclists, second priority to public transportation and third priority to private motorised transport.

EASL felicitates new EDB Chairperson

?The Exporters’ Association of Sri Lanka (EASL), an affiliate of the Ceylon Chamber of Commerce, recently presented a strategy document to Export Development Board (EDB) Chairperson Indira Malwatte outlining the issues faced by the exporters.

Confectionary industry accepts Ceyoka Flavours

Local consumers are today more receptive and appreciative of food, flavours and fragrances and are hence unwilling to compromise on taste and aroma. 

Nestlé recognised for contribution towards export sector in Sri Lanka

? Nestlé Lanka PLC, a leading nutrition, health and wellness provider in Sri Lanka, secured three awards at the recently conducted Presidential Export Awards, as recognition for its contribution towards the export sector in Sri Lanka.

A & D Property Developers introduces Glorious Residencies

?A & D Property Developers (Pvt.) Ltd, the construction company which plans to build the super luxury housing complex - Glorious Residencies - in Colombo, has received the approval of the Board of Investment (BoI) to function as a BoI company.

Indian trade delegation to visit Jaffna International Trade Fair

?A 60-member trade delegation from the Tamil Nadu Chamber of Commerce and Industry will be visiting Sri Lanka to participate in the upcoming Jaffna International Trade Fair (JITF), scheduled from January 29 – 31, 2016. 

MAS excels at Presidential Export Awards

Recognising its unstinted contribution towards the Sri Lankan export economy, MAS Intimates was awarded four Export Awards at the 21st Presidential Export Awards (PEA) ceremony held recently, under the patronage of President Maithripala Sirisena.

Central Bank to take over scandal-hit primary dealer

Entrust Securities, the largest primary dealer in government securities after banks, is likely to be installed with a management team appointed by the Central Bank (CBSL), due to allegations of large-scale fraud and mismanagement.

Central Bank to liberalise foreign exchange outflows

?The Central Bank of Sri Lanka (CBSL) is liberalising foreign exchange outflows to a certain extent in order to facilitate the financial hub outlined in the recent Budget.

Sri Lanka’s 5-year tourist arrivals target achievement streak ends

Sri Lanka’s tourism landscape saw the end of a five-year achievement streak with 2015 being the first year in the post-war period where the country failed to strike the arrival goal.