CDB crowned Best Corporate Citizen 2015

Wins in the Less than Rs 15 Bn turnover category and recognised among the Top Ten Corporate Citizens in Sri Lanka Placed among the country’s largest conglomerates and business stewards, Citizen’s Development Business Finance proudly donned the crown of being 

Metropolitan Resource Holdings to delist

Metropolitan Resource Holdings PLC (MRH) announced yesterday that it is looking to delist from the Colombo Stock Exchange (CSE). In a filing to the Colombo Stock Exchange (CSE), the company MRH shared it proposal to delist the securities of the company from the official list.

TRCSL asserts no plans to abandon high-speed Internet initiative

In response to Wednesday’s (Dec.30) Mirror Business front page story titled “End of the road for high speed Internet in Sri Lanka?” Telecommunication and Regulatory Commission of Sri Lanka (TRCSL) yesterday affirmed that it had not taken any decision to abandon the National Broadband Initiative (NBI).

‘Sri Lanka Economic Forum 2016’ to be held on Jan.7-8 with Soros, Stiglitz and many other top speake

‘Sri Lanka Economic Forum 2016,’ a forum organized in Colombo under the patronage of Prime Minister Ranil Wickremesinghe is to take place with the likes of international investor and founder and Chairman of Open Society George Soros and Nobel Laureate economist Joseph Stieglitz in attendance,

December inflation slows down to 2.8% over base effect

Sri Lanka’s inflation in December as measured by the Colombo Consumer Price Index (CCPI) slowed to 2.8 percent from 3.1 percent in November, the Census and Statistics Department said yesterday.

US$85mn Sri Lankan Catering IPO to hit market in first quarter of this year

SriLankan Catering, a fully-owned subsidy of state-owned national carrier SriLankan Airlines is considering going for a US$85 million initial public offering (IPO) in the next 2-3 months. 

Chrysotile Information Center Asia educates medical professionals on safe usage of Chrysotile

?The Chrysotile Information Center Asia, which is a non-profit organization established to provide scientific information, public education and assistance in relation to the responsible and safe use of Chrysotile, held a special knowledge sharing seminar at the Taj Samudra in Colombo. 

Emission levy jolt Lanka’s clean air policy –experts

?Imposing the proposed emission testing levy by the government has created an adverse effect, negatively impacting the industry which does a yeoman service in maintaining Sri Lanka’s high environment performance ranking in South Asia, emission control industry experts say.

Land, capital and technical training must for village development: Dr Amunugama

 “In order to develop the village the rural population must be provided with land, capital and technical training” said the Minister for Special Assignments Dr Sarath Amunugama addressing the 26th Annual Session of the Women’s Development Federation ( Kantha Sanwardhana Maha Sangamaya), recently.

HSBC and British Council organize 24-hour hackathon for young entrepreneurs

?HSBC Youth Enterprise Awards jointly organised by the British Council and HSBC is a business plan contest aimed at recognising and supporting young entrepreneurs in Sri Lanka to start-up their businesses. 

New proactive approach to promote SL-Pakistan bilateral  relations

?The 66-year old Sri Lanka Pakistan Friendship Association has taken a bold step in transforming itself into the Sri Lanka Pakistan Friendship, Trade & Investment Association, in keeping with current trends internationally of the need to promote trade and investment between nations in a pro-active manner.

Sampath Bank’s off-site ATM network expanded further

?The newest ATM of SampathBank was ceremonially opened in High Level Road, Meepe Junction, Padukka by Kumari Jayasuriya, Senior Regional Manager.

Baur & Co appoints new Finance Director

?The Board of A. Baur & Co. (Pvt.) Ltd. has appointed Pavithra Samarasinghe as the new Director Finance with effect from 1st January 2016. 

Global growth to be ‘disappointing and patchy’ in 2016: IMF chief

?AFP: Global economic growth will be “disappointing and patchy” in 2016, the head of the International Monetary Fund, Christine Lagarde, wrote in an article published in the German business daily Handelsblatt on Wednesday.

Sri Lanka Tourism unveils strategic marketing plan for 2016

Amid criticism over the absence of a proper marketing and promotional plan, and the lack of funds with the transfer of moneys collected from tourism stakeholders for promotional work by way of taxes to a consolidated fund operating under the Treasury...

Brown & Company sets up high-tech Green tea factory at Norwood Estate

Norwood Estate, belonging to Bogawantalawa Plantations PLC, has traditionally been in the business of manufacturing Black tea incorporating orthodox methods of manufacture. 

Access Engineering recognized at National Awards for Construction Excellence

Access Engineering PLC; one of the foremost Engineering Companies in Sri Lanka was recognized with an Excellence Award for Construction Performance at the most coveted National Awards for Construction Excellence - 2015, held at BMICH on 23rd December 2015.

CB begins monetary tightening; increases SRR by 150bps

?Central Bank yesterday kicked off the monetary tightening process by raising the Statutory Reserve Ratio (SRR) by 150 basis points (bps) to 7.5 percent, though the bank kept the policy rates unchanged.

Sanasa Bank’s debentures draw applications over Rs.4bn

?Micro finance lender Sanasa Development Bank PLC said it had drawn applications for over Rs.4 billion, for its listed debenture issue which officially opened on Monday.

Grim New Year for plantation sector employers 

Plantation sector employers are likely to enter the New Year with a dark cloud hovering over them, as they are likely to crack under the repeated pressure of having to increase wages, which is well above their affordable limits.

Global Salam partners with Asset Link to introduce “Salam Contracts”

Global Salam in giving priority to agricultural investments has developed a unique “forward sale” (Salam Contracts) model to promote the growth of agricultural exports by an alternative method to farmers to sell their organic goods for specific international markets in defined quantities at prearranged prices. 

Port City’s public area gets wider under EIA plan

?The new Environmental Impact Assessment (EIA) plan presented by the government for the Port City shows an increased public area. 

China says will step up FTA negotiation with SL next year

?Chinese government said it was looking to step up negotiations with Sri Lanka with regards to the proposed Free Trade Agreement (FTA) between the two countries. 

Kamil appointed NEDA Chief

Former Mayor of Colombo, Omar Kamil has been appointed as Chairman of National Enterprise Development Authority (NEDA), which functions under the ministry of Industry and Commerce. 

Ruble sinks to new 2015 low over oil price plunge

?AFP: Russia’s battered ruble yesterday continued its slide on the back of low oil prices, reaching a new 2015 low against the dollar and dropping to below 80 against the euro.

Central Bank may raise rates by 25 bps today: Reuters poll

?Sri Lanka’s Central Bank is expected to raise interest rates by 25 basis points from record lows at its policy meeting today, a Reuters poll found, a move that could relieve pressure on the fragile rupee. 

Saudi plans spending cuts, reforms to shrink huge budget deficit

REUTERS: Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatisation.

Abans Finance in Rs.185 mn rights issue

Abans Finance PLC will be opting for a rights issue to raise Rs.185 million for expansionary activities, a filing at the Colombo Stock Exchange said.

Central Bank rejects all bids at bond auction

?Central Bank yesterday rejected all bids at the treasury bond auctions, the Public Debt Department said. The auction received bids amounting to Rs.12.4 billion for Rs.5 billion worth of 12 years and 08 months bonds offered with a coupon rate of 11.50 percent. 

Sri Lanka to sign ETCA framework agreement with India by February

?Sri Lanka expects to sign the framework agreement for the broader Economic and Technology Cooperation Agreement (ETCA) with India by February 2016 and ETCA by mid 2016, a press statement by the Development Strategies and International Trade Ministry said.