HNB to raise funds only via subordinated debentures

Hatton National Bank (HNB) saw its rating of AA- (lka)(EXP) for the proposed senior unsecured debentures by Fitch Ratings withdrawn yesterday as the institution has opted to raise funds via a different structure.

Banking sector seeks clarity on dormant account fund transfers

As the banking sector continues to remain in the dark on the specifics of the move to transfer monies in dormant bank accounts to the Consolidated Fund, the industry stressed it required clarity on a number of elements on the said proposal.

Shares end lower; turnover hits 16-month high on block deal

REUTERS: Sri Lankan shares closed lower for a fifth straight session yesterday, led by beverage and diversified shares, after a block deal in a key healthcare stock helped turnover hit a 16-month high, brokers said.

TPG Growth acquires 28% stake in Asiri Hospitals from Actis for Rs.7.6bn

TPG Growth, the middle market and growth-equity investment platform of leading global private investment firm TPG, bought a 27.87 percent stake in Asiri Hospitals Holdings PLC yesterday for  Rs.7.61 billion.

Norwegian FM here next month to explore trade, investment opportunities

?The Norwegian Foreign Minister BørgeBrende who will be in the country during the first week of January, 2016 will hold a high level discussion to find out possible areas of cooperation between Norway and Sri Lanka, including trade and investment opportunities.

Ipaidabribe.lk to fight corruption in Sri Lanka

?The Sri Lankan government along with I Paid A Bribe (IPAB) Sri Lanka is launching the first of its kind anti-corruption website: www.ipaidabribe.lk to crowd source reports on corruption from across the country.

Metropolitan expands portfolio with Shanghai Mitsubishi Elevators

?Metropolitan Office partnered with China’s Shanghai Mitsubishi Elevators, the world’s largest supplier of passenger lifts, escalators and passenger belts as part of Metropolitan’s expansion to providing the complete workplace and building solutions from a single company. 

Lankasoy clinches Gold again at NBE Awards

Lankasoy, the flagship brand of Convenience Foods (Lanka) PLC, a subsidiary of Ceylon Biscuits Ltd. (CBL), recently received the prestigious Gold Award for the second consecutive year in the category of Manufacturing....

CBL invests Rs. 2 bn to launch new coconut milk product

?Ceylon Biscuits Limited (CBL) has added a new brand and product line to its portfolio, with the launch of Sera, a premium liquid coconut milk conveniently available in 180 ml UHT packs. 

SLT and TNL join forces for Christmas

?This holiday season from 10th to 24th December, 2015, Santa Clause won’t be the only one giving us some pleasant surprises. 

Japanese entrepreneurs should look at Sri Lanka as a gateway to SA region: Minister

Keeping in line with the Economic Policy of the new Government, Sri Lanka offers a conducive, safe and stable environment to attract investment. This is, therefore...

Sri Lanka not yet ready to digitalize tax system: IMF

?Sri Lanka is not yet at a juncture to digitalize its tax system as proposed in the budget, International Monetary Fund Resident Representative in Colombo Eteri Kvintradze said.

WorkInSriLanka Annual Conference on Dec. 22

?The third annual WorkInSriLanka (WISL) conference under the theme of ‘Breaking Barriers, Building Bridges’, will be held on December 22, 2015 at The Kingsbury Hotel. 

Presidential Export Awards to be held next week

?The crowning achievement for Sri Lanka’s exporters, the Presidential Export Awards, have been revived and will take place next Wednesday in Colombo-and the panel of judges in the latest PEA was chaired by none other than a retired Supreme Court Judge.

WB gives trimmed 2016 growth projection for high-income economies

?The developed nations will see downward growth projections for 2016 from the Word Bank (WB) due to unimpressive economic progress in the current year, a top official attached to the lender in Colombo said.

GDP could increase by 20% with greater female labour participation: IMF

Sri Lanka’s gross domestic product (GDP) could further improve with greater contribution by the female workforce towards economic development, according to the International Monetary Fund (IMF).

Laugfs Petroleum bags Gold at SLITAD People Development Awards

?Laugfs Petroleum saw its reputation as an industry frontrunner in human resource development significantly reinforced when the Sri Lanka Institute of Training and Development (SLITAD)...

Suppliers grumble over govt. favouring foreigners for tenders

?The local suppliers are grumbling that the government is providing preferential treatments to foreign suppliers over locals in its tender processes, Mirror Business learns. 

Alcohol beverages sector to start 2016 on high note despite tax hitches

The local alcohol industry will kick off 2016 on a high note as the nation’s expanding disposable income is projected to help maintain the demand despite higher prices, according to the international credit rating agency, Fitch Ratings. 

Sunrise Engineering to begin landmark renewable energy project at Welipenna

Bringing to light the significance of embracing sustainable energy and giving the best of products and services to the nation as a result, Sunrise Engineering (Pvt) Ltd a pioneer in the solar power systems  were recently...

Sri Lanka not yet ready to digitalize tax system: IMF

?Sri Lanka is not yet at a juncture to digitalize its tax system as proposed in the budget, International Monetary Fund Resident Representative in Colombo Eteri Kvintradze said.

Central Bank says apparels seen going to non-traditional markets

?The Central Bank said a considerable portion of Sri Lankan apparel exports have started going into non-traditional markets such as Canada, Australia, Indian, UAE and Hong Kong.

Sri Lanka’s September exports dip 6%

?Sri Lanka’s exports fell 5.9 percent year-on-year (yoy) in the month of September at a faster rate that of imports (5.1 percent yoy), data released by the Central Bank showed. 

Blue Ocean Group opens newest luxury condominium at Gregory’s Road

?Sri Lanka’s leading apartment developer, Blue Ocean Group of Companies unveiled its fourteenth and newest flagship project – Blue Ocean @ Gregory’s Road recently, heralding in a new era to Sri Lanka’s vibrant construction industry.  

Hameedia defends Textile & Apparel title at Great HR Quiz 2015

?Sri Lanka’s leading menswear specialist Hameedia, recently emerged as the winner of the Textile & Apparel category at the Great HR Quiz 2015 Awards for the second consecutive year,. 

IELTS recognised by over 3,000 institutions in the USA

?The International English Language testing system is recognised by over 135 countries including the USA. Its recognition in the US has increased over the years and at present has over 3,000 institutions including Ivy League universities...

Pidilite acquires leading white adhesive brand Chemifix

?Pidilite Lanka (Private) Limited recently acquired the PVAC adhesive business, associated with trademarks such as Chemifix.

FITIS Software Chapter to initiate Crowdfunding Program

 Federation of IT Industry Sri Lanka (FITIS) Software Chapter is planning to initiate a new program on Crowd funding as a part of its four pillar strategy for the development of the ICT industry and its members, namely business development...

SriLankan named Best Full Service Airline in Central & South Asia

?SriLankan Airlines was recognized as one of Asia’s finest carriers when it was named Best Full Service Airline in the Central and South Asian region at the Future Travel Experience Asia Awards 2015 in Singapore recently.

TDL abolition to delay major promotional drive by a year

 Sri Lanka’s long-overdue major promotional campaign may be delayed until 2017 due to the budget proposal to abolish the Tourism Development Levy (TDL) and seize the Rs.2 billion collected through it for promotional purposes.