Oil extends losses in Asia on strong OPEC output

AFP - Oil tumbled to fresh multi-year lows in Asia yesterday after OPEC said output had surged, exacerbating concerns over a supply glut that is expected to persist beyond next year.

CIMA-LMD hold 100 Awards Ceremony

CIMA Sri Lanka, known for its contributions to the business field, collaborated with the country’s most prestigious magazine Lanka Monthly Digest (LMD) to recognise the contributions of Sri Lanka’s Most Influential Companies at a gala awards ceremony recently.

National Chamber of Exporters thanks media

The National Chamber of Exporters (NCE) felicitated the representatives of media organisations at an event held recently to express the appreciation of the chamber for the support extended to the chamber during the

First-ever Mercedes-Benz Fashion & Apparel Awards Sri Lanka concludes on high note

The first edition of the Mercedes-Benz Fashion & Apparel Awards Sri Lanka concluded on a high note with a dazzling night that awarded 10 proud winners.  This prestigious event that marked the pinnacle of Sri Lankan fashion recognised and celebrated the

Asanga presents ‘Towards A Better World Order’ to President

Asanga Abeyagoonasekera presented his book ‘Towards A Better World Order’ to President Maithripala Sirisena recently.  The book was launched by late Most Ven. Maduluwawe Sobitha Thera along with Prof. Carlo Fonseka and Prof. Vini Vitharana. 

Tokyo Cement recognised once again in LMD 100

Tokyo Cement, Sri Lanka’s premier cement manufacturer, has once again landed a coveted spot on the highly prestigious, 2015 edition of the LMD 100, being ranked 25th overall. 

Star Gold pasta comes to Sri Lankan market

In order to meet the demand for health conscious products among Sri Lankan consumers, R.G. Brothers & Co. has introduced a No Fat No Sugar Star Gold Pasta to the market.   A product of R.G. Brothers 

Brandix HQ receives Green Mark – Platinum, second top award in a month

The headquarters building of the Brandix Group has been awarded the Green Mark – Platinum certification by the Ceylon Institute of Builders (CIOB), making it the first commercial building in Sri Lanka to receive this rating, developed by the Building Construction Authority (BCA) of Singapore to assess Green

AkzoNobel launches Dulux Ambiance interior top coats and special effects paints

AkzoNobel, one of the world’s leading global paints and coatings companies and the maker of Dulux Paints, has launched Dulux Ambiance, a premium range of interior top coats and special effects paints. Dulux Ambiance was created by colour experts and designers

IMF says Central Bank should get ready to hike rates in coming months

The International Monetary Fund yesterday said (IMF) the country’s Central Bank should be prepared to tighten the monetary policy in the coming months, citing many factors including the deterioration in the balance of payments (BOP) and pressure on the rupee. 

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...