CA Sri Lanka’s 51st Annual Report Awards grand finale today

?The Grand Finale of the 51st Annual Report Awards organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will be held today at Waters Edge, Battaramulla.  

EDB flies in top apparel buyers from Brazil, Spain, Australia and Denmark

?A visiting high-powered multinational buyer team linked with the Export Development Board (EDB ) representatives and Lankan apparel giants recently after a three-year long resolute quest since 2012 by EDB to link with nine top global retailers.

Russian delegation meets Plantation Minister

?A four-member delegation led by Deputy Chairman of the Parliament of Russia the Council of Federation (Senate) Iliyas Umakhanov met Minister of Plantation Industries Navin Dissanayake recently at the Ministry of Plantation Industries.

Fashion Bug awarded best dealer for Emerald

?Fashion Bug, one of Sri Lanka’s leading retail clothing chains, won the prestigious award for being the ‘best dealer’ in the ‘Diamond’ category at the western province dealer convention of Emerald International held at Waters Edge.

Koala clinches top honours at National Business Excellence Awards

?Koala (Pvt) Ltd, celebrated as a true provider of unique and sophisticated contemporary interior design lifestyles was the recipient of the Silver award in the diversified business sector, medium category at the National Business Excellence Awards 2015 (NBEA) held recently.

Arpico shoppers can win visits to overseas theme parks this Christmas

Shopping at Arpico supermarkets is set to rise to a new frenzy this festive season, following the retail giant’s announcement that 50 families can win thrilling all-expenses-paid visits to some of Asia’s most exciting theme parks for purchases starting at just Rs 3,000.

SriLankan suspends Chennai flights following airport closure

SriLankan Airlines has suspended four Chennai bound flights, UL121, UL127, UL123 and UL125 from December 3, in view of the closure of the  Chennai International Airport  following heavy flooding due to torrential weather conditions in South India.  

Mora Pera Engineers’ Reunion on Dec 5

?Distinguished scholar and prominent engineers’ Professor Roahn J Lucas to deliver annual Mora Pera Reunion Oration on 5th December. 

SLCBC and Zhejiang Investment Promotion Center sign MOU

?In a bid to enhance ties between Sri Lanka and Zhejiang Province of China, Sri Lanka – China Business Council of the Ceylon Chamber of Commerce and Zhejiang Intl. Investment Promotion Center signed an MOU recently in Colombo.

FAO to construct Finfish hatchery in Batticaloa

?The Food and Agriculture Organisation (FAO) last week signed an agreement for the construction of a Finfish hatchery in the Batticaloa district with funds from the European Union Support to District Development Programme (EU-SDDP).  

Ranala Junior School visits American water factory

?American Premium Water Systems (Pvt) Ltd, pioneer in introducing 5 gallon bottles and hot & cold dispensers to Sri Lankan market is conducting factory visits for school children from all over the island.  

ReeBonn introduces latest products to local market

ReeBonn Cosmetics, one of the leading herbal cosmetics companies in Sri Lanka introduced its newest product, enhanced Tea Tree Oil Shampoo and Conditioner rich with world-famous medicinal Tea Tree essence and climbazole to the local market.

Cenmetrix recognized at Global Biometric Partner Conference in Turkey

?Cenmetrix (Pvt.) Ltd, an IT systems integrator operating in Sri Lanka, was recognized by Suprema Inc, a leading biometric manufacturer, at the Global Biometric Partner Conference held in Istanbul, Turkey recently. 

Hemas and Minor open first Anantara Hotel in Sri Lanka

The first Anantara Peace Haven Tangalle Resort greeted Sri Lanka’s South coast recently, formed as a joint venture partnership between Hemas Holdings and Minor Hotel Group, was opened to the guests from December1st. 

New SEC Act to carry legislation on REITs: SEC Chief

The new Securities and Exchange Commission (SEC) Bill, which is expected to be enacted by end-2016, will provide the necessary legislation to introduce real estate investment trusts (REITs), according to the capital market regulator. 

PM’s tourism policy and Budget proposals at odds

?Prime Minister Ranil Wickremesinghe’s policy for the tourism industry and the Budget’s proposal to make SriLankan Airlines into a regional airline seem to be at odds with each other, Tourist Hotels Association of Sri Lanka President Hiran Cooray noted.

People’s Insurance to float with Rs.750mn IPO

?People’s Insurance Limited (PIL) is gearing up for its Rs.750 million Initial Public Offering (IPO), which will be issued on December 16.

November inflation rises to 10-month high of 3.1%

?The headline inflation for the 12 months to November 2015 rose by 3.1 percent, recording the highest increase in 10 months, the data released by the Census and Statistics Department showed. 

Dhammika ups stake in Hayleys

The high-net-worth individual, Dhammika Perera has increased its stake in the diversified conglomerate, Hayleys PLC to 50.15 percent from 49.71 percent. 

Cap on pawning, ban on leasing, credit positive for Lankan banks – Moody’s

?The budget’s proposal to limit commercial banks’ exposure to gold backed loans and leasing activities will reflect positively on these lenders as such an action will minimize exposure to higher-risk loans, the global credit ratings agency, Moody’s Investors Service (Moody’s) said.

Equity One to de-list from CSE

?Property development entity, Equity One PLC (EQUIT) awaits nod from the regulators and its shareholders to de-list from the Colombo Stock Exchange (CSE) as it is not in compliance with the Minimum Public Float regulations imposed by the Securities and Exchange Commission (SEC).

Sri Lankan banks hit by triple whammy

?Sri Lanka’s banking sector is hit by a triple whammy of higher taxes, cessation of leasing business and the government guarantee on finance company deposits, according to an independent research company. 

Hoteliers worried over proposal to abolish Tourism Development Levy

The apex body for the country’s hotel sector, Tourism Hotels Association of Sri Lanka (THASL), called on the government to reverse the budget 2016 proposal to abolish the Tourism Development Levy ...

TEA Chairman blames smallholders for lower prices

?Tea smallholders are to be blamed for the falling auction prices as they offload low-quality teas and pull down the average tea prices at the Colombo tea auction, according to an industry expert. 

Risk of fiscal slippage will force govt. to curtail investments – Moody’s warns

The government will be forced to delay the capital investment projects if the revenue targets outlined in the Budget are not met, the global credit rating agency, Moody’s Investors Service (Moody’s) warned.

NTB director resigns upholding corporate governance

?A director of the John Keells group’s Nations Trust Bank PLC (NTB) has resigned due to the bank hiring one of his close relatives.

CIC sells Chemifix trademark

?Agrochemical giant CIC Holdings PLC has divested its rights in an adhesives range to a local subsidiary of Indian adhesive manufacturer Pidilite Industries Ltd for Rs.345 million.

EQT to launch mandatory bid for Swedish software firm IFS

?REUTERS: Private equity firm EQT has bought 63 percent of the shares in Swedish enterprise software maker IFS, and will make a mandatory bid for the remaining shares in the coming weeks, it said yesterday.

‘Know well your Heart and Bypass Heart Surgery’

The National Chamber of Commerce of Sri Lanka is to join hands with the Heart to Heart Trust Fund, inaugurated to do free heart surgery for the poor and underprivileged.

Indo–German Chamber delegation here to boost commercial ties

Mumbai based Indo – German Chamber of Commerce says Sri Lanka’s capital Colombo and Germany’s Hamburg City, should work closely and enhance commercial ties, as both cities are ‘Port Cities.’