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.’

PM to deliver 12th Sujata Jayawardena Oration

Prime Minister Ranil Wickremesinghe is scheduled to deliver the 12th Annual Sujata Jayawardena Memorial Oration on 11th December at the BMICH.

idac opens Kirulapone, Kalubowila Daikin Air Conditioning Solutions Plazas

Two Daikin Air Conditioning Solutions Plazas by idac were opened recently by Daikin Group Japan Deputy Regional Manager Junichi Ohmori, Deputy Managing Director Hitoshi Tanaka,...

Admo Solar delivers 100% power- saving benefits to Kurunegala PCO

Admo Solar, the renewable energy solution provider in Sri Lanka, which is part of Vinseth Engineering (Pvt.) Ltd, successfully carried out a solar energy project for the Kurunegala Provincial Council office complex (PCO) recently. 

Durra Building System wins National Green Award in ‘Waste Recycling’

Durra Building System (Pvt.) Limited, a subsidiary of International Construction Consortium (ICC), won the Bronze award in ‘Waste Recycling’ at the recently concluded National Green Awards Ceremony 2015 organised by the Central Environment Authority of Sri Lanka.  

Singer introduces new range of Sharp products

Singer Sri Lanka, the exclusive agent for Japan’s Sharp electronics and appliances in the country, continues to make significant strides in the local consumer durable industry to enhance consumer lifestyles.

CIMA LMD 100 Awards Ceremony today

CIMA Sri Lanka along with the pioneering business magazine LMD will be recognising companies that were named in the LMD 100’s Hall of Fame, at a sit-down gala dinner.

‘Naturplus’ biodegradable lunch sheets in Sri Lanka

Plastic Pakaging Pte Ltd which manufactures and exports very thin film polythene bags and sheets from 3 microns upwards to the UK and Maldives for the last 28 years recently manufactured...

Singer adds new products to Prestige Kitchenware portfolio

Singer Sri Lanka PLC further extended its ‘Prestige’ Kitchenware brand portfolio in Sri Lanka by introducing a gas cooker with glass top, mixture grinder, wet grinder, stainless pressure cooker and non-stick cookware range.

Tax regime changes causing problems to formal and informal accommodation providers

The informal sector accommodation providers in the country could face problems in transitioning to the formal sector, while formal sector small and medium scale enterprises (SMEs) will have trouble expanding due to the changes to the tax regime in the Budget 2016.

High net worth individuals to benefit more from new personal tax reforms of Budget 2016

?High net worth individuals have been provided a host of benefits in the Budget 2016, possibly in an interpretation of the social market economic theory of providing a strong safety net for citizens.

HSBC Advance customers catch the action at Abu Dhabi F1 - Grand Prix

?Three lucky HSBC Advance customers got the chance to soak in the sporting action at the biggest sporting event in the middle east and final race of the 2015 season– the ABU DHABI F1 - GRAND PRIX at the awe inspiring Yas Marina Circuit in Abu Dhabi. 

Mobitel mulls strategic acquisition

?Mobitel (Private) Ltd, the mobile arm of state-controlled Sri Lanka Telecom PLC said it was considering a “strategic acquisition” of a “local operator” to enhance its market position and asset base.

Fifth ‘Ease of Doing Business’ forum tomorrow

?The Finance Ministry will be holding the fifth forum of the ‘Ease of Doing Business’ on December 01, at 2 p.m. at the 4th floor auditorium of Miloda, Academy of Financial Studies, (Old Times Building), Sir Razik Fareed Mawatha, Colombo 01.