Casinos should bring in high-spending tourists: Dy Minister

Casinos are required to bring in additional high-spending tourists, Tourism and Christian Affairs Deputy Minister Arundika Fernando told Mirror Business. “I know different people have different views, but my view is that casinos are needed,” he said.

India replaces SL as largest tea exporter to Russia

?Delayed pickup of the local tea industry has resulted in the nation losing its position to India as the largest tea exporter to the Russian Federation. Analysts opine it is likely the latter will hold this stance, replacing Sri Lanka.

Finance Minister meets top CEOs at Ceylon Chamber session

The Minister of Finance Ravi Karunanayake took part in an ‘Interactive Session’ with 25 CEO’s of top corporate firms, representing a wide cross section of businesses, 

Oil prices tumble

AFP - Oil prices tumbled in Asia yesterday, cutting short a rally the day before after hints of an interest rate hike in December by the US Federal Reserve boosted the dollar.

Develop pola markets before capital markets: MTI

In a developing country where a significant proposition of population rely on ultra-small businesses for livelihood, governments should invest more ‘energy’ and funds on developing the small business infrastructure...

ACCA appoints Samarasinghe as President for second year

ACCA’s 38thAnnual General Meeting held recently at the Cinnamon Grand Colombo, had Danushka Samarasinghe, the Chief Operating Officer at Softlogic Stockbrokers, ...

Colombo’s Altair twin-tower ignites investor interest in Japan

Indocean Developers, the promoter of Sri Lanka’s architecturally-unique twin-tower high rise development Altair, has reported significant buyer interest in Japan, following the company’s participation as the sole real estate sector entity at the recent Sri Lanka Business Forum in Tokyo.

Daily Mirror ‘Breaking News’ on LED screens around Colombo

?Look out for Daily Mirror breaking news updates on LED screens around Colombo, powered by Emerging Media (Pvt) Ltd.

Three Sinha Industries wins Gold at CNCI Achiever Awards

?Three Sinha Industries (Pvt) Ltd bagged the Gold Award for National Level – Large Category in Manufacturing Sector at the “CNCI Achiever Awards 2015” held recently at Hotel Galadari.

Exide wins Merit award at National Quality Awards

?Associated Battery Manufacturers (Ceylon) Limited, the manufacturers of lead acid automotive batteries  in Sri Lanka, was honoured with the Merit Certification for manufacturing sector (medium scale) in Sri Lanka, at the National Quality Awards 2015 held at BMICH recently.  

Maliban clinches Sri Lanka National Quality Award

?Maliban Biscuit Manufactories Limited received the Sri Lanka National Quality Award (NQA) in the large scale-manufacturing category from the Sri Lanka Standards Institution (SLSI) for the third time. 

Singer revenue grows 34% in 3Q; YTD revenue reaches Rs.27bn

?Singer Sri Lanka continued its 2015 aggressive growth agenda posting impressive third quarter results as the group revenue increased by 34 percent during the period.  

Lanka Ashok Leyland records sharp top-line growth in 2Q and 1H

?Lanka Ashok Leyland PLC, an Indo-Lanka joint venture importing and assembling buses, has seen a sharp growth in its top-line for the quarter (2Q16) and first half (1H16) ended September 30, 2015, interim financial accounts released to the Colombo Stock Exchange showed. 

Oil palm boosts Watawala Plantations 2Q profits

Sunshine Holdings PLC’s plantation subsidiary Watawala Plantations PLC posted a net profit of Rs.131.08 million for the second quarter ended September 30 (2Q16), representing a 320 percent increase year-on-year (YoY), with the oil palm sector coming for a bail out.

Ministerial task force to look into tea industry woes

Prime Minister Ranil Wickremesinghe has instructed that a task force be set up to look into the tea industry following discussions with the planters this week

CSE’s Zurich forum draws strong interest from Swiss-based investors

The first-ever capital market investor forum held in Switzerland yesterday proved to be an outstanding success. Titled ‘Invest Sri Lanka’ and organised by the Colombo Stock Exchange (CSE) in association with the Swiss Asian Chamber of Commerce (SACC)...

Sri Lanka’s business climate looks up; rank slips

Sri Lanka’s Ease of Doing Business ranking slipped eight positions to the 107th place for 2015 from the 99th position in 2014, according to the World Bank’s Doing Business 2016 report that was released Tuesday.

Western Province continues to retain crown as largest contributor to GDP

Sri Lanka’s Western Province continued to be the highest contributor to the country’s gross domestic products (GDP), accounting for 42 percent in 2014, little changed from the previous year.

Lanka Tiles celebrates 1st anniversary of Tilers’ Club

?Lanka Walltiles PLC and Lanka Tiles PLC, the pioneers of wall and floor tile manufacturing in Sri Lanka, recently celebrated the 1st anniversary of the Lanka Tiles Tilers Club. 

EDB Chairman Egodage steps down

Sri Lanka Exports Development Board (EDB) Chairman Bandula Egodage stepped down from the top post with effect from yesterday. Egodage, a well-known and respected private sector executive, was the 11th EDB Chairman. 

Emerald introduces revolutionary Flexi-Collar shirt

?Emerald, Sri Lanka’s premier brand of men’s shirts, did away with the discomfort of constricting collars when one is buttoned up with the launch of its Flexi-Collar shirts.

Sri Lanka’s public sector to embrace int’l accounting standards soon

In a bid to bring transparency and accountability into the Sri Lanka’s public sector marred by corruption, the government is planning to adopt the International Public Sector Accounting Standards (IPSASs) soon, according to the senior most official of the country’s sole accounting standards setting body. 

Electronic surveillance system to eliminate financial malpractices

The government will be implementing an electronic surveillance system to monitor all financial transactions and eliminate corruption in the country as it enters into the digital age.

Firms target digital-savvy, eco-conscious drivers

AFP: Toyota’s three-seater exoskeleton car and an electric vehicle with touch screens that turn it into a “digital space” are among the concept models that will be on display at the Tokyo Motor Show this week.

Fitch forecasts steady demand for Sri Lanka’s consumer durables

The conducive demand environment for Sri Lanka-based consumer durables is likely to continue in the short to medium term despite possible headwinds from depreciation in the Sri Lankan rupee against major currencies and higher import tariffs, Fitch Ratings said in a new report. 

Cold Stores 2Q net up 129% to Rs.706mn

Ceylon Cold Stores PLC (CCS), a unit of John Keels Holdings that has interests in consumer goods, manufacturing and retailing, saw its consolidated net profit for the September....

FMCG business boosts Keells Food 2Q16 profit by 80%

Keells Food Products PLC, the processed food manufacturing arm of the country’s largest conglomerate, posted a net profit of Rs.95.50 million for its second quarter ended September (2Q16), increasing 80 percent from Rs.53.19 million year-on-year (yoy).

Axiata Group’s dollar denominated Sukuk trust certificates assigned ‘BBB’ rating

Standard & Poor’s Ratings Servics (S&P) yesterday assigned its ‘BBB’ long-term issue rating to proposed benchmark size U.S. dollar-denominated sukuk trust certificates by Axiata Group Bhd (BBB+/Stable/--; axA+/--), a Malaysia-based telecommunications holding  company. 

Capt Ratnayake creates a ‘first’ in local aviation

Capt. Milinda Ratnayake made history recently when he became the first Sri Lankan to be offered a role at the Flight Operations Group at the International Air Transport Association. 

CCC and Japan’s Kansai Economic Federation sign cooperation agreement

An agreement was signed when the Ceylon Chamber of Commerce together with the Sri Lanka – Japan Business Cooperation Committee participated in a ‘Round table’ meeting with a top Japanese biz delegation led by the Kansai Economic Federation to explore business opportunities in the Island.