TJL to acquire Quenby Lanka for US$ 3.5 mn

Weft knit manufacturer Textured Jersey Lanka PLC (TJL),...

Shippers’ Council upset over Customs DG’s sudden resignation

Sri Lanka Shippers’ Council yesterday expressed concern over the sudden...

Aitken Spence 4Q net profit steady despite revenue drop

?Blue-chip Aitken Spence PLC saw its net profit for the March quarter (4Q15) steady at Rs.1.38 billion despite revenue dropping to Rs.9.45 billion from Rs.11.1 billion a year ago. 

Better political culture vital for luring investments: CCC

?Sri Lanka’s premier trade chamber believes a better selection process by political parties in selecting candidates for future elections could change the country’s political culture and attract quality investments, both local and foreign. 

Kuchchaveli—Sri Lanka’s new tourism hotspot

?The national tourism body is developing Kuchchaveli as its new flagship project, according to the Sri Lanka Tourism Development Authority (SLTDA) Chairman.

JKH announces share split

?Premier blue-chip John Keells Holdings PLC (JKH) yesterday said its director board had resolved to increase the number of shares in issue of the company, subject to shareholder approval.

EAP Broadcasting in Rs.3bn debt issue

?EAP Broadcasting Company Limited PLC is to issue debentures worth Rs.3 billion and the Colombo Stock Exchange has granted the provisional approval to list them.

Customs chief resigns

?Jagath P. Wijeweera has resigned from his position as the Director General of Sri Lanka Customs. “The Customs Director General gave me his letter of resignation today,” Finance Minister Ravi Karunanayake said.

Hemas launches ‘Slingshot’ entrepreneur and inventor support initiative

?Hemas Holdings PLC launched its second Innovation Initiative focused on harnessing the innovation capability of talented entrepreneurs in line with the group’s core business areas of wellness, leisure and mobility. 

Pathfinder presents economic proposals to JVP General Secretary

?The Pathfinder Foundation (PF), which has completed developing a comprehensive economic policy reform road map ‘Charting The Way Forward: Prosperity For All’, commenced handing over its copies yesterday. 

Co-Energi to revise ‘Code of Practice for Energy Efficient Buildings’

?Sri Lanka Sustainable Energy Authority has entrusted Co-Energi (Pvt) Ltd the task of revising the ‘Code of Practice for Energy Efficient Buildings in Sri Lanka- 2008’. 

Sunshine Holdings posts Rs. 16 bn consolidated FY15 revenue

?Diversified conglomerate Sunshine Holdings PLC posted a consolidated revenue of Rs. 16.3 billion in FY15, an improvement of 11.1 percent year-on-year (YoY). 

High insurance premiums slowing down electric car sales

Insurance premiums on electric cars in Sri Lanka are significantly higher than those of traditional vehicles, owing to spare parts non availability and other technological issues.  

Falling int’l LPG prices push Laugfs Gas 4Q net up

?The diversified conglomerate, Laugfs Gas PLC group (Laugfs) posted a net profit of Rs.369 million for the quarter ended March 31, 2015 (4Q’15) against a net profit of Rs.39.8 million posted during the corresponding period last year. 

Project delays hurt Access 4Q net profits

?The diversified group, Access Engineering PLC (Access), saw its net profit for the quarter ended March 31, 2014 (4Q15) falling by 20 percent year-on-year (yoy) to Rs.675.7 million, the interim financials released to the Colombo Stock Exchange showed. 

Sri Lanka counts on German FDIs to stimulate growth: Mangala

?The current regime is aggressively seeking foreign direct investments (FDIs) from Germany to create sustainable growth. “Sri Lanka has long been a paradise for German tourists, and we are now making it a paradise for German investors,...

Tea exports dip further due to Russian crisis

Ceylon Tea exports has declined further in April due to the Russian economic crisis, according to Forbes & Walker Tea Brokers. Exports for April declined to 22.9 million kilogrammes from 23.3 million kilogrammes year-on-year (yoy), while receipts fell to Rs. 13.5 billion from Rs. 15.2 billion yoy.

First CEO Communication forum in Sri Lanka to feature Dr. Dilip Abayasekara

?YKG Associates (YKG) announced a groundbreaking event in Sri Lanka’s corporate history: the first ever CEO Communication forum in the country. 

National Chamber seminar on “PAYE tax”

?The National Chamber of Commerce of Sri Lanka  will hold a half day Seminar on “PAYE Tax “- in English Medium  on Wednesday 27 May 2015  from 1.30 p.m to 5.00 p.m at  the National  Chamer  Auditorium,   450, D.R.Wijewardene Mw, Colombo 10.

Asanga at Global Dignity in Norway

?Crown Prince Haakon of Norway invited Asanga  Abeyagoonasekera, the Global Dignity Country Chair for Sri Lanka to participate in the 5th annual global dignity country chair summit in Oslo Norway from 10 -13th May.

Silk Road Entrepreneur Council talks

?The International Chambers of Commerce ICC met in Xi’an ,Shaanxi Province, China recently to discuss on a mechanism for the establishment of a Silk Road Entrepreneur Council.

ACCA awards Ceylon Tobacco with ‘Approved Employer Status’

?The Association of Chartered Certified Accountants (ACCA) recently awarded Ceylon Tobacco Company PLC (CTC) with the Approved Employer status for Professional Development. 

CA Sri Lanka, SLASSCOM educate chartered accountancy firms on FAO

?With Sri Lanka fast emerging as a global centre of excellence for Finance and Accounting Outsourcing (FAO), a large number of practicing chartered accountancy firms were recently educated by the Institute of Chartered Accountants...

Commercial Credit Rs.1bn debenture issue snapped up

?Commercial Credit and Finance PLC’s issue of 10 million rated, subordinated, guaranteed, redeemable five-year debenture issue at a par value of Rs.100 was oversubscribed yesterday.  

Switzerland plans renewing existing trade agreements with Sri Lanka

?Switzerland says it is working towards upgrading the ‘Avoidance of Double Taxation Agreement’ and the ‘Bilateral Investment Treaty’, which the country has signed with Sri Lanka.

Keells Food Products sees FY15 profit surging to Rs.261 mn

?Keells Food Products PLC, the processed meat industry leader in the country, saw its profit surging exponentially for FY15 amid higher top line growth.

Highways Ministry to proceed with OCH 3; cuts cost by 30%

?The construction of the Phase 3 of the Outer Circular Highway (OCH 3) will go ahead as planned, sans future expansions which would save costs, according to a communiqué by the Ministry of Highways.

Finlays’ GSA arrangement with Cathay to end in December

?Finlays Colombo PLC said yesterday the General Sales Agent (GSA) arrangement it has with Hong Kong-based Cathay Pacific Airlines will come to an end with effect from December 31, 2015.

Tea exporter calls for Sri Lanka-Turkey FTA

?Sri Lanka should negotiate a Free Trade Agreement (FTA) with Turkey, according to a leading figure in Sri Lanka’s export industry. “Turkey is another of those Asian giants which sits on the middle. One side is Europe, other is Asia.

Hayleys profits surge undeterred by poor plantations’ show

?The diversified Hayleys PLC saw its final quarter (4Q15) net profit surging over 50 percent year-on-year (yoy) to Rs.887.2 million, supported by all business segments of the group except plantations.