Fitch’s rating affirmation will boost confidence: Harsha

Fitch’s affirmation of ‘BB-‘ rating on Sri Lanka will result in more foreign investments, and will allow the country to raise funds externally at reasonable rates, according to Economic Affairs and Policy Planning Deputy Minister Dr. Harsha de Silva.

Union Bank 1Q net up 71% over loan growth and better margins

Union Bank of Colombo PLC (UB) Group posted a net profit of Rs. 31.8 million for the quarter ended March 31, 2015, up 71 percent over the corresponding period last year...

Governor Mahendran resumes duty after bond probe report

?REUTERS: Sri Lanka’s Central Bank Governor Arjuna Mahendran has resumed his duties after a more than five-week voluntary leave of absence after being cleared by a panel investigating a controversial government bond auction.

Shares end steady awaiting President’s speech

REUTERS: Sri Lankan shares ended steady in thin trade yesterday, hovering around their highest in more than six weeks hit in the previous session with investors offloading telecom and diversified shares...

DFCC to raise Rs.5bn through debentures

?DFCC Vardhana Bank PLC plans to raise Rs.5 billion issuing Basel II-compliant senior debentures of up to Rs.3 billion and Basel II-compliant subordinated debentures up to Rs.2 billion.

Chevron Lanka 1Q15 net profit down

?Chevron Lubricants Lanka PLC, the local unit of US-based multi national saw its net profit for the quarter ended March 31, 2015 (1Q15) falling Rs.210 million amid subdued top line growth, the interim financial accounts released to the Colombo Stock Exchange showed.

Fitch withdraws rating on DSI Holdings

?Fitch Ratings has withdrawn DSI Holdings Limited’s national long-term rating of ‘BBB(lka)’ with a stable outlook. The withdrawal follows the amalgamation of DSI Holdings Limited with its ultimate parent, DSI Samson Group (Private) Limited. 

HIDA Japan successfully concludes ‘Programme on Corporate Management for Sri Lanka’

?Seventeen Sri Lankan senior managers participated in this year’s ‘Programme on Corporate Management for Sri Lanka’ (LKCM) conducted by the Overseas Human Resources and Industry Development Association (HIDA) Japan, recently in Osaka, Japan.

LankaPay processes over 1mn ATM transactions this Avurudu

?Sri Lanka’s largest common ATM network – LankaPay –recorded a mammoth three-fold growth in ATM transaction volumes and four-fold growth in values within the first 15 days of the April Avurudu season. 

Sri Lanka March tea exports dip

?Total quantity of tea exported for the month of March 2015 including re-exports with imported tea amounted to 25.18 mn/kg, showing a considerable decline of 5.77 mn/kg (-18.65 percent) compared to the same period last year. 

Peter Hill to leave SriLankan for Fiji Airways

Former SriLankan Airlines CEO Peter Hill, who rejoined the national carrier in an advisory capacity this February, will be leaving his position to head Fiji Airways.

Cruise ship arrivals to Sri Lanka doubles

Cruise ship arrivals to Sri Lanka in the 2014/15 season have almost doubled since the 2013/14 season, which has led to a Rs.5 billion budget on promotions, according to the Sri Lanka Tourism Promotion Bureau (SLTPB).

Govt drafts laws to regulate microfinance lending

The government is currently drafting a microfinance bill to accommodate a four-layer regulator with the Central Bank (CB) as the national level regulator to regulate microfinance lending. 

Tolstoy & Billionaires: Overheard at the IMF’s Spring Meetings

All happy countries are alike; each unhappy country is unhappy in its own way. This twist on Tolstoy’s Anna Karenina echoed through the seminars....

SLID’s Director Certification Programme brings ‘Yahapaalanaya’ to Board room

?BOARD LEADERSHIP –Director Certification Programme, the flagship  programme of The Sri Lanka Institute of Directors, which kicked off on March 25th& 26th at the Kingsbury.

Serendib Flour Mills appoints Sathak as new Chairman

?After successfully leading Serendib Flour Mills for 15 years, the company’s former CEO Sathak Abdul Kadar has been appointed as Serendib Flour Mills’ new Chairman with effect from May 1, 2015. 

China Shipping Container Lines eyes aggressive expansion into Sri Lanka

China Shipping Container Lines Co., Ltd (CSCL), the seventh largest shipping line in the world, is eyeing aggressive expansion into Sri Lanka as a regional hub, helped by its local shipping agent, the Ceyline group.

CLC partners with HNB to offer ATM facilities

?Commercial Leasing & Finance PLC (CLC) partnered with Hatton National Bank (HNB) to introduce ATM facilities to its customers.  The launch ceremony was recently held at the CLC head office at No. 68, Bauddhaloka Mawatha, Bambalapitiya...

Laksala organises Vesak promo with special discounts

?For over 50 years, Laksala has promoted the Sri Lankan heritage and local artisans keeping their traditions alive. It has earned the appreciation of numerous local and foreign customers for the colourful variety of products offered. 

SLASSPA requests business community to have patience over holiday period

?Sri Lanka Security Service Providers’ Association (SLASSPA) President Major Tissa Aluwihare voiced the concerns of the members of the SLASSPA over the numerous holidays, which have greatly impacted the security industry.   

Ceyoka inks landmark distributor agreement with Schneider Electric

?Ceyoka (Pvt.) Ltd announced that it had entered into a landmark distributor agreement with Schneider Electric, the global specialist in energy management, for its lighting control products.

Kabir Hashim meets with Qatar Ambassador

?Highways and Investment Promotion Minister Kabir Hashim met with Qatar Ambassador to Sri Lanka Rashid Shafie Saeed Al-Fahida Almerri yesterday.

CBL revolutionizes cereal market with Nutriline

?Ceylon Biscuit Limited (CBL), the leader in the biscuit and confectionery market, recently launched the Nutriline cereal range - a tasty, healthy and wholesome cereal enriched with multi grains, delivering optimal nutrition for children.

Asia Siyaka Sampling Dept achieves ISO 9001:2008 certification

?The Sampling Department of Asia Siyaka Commodities PLC has successfully achieved the ISO 9001:2008 certification in order to provide quality service to tea buyers.

Sri Lanka sovereign rating remains unchanged at ‘BB-’

Sri Lanka’s sovereign rating remains unchanged as Fitch Ratings yesterday affirmed Sri Lanka at ‘BB-’ with a stable outlook. The rating agency said Sri Lanka enjoyed a smooth political transition following the ...

Serendib Flour Mills appoints Kevin O’Leary as new CEO

Preparing for a new phase of growth and development,

Kelani Cables recognizes best retail sales promotion officers

Kelani Cables PLC recognized its exceptional retail sales promotion officers...

TIYOKA new food products range enters market this New Year

Amco Trading Private Limited is ready to introduce the TIYOKA range to the local market.

Lowe LDB takes pride in nurturing country’s most loved brands

Lowe LDB was elated to see three of its long standing clients,

Strathspey Estate receives ‘Rainforest Alliance’ certificate

Strathspey Estate situated in Hatton/Upcot area in the Nuwara Eliya district,