65-acre plot allocated to SPMC to initiate Horana pharma investment zone

The Cabinet nod was granted this week to allocate a 65-acre land plot from the Horana Industrial City Development Project, located in Millewa, to State Pharmaceuticals Manufacturing Corporation (SPMC) to kick-start the construction of the first phase of the Horana pharmaceutical investment zone.

Indian tech giant HCL to take up 80% of ‘The Offices’ at Cinnamon Life

Colombo’s newest state-of-the-art office tower, ‘The Offices’ at Cinnamon Life, has been chosen as the hub for leading global technology company HCL Technologies’ growth drive in Sri Lanka.

July food prices up 0.70%, indicates Advocata’s ‘Bath Curry Index’

The food prices in the country continued to increase in July, according to Advocata’s Bath Curry Indicator (BCI), which expanded by 0.70 percent from the previous month.

Debt-hobbled Sri Lanka risks running out of options

LONDON, Aug 3 (Reuters) - Sri Lanka paid a $1 billion bond last week, but the alarming state of its finances suggests it may have been just another step towards its first sovereign default.

July food price up 0.70%: Advocata’s ‘BCI’

Food prices in the country continued to increase in July, according to Advocata’s Bath Curry Indicator (BCI) which expanded by 0.70 percent from the previous month.

CB could continue to stay dovish during rest of year: ICRA Lanka

The Central Bank could stay on its current dovish monetary policy path through the rest the year, as the desired goals of such a policy are being achieved by way of accelerated pace of credit to the economy, although further easing is ruled out due to the potential excesses emerging in the economy.

June state borrowings from CB and banks surge as restrictions deprive tax incomes

The borrowings by the government from the commercial banks and Central Bank shot up in June, due to the tax-killing virus-related restrictions on economic activities, while the sale of liquor,

Certificates of Origin to be facilitated online

In an effort to speed up the authentication of goods produced in Sri Lanka, an online platform has been facilitated for exporters to obtain the Certificates of Origin (COO).

Lion Brewery writes off most of Millers’ assets within six years of acquisition

Lion Brewery (Ceylon) PLC paid Rs.4.0 billion in October 2014 to acquire the brands owned by Millers Brewery Limited,

Container throughput at Colombo Port almost touches pre-pandemic levels in first half

The container throughput at the Port of Colombo recovered nearly touching the pre-pandemic levels in the first half of the year, with both domestic and transshipment volumes rebounding in the second quarter, the Sri Lanka Ports Authority (SLPA) data showed.

Senkadagala Finance to tap shareholder funds

Senkadagala Finance yesterday announced plans for a rights issue to raise up to Rs.474.5 million to help the company to maintain its capital adequacy requirements ordered by the Central Bank.

Securities market to be introduced as a subject in education curriculum from 2023

The securities market is to be introduced as a subject to the student education curriculum from the year 2023, the Securities and Exchange Commission (SEC) announced.

Final draft version of demutualisation of CSE to be submitted to Cabinet shortly

The final draft bill for the demutualisation of the Colombo Stock Exchange (CSE) is expected to be submitted to the Cabinet of Ministers for approval shortly, the Securities Exchange Commission (SEC) announced in its 2020 annual report, which was released last week.

Growth momentum continues at Pan Asia Bank; 2Q profits up on new loans and higher margins

Pan Asia Banking Corporation PLC showed resilience during the three months ended in June (2Q21), as the lender pushed ahead its growth set forth at the start of the year while continuing to improve its key performance matrices such as asset quality, interest margins, liquidity and capital buffers.

Association of Professional Bankers holds 32nd AGM

The 32nd Annual General Meeting (AGM) of the Association of Professional Bankers (APB), Sri Lanka was held recently at the Galadari Hotel, Colombo where a minimum number of members attended the meeting physically in compliance with prevailing Health and Safety measures while majority of members attended the

CDB among Top 50 Most Valuable Consumer Brands

Exemplifying the quintessence of its vision of empowering aspirations, Citizens Development Business Finance (CDB) etched yet another milestone in its 25 year history by being ranked among the Top 50 of Sri Lanka’s Most Valuable Consumer Brands this year, in this 18th annual review by pioneering brand valuation and strategy firm Brand Finance and business magazine LMD.

DFCC Bank unveils ‘Krushibala’ loan scheme to enhance local agri businesses

In its next step to advance economic development and fulfill its pledge to contributing to a resilient Sri Lanka, DFCC Bank announces the ‘DFCC Krushibala’ credit scheme, introduced exclusively to assist SMEs and Corporatesengaged in the local Agricultural and related sectors.

Sampath Bank joins hands with Home Lands Skyline as funding partner for Santorini Resort Apartments

Home Lands Skyline (Pvt) Ltd recently partnered with Sampath Bank PLC, as the exclusive project funding partner for the development of Santorini Resort Apartments and Residencies which is South Asia’s first Theme Park Style Resort Apartment and Residencies.

DIMO further expands biz portfolio with DIMO Initium

DIMO, one of the leading conglomerates in Sri Lanka, has continued the expansion of its business portfolio by providing solutions to the market under Industrial, Nutrition and Construction Chemicals segments.

Singer signs Falan Andrea as Brand Ambassador for Hi-Fi range

Singer (Sri Lanka) PLC announced the appointment of Falan Andrea as the new Brand Ambassador for Singer Hi-Fi range.

Rootcode welcomes Mangala Perera as COO

Rootcode recently announced the appointment of Mangala Perera as its new Chief Operating Officer for its global business operations.

Browns General Trading Division offers array of Makita cordless garden equipment

The General Trading Division (GTD) of Browns Group offers a wide array of Makita cordless garden equipment powered by world famed Japanese technology.

Maud Meijboom-van Wel appointed Managing Director of Heineken Lanka

Maud Meijboom-van Wel has assumed duties as Managing Director of Heineken Lanka Limited, taking over the reins from her predecessor, industry veteran Dusty Alahakoon who was responsible for transforming Heineken Lanka Limited into a multinational.

Exterminators becomes SL’s first ISO 22000 Food Safety Mgt. System certified disinfection service provider

The Exterminators (Pvt) Ltd announced that the company has become Sri Lanka’s 1st and probably the world’s 1st ISO 22000 Food Safety Management System certified disinfection service provider.

SriLankan kicks off ‘Buy One Get One Free’ Offer for Moscow

National carrier, SriLankan Airlines kicked off its special ‘Buy One Get One Free” offer by opening up the promotion to Russian holiday makers visiting the country for the summer vacation.

Workable plan backed by durable analysis urged for avoiding default

A workable plan backed by a durable analysis presents Sri Lanka with the best chance to overcome the current external debt crisis and a potential foreign exchange reserve crisis by rebuilding the confidence on the country among local and foreign investors, while averting a default scenario, according to a top economist.

Cabraal assures biz community that good years will come!

While reassuring the commitment to maintain policy consistency, State Minister of Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal appealed investors and businesses community to stay on course without losing vigour and giving into short-term constraints of the on-going ‘consolidation period’ as better years are ahead.

Private sector credit gains momentum in June adding hopes for quick economic revival

The growth in private sector credit continued its robust spell with added vigour in June, broadly reflecting the continuous appetite for low-cost credit in the economy as banks have demonstrated utmost willingness to keep their lending taps wide open.

SriLankan Airlines returns to Moscow with direct flights

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance is delighted to announce the commencement of direct flights between Sri Lanka and Russia. The inaugural flight was ceremonially greeted with a water salute at Domodedovo Airport (DME) in Moscow.

Colombo inflation up as higher fuel prices take root

Prices in the Colombo district were pushed further higher in July as people were seeing venturing out after a month long sheltering-in-place, spending on everything from travel to clothing to restaurant dining, while the food prices eased, though staying stubbornly at double-digit levels.