Bairaha Farms 1Q earnings reflect higher demand and prices for chicken

Bairaha Farms PLC, a leading chicken processor in the country reported strong financial performance for the quarter ended in June (1Q22), as demand for chicken recovered from the pandemic-induced slowdown while prices also remained elevated, supporting the company’s margins.

Expolanka profits surge in June amid higher airfreight volumes

Expolanka Holdings PLC delivered yet another solid quarter in June (1Q22) with massive jump in revenues and soaring profits as the company continued to benefit from the increased share of air freight amid persistent disruptions to the ocean freight industry due to shortage of containers, port congestions and fresh challenges from the Suez Canal blockage.

Worker remittances decline in June ending 13-month long run

Earnings from worker remittances declined in June from a year ago levels ending a thirteen-month long spell of continuous climb seen from May last year, but the income for the first six months of 2021 is still higher than what the country received a year ago.

Chamber Academy discussion and overview on Data Protection Bill today

The Chamber Academy, the knowledge arm of the Ceylon Chamber of Commerce, in partnership with the Information and Communication Agency (ICTA), will be hosting a timely webinar on the Data Protection Bill today, from 10:30 a.m. to 12:00 noon, via Zoom.

OREL IT appoints Dr. Upendra Pieris as CEO

OREL IT, a well-reputed name synonymous with distinctive groundbreaking technology and innovation both in Sri Lanka and globally, recently appointed Dr. Upendra Pieris as its Chief Executive Officer, who has been at the forefront of the company’s accelerated growth in his previous capacity as Vice President to the organisation.

Pathfinder Foundation in collaboration with Visa hands over report to Finance Minister

Pathfinder Foundation Senior Visiting Fellow Rajendra Theagarajah led a small work group to examine the implications of the April 2019 terror attacks and subsequent COVID-19 pandemic on the micro and small and medium enterprise (SME) segment and tourism/inbound leisure sector-related supply chains.

Union Bank 2Q profit up on expanding margins, fees

Union Bank of Colombo PLC got off to a robust start to the year in the first quarter, with growth in loans and solid profits but the virus-related restrictions reimposed from mid-April threw a wrench into that growth, as the bank recorded a degrowth in loans and assets, although profits were higher in the quarter ended in June from a low base a year ago.

ComBank offers free debit cards to teens opening new Dotcom savings accounts

Teenagers and pre-teens who open new Dotcom teen savings accounts with Commercial Bank of Ceylon will be offered a debit card, free of charge, until the end of August, the bank has announced.

HSBC Sri Lanka has done it again

On the backdrop of completing 129 years of operation in the country, HSBC Sri Lanka continued its leadership position as the best International Retail Bank of the year, at Asian Banking & Finance Retail Banking Awards 2021, for the fifth time, since 2016.

SDB bank geared for Rs.4.5bn SPO on August 5

With SDB bank set to host its Secondary Public Offering (SPO) in early August, investor forums both locally and globally continue to discuss the differentiated investment potential the bank’s strategic SME growth focus carries.

People’s Bank relocates Thambala branch

The opening ceremony of the newly relocated Thambala branch of People’s Bank was held on July 26, 2021, under the auspices of People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku.

Seylan Bank launches state-of-the-art data centre in Colombo

Seylan Bank recently unveiled its state-of-the-art data centre located at Seylan Towers, No. 90, Galle Road, Colombo 3.

Virus restrictions buffet growth momentum in credit card spend

The virus-related restrictions on a wide swath of the economy since April third week took a massive toll on the credit card spend by the Sri Lankans,

China’s major fertiliser makers to suspend exports amid tight supplies

Some of China’s major fertiliser companies said they would temporarily suspend exports to assure supplies in the domestic market, the state planner said yesterday, after prices in one of the world’s top grain producers hit record levels.

Restrictions slow Piramal Glass momentum in June quarter

The restrictions reimposed since mid-April on economic activities derailed the momentum at Piramal Glass Ceylon PLC, prompting the company to “aggressively” seek new international markets to blunt the impacts that could stem from the potential disruptions in its existing markets from the pandemic.

Billionaire investor Chamath Palihapitiya backs UK insurance start-up as it pivots from drones to cars

On June 3, one of London’s hottest days of the year so far, Chamath Palihapitiya, an early Facebook executive-turned tech investor, had lunch on the rooftop of The Ned hotel with the co-founders of insurance start-up Flock: Ed Klinger and Antton Pena.

Brombil Tea Factory achieves highest ever price for BOPA

Brombil Tea Factory, situated in Pelawatte, achieved an attractive price (highest ever) of Rs.1,550 per kg for the BOPA grade, in the Low Grown category, at the weekly tea auction held on July 27 and 28, 2021.

SriLankan Airlines carries out certification on Qatar Airways at MRIA

SriLankan Engineering, the maintenance repair overhaul (MRO) arm of SriLankan Airlines, recently carried out a maintenance check on an aircraft belonging to Qatar Airways.

Wathurawila Tea Factory establishes an all-time record price

Wathurawila Tea Factory, situated in Elpitiya, managed by Evergreen Group of Companies, achieved an all-time record price at the weekly tea auction held on July 27 and 28, 2021, by securing an attractive price of Rs.1,550 per kg for the BOP grade, in the Low Grown category.

Vallibel Finance profits soar in June quarter on new loans

Vallibel Finance PLC reported higher top and bottom line performances for the three months ended in June (1Q22), aided by higher loans, margin improvement and lower credit costs from the same period in 2020, showing that the company was able to successfully manage the challenges stemming from the pandemic.

Highest attendance up to date at all BOI EPZs post-vaccination D1

As a result of prioritising the vaccination drive for all employees in all 14 export processing zones (EPZs) across the country, the Board of Investment (BOI) has witnessed a sharp increase in total employee attendance of up to 80 percent as at July, since the beginning of this year.

Western Province to receive face-lift

The Western Province is slated to receive a face-lift with plans afoot to embark on an urban beautification programme that will start from Kelaniya.

Where we went wrong and the possible course

former High Commissioner to Australia and Chirman of George Steuart and Co. Ltd.

CEB engineers rattled by govt.’s unsolicited deal with US firm for LNG infrastructure

The Ceylon Electricity Board Engineers’ Union (CEBEU) said they are on high alert over a possible delay that could occur in obtaining the required LNG supply to the country in a transparent manner as the government is moving ahead to strike an unsolicited deal with a US-based company for a floating LNG terminal and pipeline amid a competitive tender process.

CAASL permits flights carrying vaccinated passengers to operate in full capacity

The Civil Aviation Authority of Sri Lanka (CAASL) yesterday gave clearance for incoming flights to operate in full capacity provided the passengers are fully vaccinated and are arriving via a bio bubble.

Prime Lands Residencies profit soars on healthy apartment sales

Filing its first set of financial statements with the Colombo Stock Exchange since going public last month, Prime Lands Residencies PLC reported strong revenues and profits for the financial year ended March 31, 2021 reflecting the resilience demonstrated by the country’s residential real estate sector in spite of pandemic-induced challenges.

Proposed Finance Bill an invitation for money launderers, UNP tells SC 

Attorney-at-law Eraj de Silva appearing for the United National Party (UNP), submitted to Supreme Court that the proposed tax amnesty scheme is similar to an invitation for money launderers and drug dealers alike to seek protection under the proposed amnesty regime.

People’s Leasing and Finance Rs.10bn debt issue snapped up on opening day

The Rs.10 billion listed debt issue of People’s Leasing and Finance PLC was oversubscribed on the opening day. Hence, the issue was closed at 4.30 p.m. yesterday.

Apartment sales power Overseas Realty June quarter

Overseas Realty (Ceylon) PLC continued to see robust sales for its luxury apartments at its Havelock City project, reflecting the country’s real estate sector has recovered strongly irrespective of virus-related restrictions and other challenges, which marred most of the June (2Q21) quarter.

SL’s student-teacher ratio static, but gap widens with school size

The number of students per teacher measured through the Student Teacher Ratio (STR) stood at 16.3 in 2020 at all government schools, little changed from a year earlier, but a growing gap was observed in the ratio depending on the size of the school, identified with the number of students.