Kanrich Finance appoints new chairman

Kanrich Finance, spanning over 45 years of extraordinary service in the Sri Lankan finance industry, announced recently that former Chairman P.A. Pemathilaka has retired from his exceptional service towards Kanrich and Dr. W.M. Hemachandra, an outstanding figure in the Sri Lankan financial sector, is appointed as the new chairman of Kanrich Finance.

Nations Trust Bank and Unigiros reward inward remittances

Nations Trust Bank partnered with Unigiros, a remittance services provider in Israel, to facilitate easy remittances to Sri Lanka for the growing Sri Lankan community in Israel.

IFRS 9 to drive modest rise in insurers’ income volatility: Fitch

Insurers are likely to see a moderate increase in investment income volatility following the implementation of IFRS 9 accounting standards for financial instruments at the start of 2018, as more financial assets will be valued on a fair-value basis, says Fitch Ratings.

Exclusive offers for Amex card-members through NTB partnership with Sound of Music

The world-renowned Andrew Lloyd Webber production of ‘The Sound of Music’ will be performed in Sri Lanka from February 14th to 18th, marking the first time an award-winning West End show of such calibre is performed in the country.

RIL Property announces Rs.800mn rights issue to settle bank borrowings

RIL Property PLC this week announced plans to issue fresh shares to its existing shareholders to raise money in a bid to settle part of its bank borrowings that weigh on group profits.  

Sri Lanka’s first Ironman triathlon to generate US $ 3mn in tourism earnings

The first Ironman event in South Asia would be held from February 22-25 in Sri Lanka, with the Ironman 70.3 Colombo international triathlon and exhibition set to generate US$ 3 million in tourism earnings for the country and haul in high net worth influencers, the event organizers said.

Singer acquisition ups Hayleys top line, but leveraged buy-out weighs on group profits

The acquisition of Singer Sri Lanka PLC in a blockbuster deal last year boosted Hayleys PLC’s top line, but the leveraged buy-out is now weighing on the country’s most diversified conglomerate’s bottom line performance. 

SriLankan says Colombo-Melbourne route making profits

The Colombo-Melbourne daily direct flight operated by SriLankan Airlines has broken even and is making profits now, the airline said in a statement yesterday.  

Tariffs, wrong way to raise revenue: Harvard academic

Making a strong case for free cross-border trade, Harvard Kennedy School’s Professor Robert Lawrence, delivering a lecture in Colombo last week, highlighted that tariffs are the wrong way to raise revenue for a government.   

Sirio assists restoration of over 65 houses damaged from Badalgama tornado

Sirio, a leading export oriented apparel company in Badalgama engaged in a massive CSR programme, where the company offered financial assistance to restore 65 houses of Sirio Ltd employees and people in the vicinity who suffered heavy losses due to the recent tornado in Badalgama, which caused heavy damage to houses.

KIU offers scholarships to children of tea small holders

Tea Small Holdings Development Authority’s award ceremony was successfully held recently at KIU Auditorium.KIU launched Rs.500,000 worth of scholarships to children of tea small holders at the event. 

Biodiversity Sri Lanka heads project to reforest Kanneliya Conservation Forest

Biodiversity Sri Lanka in partnership with Forest Department, IUCN Sri Lanka and Private sector partners have decided to initiate a pilot project to reforest a 10 hectare block in the Kanneliya Conservation Forest that has been completely degraded due to human activity by applying an ecological restoration modelling approach.

Hemas Piyawara unveils childcare center at Welikada prison

Hemas Outreach Foundation (HOF), the CSR arm of Hemas Holdings PLC together with the Welikada Prison Department, unveiled the newly refurbished Child Care Center on February 4th 2018, at the Welikada prison complex.

BRICS-plus: Alternative globalization in the making?

Against the backdrop of waning integration impulses in the developed world, the largest developing economies are forging ahead with new initiatives directed at revitalizing regional integration.

Singaporean companies explore investment opportunities in Sri Lanka

The Singapore Business Mission to Sri Lanka organised by the Singapore Business Federation (SBF) together with International Enterprise Singapore (IES) and Singapore Indian Chamber of Commerce and Industry (SICCI) recently held a seminar on doing business in Sri Lanka, at Paramount Tower, Nawala.  

Passenger and cargo handling capacity at BIA will be doubled in next 5 years: AASL

We are a government-owned company with statuary powers to manage and develop civil airports in Sri Lanka. That includes Bandaranaike International Airport (BIA), Mattala Rajapaksa International Airport (MRIA) and Colombo Airport Ratmalana. 

Dhananath Fernando wins US$ 10,000 for Sri Lanka in Think Tank Shark Tank in Asia

Advocata Chief Operating Officer Dhananath Fernando won the Asia Think Tank Shark championship in Jakarta for a research study on ‘Cost of Construction and protectionism’.  Asia Think Tank Shark Tank is a championship for Asians to pitch their ideas on creating impact on public policy for helping economic prosperity in Asia. 

Amaleans, Seylan Bank biggest subscribers to Jetwing Symphony IPO

Seylan Bank and the Amaleans were the biggest buyers of the Jetwing Symphony (JETS) shares during its Initial Public Offering, according to the first interim financial statement of JETS.

Taxiyak provides ease and flexibility in taxi booking and scheduling

Taxiyak, the latest taxi booking and trip-scheduling app, which offers the most flexible trip planning and scheduling options, has entered the market.

UTE Engineering finds solutions to training problems

The UTE Engineering arm of United Tractor and Equipment (Pvt.) Ltd (UTE), recognised as one of the nation’s premier engineering solutions providers is firmly committed to help grow the country’s skilled technical workforce and enhance their capabilities.

Central Industries PE water-pipes conferred with British WRAS certificate

Central Industries PLC which produces Sri Lanka’s leading water-pipe and accessory brand ‘National PVC’ was conferred with WRAS certificate from Britain for the company’s PE (Polyethylene) 

nCinga to digitise Bangladesh’s garment manufacturing industry

Sri Lanka’s software maker nCinga opened office in Bangladesh, in partnership with Robi Axiata Bangladesh providing next generation smart factory solutions, with the launch of nFactory its Industry 4.0 aligned manufacturing execution software at an industry event held recently at the Radisson Hotel in Dhaka.

New Anthoney’s Farms expands to cater to growing demand

New Anthoney’s Farms has initiated a major expansion strategy to allow the company to enhance its products offered and significantly increase its present capacity in all its operations, ranging from in

Hilton Colombo Residences announces Valentine’s Day promotion

Hilton Colombo Residences announced its Valentine’s Day promotion: ‘A Feast of Love’ at FLOW.

Singaporean companies exploring investment opportunities in Sri Lanka

The Singapore Business Mission to Sri Lanka organized by the Singapore Business Federation (SBF) together

Chinese New Year Celebrations at the Hilton Colombo

Celebrate love and prosperity together as one this Chinese New Year with a magical dinner buffet prepared by Master Chef Ong Yong 

Amana Takaful expands its Branch Network

Amãna Takaful PLC (ATL) recently opened its doors in Nugegoda, Beruwela and relocated its Puttalam Office. 

Unilever threatens online ad cuts to clean up Internet

REUTERS: Consumer goods giant Unilever, one of the world’s biggest advertisers, has threatened to pull investment from digital platforms such as Facebook and Google that “create division” in society or fail to protect children.

Petronet, Japanese company to set up US $ 300mn liquefied natural gas terminal in Sri Lanka

ECONOMIC TIMES: Petronet LNG Ltd, India’s biggest importer of gas and its Japanese partners will invest US $ 300 million to set up Sri Lanka’s first liquefied natural gas (LNG) terminal near Colombo, its CEO Prabhat Singh said. 

UDA rejects Renuka Capital’s mandatory offer on On’ally

The mandatory offer made by Renuka Capital PLC to fully acquire On’ally Holdings PLC expired last week, with the largest shareholder, the state’s Urban Development Authority (UDA), holding on to its shares.