Sunshine Holdings ups stake in Estate Management Services as Tata exits

Sunshine Holdings PLC said yesterday it bought over 6.7 million shares of Estate Management Services Limited (EMS) from Tata Global Beverages Limited for Rs.1.6 billion.

Stocks gain for fifth session in muted trading

REUTERS: Sri Lankan shares inched higher yesterday in their fifth straight gaining session to a fresh three-week closing high as the Central Bank held key policy rates steady, with trading muted by the holidays after Christmas.

Rupee falls 0.8% on heavy dollar demand

REUTERS: The Sri Lankan rupee closed lower yesterday as demand for dollars from importers and banks outweighed inward remittances and conversion of the U.S. currency by exporters, dealers said.

Tamed credit growth proof of prudent monetary policy mgt.: Central Bank

Private credit growth has reached within arm’s length of Central Bank targets since monetary policy and government loan-to-value (LTV) policies on vehicles have fully transitioned into the market, the Central Bank said.

Doors open for PayPal in Sri Lanka, says CB

The path is open for global payments platform Paypal to open up inward payment services to Sri Lanka if they wish to do so, since the Central Bank had pledged to provide regulatory space, top officials at the monetary regulatory authority said.

Lanka Century acquires Millennium IT’s enterprise solutions biz for Rs.1.08bn

Diversified business house Lanka Century Investments PLC (LCI) said yesterday it bought 100 percent of the enterprise solutions business of Millennium Information Technology (Millennium IT ESP) from London Stock Exchange Group (LSEG) for Rs.1.08 billion. 

Central Bank confident of achieving US $ 10bn in foreign reserves next year

The Central Bank yesterday said that Sri Lanka’s foreign reserves may reach up to US$ 10 billion next year, discrediting concerns raised by ratings agency Moody’s earlier this month.

The Body Shop Sri Lanka partners with The Little Gym for Christmas goodwill

The Body Shop Sri Lanka partnered with The Little Gym of Colombo to bring some Christmas joy and cheer

UCL Logistics enters new era with focus on brokerage solutions

UCL Logistics (a member of Expolanka Holdings) recently announced the establishment of its restructured

Leo Burnett bids farewell to its Managing Director Ranil de Silva

Leo Burnett Sri Lanka’s iconic leader and world-renowned advertising professional Ranil de Silva, will step down

Nivasie Malabe host BNI Sri Lanka’s diverse business gathering

Nivasie  Malabe, the country’s very first vertical living experience that spreads across a stunning 22-acres

Lanka Century Investments acquires enterprise solutions business of Millennium IT

In a strategic move to diversify into the IT solutions domain, Lanka Century Investments PLC. (LCI), a conglomerate reputed

CIFL saga hots up; depositors point at Central Bank cover up

The depositors of the failed Central Investment and Finance PLC (CIFL) yesterday alleged that the move by the Central Bank to close down CIFL and its group companies is to cover up the irregular and possibly illegal conduct of the Central Bank officials regulating these companies. 

France lends euro 13.9mn for Lankan dairy projects

Marking the over 45-year- old development cooperation between Sri Lanka and France, the Government of French Republic agreed to extend its assistance to Sri Lanka by providing a euro 13.9 million 

Central Bank seen keeping policy rates steady to support growth

REUTERS:  Sri Lanka’s Central Bank is expected to keep its key interest rates unchanged this week, a Reuters poll showed, as policymakers focus on supporting the slowing South Asian economy while remaining vigilant to still high inflationary pressures.

RIL gains control of United Motors

RIL Property PLC (RIL) yesterday said it has received acceptance for its mandatory offer on United Motors PLC (UML), which would result in RIL acquiring 51 percent or more of the voting shares of UML.

Sugar tax pushes fizzy drink prices up sharply

The sugar tax imposed under the 2018 budget proposals has increased the prices of carbonated soft drinks in the market significantly, Mirror Business observed. 

Rupee ends higher on weak demand for dollars

REUTERS: The Sri Lankan rupee closed firmer yesterday as inward remittances and exporter dollar sales surpassed demand for the US currency from importers, dealers said.

CA Sri Lanka renews agreement with (ISC)2

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently renewed the Memorandum of Understanding signed with (ISC)2 Chapter Sri Lanka, which is affiliated to the International Information Systems Security Certification Consortium Inc.

Deen Brothers Matara bags two international awards

Deen Brothers Imports (Pvt.) Ltd, a leading organisation involved in importing and distributing of high-quality machineries for the last 25 years, was honoured recently in the international business arena.  The company was awarded the Best Trade Promoter for the Dongcheng power tools and also the Excellent Sales Promoter for Shimge water pumps, amongst nearly 100 sales agents representing 52 countries around the globe. The above awards were

Sri Lanka-Malaysia Business Council holds business meeting

The Sri Lanka-Malaysia Business Council of the Ceylon Chamber of Commerce had a business meeting with members of the Malaysia-Sri Lanka Business Chamber on December 18th, at the Ceylon Chamber of Commerce.

Hi Life marks first anniversary

The Hi Life fashion store situated between Malabe and Koswatta celebrated its first anniversary recently and introduced a privilege card named Honour Club. The customers using the card have already hit the number 2000. 

Millennials for a better shared economy

Shared economy or gig economy, a concept endorsed by millennials, briefly means sharing with others what we do not use or have in excess. This model has spanned more widely than the prominent Uber and Airbnb among the millennials, who are slammed to give no value to ownership at all. 

Fed interest rate hike: How hard will it hit Asia?

The US Federal Reserve met market expectations when it raised the federal funds rate by 25 basis points to a target range of 1.25 percent-1.5 percent at its December Federal Open Market Committee meeting. It will likely raise the rate three more times in 2018. It now seems clear that US monetary policy normalization will continue against the backdrop of robust growth, a strong labour market and weak inflation.

NCE partners ILO to host awareness seminar for exporters

The National Chamber of Exporters of Sri Lanka (NCE) has collaborated with the International Labour Organisation (ILO), with a view to establish business linkages for export with agricultural producers in the Northern and Eastern Provinces of Sri Lanka.

Role of support services in making SL’s real estate sector sustainable

Sri Lankan real estate is going through a positive phase of transition in the process of development.  It is gradually moving to become a more organized one. This has largely been possible due to the entry of international real estate players and foreign investors into the real estate sector. From 2015 and early 2016, the real estate sector in Sri Lanka has witnessed phenomenal growth due to rapid urbanization, increasing levels of income an

Etihad Airways announces Casablanca as new Boeing 787 Dreamliner destination

Etihad Airways is to operate its flagship Boeing 787 Dreamliner on the Abu Dhabi – Casablanca route, effective May 1st 2018.

NDB goes paper-free during this festive season

The holiday season is all about sending greeting cards, good wishes and gifts. However, the impact that these simple gestures have on the environment is profound. During a time where climate change is having a massive impact on Planet Earth, NDB decided to go paper-free during the festive season.

Emirates flight catering: A dedicated facility which is world’s largest

Emirates Flight Catering (EKFC), the Emirates Airline’s catering facility in Dubai, the largest of its kind in the world, has a capacity of preparing over 175,000 meal trays a day, although it was initially ready only for 115,000. 

South Asia’s largest construction equipment exhibition EXCON 2017 held in Bangalore

“We are poised to enter a new era in the manufacturing glory with a great value offering the best quality and after sales care,” said Large and Medium Industries and Infrastructure Development Minister R.V. Deshpande, at the inauguration of EXCON 2017, South Asia’s largest construction equipment exhibition held in Bangalore, India from December 12th to 16th.