Seminar on new Foreign Exchange Act

A seminar on the new Foreign Exchange Act will be held on December 12th at Ramada Hotel from 2 p.m. to 5 p.m. The Act  came into effect from 20th November 2017, replacing the existing Exchange Control Act and liberalizing the existing Exchange Control regulations. 

Asia Leisure opens fifth luxury-leisure property ‘The Habitat’ in Kosgoda

In line with the company’s vision to offer exclusive leisure properties at key selected destinations, Asia Leisure, a subsidiary of Asia Capital PLC opened its fifth leisure property in the southern coastal belt, ‘The Habitat’ Kosgoda on the November28th,2017.

Rupee ends steady as dollar remittances offset demand

REUTERS: The Sri Lankan rupee closed steady yesterday as dollar inflows through inward remittances and exporter greenback sales offset the importer demand for the U.S. currency, dealers said.

Jaffna International Trade Fair to be held in January

The Jaffna International Trade Fair (JITF 2018), the largest consumer exhibition and trade fair in the fast-growing northern region will be held from 26th to 28th January. 

MTI launches CEO Survey for 2018 with Wijeya Newspapers

For the seventh consecutive year, MTI Consulting will be carrying out the CEO Business Outlook Survey in association with the Wijeya Newspapers Group.  The annual survey which will be conducted during the last weeks of December 2017, with the results being released exclusively in Wijeya Newspapers during the fourth week of January 2018.

Are we becoming a nation of alcoholics?

“A nation of alcoholics!” is how a friend described Sri Lanka to me last night. I must say that even though I don’t want to be judgemental, I wish to express my opinion. I do agree with my friend in most ways.   

Sept. quarter listed corporate earnings slip

Earnings of the listed corporates in Colombo bourse for the September quarter suffered a setback for the first time in many quarters amid key sectors recording dwindling profits, which mirrored the debilitating effects of the slowdown in consumer spending and overall difficult economic conditions.   

PM Chief Guest at CA Sri Lanka’s Annual Report Awards today

The 53rd Annual Report Awards organized by CA Sri Lanka will be held today under the patronage of Prime Minister Ranil Wickremesinghe, who will be the chief guest, while Speaker of Parliament Karu Jayasuriya will be the guest of honour. 

Ascot Holdings mandatory offer closes with consortium of buyers upping stake to 67%

Ascot Holdings PLC closed its mandatory offer with the acquirers upping their stake to 67.18 percent from the 45.16 percent they held prior to the offer announcement.  A consortium of local and foreign shareholders on October 24 bought 44.98 percent stake in the property and hospitality group for Rs.241.6 million, giving the firm a valuation of Rs.42.50 a share. 

Commercial Bank opens 258th branch in Rambukkana

The 258th branch of the Commercial Bank of Ceylon was opened in the town of Rambukkana, in the district of Kegalle, famed for the Pinnawala Elephant Orphanage, recently.

Allianz Continues to Support Sri Lankan Paralympic Team

Allianz Lanka has extended its support to the Sri Lankan Paralympic team by another two years. Allianz, which has been a partne

MullenLowe Sri Lanka Appoints New Head of Strategic Planning

MullenLowe Sri Lanka announced the appointment of Abhishek Hariharan as Associate Vice President and Head of Strategic Planning

Misconceptions about production and marketing of Ceylon Tea

This paper attempts to analyse the tea export revenues of Sri Lanka, value addition by tea exporters, comparative tea production between Sri Lanka and Kenya and Colombo and Mombasa auction prices. The purpose is to critically evaluate the performance of the tea exports, production, etc. in order to ascertain the constraints and provide a platform for a constructive dialogue for ‘way forward’. Let us begin with the analysis of recent m

Tea sector to receive US $ 150mn from Japanese banks

Following the special discussions held by Plantation Industries Minister Navin Dissanayake recently with the senior representatives of the two major Japanese banks – JMIC and MUFG, a sum of US $ 150 million is expected to receive at a concessionary interest rate. 

Planters’ Association calls for greater support for oil palm sector

Oil palm profits expanded exponentially over the past year with the four regional plantation companies (RPCs) engaged in the business recording a turnover growth of 44.2 percent year-on-year (YoY) up to Rs.3.95 billion, while profits within the sector rose by 66.6 percent YoY to Rs.2.29 billion at the end of the 2016/17 financial year, according to the most recent information released by the Planters’ Association of Ceylon (PA).

CMO/CFO Forum held on Interbrand best Sri Lankan brands valuation methodology

Interbrand, the world’s largest and most influential brand consultancy, will introduce Best Sri Lankan Brands, an extension of its world renowned Best Global Brands to local Corporates at a glittering ceremony graced by Prime Minister Ranil Wickremesinghe, recently  at the Hilton, Colombo.

Hayleys shines at regional awards for leadership and HR

Hayleys continued to secure international recognition for its pioneering HR practices, and outstanding leadership with its management team having recently been awarded with ‘The Most Innovative HR Practices’ at the Asia Pacific HRM Congress Awards 2017 in the group’s plantations sector and the award for ‘Outstanding Women Leadership’ at the South Asian Business Excellence Awards (SAPSAA) 2017.

Hameedia team sweeps modern retail sector at SLIM-NASCO 2017 Awards

The team from Hameedia, Sri Lanka’s leading menswear specialist, won multiple awards at the Sri Lanka Institute of Marketing (SLIM) National Sales Congress 2017.

CIC Health and Personal Care recognize and reward top performers

The rapidly growing Health and Personal Care division of the diversified conglomerate CIC Holdings PLC, recently held its annual awards ceremony and sales conference at Shangri-La, Hambantota.

Wurth grabs gold for sales at NASCO 2017

For the third consecutive year, Wurth grabbed the Gold for sales in the Automotive Sector at the 2017 National Sales Congress (NASCO), at the gala awards ceremony last week.

One Galle Face by Shangri-La awarded at PropertyGuru Asia Property Awards

The Residencies at One Galle Face by Shangri-La was feted as the ‘Best Mix Use Development’ at the recently concluded PropertyGuru Asia Property Awards 2017.

Access Engineering rated among top 10 best corporate citizens

Access Engineering PLC; the foremost Civil Engineering Enterprise in Sri Lanka once again ranked among the Top 10 at the Best Corporate Citizen Sustainability Awards 2017.

PFY teaches youth to manufacture compressed stabilized earth blocks

Strong, easy to build with, eco friendly, cool and affordable would be the best way to describe the compressed stabilized earth bricks (CSEB) manufactured by youth being trained by Projects For Youth (PFY) in Kithulewela  Matara.

Lakshan Madurasinghe’s life-changing journey at Habitat for Humanity

On International Volunteer Day, which is celebrated universally on 5th December, to foster a spirit of volunteerism amongst individuals and organizations

Insee Cement’s endeavour to educate youth in Puttalam

Insee Cement strongly believes in encouraging and inspiring youth to achieve career success through focus on training and education that would help them to progress professionally.

RIU releases bare land market report, Sri Lanka

The Research Intelligence Unit (RIU) recently launched itsbare Lands market report. The report provides an overview of the real estate boom and an extensive profile of the bare lands market, land price escalation as well as the main players in the market.

Sampath Bank Empowers Local Merchants with UnionPay Card

Sampath Bank announced that its local merchant partners will now be able to accept UnionPay credit and debit cards for Point of Sale (POS) payments.

EY reports on a marathon accounting project, leading to a new accounting landscape

In May 2017 the International Accounting Standards Board (IASB) issued IFRS 17 Insurance Contracts. This standard will be applicable for reporting periods starting on or after January 1, 2021. 

Google launches data saving app, Datally

Google recently announced Datally, a smart and simple Android app that helps smartphone users understand, control, and save mobile data.

ACS elects Sri Lankan-born Yohan Ramasundara as President for 2018-19

ACS - the professional body for Australia’s ICT sector - announced on November 25th, 2017 that Sri Lankan born Yohan Ramasundara was elected as the ACS President effective from January 1st, 2018 for a two-year term.