Softlogic Finance opens new Kottawa branch

Continuing on its journey to better serve a growing base of valued customers, Softlogic Finance PLC announced the further expansion of its branch network with the opening of a fully-fledged new branch in Kottawa recently.

NDB bags Gold at CFA Sri Lanka Capital Market Awards

National Development Bank PLC (NDB) was crowned with the Gold award for best investor relations at CFA Sri Lanka Capital Market Awards 2017, which was held recently at The Hilton Colombo.

Business community talks about ‘taking over the mantle’

Family businesses account for two-thirds of all firms around the world and contribute to an estimated 70 to 90 percent of global gross domestic product (GDP) annually. These institutions serve as engines for employment creation, contributing 50 percent to 80 percent of jobs worldwide. 

Sri Lanka reaping benefits from preferential trade

The objective of a free trade agreement (FTA) is not to bring about a balance in trade but to work out a ‘win-win’ situation for both producers and consumers in the FTA member countries. In doing so, there can be instances where the trade deficit increases for one partner. 

A National Economic Council to override CCEM: What next?

President Maithripala Sirisena submitted a cabinet paper last week seeking the approval to appoint a new National Economic Council (NEC) under his purview to take the key decisions on all the economic and development projects of the government. The president is of the view that the policy decisions have to be made by him. 

NSB helps HelpAge Sri Lanka’s medical and eye camps

National Savings Bank (NSB), the largest savings bank in Sri Lanka has taken yet another giant step towards HelpAge Sri Lanka (HASL) to conduct free Mobile  medical  and eye camps around the country.

President declares 28th e-Thilina computer lab at Royal College Polonnaruwa

A state-of-the-art computer laboratory with 20 computers and internet facilities was donated to Royal College, Polonnaruwa recently under the innovative ‘e-Thilina’ initiative, corporate social responsibility (CSR) collaboration between ESOFT and Sirasa Television. 

Swadeshi Khomba illuminates Kiri Vehera and Ruhunu Maha Kataragama Devalaya

The 2017 Esala festivals of the Kataragama Kiri Vehera and the Ruhunu Kataragama Maha Devalaya, two important places of worship in Sri Lanka were illuminated by Swadeshi Industrial Works PLC. The illumination is done under the theme ‘Swadeshi Khomba Aloka Puja Sathkaraya’.

Haycarb 1Q net hit by supply shortages and high coconut shell prices

Activated carbon manufacturer Haycarb PLC said the supply shortages in the Indonesian operations and high coconut shell prices in Sri Lanka, India and Thailand are hurting its operations, and hence is looking at the possibility of passing on a fair share of the cost to the customers.     

Watawala 1Q profit up 58% over tea sector turnaround, sustained palm oil profits

The turnaround in the tea segment and the sustained profitability in the palm oil segment propelled Watawala Plantations PLC’s (WATA) profits during the April - June quarter (1Q18) when the plantations group was readying to segregate its tea business under a separate entity.     

Embattled NDB CFO resigns

National Development Bank PLC Chief Financial Officer (CFO) Faizan Ozman has tendered his resignation following a controversial whistleblowing incident, Mirror Business reliably learns.

Access Engineering mulls own training centre to fight construction labour shortage

Access Engineering PLC (Access) is interested in exploring opportunities of setting up its own educational institute to impart vocational skills on to Sri Lankan youth and attract them to the labour-scarce construction industry.

Sri Lanka’s May fiscal deficit down; tax collection up 13%

Sri Lanka’s fiscal deficit for May 2017 fell 10.93 percent compared to 12 months ago to Rs.52.16 billion, with increased public investment overtaking higher income revenue, pushing the deficit for the first five months of the year down, overshadowing progress made earlier.

Rupee ends firmer on bank dollar sales

REUTERS: The Sri Lankan rupee ended firmer yesterday, as dollar selling by banks surpassed mild importer demand for the greenback in dull trade after the long weekend, dealers said.

Shares fall to 3-1/2-month closing low, blue chips drag

REUTERS:  Sri Lankan shares fell for an eighth straight session yesterday, posting their lowest close in nearly 3-1/2 months, with blue chips such as John Keells Holdings Plc leading the decline while selling by foreign investors also weighed on the market.

Private credit soars in June

Sri Lanka’s private sector credit has made a surprise recovery in June on the contrary to the widespread expectation that demand for private loans is easing in response to the back-to-back policy 

Lankan Chartered Accountant appointed to top UN Audit Committee

Chartered Accountant Lakshman Athukorala was recently appointed to the Independent Audit Advisory Committee of the United Nations Industrial Development Organization (UNIDO), in Vienna, Austria as recommended at the 45th session of the Industrial Development Board. 

WiLAT organizes field visit to Finlay Cold Storage

Women in Logistics and Transport (WiLAT), the Women’s Forum of The Chartered Institute of Logistics and Transport (CILT) Sri Lanka organized a field visit to the Finlay Cold Storage (Pvt) Ltd at Welisara recently. Members of WiLAT, undergraduates and WiLAT friends joined this educational visit.

Indian entrepreneur Suboroto Bagchi to speak on ‘The Burden of Dreams’

Suboroto Bagchi, India’s best selling business author and acclaimed entrepreneur who co-founded Mindtree, a US$ 500 million global IT service company with over 15,000 employees, will be the keynote speaker at the India Day celebrations to be hosted by the Sri Lanka India Society on August 19th.

Greentel Mobile introduces first flagship smart mobile X7

Greentel Mobile introduces their Greentel X7 smart mobile phone which is undoubtedly a highlighted product that touches trendy choices of mobile fans. 

Evoke celebrates nine years of entertainment solutions in mobile industry

Evoke International is a 360-degree mobile service solutions provider, offering telecom operators a business enhancing ‘Value Added Service’ (VAS) that keeps them top of mind and current. 

Bairaha Farms appoints two new directors to board

Bairaha Farms PLC strengthened its director board recently with the appointment of two new directors.  They are M. I. Wahid, the current Group General Manager of Bairaha Farms PLC and Prof. Harischandra Abeygunawardena. 

Fortinet named leader in 2017 Gartner Magic Quadrant

Fortinet, the global leader in high-performance cyber-security solutions,announced it has been recognized as a leader in the 2017 Gartner Magic Quadrant for Enterprise Network Firewalls. 

Implementation, a national economic development imperative

We need to move beyond policy dialogue and economic summits, towards time-bound action plans and implementation. There clearly is a mutually respectful dialogue between the public and private sector today. The debates, arguments, criticisms, bouquets and brickbats, in any private or public fora, the analyses on electronic and print media and at the many workshops, seminars and summits, demonstrate a healthy dialogue – in essence, people are

Fitis and Slasscom sign MoU on collaborative efforts to use ICT

The MoU is signed between Fitis and Slasscom to achieve collaborative efforts in developing the Information and communication (ICT), knowledge services and innovation sectors of Sri Lanka on recently. 

Damro opens largest showroom in Sri Lanka

Damro Group, South Asia’s leading furniture retailer opened its largest showroom in Sri Lanka in Katubedda recently as it is on a major expansion drive throughout the country. 

LOLC group gives Sri Lanka its first Club Med resort

The most luxurious global vacation brand, Club Med, has been gifting its clients the core emotion of happiness during their stay at its 80 exclusive properties around in some of the most beautiful natural settings in the world. 

SLITHM graduates score zero unemployment

The Sri Lanka Institute of Tourism and Hotel Management (SLITHM) may well be the only seat of higher educational learning in Sri Lanka with two significant milestones in its 50 year existence. 

Aitken Spence Travels named SL’s leading DMC at World Travel Awards

Aitken Spence Travels was named as Sri Lanka’s leading destination management company at the 24th annual World Travel Awards held in the Maldives recently.

Employees may demand higher wages if prices in economy continue to go up: CB

The employees in Sri Lankan firms may start to demand higher wages, after observing the higher price levels of goods and services stemming from weather-related supply-side disruptions, the Central Bank cautioned.