NDB June quarter net profit up 40% on strong loan growth, better margins

National Development Bank PLC, the development lender turned commercial bank, reported earnings of Rs.4.48 a share or Rs.748. 1 million for the April -June quarter, recording an increase of 39.7 percent from a year ago as the bank managed to maintain the growth in advances and margins despite difficult market conditions, the interim financial accounts showed.

Piramal Glass Ceylon first quarter profit hurt by lower sales, higher finance costs

Piramal Glass Ceylon PLC, the local unit of Piramal Glass Limited, India reported earnings of 11 cents a share or Rs.105 million for its April – June quarter (1Q18), down from 12 cents a share or 4.5 percent from the same period last year as sales weakened and the finance cost shot up. 

Finance Ministry slashes import duty on milk powder

The Finance and Mass Media Ministry this month has slashed the import duties on milk powder to negligible levels, as the global dairy prices show signs of continuous recovery after reaching a 10-year low in late-2015.

Shangri-La Hotels Lanka’s ‘The Mall at One Galle Face’ signs mega deal with Odel

Shangri-La Hotels Lanka Pvt Ltd has inked an agreement to partner with Odel, Sri Lanka’s premier fashion and lifestyle department store owned and managed by Odel Plc, a subsidiary of Softlogic Holdings PLC. 

ADB sees improved growth prospects for developing Asia

Economic growth prospects in developing Asia for 2017 have improved on the back of stronger-than-expected export demand in the first quarter of this year, according to a new Asian Development Bank (ADB) report.

Sampath Bank HR Head receives HR Leaders’ Award

Sampath Bank PLC Human Resources Head Lalith Weragoda was awarded the ‘IPM Sri Lanka HR Leaders’ Award’ for the ‘Industrial/Employee Relations’ category at the National HR Excellence Awards 2017 held recently. 

Euromoney honours Sampath Bank as ‘Sri Lanka’s Best Bank’

Sampath Bank, a name synonymous with the future of banking in Sri Lanka has long been a trail blazer in the industry with a long list of accolades to their name. 

What happens when huge international development projects fail?

Forbes Asia: Not long ago, few governments or companies would dream of building large-scale infrastructure in another country. It was seen as being too risky and the timeline for returns too long-term. But in the relative global calm and heightened interconnectivity of the early 21st century, the building of bridges, roads and even entire cities on foreign soil has become standard operating procedure for many powerful nations and big enginee

HNB arranges funding for Wind Force’s 10 MW solar power project in Vavuniya

The Project Finance Team of HNB’s Corporate Banking Division congratulated the success of Wind Force (Pvt) Ltd on completion of their 10 MW solar power project in Vavuniya under the name of Vydexa (Lanka) Power Corporation (Pvt) Ltd. 

MSLGroup’s Caryll Van Dort among ‘Top 50 Professional Women’

MSLGroup Sri Lanka Group Director Caryll Van Dort was recently recognized for her contribution to the advertising industry at the Professional Career Women Awards organized by Women in Management. 

Mitra Innovation dances to victory in recent WSO2 Ballerina Hackathon

Ballerina is a new integration language by middleware giants, WSO2.  According to Sudaraka Jayashanka, CTO and Chief Architect at Mitra Innovation – a Sri Lankan/UK company specialising in cloud integration, digital transformation, and product incubation – it is ‘the first ever appealing integration programming language built specifically for system integration’. 

Catriona Jayasundera wins WIM award for Leadership Excellence in Logistics

Colombo International Container Terminals Ltd. (CICT) Marketing and Commercial Head Catriona Jayasundera has been recognised for her achievements in the field of logistics at the ‘Top 50 Professional and Career Women Awards – Sri Lanka’. 

SL shouldn’t “overhype” potential trade gains: economist

A senior economist this week voiced concerns over the country’s trade strategy saying that Sri Lanka should not “overhype” the potential gains from trade but should cautiously explore the ways of integrating with the global economy. 

Union Bank June profit up 7% on higher loans

Union Bank of Ceylon PLC, a licensed commercial bank with an asset base of Rs.103.2 billion, reported earnings of 12 cents a share or Rs.125.8 million for its June quarter, recording an increase of 7.0 percent year-on-year (YoY), the interim financial accounts showed. 

Deepal Sooriyaarachchi introduces ‘Success Siksha’ to mid-sized business leaders

On August 13, famed management development consultant, Deepal Sooriyaarachchi  will introduce his latest programme called  ‘Success Siksha’. 

Intex targets consumer needs at base of Sri Lanka’s demographic pyramid

The ever-increasing sophistication of technology has given determined consumers constant access to cutting-edge mobile phone technology. 

SLIM Kicks Off Brand Excellence Awards 2017

The Sri Lanka Institute of Marketing (SLIM) announced the launch of the 16th SLIM Brand Excellence Awards at a joint briefing held for media and participants at the JAIC Hilton recently.

Colombo City Centre wins top marketing award at Golden Globe Tigers

Colombo City Centre, an upcoming mixed-use venture developed by the Abans Group in collaboration with SilverNeedle Hospitality, attained the coveted award for ‘Brand Excellence in Social Media and Digital Marketing (Retail & Real Estate)’ at the prestigious Golden Globe Tigers 2017 which was recently held at Taj Samudra.

Insee Cement wins CIOB Gold Award for green initiatives

Insee Cement, Sri Lanka’s premier cement manufacturer won the Gold Award from the Ceylon Institute of Builders (CIOB) at the presentation of the Green Mark Certifications held recently at Hotel Ramada. 

Lankan construction industry’s present status, challenges and future

Today, the growth of Sri Lanka’s construction industry has become a hot topic. The housing construction sector in particular has seen rapid growth due to the rise in housing demand as well as government incentives for new housing projects. 

Etihad Airways Introduces Next-Generation Boeing 787 Between Abu Dhabi And Beirut

Etihad Airways today introduced the Boeing 787-9 on its scheduled daily service from Abu Dhabi, the capital of the United Arab Emirates (UAE), to Beirut, Lebanon. 

Lanka Hospitals surpasses 1000 IVF births

The internationally accredited, multi award-winning Lanka Hospitals Colombo announces the successful delivery of one thousand IVF (In Vitro Fertilization - commonly known as test-tube) babies.  Proven to be one of the most sophisticated facilities in South Asia, Lanka Hospitals’ Fertility Centre’s success is founded on its clinical and professional excellence and success rate on par with similar outfits in the developed world.

Seven Seas Nutri-Trio launcheed in Sri Lanka

Soluble fibre has always been seen as a great natural choice that lowers blood glucose levels, reduces cholesterol and prevents obesity. 

Lankan tea industry: Do we have a product to commemorate even after 150 years?

In my previous article of ‘Is Loolkandura or Rotschild first tea estate’, which appeared in Daily Mirror of June 7, 2017, I focused attention to this very important aspect of who planted the first tea plant and gave enough evidence to prove that it took place in 1841 and not in 1867.

Curing ailment of loss-making state enterprises

An year ago, the well-known economist Dr. W.A. Wijewardena had analysed the losses of the top 12 state-owned enterprises (SOEs) to the opportunity cost (cost forgone) of some of the better known expenditure heads of the government.

Should we do away with GDP?

For decades, gross domestic product (GDP) per capita has been increasing in many countries in Asia and the Pacific. However, inequality has also risen and extreme climate events that can compromise economic growth are becoming more frequent.

IFC partners Commercial Bank to improve green financing in Sri Lanka

IFC, a member of the World Bank Group, is partnering with Sri Lanka’s Commercial Bank of Ceylon (CBC) to help the bank increase investments in local companies focusing on renewable energy and energy-efficiency projects.

Softlogic Life bags top awards at Insurance Industry Awards

Softlogic Life Insurance, Sri Lanka’s fastest growing and most innovative Life Insurer, has been conferred with the top two awards, ‘Excellence in Agency Distribution’ and ‘Excellence in Claims’ at the Sri Lanka Insurance Industry Awards 2017. 

DFCC Bank opens full service branch in Tissamaharama

DFCC Bank opened its newest branch in Tissamaharama recently. 

Imperium and CPS offer Digital Loan Origination and Management System

Imperium (Pvt.) Ltd, leading software design, development, technology and services company has strategically teamed up with India based Cognitive Platform Solutions (CPS), a Software Product Development Company specializing in Digital Transformation Solutions, to offer the iProof Loan Origination and Management Solution (LOS/LMS).