Avurudu begins early with NTB credit cards

Avurudu is the festive season that all Sri Lankans wait for, regardless of ethnicity. Apart from kavum, kokiss and games in the sun, what most Sri Lankans wait for are the excellent savings and offers to be had during Sri Lanka’s most festive season. That is why Nations Trust Bank (NTB) has gone the extra mile in an effort to bring its cardmembers the best Avurudu offers even before the season properly begins. 

‘Be Bold’ this Int’l Women’s Day; secure your financial future with NDB Wealth

With the International Women’s Day only a few days away, the time to ‘Be Bold For Change’ is now – and what better way to take that big leap towards ultimate financial freedom and parity than finally taking charge of your own financial future.

Fitch affirms Ceylon Dollar Bond Fund at ‘B+f/S5’

Fitch Ratings has affirmed Ceylon Dollar Bond Fund’s international fund credit quality rating at ‘B+f’ and fund market risk sensitivity rating at ‘S5’. The fund is managed by Ceylon Asset Management (CAM).

Ongoing drought could derail SL’s fiscal consolidation, undermine growth: Moody’s

Sri Lanka is currently facing its worst drought in four decades and it could well derail the country’s ambitious agenda for fiscal consolidation and squeeze the growth by at least a percentage point in 2017, warns Moody’s Investor’s Service. 

Sapugaskanda refinery revamping to draw US $ 2bn in foreign investments

The proposal to refurbish and double the capacity of Sri Lanka’s only refinery in Sapugaskanda will draw in US$ 2 billion in financing, the country’s petroleum minister said this week.

Norwegian pension fund’s investments in Lankan stocks at US $ 65mn in 2016

The Norwegian Government Pension Fund Global has invested US $ 65 million in Sri Lankan stocks in 2016, compared to US $ 31 million in the previous year, a Royal Norwegian Embassy statement said.  “The increase in investments is mostly a result of larger ownership in the companies they had already invested in,” the statement said. 

Sri Lanka approves IMF reforms to loss-making state firms

REUTERS: Sri Lanka has approved reforms to make loss-making state firms more efficient and put them on a path towards autonomy, in line with International Monetary Fund (IMF) conditions for a US $1.5 billion loan, an official document showed.  

Central Bank reiterates bonds issuances in compliance with law

Despite the country’s Finance Minister Ravi Karunanayake charging that the Central Bank violated the law in past issuances of treasury bonds, the Central Bank yesterday in a statement stressed it has always complied with the relevant law when issuing such bonds.

CB invites proposals from banks for upcoming US $ 1.5bn bond issue

The Central Bank called on banks and investment houses to submit proposals for the appointment of lead managers/book runners for the US$ 1.5 billion international sovereign bond issue that will take place this year. Institutions that have acted as lead managers/book runners for emerging market bond issuances in aggregate amounting to at least US$ 20 billion are eligible. 

Tourist arrivals swell in post-war

A tourist travels in a double-decker bus in Colombo on March 2. The number of foreign tourists visiting Sri Lanka has swelled since the island ended a 37-year separatist conflict with Tamil Tiger rebels in May 2009 (AFP Photo)

CB Governor speaks on economy at Rotary Club meeting

The Rotary Club of Colombo West (RI District 3220 Sri Lanka & Maldives) held the Rotary Club weekly members’ luncheon meeting at the Galadari Hotel recently.

Ceylon Chamber forms ‘Dairy Association for Sri Lanka’

Dairy sector is one of the important sectors of the national economy that has high potential for improving the livelihood and income levels of poorer segments in the society whilst fulfilling the nutritional requirements of the population. 

PwC’s Academy to hold workshop on ‘Insights to innovate in emerging markets’

With a strong economic growth during the last decade and transforming from rural based agriculture industry driven economy to a service-driven more urbanized economy, Sri Lanka is looking to become a middle income country.  It’s been 7 years since the country emerged from a three decade long civil war but has been progressing to catch up on the lost time to reach its full potential. 

The biggest Tuk-Tuk Polo event in Sri Lanka, organized by Lakderana Investment Ltd

The biggest Tuk-Tuk Polo event in Sri Lanka, which was organized by Lakderana Investment Ltd took place on the 25th and 26th of February. Lakderana Investment Ltd is a subsidiary of Fairway

Range Rover Is Britain’s Biggest Luxury Export

Jaguar Land Rover’s renaissance continued today with the launch of the Velar, the fourth member of the 47-year old Range Rover family. In a further show of support for the British car industry,

Amana Takaful PLC receives ISO 9001:2008 recertification

Amana Takaful PLC (ATL) was reaffirmed ISO 9001:2008 certification for both its General and Family (Life) Takaful businesses as part of its endeavor to continuously provide high service standards

DFCC Bank launches staff tree-planting initiative as part of long-term sustainability and CSR drive

As part of its long-term sustainability and CSR drive, DFCC Bank recently launched a commemorative staff tree-planting initiative where a tree is planted to celebrate each and every staff 

HSBC Colombo Fashion Week further expands scope for the fashion industry

The summer season witnesses HSBC Colombo Fashion Week celebrating its 14th year since inception and being one of the most celebrated fashion showcases in the sub-continent

SLT Group Records Healthy Growth in Profits during 2016

Sri Lanka Telecom PLC released its Group and Holding Company Financial Results for the year ending 2016, which revealed a healthy revenue growth by 8.5% and profits up by 28.6% 

Ceylinco Insurance records strong growth in 4Q, FY16

Ceylinco Insurance PLC, which runs Sri Lanka’s market-leading life insurance business based on gross written premiums (GWPs), recorded earnings of Rs.87.19 a share or Rs.2.3 billion for the December quarter (4Q16), up 38 percent year-on-year (YoY), the interim financial  accounts showed.

Govt. mulls doubling Trinco oil tank farm project size with India

The Sri Lankan government is currently inquiring whether the joint venture proposed to be formed with the Indian government with regards to the Trincomalee oil tank farm could be doubled in size, Sri Lanka’s petroleum minister said.

Consumer prices up 6.8% in February

REUTERS: Sri Lanka’s consumer prices rose 6.8 percent in February from a year earlier, accelerating from the previous month’s 5.5 percent increase under a revised base year and market basket, data from the Census and Statistics Department showed  on Tuesday. 

Govt. gets IFC assistance to develop sustainable finance roadmap

 President Maithripala Sirisena urged the financial sector and other stakeholders to work towards sustainable development in the country. 

Colombo Dockyard cuts losses in December

Colombo Dockyards PLC (DOCK), a unit of Japan’s Onomichi Dockyard, managed to cut down its net losses to Rs.75.78 million from Rs.1.09 billion year-on-year (YoY) through lower sales costs for the quarter ended December 31, 2016 (4Q16), the interim financial  accounts showed.

Rupee ends firmer on dollar sales

REUTERS: The Sri Lankan rupee ended firmer for a fourth straight session yesterday as greenback sales by exporters and banks outpaced importer dollar demand, dealers said.

Global CSR Leadership Award conferred on Sanith de S. Wijeyeratne

Carbon Consulting Company CEO Sanith de S. Wijeyeratne has been conferred the prestigious Global CSR Leadership Award at the recent Global Awards ceremony hosted at the Taj Land End Convention Centre in Mumbai. 

Sri Lanka seeks higher bids for ailing airline

REUTERS: Sri Lanka is seeking higher bids to restructure its state-owned loss-making airline, the finance minister said on Monday, after three short-listed firms failed to give “sizable” bids.

Development Lotteries Board records 25% increase in sales revenue

The Development Lotteries Board (DLB) recorded successful financial achievements in 2016 with a recorded 25 percent increase in sales revenue over the previous year and a pre-tax profit increase of over 20 percent, a DLB statement said. 

ComBank fetes top customers and business partners in Abu Dhabi

The Commercial Bank of Ceylon recently hosted the bank’s top customers and business partners in the United Arab Emirates, a country with an expatriate Sri Lankan population estimated at 300,000. Popular Sri Lankan artistes Bhathiya, Santhush and Umaria provided entertainment for this event titled ‘Combank Elite Night’at the Intercontinental Hotel in Abu Dhabi.

Asiri Group of Hospitals partners Medicare 2017 as platinum sponsor

 In its continued efforts to bring the best in Medical care to the citizens of Sri Lanka, the Medicare 2017 national healthcare exhibition has once again tied up with Asiri Hospitals as the platinum sponsor.