Social enterprises must become more than tinkering of existing capitalist system: Eran

Eran Wickramaratne, Deputy Minister of Public Enterprise Development attending the two-day international

President visits Tamarind Hill by Asia Leisure

President Maithripala Sirisena was recently in Galle to grace an event to mark significant improvements in the application of new technology for the Nilamehewara Janapathi Janatha Sewaya, held at the Labuduwa Siridhamma College in Galle. During this time, he also visited Tamarind Hill by Asia Leisure. 

IATA grants SriLankan ISAGO registration

The International Air Transport Association (IATA) awarded SriLankan Airlines the IATA Safety Audit for Ground Operations (ISAGO) renewal registration, following the successful completion of a comprehensive audit of ground handling operations at Bandaranaike International Airport (CMB). SriLankan Airlines is the 158th ground handling company in the world to receive the mentioned registration.

Indonesian plane skids off runway in new aviation mishap

AFP: An Indonesian passenger plane carrying 130 people skidded off the runway as it landed at a major airport in heavy rain, the airline said yesterday, the latest mishap to hit the country’s aviation sector.

FHAM international exhibition scheduled for April 3

The Food & Hospitality Asia Maldives (FHAM) 2017 international exhibition is poised as the event of the year for the business and hospitality industry of the Maldives. Over the past years, FHAM has been recognized as the main gateway for business in the Maldives. This exhibition is an ideal platform for Sri Lankan exporters to enter into the Maldivian market.

Etihad-Lufthansa agree US $ 100mn catering deal

Etihad Aviation Group and Lufthansa German Airlines, part of Europe’s largest aviation group, recently unveiled the details of a new commercial partnership.

Cocoon Resort gets 3rd TripAdvisor Certificate of Excellence

 Celebrating five years in the hospitality industry this year, Cocoon Resort & Villas, Induruwa has created a name for itself as a boutique resort par excellence located in an exquisite surrounding. Quite notably the resort was awarded the TripAdvisor Certificate of Excellence for the third time in 2016.

Govt. expects to ‘finish off’ H’tota Port sale deal this week

The final details of the agreement to sell the Hambantota Port shares to Chinese State-owned enterprise China Merchant Port Holdings (CMPH) will be finalized this week and the de

Chevron feels squeeze in lube sales as Dec. profit narrows

Chevron Lubricants Lanka PLC (Chevron), the local unit of the American multinational, saw its bottom line narrowing during the December quarter amid flat revenue but closed the financial year in a positive note, the interim financial showed.  

Trump travel ban will impact US tourism

AFP - President Donald Trump’s executive order blocking immigrants from seven majority Muslim nations will hit tourism to the US, the UN’s World Tourism Organization warned  this week.

Keells Food Products Dec. quarter earnings dips 21%

The market leader in processed foods, Keells Food Products PLC (KFP), reported earnings of Rs.3.03 per share or Rs.77.1 million, down 21 percent from a year ago as the revenues fell during the festive December quarter, where strong sales are generally recorded.  

New Inland Revenue Act likely from April

A senior Finance Ministry official said yesterday a new Inland Revenue Act may come into force from April 1, 2017, but hinted a possible delay is likely, should the piece of legislation be challenged in parliament.

Govt. could help boost life insurance penetration: AIA

The government could provide support to the insurance industry to help increase the level of life insurance penetration in Sri Lanka, AIA Group officials said yesterday during a media briefing held to announce their latest product. “It should be made, in my opinion, compulsory, some level of insurance,” AIA Group Regional CEO Bill Lislie said.

Oman Air Increases Weekly Capacity to India

Oman Air, the national carrier of the Sultanate of Oman is growing its capacity to India whereby it will increase its weekly frequencies from 126 to161 flights per week between

The Manhattan FISH MARKET Awarded Grade 'A' Award for excellence in food safety and hygiene

Award winning popular restaurant chain The Manhattan FISH MARKET Sri Lanka was recently awarded with the Grade 'A' Award for the year in recognition of excellence in food safety and hygiene.

Jaguar Land Rover Revs Up CMTA Motor Show

Jaguar Land Rover (JLR) took centre stage at Sri Lanka’s largest automotive event, the CMTA MOTOR SHOW 2017. Reinforcing the brand’s commitment to product development,

CB’s independence likely to be tested this year: economists

The independence of the country’s Central Bank is likely to be tested in 2017, a development that could undermine the macroeconomic gains made in 2016, economists cautioned during a forum in Colombo organised by the country’s leading trade chamber last week. 

Homegrown ride-sourcing firm PickMe mulls going public

Digital Mobility Solutions (Pvt.) Ltd, which owns PickMe, Sri Lanka’s homegrown ride-sourcing app, is likely to go for an initial public offering (IPO) after a final round of private equity funding, signalling the entrance of the new generation tech start-ups to the Colombo Stock Exchange (CSE).

Dhammika ups holding in Softlogic Finance

Business magnate Dhammika Perera has increased his shareholding in the Softlogic group subsidiary, Softlogic Finance PLC, the latest financial statements of the company for the period ended December 31, 2016 indicated.

Royal Ceramics 3Q profit up 9% over modest growth in sales

Leading floor tile and bathware manufacturer, Royal Ceramics Lanka PLC (RCL), made an earning of Rs.8.85 cents a share or Rs.980.3 million for the quarter ended December 31, 2016 (3Q17), recording a modest increase of 8.5 percent from a year ago, the interim results showed.  

Pan Asia Bank gets CB extension to beef up capital buffers

The Central Bank this week approved Pan Asia Banking Corporation PLC’s (PABC) request to further extend the deadline for meeting the interim capital adequacy requirements for the banking sector. Accordingly, PABC has to meet Rs.7.5 billion in minimum capital by March 31, 2017 and reach Rs.10 billion in minimum capital by January 1, 2018.

Sri Lanka’s first insurance comparison website launched

InsureMe Insurance Brokers (Pvt.) Limited has launched Sri Lanka’s first insurance comparison website www.insureme.lk.  

Funding costs hamper People’s Leasing December profits

People’s Leasing and Finance PLC (PLC), the finance arm of state-owned People’s Bank, saw its performance being affected by higher cost of funds during its December quarter (3Q17) as the earnings narrowed by 16.9 percent year-on-year (YoY) to 67 cents a share or Rs.1.0 billion, the interim accounts showed. 

Dipped Products 3Q turns Rs.107mn net profit; plantations weigh

Dipped Products PLC (DPL), the non-medical glove manufacturing unit of the Hayleys group, made a net profit of Rs.1.78 a share or Rs.106.7 million for the quarter ended December 31, 2016 (3Q17) amid a strong top line growth, while keeping the costs under watch, the interim results filed with the stock exchange showed. 

Omegaa enters into MoU with Western Provincial Council Health Ministry

Omegaa Johkasou Engineering Lanka (Pvt.) Ltd, known for its life-enhancing products, entered into a cooperative agreement (MoU) with the Western Provincial Council Health Ministry recently. 

HNB partners PickMe for cashless rides

Sri Lanka’s Hatton National Bank PLC is now partnering with local ride sourcing app PickMe to provide PickMe customers with the ability to pay for their  rides cashless.

Sri Lanka should immediately establish a marine science research station on Kachchativu

Last month there were reports in the press that a group of Indian citizens was planning to raise their national flag on the island of Kachchativu to coincide with India’s Republic Day celebrated on January 26. That threat failed to materialize.

Retailers’ Association and FinMin discuss shopping festival

Sri Lanka Retailers’ Association held a meeting with the Minister of Finance Ravi Karunanayake recently to discuss the proposed ‘Sri Lanka Shopping Festival.’

An impasse in SAARC – Analysis

The South Asian Regional Cooperation (SAARC) seems to have reached its nadir.

Crysbro conducts Sisu Diriya for 5th consecutive year

The Crysbro Group recently conducted its employee welfare programme Sisu Diriya CSR for the 5th consecutive year recently.