Gulf Air touches down in Colombo

The Kingdom of Bahrain’s national carrier, Gulf Air, yesterday celebrated the launch of its highly anticipated inaugural five weekly direct service between Colombo and Bahrain with the arrival of the airline’s first flight into Bandaranaike International Airport.

Sanjeev Gardiner invests in Quintessentially Sri Lanka and Maldives

Hotelier Sanjeev Gardiner has just confirmed his investment into Quintessentially Sri Lanka and the Maldives, the world’s leading source of intelligence access to and curated lifestyle services for the global premium audience.

Emirates to launch daily service to Newark via Athens

Emirates has announced it will launch a new daily service from Dubai to Newark Liberty International Airport, via the Greek capital city of Athens, starting 12th March.

Sri Lanka Tourism creates hallmark at Vakantiebeurs 2017

Sri Lanka tourism yet showed another aspect of its concern to boost the tourism sector, by participating in the Vakantiebeurs 2017 fair, held in Netherlands recently. 

Opposition group sabotaging govt.’s development efforts: FinMin

In an attempt to garner support for the coalition government’s plan to monetize some of the mega infrastructure projects built by the previous regime, Finance Minister Ravi Karunanayake yesterday urged the public to think rationally and not get swayed by the misleading remarks of Opposition politicians. 

Key segments boost John Keells December profits to Rs.5.1bn

Premier blue chip John Keells Holdings PLC saw its December quarter (3Q17) performance bolstered by its key business segments transport; leisure, retail and financial services, but the property segment saw a dent until the new projects under construction start contributing to the finances. 

TeeJay Lanka 3Q profits hurt by higher costs, income tax payments

Teejay Lanka PLC, a unit of leading apparel exporter, Brandix Lanka Limited saw its December quarter (3Q17) profits declining a sharp 30 percent to Rs.473. 4 million or 68 cents per share from a year ago due to steeper rise in costs, finance expenses and higher income tax payments, the interim results showed. 

Sri Lanka 2016 tea output falls to 7-year low

REUTERS: Sri Lanka’s tea output hit a seven-year low in 2016, falling 11.1 percent in its third straight year of declining production, the state-run Tea Board said yesterday. 

Lanka Tiles expands operations to India

To meet the rapidly growing demand for wall and floor tiles in the local market, Lanka Tiles recently entered into a strategic partnership with an Indian tile manufacturer Ambani Vitrified (Pvt.) Ltd.  The successful venture has seen Lanka Tiles placing a large order with the expectation of releasing more quantities of 24” x 24” tiles to the market in order to meet the escalating market demand. These tiles will also comply with t

Fitch re-affirms BOC AA+ (lka); outlook Stable

Fitch’s periodic review re-affirmed the Bank of Ceylon’s (BOC) National long-Term Rating at AA+ (lka) with a Stable outlook this January and the International Long-Term Issuer Default Rating (IDR) as B+ outlook Negative. 

Ease of Doing Business Forum today

The Finance Ministry will be holding the eleventh Ease of Doing Business Forum today 2017 at 2.00 p.m. at the fourth floor auditorium of MILODA Academy of Financial Studies, (Old Times Building) located at Sir Razik Fareed Mawatha, Colombo 01. 

Metropolitan Communications wins international award for innovation

Metropolitan Communications was recognized as the winner under the Government and Public Services category at the Asia Enterprise Innovations awards held in Singapore recently. 

Unilever-Cargills reward Shopping Star – Season Four winners

Unilever Sri Lanka together with Cargills Food City drew the curtain on 2016 with the action-packed grand finale of the Shopping Star – Season Four promotion, held at the Thalawathugoda Cargills Food City outlet, recently. 

Dole Lanka terminates services of labour outsourcing firm

Dole Lanka (Pvt.) Ltd – a subsidiary of Dole Asia Holdings Pte., the world’s largest producer and marketer of high-quality fresh fruits and fresh vegetables, recently terminated the contract with one of its labour outsourcing companies, Southern Force Ltd.

Economists say govt. policy reforms ad-hoc, unsystematic

The government’s current reform agenda is both ad-hoc and unlikely to be completed, according to a panel of economists who said this could exacerbate the current low growth climate, adding to the woes of a volatile coalition administration.  

3W Consulting to Launch the First International Black Belt in Retail Program in Sri Lanka

3WConsulting (3WC), Sri Lanka’s Leading Enterprise Renewal and Management Consultants, together with the Global Retail Association (GRA) 

Sail Lanka Charter hosts the Prime Minister of Sri Lanka on board their latest luxury catamaran

Sail Lanka Charter hosted Prime Minister Ranil Wickremasinghe and his wife on-board their 53ft sailing catamaran, Sapphire, during the Fairway Galle Literary Festival

Three-wheeler registrations slump as new leasing levels come into effect

The registration of three-wheelers has nosedived to a quarter of the previous levels since the new loan-to-value (LTV) ratios for automobile financing came into effect this month, according to an industry expert.

Harsha hails China as new white knight of free world

Sri Lanka’s Deputy Foreign Affairs Minister Dr. Harsha de Silva this week labelled Chinese President Xi Jinping as the new champion of trade and globalization of the free world, who would fill the vacuum created by US President Donald Trump with his inward-looking political and economic policies.  

Energy regulator wants CEB to fast-track connecting domestic solar panels to national grid

The electricity sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL), yesterday directed the Ceylon Electricity Board (CEB) and Lanka Electricity Company Private Limited (LECO) to connect the domestic rooftop solar panels to the national grid within two weeks from the date of application.

US TPP withdrawal has negative implication on Asian economies: Moody’s

US President Donald Trump’s decision to withdraw the US from the Trans-Pacific Partnership (TPP) would have an adverse effect on the income levels and structural reform programmes of its partners in Asia, international ratings agency Moody’s Investors Service said yesterday.

Rupee rises; cbank revises spot ref. rate to record low

REUTERS: The Sri Lankan rupee ended slightly firmer yesterday, recovering from losses earlier in the day as dollar selling by foreign banks helped gains despite the Central Bank revising the spot reference rate by 10 cents to a record low, dealers said.

Mattala Airport in full throttle

Mattala Rajapaksa International Airport (HRI), which was once dubbed as a ghost airport by both local and foreign commentators, has suddenly turned into life becoming one of the busiest airports in the world, due to the temporary closure of Bandaranaike International Airport (BIA) for the relaying of its decade-old runaway. 

Grain Elevators 4Q net edges down; full-year profit up

Sri Lanka’s largest listed poultry producer, Ceylon Grain Elevators PLC (GRAN), has posted a net profit of Rs.369.12 million for the quarter ended December 31, 2016 (4Q16), down from Rs.387.94 million year-on-year (YoY), despite the period being the festive season.

Shares hit near 10-mth closing low; foreign selling boosts turnover

REUTERS: Sri Lankan stocks fell for a third straight session yesterday to close at their lowest in nearly 10 months, dragged down by beverages and banking shares, as concerns over rising interest rates and ongoing political instability weighed on sentiment.

Blue Mountain Apartments launch latest residential project ‘Avalon – Colombo 5’

Following the success of sold out projects, Grandsburg in Colombo 7 and ‘Sovrano 39’ in Kohuwela, Blue Mountain Apartments recently launched its latest real estate project – Avalon in Colombo 5.  Avalon is an affordable luxury apartment complex with 18 units, located in Somadevi Place, Colombo 05. 

FinMin to open 10,000MT Mannar storehouse today

Another proposal in budget 2017 will become a reality when a new storehouse in Mannar is opened with the patronage of Finance Minister Ravi Karunanayake and with the participation of several other ministers today.

Insee Cement signs MoUs with three Lankan universities

Cement manufacturer Insee Cement, formerly known as Holcim (Lanka) Ltd recently entered into partnerships with three Sri Lankan universities - Peradeniya, Moratuwa and Ruhuna for research and development, where they also announced that they will be investing around US $ 15-20 million for this year.

Keerthi Gunawardane reappointed as ICCSL Chairman

At the 50th Annual General Meeting of the International Chamber of Commerce Sri Lanka (ICCSL) Keerthi Gunawardane was re-elected as Chairman. 

Microsoft offers support to govt.’s digitalization drive

Prime Minister Ranil Wickremesinghe recently met with Jean-Philippe Courtois, President of Microsoft International, on the sidelines of the 47th Annual World Economic Forum in Davos, Switzerland.