Bank of Ceylon divests Mireka Capital Land

The sale of state-owned investments continued last week, with Overseas Realty Ceylon PLC (ORCL) acquiring the remaining shares of its subsidiary Mireka Capital Land (Pvt) limited from state-run Bank of Ceylon for Rs.3.88 billion.

Activate your mental radar screen, watch blips and take right decisions

In the past few weeks we identified the three major phases of renewal – rethink, reinvent and reposition. The first of these is concerned with identifying those parts of your company that are good candidates for renewal. This instalment describes rethink in more detail and provides tools to help you see the strategic gaps between you and your target customers.

NTB introduces Nations Max Bonus account with 60% bonus interest on savings

Nations Trust Bank (NTB) yesterday unveiled the Nations Max Bonus savings account.  With Nations Max Bonus, you will be able to enjoy the best yields for savings accounts and relax with the knowledge that your savings are safe with one of Sri Lanka’s most trusted banks, whilst generating a handsome return.

State Bank of India cuts lending rate by 90 bps across maturities

REUTERS: State Bank of India, the country’s biggest lender by assets, said yesterday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits.

Deutsche Bank agrees to US $ 7.2bn mortgage settlement with US

REUTERS:  Deutsche Bank has agreed to a US $ 7.2 billion settlement with the US Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank’s Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been see

Asiri Surgical to enter into JV with CTSI to provide high-tech oncology services

Softlogic Group subsidiary Asiri Surgical Hospital PLC will be entering into a joint venture with an Indian subsidiary of an American cancer treatment group, Cancer Treatment Services International (CTSI), in order to provide state-of-the-art oncology services for the Sri Lankan market.

Durdans leads in stroke care and prevention

According to the latest WHO data published, stroke is the second leading cause of death among Sri Lankans and the leading cause of adult disability in Sri Lanka. 

Lanka Hospitals pioneers platform for medical knowledge sharing

For the first time in the private healthcare industry in Sri Lanka, Lanka Hospitals hosted ‘Clinical sessions 2016’, a forum created for medical professionals to share and upgrade knowledge, develop a learning culture and maintain continuous education among the medical fraternity in the country. 

Pannipitiya Private Hospital wins OHSAS quality certification

Pannipitiya Private Hospital, one of Sri Lanka’s highly famed and top rated hospitals has received the international OHSAS 18001:2007 quality certification.

ComBank opens Deiyandara and Morawaka branches

Commercial Bank of Ceylon has strengthened its presence in the deep south of Sri Lanka with the opening of two branches in Deiyandara and Morawaka.

Lux excels with ‘Suwadaka Siwu Abarana’

Unilever’s iconic beauty brand Lux, catapulted them into the New Year with yet another innovative promotion guaranteed to ignite the Lux spark in the hearts and minds of its consumers, namely ‘Lux Suwadaka Siwu Abarana’.

Minuki Group bags SLCSMI and FCCISL awards

Minuki Group of Companies are pioneers of trusted total solution providers with the noble and diligent service to the footwear industry in Sri Lanka, was presented the National Silver Award by President Mithripala Sirisena at the  “SLCSMI Industrial Excellence Awards – 2016” organized by the Sri Lanka Chamber of Small & Medium Industries. 

Ceylon Biscuits among top 10 best corporate citizens for 8th occassion

Ceylon Biscuits Limited (CBL) took centre-stage yet again at the ‘Best Corporate Citizen Sustainability Awards 2016’ held recently. 

Colombo City Centre – epitome of luxury living and lifestyle

Colombo City Centre, the majestic mixed-use development project by Abans Group in collaboration with SilverNeedle Hospitality is getting ready to redefine the benchmark of luxury in Colombo, Sri Lanka. 

Amana Bank in talks with foreign parties to raise minimum core capital

Amana Bank PLC, Sri Lanka’s first non-interest model Islamic bank, is in talks with prospective foreign parties to infuse equity capital to meet the regulatory minimum capital requirements, the bank said in a stock exchange filing. 

Amex offers savings, interest-free plans for cardmembers this New Year

For a New Year’s resolution to be successful we need focus, consistency, commitment, resources and above all, a plan. This is what Nations Trust American Express provides its esteemed 

Sampath Bank launches special gift scheme for savings accountholders

Sampath Bank will yet again gratify its savings accountholders with a special gift scheme from January 1, 2017. 

Apple seeks lower taxes to start manufacturing in India

The Detroit News: Apple Inc. wants India to offer tax concessions on iPhones that the company plans to manufacture in the country, a person with knowledge of the matter said.

Huawei aims to be Sri Lanka’s number one smartphone brand in 2017

Singer Sri Lanka PLC and Huawei recently celebrated a successful partnership of over four years together. Huawei joined hands with Singer Sri Lanka in 2012 and through Singer’s marketing and distribution strategies Huawei has gradually built a sound position in the Sri Lankan smartphone and tablet market today. 

Meet Waymo, Google’s self-driving car company

REUTERS: Alphabet Inc’s Google self-driving car project recast itself as Waymo on Tuesday, an independent entity within the technology giant, as executives suggested the company is close to bringing its autonomous driving to the public.

Sri Lanka’s political risks set to rise in New Year

ECONOMYNEXT: Sri Lanka’s president has urged unity to overcome the global economic challenges in 2017 and made tackling poverty his New Year priority, but rivals within his own party have vowed to topple his government in the New Year.

President Maithripala Sirisena’s opportunity in 2017

President Maithripala Sirisena hails from the North Central Province. He is an agriculturist by vocation. He joined mainstream politics in 1989 as an MP and has held several ministries since 1994. He was General-Secretary of the Sri Lanka Freedom Party (SLFP) and Health Minister until November 2014 when he announced his candidacy for the 2015 presidential election. 

CB keeps policy rates steady in December

Sri Lanka kept policy rates were unchanged during yesterday’s monetary policy review as private credit showed signs of slowing, though in absolute terms the figure still remained high, the country’s Central Bank said.

Melstacorp share trading begins with great optimism

The trading of shares of Melstacorp PLC, the new parent company of the restructured Distilleries Company of Sri Lanka PLC (DCSL), commenced yesterday at the Colombo Stock Exchange (CSE), with great optimism from both the CSE and Melstacorp top management expressed during a ceremonious market opening event.

Rice prices sky rocket

Sri Lanka’s rice prices have sky rocketed with Maha seasonal harvest being hit by drought and a alleged foul play by a government minister in releasing the paddy stocks held by the government. Officials say the harvest of the next Yala season in 2017 could also be damaged even if rains return Pic by Pradeep Pathirana

Singapore’s GIC buys stake in British mall

AFP - Singapore sovereign wealth fund GIC will pay close to US$ 60 million for a 50 percent stake in a leisure and dining development in Britain, a joint statement said yesterday.

The event awarded ten individuals in ten fields of service. The honorees of this year were:

Rohanthi Wijewickrama for business, economic and entrepreneurial accomplishment Mohamed Shihan Haniff for the contribution to children and world peace

TOYP honours ten individuals of diverse fields

The Ten Outstanding Young Persons of Sri Lanka (TOYP) Awards for 2016 was held recently with the presence of Junior Chamber International President, Paschal Dike from Nigeria as the chief guest. 

Rupee falls nearly 4% in 2016; spot reference rate at record low

REUTERS: The Sri Lankan rupee fell 3.9 percent in 2016, with the spot currency reference rate hitting a record low yesterday, as higher imports and private sector credit as well as lower export earnings weighed on the currency throughout the year.

Christmas celebrations at Nawaloka Hospitals

Nawaloka Hospitals held a lineup of festive activities to celebrate the spirit of Christmas on 21st December.