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. 

Lanka Shakthi Technologies opens Galle branch

Lanka Shakthi Technologies (Pvt) Ltd opened up a branch in Galle to expand its operations to Southern province. 

Etisalat heralds festive spirit through carol service

Etisalat Sri Lanka celebrating unbreakable bonds with the staff and their families recently held a carol service at their Rotunda Store and a Christmas decoration competition at their head office in Colombo.

CPI Footwear receives SLCSMI Award for business excellence   

CPI Footwear (Pvt) Ltd recognized for their trustworthy mark in the world of footwear manufacture and sales grabbed Business Excellence Award at Entrepreneurship 2016 organized by Sri Lanka Chamber of Small and Medium Industries. 

Tokyo down again as Asian markets end volatile year

AFP - Tokyo retreated again yesterday despite Toshiba’s shares ending their three-day free fall but Hong Kong rallied as Asian markets brought down the curtain on a volatile year. 

China to build US$ 1.5 bn power line across Pakistan

AFP-  China’s State Grid Corporation is set to build a US$1.5 billion power line across Pakistan to enable the transmission of 4,000 megawatts of electricity from the country’s north to south, the government said yesterday.

Shares fall about 10% in 2016; directions on rupee, rates awaited

REUTERS: Sri Lankan shares fell yesterday, posting a yearly decline of about 10 percent, in thin trade due to year-end holidays, while investors waited for directions from the Central Bank on the rupee and interest rates.

Sri Lanka warned to expect worst drought disaster in four decades

ECONOMYNEXT:  Sri Lankans have been warned to conserve water and electricity as the country braces for perhaps the worst drought since the early 1970s, with crop output down and possible shortages of drinking water, officials said.

Rupee ends steady amid moral suasion

REUTERS: The Sri Lankan rupee closed steady yesterday as light importer dollar demand was met by exporter selling and moral suasion by the Central Bank boosted sentiment, dealers said. They said the local currency might weaken in January after the Central Bank’s comment on Friday that the rupee’s depreciation was not necessarily negative for the economy.

Sri Lanka to raise up to US$ 1bn next year for development projects

REUTERS: Sri Lanka intends to raise up to US $1 billion via foreign currency term financing facility (FTFF) to finance the import elements of development projects specified in the 2017 budget, the government said on Wednesday.

Sunshine Holdings shareholder pools stakes under one entity in Rs.761mn deal

A share sale of significant size relating to the diversified conglomerate Sunshine Holdings PLC’s) took place between entities controlled by Sunshine Holdings director G. Sathasivam, a company official said yesterday.

NTB to power island wide blood donation campaign

Nations Trust Bank has joined forces with the National Blood Transfusion Service (NBTS) of Sri Lanka in a nationwide campaign to create awareness about the importance of blood donation and to educate the public on the vital social need for a secure, unrestricted supply of quality-assured blood and  blood components. 

Toxic politics could undermine results expected from ETCA

The controversial Economic and Technical Cooperation Agreement (ETCA) currently being negotiated with India may not create market access and competition in the scale that is expected by Sri Lanka due to toxic politics that have prevailed between the two countries for a long time, a leading economist and a policy analyst opines. 

China changes CFETS currency basket for calculating yuan index

REUTERS: China will change the way it calculates a key yuan index in the New Year, nearly doubling the number of foreign currencies in a basket that is used to set the yuan’s value, its foreign exchange market operator said yesterday.

Shares hit more than 1-wk closing high; PABC boosts turnover

REUTERS:  Sri Lankan shares touched a more than one-week closing high yesterday led by financials, with shares of Pan Asia Banking Corporation Plc accounting for 85 percent of the day’s turnover.