Rs.8bn in financing for Bank of Ceylon through listed debt

State-owned Bank of Ceylon (BOC), Sri Lanka’s largest bank, will be listing a Rs.5 billion debenture on the Colombo Stock Exchange tomorrow, in order to improve its capital adequacies and to expand its loan book amid high private credit growth. In a statement, BOC said that the debenture issue could be further expanded to Rs.8 billion in the case of oversubscription and that the minimum investment would be Rs.10,000.

Pan Asia Bank raises over US $ 17mn in foreign funding

Pan Asia Banking Corporation PLC (PABC) has recently entered into an agreement with Geneva-based Symbiotics Group to raise over US $ 17 million through a senior debt arrangement to support PABC’s sustainable small and medium-scale enterprise (SME) advances.

PM cancels Seylan Bank foreign deal, orders probe: FinMin

REUTERS: Prime Minister Ranil Wickremesinghe has ordered a reversal and a probe into the Rs.1.3 billion Seylan Bank foreign deal as it failed to follow proper procedure, the country’s finance minister said yesterday.

Economics and unrest: ILO findings in relation to social movements

Social movements have shaped and are shaping modern societies around the globe. 

To Boost Growth: Employ More Women

At his swearing-in ceremony last year, Prime Minister Justin Trudeau was asked why he had appointed a gender-balanced cabinet, a first for Canada (and for most countries around the world). He replied “Because it’s 2015.”

Russel’s holds 28th awards ceremony

Russel’s celebrated its 28th awards ceremony recently at Hotel Sapphire, Wellawatta with a grand gala dance.

Orient Finance issues Rs.400mn in preference shares

Orient Finance PLC, which was relisted on the Colombo Stock Exchange earlier this year, will be raising Rs.400 million through the issuance of five-year, redeemable preference shares to meet its capital adequacy requirements.

Rupee closes lower on importer dollar demand

REUTERS: The Sri Lankan rupee closed weaker yesterday on importer dollar demand, as the market braced for declines in the local currency with the Central Bank raising the spot reference rate following a hike in US interest rates, dealers said.

ComBank wins six awards including Best in Banking Sector

The Commercial Bank of Ceylon won six awards including the Edmund J. Cooray Memorial Trophy for the Best Annual Report among banking institutions, at the 52nd Annual Report Awards of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), reaffirming the Bank’s commitment to excellence in financial reporting.

Ukraine leader urges calm after big bank nationalised

AFP - Ukrainian President Petro Poroshenko urged people yesterday not to panic after his government nationalised the country’s largest private bank to avoid a rapid financial meltdown. The former Soviet republic’s cabinet on Sunday took over PrivatBank -- a lender that held one-third of Ukrainians’ bank deposits and even had branches in the Baltic states.

Crystals reopens in true festive splendour

Preethi Fernando, a connoisseur of crystal ware and all things fine and luxurious reopened her super luxury crystal boutique recently with Maliban Biscuit Company Chairman A.G.R. Samaraweera gracing the occasion as the chief guest. 

Union Assurance offers ‘Union Smart Health’

Union Assurance in its efforts to showcasing the path towards enduring success has made its efforts to revolutionize the Sri Lankan insurance industry by continuously bringing forth innovative and creative solutions. 

Surf Excel rewards children’s creativity with trip to Universal Studios S’pore

This August holiday, Surf Excel’s ‘Raja Wada Paddo’, an initiative aimed at encouraging children to use their creativity by making their own toys with discarded items and Surf packs, kept children creatively engaged for the season.

Consolidated glimpse of Summit’s outcomes

Sri Lanka has recorded a very high economic growth rates compared to other countries in South Asia, yet the country’s per capita income is relatively low. Sri Lanka needs to now focus on being an e?ciency-driven economy. The country’s higher education and training standards will be critical in driving this transformation. 

BMICH wins Leading Meeting & Convention Venue Award

BMICH was adjudged the Leading Meeting & Convention Venue at The South Asian Travel Awards concluded recently.  

Tokyo Cement inaugurates 1mn ton plant in Trinco

Tokyo Cement Company (Lanka) PLC commenced the initial testing of a cutting-edge cement manufacturing plant in Trincomalee at a soft opening ceremony held recently.

Laugfs’ GnTracker wins at APICTA Awards 2016

Laugfs Holdings, one of the largest diversified business conglomerates and a trusted name in Sri Lanka, yet again clinched an award for its pioneering GnTracker device at the prestigious Asia Pacific ICT Alliance (APICTA) Awards 2016 held recently in Taipei. 

Hotel maids in Spain rebel against low salaries

AFP - Spain is enjoying a surge in visitors, but hotel maids are not reaping the rewards and are rebelling against their low salaries, which can be as little as two euros to clean a room.

Emirates Group releases 6th Annual Environmental Report

The Emirates Group, comprising Emirates airline and dnata, has published the sixth annual environmental report outlining the Group’s environmental performance for the financial year 2015-16. The report,

Sarvodaya Development Finance excels at Annual Report Awards 2016

Sarvodaya Development Finance bagged the compliance award in the finance companies and leasing companies sector at the 52nd annual report awards 2016 which was organized by the Institute of Chartered Accountants of Sri Lanka. 

Swadeshi to honour loyal Lanka Sathosa customers

This Christmas and New Year season offers all customers of Swadeshi products a chance to win Rs.100,000 cash gifts from Lanka Sathosa.

AFC opens gold loan centre in Ganemulla

Alliance Finance PLC, the third oldest finance company in Sri Lanka added its newest gold loan center to its Island wide network in Ganemulla recently, offering an exciting range of financial products for its community.

The world economy: Moving sideways

A return to the strong, sustainable, balanced, and inclusive growth that Group of Twenty leaders called for at Hangzhou in September still eludes us. Global growth remains weak, even though it shows no noticeable deceleration over the last quarter. 

Sri Lanka needs to seize economic opportunities and rectify anomalies

The last two weeks of October 2016 saw many pronouncements about the future of Sri Lanka.  These two weeks started with the Annual Sessions of the Sri Lanka Economic Association (SLEA), 

Leo Burnett does it again by winning the Gold at Campaign Asia Agency of the Year Awards

Leo Burnett Sri Lanka, the local office of the global advertising network Leo Burnett Worldwide, repeated its success at Campaign Asia’s Agency of the Year (AOY

Earl’s Court Group Launches ‘Black Pepper’at Dutch Hospital Square

A renaissance to the Colombo high quality culinary feasting is now facilitated with the new culinary enclave in the Dutch Hospital Square in the form of “BLACK PEPPER”.

People’s Bank unveils new corporate logo

People’s Bank proudly launched its new logo recently to reflect the Bank’s evolution to keep pace with new global banking trends and to cater to fast-changing aspirations of customers. 

HNB takes top honours at National Productivity Awards for second

Hatton National Bank (HNB) once again won recognition at the National Productivity Awards 2015 winning third place in the ‘Service Sector – Large’ category for the second consecutive year. 1st and 2nd place were not awarded. 

NDB commits to serve Mahawewa residents

NDB recently opened its latest branch in Mahawewa in a bid to support the economic and livelihood development in the  Puttalam district.  

Lloyd’s of London boss mulls EU base

AFP - Lloyd’s of London, the historic insurance market, has drawn up plans to move part of its operations to elsewhere within the European Union when Britain exits the bloc.