NDB group 3Q net slightly up over core banking but 9-month profit falls

The National Development Bank PLC (NDB) group saw its net profits for the quarter ended September 30, 2016 (3Q16) increasing by 4.5 percent to Rs.881.9 million or Rs.5.34 a share from a year ago as net interest income (NII) rose amid margins coming under pressure and slowing growth in loans, the interim results showed. 

Amana Bank September net profit falls over tax provisioning

Amana Bank PLC, Sri Lanka’s first non-interest based Islamic bank, saw its net profit for the quarter ended September 30, 2016 (3Q16) falling by 10.5 percent on year to Rs.45.3 million or 4 cents a share, as the bank shifted from its earlier practice of providing for income taxes at the end of the year to quarterly tax provision, the interim results showed. 

NTB September profit up12% as bank contains margin fall

Nations Trust Bank PLC (NTB), the banking arm of John Keells group, increased its net profit by 12 percent to Rs. 759.8 million or Rs.3.29 a share from a year ago, as the bank was able to contain the squeezing margins while growing its loan book, the interim results filed with the stock exchange showed. 

ACCA Sri Lanka and Lanka BPO Academy team up to foster shared services industry

The Association of Chartered Certified Accountants (ACCA) has launched its Global Business Services (GBS) qualifications, a suite of three qualifications dedicated to finance and accounting in the shared services and GBS sector.

Budget 2017 bound to have mixed effects on inclusive growth

In the background of revenue mobilization constraints and emerging public debt sustainability risks, curtailment of the budget deficit is inevitable.

The Donald who turned America upside down

Many people like me watched the political circus in the US elections on CNN almost daily, purely for entertainment. Even when I got a one second introduction to Trump in July in New York by a former US Treasury Secretary, I did not try hard to even get a selfie with Trump. So, when 70-year-old Donald Trump, the real estate developer and reality TV star, a Republican, who has never held public office, defeated Democrat Hillary Clinton after a puni

Intex South Asia 2016 to showcase over 11 countries’ best of textiles

The aim of the new edition of Intex South Asia, which will take place from November 16 to 18, 2016, at the Sri Lanka Exhibition and Convention Centre, Colombo, is to present and showcase the entire value chain by bringing together the best manufacturers of yarns, apparel fabrics, denims, clothing accessories and allied services.

Central Bank’s autonomy challenged in budget 2017

Ce r t a i n c o n t r o v e r s i a l proposals in the budget 2017 are likely to have massive implications 

Embarkation Levy increased to US $ 50

The 2017 budget has increased the Embarkation Levy to generate greater government revenue at the 

CTC 3Q net profit up 38% to Rs.4.6bn

Ceylon Tobacco Company PLC (CTC), the local unit of British American Tobacco, increased its 

Budget moves hotels out of subsidized corporate tax rate

?By Chandeepa Wettasinghe The Sri Lankan tourism industry was treated to a shock with the recent 

Most Asian telcos to come under pressure in 2017: Fitch

Fiercer competition and rising capex needs will put pressure on the credit profiles of most Asian telcos over the next year, says Fitch Ratings. “We have a negative outlook on the telecom sectors in 

Capital Gain Tax only on properties less than 10 years and not on inherited wealth: FinMin

Shedding light on the budget proposal to impose a 10 percent tax on capital gains made on immovable properties, country’s finance minister said such a tax would be only on the properties 

Teejay Lanka to make US $ 13mn investment in India next year

By Zahara Zuhair Teejay Lanka PLC, the local weft knit textile manufacturing company, which was 

Budget 2017 leads to greater fiscal consolidation: FinMin

The budget 2017 would lead to greater fiscal consolidation at the same time deliver benefits to the 

Shares end little changed ahead of national budget

REUTERS:  Sri Lankan shares closed nearly unchanged on Thursday in thin trade as investors 

Trump fear fans dollar rally as emerging markets sink

AFP - The dollar soared against high-yielding currencies and Asian emerging markets sank yesterday 

Hashim says Lankaputra will get new Chairman shortly

A new chairman will be appointed to state-owned Lankaputhra Development Bank shortly, Minister of Public Enterprise Development Kabir Hashim told Parliament yesterday.

Kenya promotes specialty teas to boost farmer earnings

REUTERS: Kenya is relaxing some of its tea industry rules to encourage production of new varieties 

Sri Lanka revises corporate tax, withholding tax to raise revenue

REUTERS: Budget proposals presented in Sri Lanka on Thursday included revisions to corporate and 

Restrictions on bank lending may have widespread impacts on industry: analysts

The 2017 budget included restrictions on bank lending, and community reinvestment proposals, 

BreadTalk opens 7th outlet in Maharagama

Internationally-acclaimed baker and confectioners franchise BreadTalk opened doors to its seventh outlet in the bustling suburb of Maharagama recently. 

Huggies Baby Star campaign launched emphasizing family bonding

Our children’s path for a better future only paves the way for a better tomorrow and who better to stamp a mark in maintaining this vision than Huggies themselves. 

INFOTEL 2016

Large crowds gathered to witness the ‘Infotel 2016’, national ICT exhibition that kick-started yesterday at 

Fashion Bug honours little artists of Sri Lanka at Roo Siththam 2016

Once again the much awaited Roo Siththam, the annual Art Competition organized by Fashion Bug 

Down with Newton’s law

Are you ready to outwit gravity? The Red Bull Gravity Challenge is looking for a great deal of imagination to show Newton posthumously how it’s all done! 

Isipathana College teachers visit MMBL-Pathfinder

Vice Principals and the teaching staff of Isipathana College, Colombo paid a visit to the MMBL-

Pan Asia Bank showcases children’s artistic talents

Pan Asia Bank in commemoration of World Children’s Day and the World Thrift Day, which were 

DSI opens relocated Akuressa branch

D. Samson & Sons (Pvt) Ltd recently celebrated the relocation of the DSI Showroom in Akuressa.  

EGB becomes one of new Miss Intercontinental’s favourite drinks

Many local celebrities are no doubt enamoured by the unique, nostalgic taste of EGB (Elephant House Ginger Beer).