NDB opens Manipay branch

National Development Bank (NDB) extended its footprint in the Northern region of the country with the opening of its 96th branch in Manipay recently.

HNB General Insurance marks first year in operations

HNB General Insurance Ltd, a subsidiary of HNB Assurance PLC, specializing in motor and non-motor insurance solutions, recently marked its first year in operations after the segregation of life and general insurance business operations 

Janashakthi further consolidates position in general insurance biz

Janashakthi Insurance PLC announced that it has now successfully completed the amalgamation process of Janashakthi General Insurance Limited and AIA General Insurance Lanka Limited. The company acquired 

Capital Alliance launches equity and investment app

Capital Alliance (CAL), Sri Lanka’s leading full service investment bank, is about to turn a page in Sri Lanka’s financial markets. In today’s world,

OPA inducts 35th President

The Organisation of Professional Associations (OPA) held its 35th President’s I n d u c t i o n C e r e m o n y a t C i n n a m o n G r a n d Colombo recently The OPA being the only professional organisation in Sri Lanka that embraces 46 professional associations, 

The Pathfinder Foundation: Review of activities 2015

The Pathfinder Foundation in its 10th year (2015) undertook a wide range of activities including research on topical economic and strategic issues, advocacy targeted at policymakers, raising awareness amongst the population, 

Top corporates pledge Rs.700mn for MTI’s ‘idea2fund’

Sri Lanka’s top corporates from various industries have pledged in total Rs.700 million for MTI’s ‘idea2fund’. The investment pool of Rs.700 million is to encourage budding entrepreneurs with business ideas to start up through the idea2fund platform. 

ACCA discusses importance of double tax treaties

Sri Lanka has a network of almost 42 double taxation treaties (DTAs), which are aimed towards the elimination of double taxation. With globalization, 

PUCSL to employ int’l tool to asses future electricity demand

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, is planning to adopt an internationally accepted tool to review the forecasted electricity demand in Sri Lanka and to access the Long-Term Generation Expansion Plan (2015-2032) by the Ceylon Electricity Board (CEB). 

Fitch affirms SriLankan’s guaranteed bond at ‘BB-’

Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) US dollardenominated government guaranteed bonds at ‘BB-’. The national carrier’s bonds are rated at the same level as SLA’s parent, the state of Sri Lanka, 

US $ 100mn capital infusion to ETI Finance gets CB nod

ETI Finance Limi ted , a registered finance company with the Central Bank, is to receive foreign equity investment to the tune of US $ 100 million, Swarnamahal Financial Services PLC said in a filing to the Colombo Stock Exchange. 

Malik calls foreign investors to be part of country’s development agenda

International Trade Minister Malik Samarawickrama called on foreign investors to partake in the national development agenda assuring them that the government was committed to transform the country’s economy.

Cruise ship makes call on all Lankan main ports for first time

For the first time in Sri Lanka, a cruise ship has made calls on the four main ports of Sri Lanka. The Luxury Cruise Ship Ms Europa 2 owned by German operator Hapag-Lloyd Kreuzfahrten called on the 29th, 30th and 31st January 2016 to the Ports of Galle

JKH December net profit falls 10% over previous year’s capital gains

Sri Lanka’s premier blue ship, John Keells Holdings PLC (JKH) saw its net profit for the quarter ended December 31, 2015 (3Q16) dropping 10 percent year-on-year (yoy) to Rs.3.9 billion as the corresponding quarter last year included a capital gain of Rs.610 million, 

‘Ease of doing Business’ 6th session this Wednesday

The sixth session of the ‘Ease of doing Business’ series will be held under the aegis of Finance Minister Ravi Karunanayake at 2.00 p.m. on February 03 at MILODA Institute. ‘Ease of Doing Business’ is conducted with the prime objective of finding solutions to problems encountered by local businessmen in carrying out their business activities.

Cinnamon Lakeside owner’s 3Q down 53%; records higher costs, borrowings

Trans Asia Hotels PLC, a unit of John Keells group, which owns the 5-star Cinnamon Lakeside Hotel posted net profit of Rs.81.8 million for the quarter ended December 31, 2015 (3Q16), 

Power and energy firms hail proposed fuel formula

The highly anticipated fuel formula, if implemented as planned, is expected to be beneficial to power and energy companies, the country’s private power sector operators said. 

Laugfs breaks ground for US $ 30mn pharmaceutical manufacturing plant

??By Chandeepa Wettasinghe One of th e younges t conglomerates in Sri Lanka, Laugfs Holdings PLC, broke ground on one of South Asia’s largest pharmaceuticals manufacturing plants in Koggala recently, making a grand entrance to the country’s health sector. 

Consumer prices ease in January

Sri Lanka’s consumer prices in January rose 0.9 percent from a year earlier, slowing from the previous month’s 2.8 percent, data from the Department of Census and Statistics showed yesterday.

SriLankan Airlines launches thrice weekly non-stop flights from Guangzhou to Colombo

Airlines introduced thrice weekly non-stop flights from Guangzhou to Colombo from January 2016, on three of its four frequencies, becoming the first airline operating direct flights between Guangzhou and Colombo in the South China market. 

Rupee forwards rise on dollar sales; stocks up

REUTERS - Sri Lankan rupee forwards strengthened yesterday as a foreign bank sold dollars, while the spot rupee was not traded as banks were reluctant to trade it below the 144.00 level amid moral suasion by the Central Bank, dealers said.

Jaffna International Trade Fair kick-starts

The largest exhibition and consumer fair, JITF 2016 opened for the 7th consecutive time at the Municipal Grounds, Jaffna yesterday.  The event is organized by the Lanka Exhibition and Conference Services (Pvt.) 

CCC Biz Council promotes trade and investment in China’s three major provinces

In November 2015, The Sri Lanka - China Business Council of the Ceylon Chamber of Commerce achieved a major milestone in its journey so far, when the Council organized its first 

Citrus Leisure posts Rs. 323 mn revenue in Q3 2015/16

The Citrus Leisure Group announced a revenue of Rs. 323 million for the third quarter of 2015/16 ending 31st December 2015, a 66 percent growth compared to the corresponding quarter in 2014/15. 

Breast is best for babies, mothers and economy: study

AFP - Breastfeeding more babies for longer could save the global economy some $300 billion in a single year, simply by yielding smarter and higher-earning offspring, researchers said yesterday.

Oil up in Asia, analysts temper hopes on Russia-OPEC talks

AFP - Oil extended a recent rally in Asia yesterday, boosted by weakness in the dollar and Russia saying it could meet the OPEC producers’ group for talks on possible output cuts to ease a painful supply glut.

Ruhuna University Alumni pay tribute to Ronnie De Mel

Ronnie De Mel, the former Finance Minister was felicitated by the Ruhuna University Alumni Colombo Association recently. The citation 

Huawei globally launches Mate 8 smartphone

The Huawei Consumer Business group globally launched the Huawei Mate 8 smartphone, a productivity-driven device with significantly enhanced power, efficiency and battery life. The Mate 8 continues Huawei’s

Dialog TV adds three new channels to line-up

Sri Lanka’s premier Digital Pay Television provider, Dialog Television, further ramped up its channel offering with the addition of three new channels to its bouquet.

Guru.lk achieves high pass rate with online study packs

Online study packs developed by Guru.lk for candidates taking banking examinations have resulted in pass rates well above the average for non-users, Sri Lanka’s pioneering edutainment website reported.