Banking sector struggle to end this year

The Sri Lankan banking sector is to see a reversal of most of the negatives experienced during last three years, and will usher in an era of prosperity with the pick-up in private sector credit growth, improving asset quality and rising returns.

CIC Holdings PLC Supports AOCMF Course on Craniomaxillofacial Fracture Management 2014

CIC Holdings PLC recently supported yet another International medical training initiative in Sri Lanka, by providing financial and logistical support for the AOCMF Course – Principles of Craniomaxillofacial Fracture Management. Hosted in Sri Lanka for the second time, the course was attended by a network of healthcare professionals who were updated on the latest techniques in patient care for trauma or disorders of the musculoskeletal syste

New Sri Lankan President expected to kill James Packer’s casino plans

Billionaire James Packer is expected to walk away from a plan to build a US $ 400 million casino and hotel in Sri Lanka after the island nation elected a new president, Maithripala Sirisena, who has promised to block the project.Sirisena, who is described as a social conservative, defected from the ruling party in November after previously serving under former president Mahinda Rajapaksa as Health Minister. The manifesto released by his new party

Stocks at near 4-year high on economic reform hopes

yesterday, while exporters stayed away awaiting clear policy direction after the election, dealers said.Four-day forwards, which were actively traded, ended at 132.75/85 per dollar compared with Thursday’s close of at 132.80/90, dealers said.“It was very dull. Everybody is awaiting to see the policies of the new government,” a dealer said.

Amãna Takaful Relocates in Kandy

Amãna Takaful PLC (ATPLC) the only fully-fledged Takaful operator in the country and the flag bearer of the Takaful way of insurance in Sri Lanka recently relocated its Central Region office to a more accessible location for customers. The new office located at No. 111/1/1, Kotugodella Veediya, Kandy, is situated in the heart of the city and provides a modern and more comfortable environment for customers. The new office was ceremoniously

November global air freight growth concentrates in Asia and Middle East

The International Air Transport Association (IATA) reported November 2014 data for global air freight markets showing that demand measured in freight tonne kilometres (FTK) grew 4.2 percent compared to November 2013. Capacity grew by 3.3 percent over the previous November. Compared to October 2014, air freight demand expanded by a healthy 0.8 percent.

Asian markets boosted by US data, Europe easing talk

Asian equity markets mostly rallied yesterday, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh eurozone stimulus measures.Confidence was also given a much needed boost by minutes from the US Federal Reserve’s December meeting suggesting it will not hike interest rates before April.

Lanka Rating Agency upgrades Amana Takaful’s rating to BBB/P3/Stable

Lanka Rating Agency has upgraded Amana Takaful PLC’s (“ATL” or “the Group”) long and short-term claims-paying ability rating to be from BBB- and P3 to BBB and P3, respectively.The outlook on the long-term rating is to be stable. The upgrade is premised on ATL’s improving performance, above-average general insurance underwriting performance and average capitalisation levels.

Aitken Spence Hotels Bags Gold Once Again at the 50th CA Annual Report Awards

Aitken Spence Hotel Holdings PLC emerged victorious once again walking away with the Gold Award in the Hospitality Sector category at the prestigious of Chartered Accountants Annual Report Awards. 

CIC Bids Farewell to Former Director E.F.G. Amerasinghe

CIC Holdings recently bid farewell to E.F.G. Amerasinghe who served as a Director on the board of CIC Holdings PLC from 2002 to 2014.  E.F.G. Amerasinghe  resigned from his position as Director effective of 2 January 2015.

Softlogic Office Automation unveils Panasonic Toughbook Laptops and Toughpads

Softlogic Retail (Pvt.) Ltd. a pioneering subsidiary of Softlogic Holdings PLC in collaboration with Panasonic India recently introduced Panasonic Toughbook Laptops and Toughpads- the world’s first Windows 8 enterprise-grade Ruggedized Mobile Devices for the Sri Lankan market.

Tea marketing in Australia: New challenges for Sri Lanka

The Sri Lankan government is expected to embark on a multi-million global campaign to promote Ceylon tea in key markets in the world, including Australia. The details of the campaign is still unknown but the country branding appears to be the major thrust of these campaigns taking advantage of the brand equity associated with Ceylon tea.

Oil price decline provides support to emerging market infrastructure development

The fall in global oil prices has been a boon in numerous ways to those emerging market countries that import energy and the re-pricing, should it continue into 2015, will provide an added boost to infrastructure development in these economies, thereby making for attractive investment opportunities in the new year.

Sri Lanka Insurance powers CA Sri Lanka with lead sponsorship

One of the country’s leading Insurance providers, Sri Lanka Insurance has once again extended its support t o t he Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) with a lead sponsorship for 2014/2015.

Seylan Bank opens newest branch at Deal Place

Seylan Bank, ‘The Bank with a heart’, opened its newest branch at No.03, Deal Place, Colombo 3 recently. The fully-fledged branch is now open from 9:00 a.m. to 4:00 p.m. on weekdays to serve all customers in and around the area.

HSBC launches New Year resolutions campaign

HSBC has launched a New Year resolutions campaign to help customers stay on track of their targets be it selfimprovement, spending time with family, enjoying some retail therapy to keeping in check of one’s health and well-being in 2015.

Pan Asia Bank offers assistance to tackle pensioners’ financial woes

Pan Asia Bank recently conducted an awareness session for the senior citizens and the families of t he members of t he defence forces in the North Western Province on its flagship product ‘Sammana’ and ‘Ranaviru Harasara’ loan schemes.

Hyundai Telecom brings highquality CCTV expertise to Sri Lanka

Security is a topic of paramount importance today – whether for the home or for the office. From organisations to individual home owners, making their premises secure is considered a priority.

Janashakthi segregates life and general insurance biz

Janashakthi Insurance PLC has created a wholly owned subsidiary named Janashakthi General Insurance Ltd. to conduct its non-life insurance business.This is to conform to section 53 of the Regulation of Insurance Industry (Amendment) Act No.03 of 2011, which calls for the segregation of life and general insurance businesses by January 2015.

Arpico Finance makes new appointments to board

Arpico Finance Company PLC yesterday announced five new appointments to the company’s director board in furtherance of its merger with Associated Motor Finance Company PLC, under Central Bank of Sri Lanka’s (CBSL) plans for consolidation of the Non-Banking Financial Institutions (NBFI).New appointments to the Board of Directors are; J.P.I.N. Dayawansa – Executive Director, J.P.I.S. Dayawansa – Executive Director, T.M.A. Sa

NSB defends charges against international bond issue

State-owned National Savings Bank (NSB) yesterday said no individual investors were among the subscribers to its bond issue in 2013 and the proceeds were never deployed below the cost, contrary to certain news items and statements made at various forums recently.

Tourist arrivals up 20% in 2014

Sri Lanka attracted 1,527,153 tourists for the past calendar year recording a 19.8 percent growth year-on-year (yoy), with India, UK and China leading the pack, according to statistics released by Sri Lanka Tourism Development Authority yesterday.While December observed the highest number of visitors for the year at 178,672, it recorded the fifth lowest monthly growth number at 16.1 percent yoy.State holidays and travel patterns of the exploding

Industrial Asphalts introduces full range of colour anti-corrosive paints

History is being made by Industrial Asphalts (Ceylon) PLC by introducing for the first time in Sri Lanka the full range of color to anti-corrosive paints. Upto now anti-corrosive paints were available only in 4 basic colors.

Kadirgamar Review Volume 3 released

The Lakshman Kadirgamar Institute for International Relations and Strategic Studies (LKIIRSS) released its annual flagship research journal - ‘Kadirgamar Review’- on January 1, 2015.

Ceylinco Healthcare treats 100 cancer patients with TomoTherapy

Ceylinco Healthcare Services Ltd, the pioneer of cutting-edge technology in cancer treatment in Sri Lanka’s private healthcare sector, reached a significant milestone when it completed the treatment of the 100th patient at its TomoTherapy Centre which opened in October 2013.

Ceylon Chamber Outlines Economic Imperatives Post January 8

Since the end of the conflict in 2009, Sri Lanka has achieved economic growth above 7 percent on average and a relatively stable macro-economic position.Inflation and interest rates have been low, fiscal deficits have been steadily reduced, balances of payments have been stable, and investment ininfrastructure has increased. However, household incomes have not kept pace with GDP growth.As per the Household Income and Expenditure Survey of the Dep

Why Save our Planet?

“S pread the word about conservation” screamed the headline of an article I came across recently. The writer of this article urges the reader to let as many people know, in whatever manner, to think about the earth.

A Team with Winner’s Mindset will Inspire Peak Business Performance

In the past few weeks, we were reviewing the leverage points for leaders at work. We emphasised the need to lead the process and set standards for the right goals and to lead the design process to create the appropriate metrics. There is one more leverage point which needs to be analysed. That is to maintain a winner’s mind-set.

Lankan banks should not become everything to everyone: global consultancy

Sri Lanka’s post-consolidation banking sector will have to focus on areas where they are good at, rather than trying to become ‘everything to everyone’, in order to be competitive and increase margins going forward, a global strategy consultancy firm said.

Higher foreign borrowings and debt issuances slow private credit growth

The combined foreign borrowings by the Sri Lankan banks and the corporate sector is estimated to have topped US $ 1.825 billion (Rs.239 billion) in 2014, according to the data released by the Central Bank.