Lanka Rating Agency upgrades Vallibel Finance to BBB-/P3; outlook stable

Lanka Rating Agency (LRA) has upgraded Vallibel Finance PLC’s (Vallibel) long-and short-term financial institution ratings from BB+ and NP to BBB-and P3, respectively.Concurrently, its issue rating of Rs.500 million unsecured subordinated redeemable debentures (2014/2019) is upgraded to BB+ from BB. Meanwhile, both long-term rating outlooks are reaffirmed at stable.

Sampath Bank opens newest ATM at PIM

The newest ATM of Sampath Bank was ceremonially opened at the Postgraduate Institute of Management, No: 28, Lesley Ranagala Mawatha, Colombo 8 by Sampath Bank Assistant General Manager Sanjaya Gunawardene and PIM Acting Director Dr. Ajantha Dharmasiri, recently.

Union Assurance maintains growth momentum

Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, maintained a steady growth momentum in gross written premium (GWP) and profits as at the end of the third quarter of 2014.

Harry J’s son appointed to Distilleries board

Don Hasitha Stassen Jayawardena, bearing the same initials of his father business tycoon Harry Jayawardena, with the trademark Stassen name, has been appointed to the director board of Distilleries Company Sri Lanka PLC (DCSL) in the capacity of a Non-Executive Director with effect from November 21, 2014.

Stockbrokers Say No Reason To Panic

The political games taking place in the country seem to have created a sense of panic in the minds of some investors in the Colombo Stock Exchange, which should not be the case, according to top brokers, who seem to be largely unconcerned about the proceedings.“Various unconfirmed crossover stories have scared off retail investors but we still see a foreign inflow into the fundamentally strong stocks. We expect the market to rebound soon

Amãna Bank records monthly profits with 85% growth in Net Financing Income

According to the quarterly financial statements released recently to the Colombo Stock Exchange, the Bank’s top line performance has also showcased an impressive growth for the first 9 months of 2014. The Bank has achieved a Financing Income of Rs 1,798 million showcasing a growth of 43% from the corresponding period of last year, whilst Net Financing Income has recorded a growth of 85% to reach Rs 900 million.  The Bank achieved a

How to develop Sri Lanka’s wood-based industry

A conference and workshop under the theme “Wood Based Industry – Way Forward’ organized by the Wood Based Industrialist Association of Sri Lanka (WBIA), will be held at the Export Development Board (EDB) Auditoriumon on November 28.

Australia’s La Trobe University signs agreement with CA Sri Lanka

The BSc. Degree in Applied Accounting offered by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) continued to break new ground as it received endorsements from leading universities and professional organisations abroad.One of Australia’s top universities, La Trobe University recently entered into a partnership with CA Sri Lanka which allows students following CA Sri Lanka’s BSc. Degree in Applied Accounting the o

FedEx launches first all-electric delivery vehicle in Sri Lanka

With sustainable business practices in mind a significant initiative towards adopting ecofriendly business mechanisms was recently spearheaded by Mountain Hawk Express (MHE) – Licensee of Federal Express Corporation in Sri Lanka. After months of due diligence and research, MHE has made a move what is today alien to many but will certainly pave the way in harnessing renewable energy in the future.

Manufacturing Tops Lanka’s Industrial Sector

Sri Lanka has the manufacturing base ready, and 85 percent of Sri Lanka’s industrial economy is concentrated on manufacturing. In the Global Innovation Index 2014, we rank at 69 in “innovation infrastructure” close to Thailand and Brunei, said Industry and Commerce Minister Rishad Bathiudeen,addressing the launch event of INCO 2015 at the Staff Training Centre of Rajagiriya recently.INCO is reportedly the largest and most inf

Sri Lanka’s first professional Gem magazine launched

The the “Tourmaline Lanka” magazine, a publication that focuses solely on fascinating world of gem and jewelery was launched recently.“It is our aim to publish the Tourmaline Lanka magazine i n both English and Chinese, and furthermore Spanish, Japanese, Russian and French in order to market the Sri Lankan gem industry to the international arena by promoting and selling it at all the main International Gem & Jewelry Exhib

SAARC Agreement On Trade In Services: Tardy Progress

After being in the SAARC agenda since the 13th SAARC Summit in Dhaka in 2005, finally the SAARC Agreement on Trade in Services (SATIS) was signed at the 16th SAARC Summit in Thimpu in April 2010. The SAARC leaders as usual called for an early conclusion of negotiations on the schedule of specific commitments under the agreement.

Dockyard net profit plunges amid ship-building under performance

The net profit of Japan’s Onomichi Dockyard owned Colombo Dockyard PLC saw its September quarter net profit (3Q14) dwindling over 80 percent yearon-year (yoy) to Rs.36.3 million, amid its main shipbuilding segment under performing.As a result, the quarterly earnings per share deteriorated t o 51 cents from Rs.2.68.

Amf Acquires 93% Stake Of Arpico Finance

Associate Motor Finance Company PLC (AMF) has acquired 93.809 percent of Arpico Finance Company PLC shares, following the expiration of the mandatory offer on November 19.

Gota urges pvt sector to take development initiatives in pursuit of ‘Wonder of Asia’

The private sector should take the initiative to develop the country, according to Defence and Urban Development Secretary Gotabaya Rajapaksa, who was speaking at the Business Today Top Twenty-five 2013-14 at the Colombo Hilton recently.“As Sri Lanka strives to become the Wonder of Asia, those in the corporate world have a special responsibility to help the nation achieve its economic potential,” he said. He claimed that the govern

HNB to raise Rs.4bn via debentures

Colombo Stock Exchange has given its approval in principle to Sri Lanka’s second largest private bank to list its proposed senior debentures amounting to Rs.4 billion.The bank will initially issue 30 million debentures at an issue price of Rs.100, but will later upsize issue by another 10 million debentures in the event of the first tranche being subscribed.According to Fitch Ratings Lanka Limited (Fitch), HNB will use the proceeds to re

Better Prospects For Consumer Durable Retailers In 2015

Sri Lanka’s consumer durable retailers will have better times with a more favourable business environment being created as a result of lower borrowing rates, reduced electricity tariffs and an upcoming cut in the ValueAdded Tax (VAT), according to Fitch Ratings Lanka Limited.

Etisalat AppZone Click: A do-it-yourself platform to create SMS based applications

Etisalat Lanka is launching the next phase of Sri Lanka’s first ever independent third party mobile application platform AppZone by introducing ‘AppZone Click’, a simplified process of developing a Short Message Service (SMS) based application designed to attract a wider potential segment of developers and individuals who wish to expand their business using SMS as a medium to development applications. 

OZO Colombo Welcomes Festive Season Helping Needy Families

OZO Colombo believes i n living the true spirit of Christmas, which means that it is also a time for sharing and thus has introduced a special CSR project to help the less fortunate.The project was initially started to collect items to support the Koslanda landslide victims and the efforts were then extended to help others in need in Anuradhapura area as a collective effort.

Mihin Lanka Now Flies To Lahore

Mihin Lanka’s senior management and team members from Colombo were on-board t he aircraft and were welcomed with a traditional water cannon salute, followed by a celebratory reception which took place at the CIP Lounge in Allama Iqbal International Airport in Lahore.

Dr. Alwis honoured as ‘Personality of the Year Asia – 2014’

Ceylinco Insurance Director Technical/Chief Technical Officer Dr. Jagath Alwis was honoured as the ‘Personality of the Year – 2014’, at the 18th Asia Insurance Industry Awards held in Taipei, Taiwan.The prestigious Asia Insurance Industry Awards, recognised as the zenith of the insurance industry in Asia, is now in its 18th year, having become a much sought-after mark of excellence and peer group endorsement, for insurance co

Amana Takaful Records Rs.56.5mn Net Profit For 9 Months

Composite fully-fledged Takaful insurer Amãna Takaful PLC, recorded a net profit of Rs.56.5 million for the nine months ended September 30, 2014, up from Rs.44.5 million reported in the same period of the previous year, with an earnings per share of 6 cents up from 4 cents.The gross written premium (GWP) reported during the period under review rose 9 percent year-onyear (YoY) to Rs.1.84 billion.The group was able t o book Rs.180.2 milli

amanté wins Silver at SLIM Brand Excellence

Outperforming competition from industry giants, amanté bagged a Silver award in the ‘Best New Entrant Brand of the Year’ category at SLIM Brand Excellence 2014, a validation of what the brand has offered the Sri Lankan lingerie market through its innovative and fashion-forward range.Celebrating two years of local operations on October 24th this year, the brand has offered its customers a product that is tailor made to fit th

Slim’s PCM Online Open For Registration

Sri Lanka Institute of Marketing announced that the December 2014 i ntake of Preliminary Certificate in Marketing Online (PCM Online), the only recognised marketing qualification in Sri Lanka available online, is now open for registrations.The Preliminary Certificate in Marketing (PCM) is one of the world’s best short courses in marketing and has been the preferred starting point for many distinguished marketers over the years. PCM Onlin

The ‘Ten Commandments’ of hospital design

Hospitals are expensive to build and complex to manage. The design of a new hospital provides an opportunity to rethink hospital design, and especially to consider how improved design can help reduce staff stress, fatigue, increase effectiveness in delivering care, improve patient safety, reduce patient and family stress, and improve overall healthcare quality.

Sri Lanka’s Print-based Exports Up 25% To Us $ 101 Mn: Rishad

Bringing global packaging honour to Sri Lanka, the World Packaging Confab kicked off in Colombo for the second time yesterday.Industry and Commerce Minister Rishad Bathiudeen addressing the event said, the upward trend i n per capita consumption and the average packaging cost of FMCGs reporting a 10-15 percent sales growth show the strength of packaging development in Sri Lanka.

SriLankan Airlines to begin flights to Kunming

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance, in a move to meet increasing demands for air services between China and Sri Lanka, will be initiating operations to Kunming on December 1, 2014, the company said in a statement.

Malaysia’s SME Factors conducts due diligence on Sri Lanka

A delegation from the SME Factors SdnBhd of Malaysia, a firm which is in the business of financing SMEs was in town to carry out a due diligence process to set up operations here.

Apparel Industry in Sri Lanka Mulls Automation To Overcome Labour Woes

The apparel industry, the country’s second largest foreign exchange earner is evaluating the feasibility to partly automate the manufacturing process to overcome a severe labour shortage the industry has been experiencing for some time.“One of our thrust areas is to consolidate and improve our business competitiveness, automation and technology,” the newly elected Sri Lanka Apparel Exporters Association Chairman Saif Jafferje

Grants Media clinched the ‘Media Buying Agency of the Year’ award at the World Marketing Congress 20

Grant Media, a member of the Grant Group was awarded the prestigious ‘Media Buying Agency of the Year’ award at the recently concluded World Marketing Congress (WMC), held at Taj Lands End, Mumbai.The annual event was organized by CMO Asia, which is dedicated to impart high level knowledge exchange through leadership and networking amongst senior Chief Marketing Officers and decision makers from different industry segments across 5