SEC files motion to Touchwood case

The capital market regulator, Securities and Exchange Commission (SEC) has filed a motion in the Commercial High Court Colombo that’s hearing the winding up application of agro-forestry investment firm Touchwood Investment PLC filed by a creditor of the company, Mirror Business learns.

Significance of an Indian-American winning Miss America crown

For the first time in history of the pageant, Nina Davuluri, an Indian-American won the Miss America crown. In an age when beauty contests are scorned at by feminists as degrading, the news somehow sparked a fierce Internet discussion.

Jan - June Foreign Direct Investments top US $ 540mn

Foreign Direct Inflows (FDIs) in to Sri Lanka during the first half (1H) of 2013 is up 20 percent Year-on-Year (YoY) to US $ 540.211 million, Investment Promotion Minister, Lakshman Yapa Abeywardena said.

CB keeps September policy rates on hold

Sri Lanka’s monetary board yesterday decided to keep the key policy rates on hold for September, unchanged during the last four months. Hence both the repurchase and the reverse repurchase rate will be maintained at current levels of 7.00 percent and 9.00 percent respectively.

Status of Sri Lankan NR-based industry

The Sri Lankan rubber products manufacturing industry is composed of about 4,530 manufacturing organizations of small, medium and large-scale entities. Nearly 70-80 percent of the local rubber production is used by these domestic industries.

Economics of media freedom: Is Sri Lanka on a virtuous or vicious cycle?

Is media and press freedom a matter of economics? The answer is a resounding yes. But it may be important to explain why. There are at least three reasons. We can describe them as indicative, instrumental and integral.

Amana introduces Ladies Savings Account

With the aim of providing an opportunity for women to manage their finances effectively and efficiently, Amana Bank has introduced ‘Amana Bank Ladies Savings Account’ targeting the female population of the country.

August tourist arrivals up 26%

Tourist arrivals increased by 26.1 percent year-on-year (YoY) to 100,244 visitors in August. The Western European region recorded the highest arrivals with 38,951 in August against 32,656 arrivals last year, with arrivals from the UK and Germany increasing by 6.9 percent YoY and 35 percent YoY, respectively to 12,353 and 8,318 arrivals each.

CIFL depositors reject restructuring

None of the depositors of the beleaguered finance company, Central Investment and Finance Company PLC (CIFL), who met at New Town Hall yesterday, endorsed the Central Bank (CB)-approved restructuring plan, according to the Depositors’ Association.

Plantation industry in fresh land ownership battle

Sri Lanka’s troubled plantation industry is facing fresh threats in the form of eroding land ownership rights, according to the outgoing Planters Association Chairman, Lalith Obeysekera.

Reconditioned car registrations continue upward trend: analysis

The reconditioned or pre-owned car market continued its recovery, recording 1,800 registrations during the month of August, against 510 registrations last year and 1,492 registrations in July 2013, an equities research firm analysis showed.

Lankan corporates still suffering from HPPO syndrome: Google rep

Sri Lankan companies are still highly reliant on Highest Paid Person’s Opinions (HPPOs) and are less driven by data for their decision making, according to a top Google official

Amana Bank Refurbishes Radiology Unit at Cancer Hospital

Amana Bank recently extended its support to refurbish the Radiology Unit of the National Cancer Institute in Maharagama. The refurbishment project was undertaken with the aim of providing an efficient and speedy service to patients.

Thirty-member Sri Lankan delegation for Spikes Asia

The Spikes Asia festival will be held in Singapore from September 15-17, featuring an extensive programme filled with seminars, workshops, academies, networking, awards and entertainment. This event is promoted by Metal Factor and the Association of Accredited Advertising Agencies (4A’S).

Is Apple’s iPhone still the star it once was?

I can still remember the fanfare when the first few iPhones came along - I wasn’t even an Apple...

Court prevents ex-eSys executive joining competitor

The Colombo Civil Appellate Court issued an order preventing an exemployee of one of Sri Lanka’s leading computer hardware distributors eSys Technologies Lanka (Pvt.) Ltd from serving or joining a competitor.

Price gamble and missed opportunities

With the end of hostiles, a golden opportunity was missed by the Sri Lankan tourism sector by hiking prices of accommodation by 200-300 percent, forgetting the ordinary hotelier in the process.

Amana Bank introduces Easy Payment Plan

Amana Bank recently introduced its very own Easy Payment Plan to facilitate salaried customers to purchase furniture, household and personal appliances in a convenient ‘pay as you use’ mechanism.

Banking sector asset quality deteriorates

Banking sector asset quality has deteriorated during the first half of this year due to the slowdown in economic activity. Sector profitability also has taken a hit from substantial impairment charges on gold loans as a result of tumbling gold prices, an earnings report showed.

CBL to set up manufacturing plants in B’desh, Myanmar

Ceylon Biscuit Limited (CBL), the country’s largest manufacturer and exporter of biscuits and confectionary products is in the process of expanding its manufacturing operations to Bangladesh and Myanmar.

Apple tailors two new iPhones for world market

Apple on Tuesday unveiled two new iPhones, fielding a slick new top-end model along with one aimed at budget-conscious smartphone shoppers around the world

Economy grows at 7% in 2Q

The Sri Lankan economy grew 7 percent in the second quarter (2Q) accelerating from the 6 percent growth reported in the first quarter of 2013, Central Bank Governor Ajith Nivard Cabraal said in an interview with Bloomberg in Hong Kong.

AIA Sri Lanka annual report wins another award!

Closely following the success of winning six awards from the League of American Communications Professionals (LACP), AIA Sri Lanka’s 2012 Annual Report has won yet another accolade – a Gold Award under the category ‘Traditional Annual Reports - Insurance Life & Health’

CSE mulls minimum 20% free float requirement

The Colombo Stock Exchange (CSE) is considering the implementation of a minimum 20 percent public float requirement, a top CSE official said.

“Invest Sri Lanka” investor forum in Hong Kong

Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) will host the “Invest Sri Lanka” investor forum at the Shangri-La Hotel in Hong Kong today.

Power Grid seeks ‘viable return’ for India - Lanka undersea link

PTI: Power Grid Corporation is seeking a “viable return” for a proposed undersea transmission cable linking India and Sri Lanka, which has been delayed.

Maruti to decide on starting assembly unit in Sri Lanka

BUSINESS STANDARD: The country’s largest car maker Maruti Suzuki India (MSIL) will take a final decision on setting up an assembly unit in Sri Lanka by the end of the current financial year. The facility, if commissioned, would be the first facility for the small car giant outside its home base in India

CB liquidity scheme for troubled finance companies

Acknowledging openly that there is a liquidity issue with Sri Lanka’s bloated finance sector, the Central Bank on Saturday said it would provide liquidity to any troubled finance company with immediate effect.

New all-time high for low grown teas

At the tea auctions held on September 3, 2013, an invoice of New J.S.P. BOPF achieved an all-time record price of Rs.760 per kg for the low grown category.

Israel mulls using SL’s FTAs to penetrate Asian markets

A visiting Israeli business delegation has expressed interest in harnessing Sri Lanka’s free trade agreements (FTAs) to carry out trade with the countries in the Asian region, a statement issued by the Board of Investment (BoI) said.