SLT gets first local CEO

Sri Lanka Telecom (SLT), the national telecommunications provider, proudly announces the appointment of Lalith De Silva as the new Group Chief Executive Officer (CEO) with effect from February 7, 2013.

Exports slip 7.4% in 2012; trade gap narrows

Sri Lankan export earnings extended their losing streak to the month of December, slipping 6.7 percent year-on-year (YoY) to US$ 871 million to end the year 2012 with a negative 7.4 percent growth, with a total export earnings income of US$ 9.7 billion.

Chevron Lanka Q4 net flat amid market volatility, bad weather

Chevron Lubricants Lanka PLC (LLUB) recorded a 2 percent Year-on-Year (YoY) increase in net profits up to Rs. 571.4 million during the fourth quarter of last year (4Q12).

CTC 2012 net up 24 pc to Rs.8.2 bn; govt inhales Rs. 71bn in taxes

Ceylon Tobacco Company Plc (CTC), the local unit of British American Tobacco, posted a consolidated after tax profit of Rs.8.2 billion for the financial year ended December 31, 2012 up 24.4 percent from a year ago.

Fitch revises National Ratings assigning process

Fitch Ratings Lanka Ltd. will adopt a change in the rating process of any upcoming debt issuance ratings for the Sri Lankan domestic bond market. Fitch will assign “expected ratings” followed by “final ratings” for Sri Lankan National ratings.

From crisis to resilience : They have no idea how valuable (I think) I am!

How would you respond to this question -- What value-add you bring to role and responsibility that directly contributes to the financial stability, success and growth of your organisation? Do your customers, co-workers and supervisors know who you are? And if they do, would a discussion about you

Dividend facts you may not know

‘Money for nothing’ is not only the title of a song by Dire Straits from the ‘80s, it is also the feeling many investors get when they receive a dividend. All you have to do is buy shares in the right company and you’ll receive some of its earnings. How exciting is that?

Textured Jersey 3Q net up 95% to Rs.365 mn

Textured Jersey Lanka PLC (TJL), Sri Lanka’s leading provider of knit fabric to major global brands such as Victoria’s Secret, Marks & Spencer, Intimissimi and Decathlon, reported Rs.365 million in net profit for the quarter ended December 31, 2012 (3Q FY2012/13), growing 95 percent compared to the same period last year, as per the financial results released to the Colombo Stock Exchange (CSE).

Internet improvement must become govt’s top priority : SLASSCOM chief

Improving the quality and accessibility of internet connectivity across the island must become a top priority for the Sri Lankan government if it is to continue fostering the growth of the country’s Information Technology and Business Process Outsourcing (IT/BPO) sectors, according to Chairman, SLASSCOM, Sujiva Dewaraja.

Tea auction prices decline

This week’s Colombo tea auctions saw the prices declining across the board except for few select best western BOPs which appreciated sharply following airmail enquiry, according to tea market report.

A new take on lingerie

In a world that takes so much for granted, there are areas of special needs and interests that once in a while...

Free and fee-based education balance vital - Sir Paul Judge

Sri Lanka must find its own balance between free education and fee-based education, particularly in the field of tertiary education in order to bring maximum benefit to the wider economy, according to Global President of the Chartered Institute of Marketing (CIM), Sir Paul Judge.

Hotel Services Dec. quarter net down 139mn

Hotel Services (Ceylon) PLC, the owners of Kingsbury Hotel, previously known as Ceylon Continental, posted a net loss of Rs.138.9 million for the three months ended December 31, 2012, as against a profit of Rs.13.2 million in the corresponding quarter of the previous year.

Stocks fall on telcos, banks; rupee firms

Sri Lankan shares ended lower for a fifth straight session yesterday as retail investors sold telecom shares while foreign interest, mainly in Hatton National Bank, boosted turnover, brokers said.

Is Sri Lanka “merely” a forward looking nation?

Sri Lanka is going through one of the most exciting phases of its post-independence era, where it’s strong future potential is visible, within reach, and achievable in the opinion of many......

HSBC Sri Lanka to get new CEO from April

HSBC has appointed Patrick Gallagher, CEO of HSBC Bahrain, as the new CEO of HSBC Sri Lanka and Maldives with effect from April 30, 2013, subject to regulatory approval

Cess hike on bulk tea put on hold; terms to be revised

In a fresh turn of events, the Ministry of Finance and Planning on the intervention of the Ministry of Plantation Industries, has decided to stay its decision to increase the cess on bulk tea exports.

IFC facilitates loan access to small businesses

IFC, a member of the World Bank Group, is working with Sri Lanka’s Credit Information Bureau (CRIB) to make it easier for up to 37,000 micro and small businesses to access loans and other forms of financing using movable assets as collateral.

SLTPB welcomes “Mv Queen Mary 2”

Sri Lanka Tourism Promotion Bureau (SLTPB) welcomed the vessel “Mv Queen Mary 2” yesterday at a brief ceremony held at the Colombo harbour. The luxury carrier, owned by a UK-based company, had over 2300 tourists on board from USA, Britain, Australia, New Zealand, South Africa and Canada.

Sri Lanka signs DTA agreement with Luxemburg

An Agreement on Avoidance of Double Taxation (DTA) between Sri Lanka and Luxembourg was signed on January 31 in Luxembourg.

Workplace flexibility: Ensuring success in reaching goals

One of the greatest challenges to business success is, learning how to remain flexible enough to adapt to needed change, while staying focussed on our goals. Even though we have declared S.M.A.R.T. goals and designed a very specific strategic plan to achieve them, it is equally important to remain open and flexible along the way.

Risk tolerance only tells half the story

Discussions about risk generally revolve around two questions and they are often used interchangeably. The first question is, “How much risk can you handle psychologically?” The second one is, “How much risk should you take on?”

Sri Lanka’s progress and fluctuating market fortunes

The United Nations World Tourism Organisation (UNWTO), reports that there were 1.035 billion tourist arrivals in 2012 - a rise of 39 million travelers and a growth of 4.0% on 2011, where 996 million people criss-crossed the globe. Asia enjoyed the sharpest rise in tourist arrivals – up 7% on 2011, with 233 million international tourists in total; of which Sri Lanka received 1 million tourists.

Cess increase worsens tea industry worries

The recent increase in export taxes and the lack of communication between tea exporters and the government authorities are contributing to the progressive demise of the country’s tea industry, Colombo Tea Traders Association (CTTA) said in a statement.

Bourse slips on foreign selling, profit-taking

Sri Lanka’s shares extended falls for the second day yesterday as retail investors booked profits in large-caps amid foreign selling, while the rupee ended firmer on inflows into government bonds.

Hoteliers suffer despite higher tourist arrivals

Though there is a lot of hype created through monthly arrival figure produced and disseminated by the Sri Lanka Tourism Authority (SLTDA), tourism earnings have failed to lift the bottom lines of Lankan hoteliers, with luxury hotel operators being the hardest hit category.

PJ Group to create US $ 100 m mega project in Passekudah

A short 15 minutes away from the Luxury Passekudah Resort with over a dozen new hotels opening, an exciting new...

Greater potential for natural gas: Cairn official

Sri Lanka’s Mannar Basin has a greater chance of being endowed with natural gas than oil, a top official of Cairn Lanka, which has established the country’s first working petroleum system in the Mannar Basin said.

JKH December net up 8%; resort hotels see low occupancy rates

John Keells Holdings PLC’s leisure sector recorded a 33 percent Year-on-Year increase in profits before tax to reach Rs. 1.34 billion during the third quarter of 2012 despite flagging demand for the conglomerate’s resort hotels.

Stocks edge up on large caps

Sri Lanka’s stock market recovered from a two-week low yesterday led by large caps including John Keells Holdings PLC Ceylon Tobacco Company PLC and Nestle Lanka PLC.