Britain’s Labour plans “Robin Hood Tax”, tax avoidance crackdown

REUTERS: Britain’s opposition Labour Party would crack down on tax avoidance and introduce a “Robin Hood Tax” on financial transactions to fund public services if it wins next month’s national election, it said on Saturday.

China-led AIIB expects to have 85 members by end-2017: president

REUTERS: China-backed Asian Infrastructure Investment Bank (AIIB) expects to have 85 members by the end of this year, its president Jin Liqun said yesterday.

Amana Bank March quarter profits surge amid better pricing, other incomes

Amana Bank PLC put on a better show during its March quarter ahead of its Rs.4.75 billion rights issue announced earlier this month. The performance reflected better management of margins while the fee and commission incomes also rose cushioning the bottom line. 

Ceylon Tea Brokers invests Rs.233mn to secure land for warehouse in Muthurajawela

Ceylon Tea Brokers PLC (CTBL), a subsidiary of Capital Alliance group, has entered into a share sale agreement with Lanka Commodity Brokers Limited recently to construct a warehousing complex in Muthurajawela.

Lanka IOC March in red as higher crude prices hit performance

Lanka IOC PLC (LIOC), the local unit of Indian Oil Corporation Limited, turned a net loss of Rs.647.1 million during its January-March quarter (4Q17) from a net profit of Rs.1.55 billion during the corresponding quarter last year, but ended the full year (FY17) with a net profit of Rs.3.1 billion, up 39 percent.  

Workers’ remittances down 3.3% in Jan-March

Workers’ remittances, the largest foreign income source to the dollar-hungry Sri Lanka, has taken a dive during the first three months, as the total remittances have declined by 3.3 percent followed by a 12.2 percent decline in March 2017, according to Central Bank data. 

Seylan Bank raises US $ 75mn to expand small and medium enterprise lending

Seylan Bank has been able to raise US $ 75 million long-term facility from five separate foreign financial institutions to boost its small and medium enterprise (SME) sector lending. 

Guangxi, China-Sri Lanka Economic and Trade Cooperation Forum to be held in Colombo

A 70-member high profile delegation led by Communist Party Secretary of China’s Guangxi Zhuang autonomous region, Peng Qinghua, will arrive in Colombo this week on the invitation of Industry and Commerce Minister Rishad Bathiudeen to attend the Guangxi, China-Sri Lanka Economic and Trade Cooperation Forum. 

SL’s top IT professionals’ body alerts public on latest ransomware attack

The Computer Society of Sri Lanka (CSSL), the apex body for IT professionals in the country, in a statement has alerted the public about the newest ransomware to hit the cyberspace, WCrypt, which continues to infect computers across the globe. 

Challenging conditions, negative publicity drag down Keells Food profits

Keells Food Products PLC (KFP), the processed food manufacturing arm of the country’s largest conglomerate, the John Keells Group, recorded a 31 percent year-on-year (YoY) fall in its net profits to Rs.48.49 million for the fourth quarter of 2017 (4Q17) amid challenging conditions and effects from negative publicity campaigns.

Govt. announces new investor incentive scheme

The government yesterday announced a new investor incentive scheme with an enhanced depreciation allowance, an amount that can be taken off a business’ profit figure when calculating tax, to spur the sluggish investment climate prevailing in the country. 

EFL completes major training capacity expansion drive

Responding to significant growth in demand for qualified professionals in the sector, global logistics provider Expolanka Freight (EFL) announced a significant expansion of its training capabilities with the opening of a dedicated new auditorium facility together with the launch of breakthrough cloud based e-learning platform.

CPC, CPSTL and LIOC officials visit IOC’s Panipat Refinery & Petrochemical Complex

During the recent visit of 1st batch of Sri Lankan Oil Sector delegates to India for SAP training, delegates also visited Indian Oil’s Panipat Refinery & Petrochemical Complex (PRPC).  

IIRC CEO to deliver keynote at CMA Integrated Reporting Awards

The CEO of the International Integrated Reporting Council (IIRC) Richard Howitt will  deliver the keynote address at the awards presentation ceremony at the ‘CMA Excellence in Integrated Reporting Awards – 2017’on July 17at Cinnamon Lake Side, Colombo.

Masters Advertising receives ACEF recognition

Master’s Advertising Ltd was presented with the ‘Newspaper Professional of the Year’ at the Asia Pacific Customer Engagement Forum and Awards (ACEF) in Mumbai, India recently.

Home Lands Group illuminates UN Diyawannawa Vesak zone

Home Lands Group, being the leading skyline changer in Colombo sky, joined hands with the Ministry of Megapolis and Western Development, and UN Committee in lighting up the Diyatha area and Diyawannawa Vesak zone, in this Vesak season.

Nestlé Milkmaid shines at BestWeb.lk 2017 contest

Milkmaid bagged the Merit Award for ‘Best Advertising and Marketing by a Website’ at the recent BestWeb.lk 2017 Competition. Milkmaid shone brightly amongst the rest of the Food and Beverage (F&B) brands, as it was the only F&B brand to have won an award in the competition.  

Narendra Modi announces direct Varanasi-Colombo flight from August

Indian Express: Indian Prime Minister Narendra Modi, who is on a two-day visit to Sri Lanka, announced that from August this year, Air India will operate direct flights between Colombo and Varanasi.

Australia’s Crown Resorts quits Macau as Packer sells Melco stake

REUTERS:  Australian billionaire James Packer’s casino group Crown Resorts Ltd has agreed to sell its remaining stake in Macau-focused Melco Resorts and Entertainment Ltd for US$1.16 billion, ending its exposure to the Asian gaming hub.

Thai solar chicken a hot hit

AFP:  Not many chefs don a welding mask before they enter the kitchen, but Sila Sutharat prefers to cook his chicken sunny side up.

IMF tells eurozone to ease up on Greece over debt

AFP: IMF chief Christine Lagarde yesterday urged eurozone lenders to be ‘far more specific’ in their commitment to debt relief for Greece.

Rupee firms in lacklustre trade

REUTERS: Sri Lankan rupee forwards were slightly firmer in dull trading yesterday due to tepid dollar sales by exporters.

China agrees to open market to US beef, gas

AFP: Beijing and Washington announced yesterday an agreement giving US beef, natural gas and certain financial services access to China’s massive market in a deal highlighting the warm ties nurtured by their presidents.

Toastmasters’ Ovation 2017 to celebrate ‘Journey to Stardom’

In a quest to inspire individuals to become stars in their own spheres, Ovation 2017 – the annual conference of Toastmasters’ District 82, will delve into an stimulating theme ‘Journey to Stardom’.  Scheduled to be held from May 26 to 28 at Waters Edge Battaramulla, Ovation is the most-awaited event for over 6500 Toastmasters in 205 clubs of District 82, which consists of Sri Lanka and the State of Tamil Nadu, India.&

Amana Takaful introduces Kiri Govi Sathkara scheme

Amana Takaful Insurance Company, which has introduced a series of high-quality insurance packages for the benefit of Sri Lankans with the aim of enhancing the Sri Lankan life standards, introduced its latest insurance plan for dairy farmers at Ape Gama Janakala Kendraya, Battaramulla recently.

Microsoft aims at ‘mixed reality’ with new devices

AFP: Microsoft this week debuted hardware for reaching into virtual worlds powered by its technology as it looked to ‘mixed reality’ as the next big computing platform.

Chalmway Int’l Hair and Beauty Institute holds 16th graduation ceremony

The 16th graduation ceremony of Chalmway International Hair and Beauty Institute (CIHBI) was held at the Bishop’s College auditorium recently.

Seafood exporters welcome efforts put in to regain GSP Plus

Sri Lanka faced a major setback in fish exports due to the EU ban and the removal of GSP Plus. 

Chinese Dragon Café opens newest branch in Nugegoda

Chinese Dragon Café (Pvt.) Ltd, the leading Chinese restaurant in Sri Lanka, recently opened its eighth branch at No. 242, Seventh Milepost, High Level Road, Nugegoda.

Most Asian markets retreat after upbeat week

Most Asian markets fell yesterday following a healthy run-up in the week, tracking a sell-off on Wall Street where a plunge in retail giant Macy’s fanned concerns about the key US retail sector.