Pan Asia Bank 1Q net profit up 16% to Rs.353mn

Mid-sized bank, Pan Asia Banking Corporation PLC, reported an after tax profit of Rs.353.4 million for the March quarter (1Q17) recording an increase of 16 percent from the same period last year.  

Status of poverty in Sri Lanka based on different poverty lines

The aim of Sustainable Development Goal 1 (SDG 1) is to eradicate extreme poverty and to reduce all forms and dimensions of poverty, at least by half, by the year 2030. As such, this article looks at the status of poverty in Sri Lanka, based on different poverty lines, both national and global. 

Climate literacy in Sri Lanka’s development pathway

With the electoral manifesto of current President, Maithripala Sirisena, which promised the formulation of a national policy that could face modern ecological challenges, the country’s drive towards sustainable development was instated.  

Prof. Munasinghe delivers Nobel keynote speech at Global Conference

Prof. Mohan Munasinghe, Sri Lanka’s only Nobel Peace Prize winner delivered the inaugural Nobel keynote speech at the Global Water and Sustainability conference in Barcelona, Spain recently. He made his speech and also launched the latest edition of his path breaking book on Sustainomics. 

SriLankan Airlines operating loss tops Rs.14bn in 2016

National carrier, SriLankan Airlines, made an operating loss of Rs.14.1 billion in 2016 compared to a loss of Rs.4.9 billion in 2015, the 2016 Central Bank annual report released this week showed.

IMF loan third tranche likely in June

The International Monetary Fund (IMF) is likely to release the US$ 168 million third tranche for Sri Lanka’s US$ 1.5 billion 3-year Extended Fund Facility (EFF) by mid-June, Finance Minister Ravi Karunanayake said.

GATF forum condemns absence of senior state officials

The absence of senior government officials at the Global Alliance for Trade Facilitation (GATF) forum here this week despite being invited, was frowned upon by the visiting heads of the international agency and the private sector, as their presence was paramount to shed clarity over the ongoing issues.

Rupee little changed; yields fall on hike in bond borrowing limit

REUTERS - The Sri Lankan rupee closed steady yestreday in dull trade, but local bond yields fell after the government approved a proposal to double the borrowing limit on Sri Lanka Development Bonds to US$3 billion this year, dealers said.

Shares hit near 7-mth closing high on foreign buying

REUTERS:  Sri Lankan shares closed at a near seven-month high in heavy trading yesterday as foreign buying for 25 sessions in a row took net inflows into equities to Rs.13.1 billion ($86.1 million) and  boosted sentiment.

HNB to raise Rs.15bn via rights issue

Sri Lanka’s second largest private lender, Hatton National Bank PLC (HNB), announced its plans yesterday to raise Rs.15 billion through a rights issue, subject to shareholder approval.

Per capita income falls marginally on dollar effect

Sri Lanka experienced a marginal year-on-year decline in its per capita gross domestic product (GDP) in US dollar terms at current market prices in 2016 in a year highlighted by continuous natural disasters and a weakening rupee.

FinMin says double digit foreign reserves by end of this year

Sri Lanka’s foreign reserves are expected to reach double digits by the end of this year through borrowings, investment inflows and fund repatriations, Finance Minister Ravi Karunanayake said yesterday.

Better sleep by design: World renowned Englander mattresses now in Sri Lanka.

‘Englander’, the world renowned mattress brand based in Chicago USA, made their debut at their new flagship store at the Arcade Independence Square in Colombo on the 26th April, 2017. As one of the 

Chicago-based ‘Englander’ mattress brand debuts in SL

Englander, the world-renowned mattress brand based in Chicago, USA, made its debut at the new flagship store at Arcade Independence Square in Colombo on April 26, 2017. 

Forestry emerges as a preferred choice of long-term investment

Many investors are actively reducing their exposure to equities and are seeking alternative assets to boost returns without dramatically altering their overall risk profile. Hence, commercial forestry is rapidly becoming a preferred choice of sustainable investment.

SLRA conducts retail development programme

The Sri Lanka Retailers’ Association (SLRA) will launch the first ever retail development programme in partnership with Sensei Lanka. 

CMA Students’ Conference to be held on May 4

The CMA Students’ Guild will host its Annual Conference on the theme ‘Transition from an Accountant to a Finance Business Partner’ on May 04th  at Sasakawa Auditorium Colombo 03.

Sri Lanka – Russia Business Council discusses progress of recent business visit

Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce organized a get-together recently to discuss the progress made during the recent visit, the Council members made to Russia, as a part of the Presidential Delegation to Russia.

September to herald ‘Facets’ int’l gem and jewellery exhibition

Organized by the Sri Lanka Gem and Jewellery Association (SLGJA), this year’s edition of the country’s leading international gem and jewellery show ‘Facets’ is set to take the global community by storm. 

Belgium’s Libert Paints appoints Modern Trading as exclusive agents in Sri Lanka

Libert Paints, Belgium, a leading manufacturer of professional paints and coatings, established since 1894, offering high-quality solutions from a wide range of protective and industrial coatings, hygiene solutions and floor and building paints, joined hands with Modern Trading (Pvt.) Ltd, to introduce its quality paint products in Sri Lanka and the Maldives.

UTE provides clean air solutions for food industry

United Tractor & Equipment (Pvt.) Limited (UTE), recognised as a provider of precision-engineered solutions, hosted a customer awareness session titled ‘Oil-free for a cleaner world’ recently to create awareness of the benefits of using oil-free, environmentally safe, industrial air through the efficient FS Curtis oil-free air compressor range.

Browns Agriculture honoured with Massey Ferguson Long-standing Relationship Award

The Browns Agriculture Division won a prestigious award from its principal partner Massey Ferguson, for being the oldest distributor – 65 years in Southeast Asia.

DSI Announces the Launch of the DSI Supersport Schools Volleyball Championship

DSI recently announced the launch of the DSI Supersport Schools Volleyball Championship 2017, which will begin on the 20th of May. 

Vote on SL’s GSP Plus application today

The government appears to be making a last-ditch effort to appease the European Union (EU) Parliament with regard to the essential human rights reforms, as a crucial vote on Sri Lanka’s readmission to the Generalized System of Preferences (GSP) Plus preferential trade status takes place today.

Ceylinco Insurance announces another fat dividend

Ceylinco Insurance PLC has announced a dividend of Rs.27.50 per share to its shareholders for the year 2016, which constitutes a 275 percent dividend of the original share price. 

Tea exporters highlight industry woes

While renewing its call for the liberalization of the country’s tea industry, the Tea Exporters’ Association (TEA) yesterday highlighted a number of issues plaguing the industry, urging the authorities for swift assistance to arrest the downfall of the 150-year-old industry. 

Seylan Bank net up 22% to Rs.818mn in 1Q

Seylan Bank PLC recorded a net profit of Rs.818.5 million or Rs.2.37 a share for the quarter ended March 31, 2017 (1Q17), up 22 percent from a year ago, the interim financial accounts released to the Colombo Stock Exchange showed yesterday. 

SL to double issuance of development bonds

The cabinet this week approved the plans to double the issuance of Sri Lanka Development Bonds to US $ 3 billion.

Rupee edges up on foreign bank dollar sales

REUTERS: The Sri Lankan rupee strengthened yesterday as a foreign bank sold the dollar, while investors awaited the International Monetary Fund’s approval for the disbursement of a loan as well as a proposed sovereign bond sale, dealers said.

BoardPAC enters Nepal with adoption by country’s largest Telco Ncell

The award-winning Sri Lanka-developed corporate governance solution BoardPAC has entered Nepal with the adoption of the platform by Ncell Pvt. Ltd., the first private mobile operator in the Central  Himalayan nation.