EU-funded housing project commences in Kilinochchi, Mullaitivu and Batticaloa

More than 215, 000 people will benefit from a Euro 14 million multi-faceted housing project, financed by the European Union (EU), and implemented by Habitat for Humanity and World Vision Lanka. 

Korea Eximbank to provide clean and safe drinking water to Kurunegala

The foundation stone for ‘Deduru Oya Water Supply Project’ was laid ceremoniously on February 20thby Minister of City Planning and WaterSupply, Rauf Hakeem, Ambassador of the Republic of Korea to Sri  Lanka, Chang, Won-sam and  other dignitaries.

Kanrich Finance carries out 12th phase of Sasunata Diriyak in Vavuniya

Kanrich Finance, a company with a rich heritage of over 45 years, carried out the 12th phase of its ‘Sasunata Diriyak ’CSR initiative in Vavuniya very successfully recently.

Flexible forex management comes under spotlight amid brewing CB- FinMin conflict

The Central Bank’s laissez-faire policy towards the country’s foreign exchange management came under severe scrutiny yesterday as the country’s financial sector stakeholders argued whether such a policy has delivered the desired outcomes in terms of maintaining lower interest rates and a stable currency. 

National inflation accelerates to 6.5% in January

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 6.5 percent in January 2017 from 4.2 per cent in December 2016, on year-on-year (YoY) basis. 

Drought to lead local paddy cultivation towards ‘worst case scenario’

Local representatives of the World Food Program (WFP) this week issued a fresh warning to relevant stakeholders, pointing out Sri Lanka’s paddy cultivation is heading towards a ‘worst case scenario’ due to the ongoing drought and the absence of a strategic medium to long-term plan to cope with the situation. 

Nestlé Lanka 4Q, full year profits up amid strong sales

Nestlé Lanka PLC, the local unit of world’s largest food company, saw its October-December quarter (4Q16) net profit increasing to Rs.860.1 

SEC re-opens 11 investigations linked to market manipulation

The capital market regulator, Securities and Exchange Commission (SEC) has re-opened 11 cases involving market manipulation, which were closed for two to three years ago, a top SEC official said. 

Norwegian firms keen on investing in Sri Lanka ports: envoy

ECONOMYNEXT: Norwegian companies are interested in investing in Sri Lanka’s shipping and ports sector, the country’s envoy Thorbjorn Gaustadsaether has said.

New entrant to Colombo bourse banks on expansions, Trump for future growth

Leading brush manufacturer B P P L Holdings Limited, (Beira Group), which will be entering the Colombo Stock Exchange next month, is hoping that its planned expansion projects, coupled with friendly policies from Donald Trump, would help expand its top line in the future. 

Nestlé Lanka delivers revenue of Rs. 36.5 billion with growth of 5.1% in 2016 amidst tough market co

Nestlé Lanka’sManaging Director, Shivani Hegdestated:“2016 has witnessed a very challenging business environment. Our steady progress and the external recognitions

WIM, IFC invite nominations for Professional and Career Women Awards 2017

Nominations are invited for the seventh Top 50 Professional and Career Women Awards 2017, which is to take place on July 14th, organized by the Women in Management (WIM) and IFC, a member of the World Bank Group partnering the event for the third consecutive year.

Thailand proposes to forge strategic economic partnership with Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama visited Thailand recently to explore avenues of expanding and diversifying the bilateral trade and investment relations and progressing on the establishment of the industrial parks as an aspect of the Sri Lanka government’s economic policy.

ICCSL commences foundation certificate course in int’l biz

The International Chamber of Commerce Sri Lanka (ICCSL), the domestic chapter of Paris-based international world business organisation, commenced its Foundation Certificate in International Business (FCIB) for the year 2017 offering a plethora of knowledge in the areas of logistics, customs, e-business and many alike to the future business leaders in the country. 

Japanese envoy invites Lankan biz to explore Japanese market

Japanese Ambassador to Sri Lanka Kenichi Suganuma invited Sri Lankan businesses to penetrate the Japanese market as it would provide them with tremendous opportunities as the Japanese are wealthy people.  He said that the Japanese market is very lucrative but they have to be impressed with  quality products. 

Devi Jewellers kicks off Bangle Mela 2017

Devi Jewellers, a state-of-the-art, value-driven jeweller with over 50 years of time-tested expertise and superior craftsmanship, boasts a diverse product portfolio of rings, earrings, bracelets, bangles, necklaces, pendants, chains, wedding and diamond jewellery and bespoke pieces that cater to both women and men in search of that unique golden piece. 

Traditional Rice: A Precious Part of Our Nation’s Health and Wealth

Rice has been cultivated in Sri Lanka for almost 3000 years and to this day remains a fundamental food in many of our cultural cuisines

Apolitical approach vital towards development of Trinco port, Bay of Bengal, says EP Governor

Global geopolitical powers should attempt to be apolitical when developing the Trincomalee port and the area around the Bay of Bengal, in order to ensure maritime security for all stakeholders, the Eastern Province Governor advocated last week.

FinMin banks on e-GP system for efficiency, transparency

Once the electronic government procurement (e-GP) system is introduced, it would help the government to make the public procurement more efficient and transparent, said Finance Minister Ravi Karunanayake. 

Alibaba’s Jack Ma to visit Sri Lanka this year: Ravi K

Chinese e-commerce sensation and Alibaba Founder Jack Ma will likely be visiting Sri Lanka this year, Finance Minister Ravi Karunanayake claimed last week.

Sanasa completes private placement with IFC; raises Rs.510mn in equity

Sanasa Development Bank PLC (SDB) last week raised equity capital to the tune of Rs.510.65 million from the International Finance Corporation (IFC), the private sector investment arm of the World Bank, a disclosure filed with the Colombo Stock Exchange said. 

SL January tea output falls 15.3%

REUTERS: Sri Lanka’s tea output fell 15.3 percent in January due to adverse weather, poor application of fertilisers and a government ban on pesticides, the state-run Tea Board said yesterday.  “Mainly it is the weather; in addition to that, other factors like (poor application of) fertiliser and (government ban on) weedicide also impacted,” said Sri Lanka Tea Board Director General S.A. Siriwardena. 

Sovereign funds pulled US $ 38bn from global markets in 2016

REUTERS: Sovereign wealth funds pulled US $ 37.8 billion from global stock and bond markets in 2016, data from research firm eVestment showed, although the fourth quarter flows showed a slowdown in the rate of redemptions.

Central Bank launches data library for public

The Central Bank of Sri Lanka (CBSL) yesterday launched a data library for the public via the CBSL external website.

Ceylinco Life appoints Upamalika Ratnayake as new CDO

Life insurance leader Ceylinco Life has announced the appointment of Upamalika Ratnayake as the company’s Chief Digital Officer (CDO) with immediate effect, to lead digital innovation in processes and product delivery.

Asia Pacific Brewery changes name to Heineken Lanka

Asia Pacific Brewery (Lanka) Ltd changed its corporate identity to Heineken Lanka Limited with effect from February 13, 2017. 

DFCC’s ‘Know & Grow’ interactive digital campaign creates customer engagement

DFCC Bank launched the ‘Know & Grow’ digital campaign to coincide with Independence Day, which was conceptualised by the bank to educate the public on the Sri Lankan flag and its elements.

Seminar on adding socio-economic rights to Lankan constitution today

The implications incorporating socio-economic rights to Sri Lanka’s proposed constitution will be the focus of a seminar by Dr. Pratap Bhanu Mehta, a political scientist with extensive international and South Asian experience.

Pizza Hut tantalises island with another range of delectable pizzas

Pizza Hut Sri Lanka, the well-loved international fast food chain that’s given Sri Lanka a whole range of delicious treats throughout the years, tantalises the island with another range of delectable pizzas! Introducing Thin Crust Pizzas! A gourmet range of pizzas, made with premium wheat flour. 

Western Hospital diversifies into maternity and childcare services

Western Hospital (Pvt) Ltd, the pioneering leader in kidney transplantation and dialysis in Sri Lanka has diversified in to maternity and childcare services.