Alliance Finance first finance company certified by DNVGL for ISO 9001:2015

Alliance Finance Company PLC (AFC), Sri Lanka’s third oldest finance company upgrades its ISO Quality Management Systemto become compliant with the latest International Accreditation Forum (IAF), ISO 9001:2015 Quality Management Standard. 

Sampath Fort branch celebrates anniversary

The 28th branch anniversary of Sampath Bank Fort branch was celebrated with a religious programme (Dharmadeshanaya) conducted by Ven.Mirisse Dhammika Thero. The Manager Sujeewa Fernando and the branch staff organized this occasion which was held in the branch premises.

Blue Mountain Achilleion to feature at Maldives Living Expo beginning today

Blue Mountain Achilleion, Sri Lanka’s seven-star luxury real estate project will be headlining the Maldives Living Expo 2017 to be held from 16th to 18th February at the National Art Gallery Main Hall in Male, Maldives. 

Return of the City: Megastructure Redefined!

The 35th annual sessions of the Sri Lanka Institute of Architects (SLIA) took place yesterday at the BMICH under the theme ‘Return of the City: Megastructure Redefined’ with a large number of local and foreign architects attending the event. The annual sessions will be followed by the Architect 2017 exhibition that will kick off today at the same venue. The exhibition will continue till February 19. Pix by Kushan Pathiraja

Asia should seize opportunity to lead global trade

Rising protectionist sentiment in the West and a dramatic decline in global trade since 2011 have led many to speculate that Asia’s era of export-led growth will end soon.

Higher borrowings, plantations weigh on Hayleys December profits

The diversified conglomerate, Hayleys PLC, reported earnings of Rs.7.08 a share for the October–December quarter of 2016, against Rs.7.12 a share earned during the same period last year, as the performance was dented by a surge in finance costs due to higher interest rates and new borrowings made to make certain group investments. 

Carson group PE firm expands investment activities in 3Q

Specialized private equity company, Guardian Capital Partners (WAPO), expanded its investment activities during the quarter ended December 31, 2016 (3Q17), with an investment of Rs.42 million on a hospitality and banking sector vocational training institute, WAPO’s interim financial statements said.

Fitch revises outlook to Stable on three Lankan financial institutions

Fitch Ratings has revised the outlook on Bank of Ceylon (BOC, B+/Stable), National Savings Bank (NSB, B+/Stable) and People’s Leasing & Finance PLC (PLC, B/Stable) to Stable from Negative and affirmed their Long-Term Issuer Default Ratings (IDR).

How new visa changes can influence Sri Lanka’s real estate market

Five years ago, Sri Lanka’s government imposed stricter rules on visa requirements. This happened as part of an on-going process to improve administrative procedures following the end of the war in 2009. Since the new visa laws were proposed, a new government has come into power. 

Central bankers take up arms against protectionism

AFP: Officially concerned only with monetary policy, central bankers the world over are weighing in on political debates as fears of economic damage from protectionism mount.

From traditional tea planter to world’s best pepper farmer

As the county’s tea industry and tea plantations are grappling with multiple challenges stemming from overused soil, poor harvests, climatic hazards and declining demand, a Sri Lankan tea planter has taken the road less travelled to overcome these challenges with an innovative approach.

Nirmal Tillekeratne to assume duties as Pan Asia Bank CEO

Pan Asia Banking Corporation PLC announced the appointment of senior banker Nirmal Rohana Tillekeratne as its new Chief Executive Officer (CEO). 

ACCA Sustainability Reporting Awards on February 28

Strengthening its fundamental ethos of rewarding transparency, the Association of Chartered Certified Accountants (ACCA) Sri Lanka holds its flagship calendar event for the thirteenth year in succession on February 28th at Cinnamon Grand.  

Higher borrowing costs weigh on CIC Holdings December profit

CIC Holdings PLC (CIC), the diversified crop and agricultural solutions provider, reported earnings of Rs.3.58 a share for its October–December quarter (3Q17), down from Rs.5.93 a share reported during 

Lanka Property Web marks 10th anniversary with property show

Being held at JAIC Hilton on 17th and 18th, the property show will feature the latest luxury apartments and villas, exclusive previews of new property launches, and provide an opportunity to meet Sri Lanka’s prominent developers showcasing their latest projects. The event will be launched at 10am on the 17th with several key ministers attending the opening ceremony. 

South Asia Textiles strategizes with MTI

South Asia Textiles Limited (SATL), a leading Sri Lankan textile manufacturer specializing in producing

Cabinet nod for US $ 1.5bn bond issue

The Cabinet of Ministers has approved a proposal to raise US $ 1.5 billion through a sovereign bond issue to repay loans and manage interest payments.

President appoints Chamath Palihapitiya as SL’s ICT ambassador

Chamath Palihapitiya, a Sri Lankan-born businessman and investor in Silicon Valley, has been appointed as Sri Lanka’s ICT ambassador by President Maithripala Sirisena

LankaClear emerges first Sri Lankan entity to be PCI-DSS certified

LankaClear achieved another gigantic milestone bybecoming the first entity in Sri Lanka to obtainthe certification of Payment Card Industry Data Security Standard (PCI-DSS),version 3.2. 

DIMO wins first place for Best Integrated Annual Report in South Asia

Diesel & Motor Engineering PLC (DIMO) recently achieved recognition for their widely acclaimed annual report. 

Blue Mountain Achilleion – Star Attraction at Maldives Living Expo 2017

Blue Mountain Achilleion, Sri Lanka’s seven star luxury real estate project, will be headlining the Maldives Living Expo 2017 to be held from 16th to 18th February 2017

Footwear and Leather Fair 2017 provides the much needed leg-up to the industry

The 9th annual Footwear and Leather Fair successfully concluded at the Sirimavo Bandaranaike Memorial Exhibition Centre after 3 days,

Independent accreditation body proposed to fix education sector glitches

The Sri Lankan government should introduce an independent accreditation body to monitor and regulate both state and private sector higher education institutes, a leading figure of a state-run economic policy think tank advocated this week.

Price controls dent Sunshine Holdings December profits

Diversified conglomerate Sunshine Holdings PLC posted a net profit of Rs. 13.46 million for the quarter ended December 31, 2016 (3Q17), down 92 percent year-on-year (YoY) from a net profit of Rs. 174.63 million, largely due to pharmaceutical price controls imposed by the government. 

Sampath 4Q profit soars amid higher credit

Sampath Bank PLC, Sri Lanka’s third largest private lender by assets, reported earnings of Rs.14.44 a share for its October–December quarter against Rs.8.91 a share reported a year ago, the interim results released to the Colombo Stock Exchange showed. 

Tourists visiting Sigiriya on the rise

Sri  Lankans and tourists climb the 80-metre (600-foot) fortress of Sigiriya rock (the Lion Rock) in Sigiriya, north-central  

Aitken Spence’s resumed energy operations energize 3Q profit

Diversified Aitken Spence PLC reported earnings of Rs.2.14 a share or Rs.870.1 million for the December quarter (3Q17) recording an increase of 36.5 percent from a year ago, the interim report showed.

What type of protectionism should we fear?

US President Donald Trump recently signed executive orders to withdraw the US from the Trans-Pacific Partnership (TPP) and renegotiate the North American Free Trade Agreement (NAFTA). Both moves suggest his pre-election rhetoric of criticizing the current international trade regime is being translated into concrete action.

BOC-Mastercard team up to enable faster payment innovation

Bank of Ceylon (BOC) announced that it would be strengthening its longstanding partnership with Mastercard, enabling it to tap into Mastercard’s global technology and expertise to bring payment innovation to Sri Lanka faster.

Durdans Center for Orthopaedics sets standards for exemplary care

Total joint replacement or arthroplasty, represents a significant advance in the treatment of painful and disabling joint pathologies.