Seven finance predictions for 2017

If 2016 has taught us anything, it’s that making predictions is an inexact science. There is much that has happened over the past 12 months that we would have been hard pressed to predict this time last year. 

Auxenta’s Assetminder bags int’l Innovation Award in Ireland

Assetminder, an ingenious fleet maintenance and workshop management solution developed by Auxenta Inc. (Auxenta), won the prestigious Innovation Award at Ireland’s Fleet Transport Awards 2017 held in Dublin, Ireland recently.

Czech Republic envoy calls on Malik

Czech Republic Ambassador for Sri Lanka Milan Hovorka called on Development Strategies and International Trade Minister Malik Samarawickrama at the ministry this week. He was accompanied by Czech Republic Consul General for Sri Lanka Dr. Lohitha Samarawickrema. The dignitaries held bilateral talks to enhance investment and trade between the two countries. 

Start preparing for financial independence, advises NDB Wealth

Having marked Sri Lanka’s Independence Day, it’s time to start preparing for your own financial independence. Meaning different things to different people, financial independence can, for example, result in being debt free or even having a sufficient amount set aside to meet any emergency. Another way to look at it, make your assets effectively work for you, by consistently continuing to generate an income in excess of your expenses.

CCC invites corporate firms to be part of Business Events Calendar

The Ceylon Chamber of Commerce (CCC) is inviting corporate firms to be a part of its annual Business Events Calendar of the year 2017/2018, which plans to hold a series of key business events, forums, seminars and discussions throughout the year.

Role of independence in an interchanging world order

“Geographic facts do not change, but their meaning for foreign policy will.” -Nicholas J. Spykman A new world order has begun with roles interchanging. The US, as the leader of the free world and the architect of globalization, is advocating nationalism in a close of its borders,

Sri Lanka and pivot to Asia in new global order

In October 2011, then US Secretary of State Hillary Clinton outlined a new foreign policy vision for the US that rebalanced its focus to East Asia and the Pacific from the Middle East.

Sri Lanka woos Middle East market at IMTM

Renewed efforts are being made to position Sri Lanka as an attractive destination for the outbound Middle East tourism market, Sri Lanka’s Tourism Ministry said. 

India’s Modi says cash crackdown a fight for the poor

REUTERS:  Indian Prime Minister Narendra Modi yesterday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a fight’ for the poor.

Finnish govt. keen to invest in Sri Lanka

The Ambassador of Finland to Sri Lanka Rauli Suikkanen said that he would call leading entrepreneurs of his country to invest in Sri Lanka. 

Govt. in talks to alleviate impact of US taxes on OTR tyres

The Sri Lanka’s Commerce Department is currently fighting what it calls an erroneous imposition of countervailing duties on Sri Lankan made pneumatic off-the-road (OTR) tyre exports to the US, with the aim of reducing or removing the duties, Mirror Business learns.

Renuka Agri Foods December net up to Rs.76mn

Renuka Agri Foods PLC, a Renuka group company, which has interests in food manufacturing and plantations, posted a Rs. 75.67 million net profit for the quarter ended December 31, 2016, up from Rs. 65.19 million year-on-year (YoY), financial statements released to the Colombo bourse indicated. Earnings per share increased to Rs. 0.13 from Rs. 0.12 YoY.

Rupee slips on bank dlr buying, cbank reference rate revision

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday due to dollar demand from banks as foreign investors continued to sell government securities, while the Central Bank revised the spot reference rate to a record low of 150.75, dealers said.

Ceylinco General Insurance posts strong numbers for 2016

Leading insurer, Ceylinco General Insurance Ltd, has announced excellent results for the year ended December 31, 2016, with premium income growing by Rs.2.5 billion or 18.9 percent year-on-year (YoY) to Rs.16.1 billion.

Credit to private sector reaches all time high in 2016

Credit extended to Sri Lanka’s private sector by the country’s financial system throughout 2016 reached an all-time high of Rs.755.5 billion, surpassing the previous highest of Rs.692 billion in 2015, Central Bank data showed. 

AIA-DFCC enter into strategic bancassurance partnership

AIA Insurance Lanka PLC has entered into an exclusive, long-term, strategic bancassurance partnership with DFCC Bank PLC, marking another key milestone in the AIA-DFCC relationship. 

Seylan Bank launches Viber sticker pack with Seylfie product

With Viber users in Sri Lanka reaching over six million and Viber being the most downloaded app in Sri Lanka, Seylan Bank decided to launch a sticker pack to promote its new youth banking product – Seylan Seylfie – to reach the youth of Sri Lanka using Viber.

Dr. Kelegama to deliver 27th J.E. Jayasuriya Memorial Lecture

The 27th J.E. Jayasuriya Memorial Lecture, to take place on Monday, February 13, 2017, will be delivered by Institute of Policy Studies of Sri Lanka Executive Director Dr. Saman Kelegama on the topic ‘Non-State Actors in Higher Education in Sri Lanka: Issues and Challenges’. 

Launch of Inward Bound – for Mindfulness as an Executive Capability

Deepal Sooriyaarachchi’s latest book Inward Bound explores how the currently ‘military-sounding’ business environment saturated with ideas such as ‘war room’, ‘penetrate’,

Siyapatha Finance relocated branch in Negombo

Sampath Bank’s largest fully owned subsidiary , Siyapatha Finance ceremonially relocated their Negombo branch ; located at No. 187 Thaladuwa Road , Negombo

Blue Ocean Group recreates history by unveiling the newest luxury condominium inaugurated at Layards

Sri Lanka’s largest condominium developer – Blue Ocean Group of Companies on Thursday (February 2) unveiled its twenty first and newest flagship project – Blue Ocean at Layards Road, Colombo 04 heralding in a new era to Sri Lanka’s vibrant construction industry. 

Call to protect independence of AG

Good governance activist and retired private sector executive, Chandra Jayaratne has written to the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to come forward to protect the independence of the country’s Auditor General (AG), who is a member of the institute. 

Japanese consortium to invest US $ 15mn in solar power plant

A US $ 15 million project for the establishment of a solar power plant in Sri Lanka is underway with investments from three Japanese companies through a Japanese consortium.  

Access group profits up 15% in December as construction activities resume

The leading infrastructure developer, Access Engineering PLC (AEL), performed better during its December quarter due to the rebound in construction activities, but the steeper rise in tax expenses took the glow out of otherwise excellent results, the interim accounts filed with the Colombo Stock Exchange showed.  

Rupee slips on dollar buying by banks ahead of rate call

REUTERS: The Sri Lankan rupee closed slightly weaker yesterday due to dollar demand from importers and banks as foreign investors continued to sell government securities, dealers said.

Oil stuck near US $ 57 as Iran, OPEC countered by US drilling rebound

REUTERS: Oil steadied close to US $ 57 barrel yesterday as the rising tensions between the US and Iran and OPEC supply cuts were countered by ample inventories and signs that higher prices will revive US output.

CCC and CBB host UK biz delegation

The Ceylon Chamber of Commerce(CCC) together with the Council for Business with Britain organized a business forum with a visiting business delegation, which was led by the British Sri Lankan Association (BRISLA), United Kingdom.

People’s Bank gifts Isuru Udana certificates to babies born during Independence Week

On the popular theme ‘Birth of Freedom’, People’s Bank has taken steps to grant Isuru Udana gift certificates to babies born during the Independence Week.

Royal Institute Colombo wins CFA Sri Lanka Research Challenge 2017

CFA Sri Lanka announced that Royal Institute of Colombo won the local competition of the CFA Institute Research Challenge 2017 and would advance to the Asia Pacific Regional round where they will compete against leading universities from the region. 

BOC wins SAFA Best Presented Annual Report Award in Dhaka

Bank of Ceylon’s (BOC) annual report 2015 won the Best Presented Annual Report Award in the Public Sector Banking Institutions category,