Senior citizens to get 2% more from FCs

Licensed finance companies in Sri Lanka may pay an additional interest rate of two percent, above the maximum interest rates stipulated by the Central Bank for savings deposits of persons who are over 55 years of age from January 1, 2015.

Hambantota Port Records Rs.5.4bn Revenue In 2014

The Chinese-funded Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has recorded revenue of Rs.5.39 billion for the year 2014, compared to Rs.585.2 million in 2013, statistics released by Sri Lanka Ports Authority showed (SLPA).

Maithri and Ranil assure level-playing field for Biz

Private businesses will be able to operate without any political influence under a new government formed by t he Common Opposition, according to Common Opposition Presidential Candidate Maithreepala Sirisena and Opposition Leader Ranil Wickremasinghe, who were speaking at ‘Unite,’ the opposition’s forum held at Cinnamon Lakeside for the private sector yesterday.

3Q Earnings Up 51% To Rs. 51bn; Banking Sector Leads The Pack

The Colombo Stock Exchange (CSE) listed entities upped their total earnings for the quarter ended September 30, 2014 by as much as 51.3 percent to Rs.51.1 billion from the same quarter in 2013, according to a 3Q earnings update released by an independent research firm.This is an acceleration from a 21.7 percent year-on-year (YoY) earnings increase in the second quarter of 2014, Capital Alliance Securities (Private) Limited’s research uni

Real-Estate Financing Market To be Democratized

Sri Lanka’s small investors will soon be able to invest in large scale real-estate such as office space, shopping malls and apartment complexes through the stock exchange, as the capital market regulator, is currently working with the Colombo Stock Exchange (CSE) to introduce a realestate-based securities product next year.

Srilankan Airlines Takes Delivery Of Second A330-300

Sri Lanka’s national carrier and oneworld member, SriLankan Airlines, continuing its extensive wide-body re-fleeting programme, took delivery of its second Airbus 330-300, yesterday (December 19th).

Achieving Results is Good Governance: MR

Political continuity, good governance, stability and end of corruption were the key messages conveyed by President Mahinda Rajapaksa when top businessmen rallied towards his cause yesterday at a business forum titled ‘Momentum’ - Asia’s Largest Synchronized Forum hosted by ‘Professionals for a Stable Sri Lanka’.

HNB Gets Us $ 50mn Loan From Korea Exim Bank

Hatton National Bank PLC (HNB) has entered into an agreement with Korea’s Export-Import Bank (KEXIM) to establish a revolving credit line of US $50 million to finance trade between Sri Lanka and Korea, becoming the first bank in Sri Lanka to do so.The master interbank credit agreement was signed in Colombo by HNB Chairperson Dr.Ranee Jayamaha, and MD/CEO Jonathan Alles on behalf of HNB and KEXIM Senior Executive Director Young-whanSul on

CB Keeps Policy Rates Unchanged

Sri Lanka’s Central Bank yesterday left its key policy rates unchanged for the eleventh consecutive month in December on account of strong economic growth, pick up in credit growth and the benign inflation, but did not rule out the possibility of another round of easing towards the next year.As a result, the monetary board left the key policy rates—the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR)

Malaysian Expertise To Upgrade Colombo’s Transportation Infrastructure

Malaysia’s Maju group signed an agreement to transfer technology, experience and expertise related t o public transport infrastructure probono to the Sri Lankan Transport Ministry to create an integrated transportation hub in Colombo.

H’tota Gets Us $ 36mn Residential Project

The ‘New City Apartments’ residential project by Quest Ventures was launched in Hambantota yesterday, by former Malaysian Prime Minister Dr. Mahathir Mohamad.

First Vietnam Trade Delegation In Town To Bolster Trade Relations

The first Vietnamese trade delegation to the country is currently holding talks with its Sri Lankan counterparts at the Ceylon Chamber of Commerce to further strengthen bilateral trade and investment between the two countries.“The bilateral trade volume has been growing at a remarkable 30 percent annually. This is the highest growth of bilateral trade in South Asia,” Vietnam Ambassador for Sri Lanka Phan Kieu Thu said.

Chevron Commissions US$ 15mn Blending Plant

Chevron Lubricants Lanka PLC, a unit of US-based multinational inaugurated its new US $ 15 million state-of-the-art blending plant and warehouse complex at the Lindel Industrial Estate in Sapugaskanda, yesterday.

November Tourist Arrivals Up 9.4%

Tourist arrivals to Sri Lanka during the month of November rose 9.4 percent year-on-year (YoY) to 119,727 visitors while total arrivals for the first 11 months of the year stood at 1.34 million, up 20.3 percent YoY, the official tourism data showed. Sri Lanka targets 1.5 million tourists at the end of this year and 2.5 million by 2016. To achieve this year’s target Sri Lanka needs 151,519 tourists visiting the country in December. The hi

Cse Launches Rs. 150mn State of the art Cds

Colombo Stock Exchange (CSE) yesterday launched its Rs.150 million state-ofthe-art, new generation Central Depository System (CDS) supplied and maintained by Millenium IT, with an upgrade to the Automated Trading System (ATS).“With t he launch of t he new CDS and ATS, we have become world-class,” CSE Chairman Vajira Kulatilaka said.CSE launched its first CDS, funded by USAID, in 1991 and was the first in Asia and eighth in the worl

Vietnam Calls For FTA

Stepping up its trade cooperation with Sri Lanka to new levels, Vietnam had said that it was vying for a groundbreaking free trade agreement (FTA) with Sri Lanka, a media statement by Sri Lanka’s Industry and Commerce Ministry said.

Jkh Set To Draw Record Syndicated Loan

John Keells Holdings PLC (JKH) will be going for a 7-year syndicated loan to the tune US$445 million, the largest ever in the country, to partly finance its US$ 820 million Waterfront Project, according to foreign media reports.“Standard Chartered will be handling the process, and it will be at a LIBOR plus rate. We will get a fine rate,” JKH Deputy Chairman Ajit Gunawardene responding to an inquiry by Mirror Business said.

Experts Urge Lankan Businesses To Restructure For Trade Benefits

The country will not get any trade benefits from the China-Sri Lanka Free Trade Agreement (FTA) if the local industries continue their current modus operandi, was the consensus reached at a recently held forum titled “Doing Business with China: FTA and Beyond Forum,” organized by the Sri Lanka ExportersAssociation and Verité Research.

Cabraal Spells Out 8-point Agenda For Banks

Central Bank Governor Ajith Nivard Cabraal yesterday spelled out an eight-point agenda for the Lankan banking sector to get themselves aligned with the government’s ‘Vision 2020’.The government hopes to achieve the US $ 150 billion economy and gross domestic product (GDP) per capita of US $ 7000+ by 2020. According to Cabraal, the banking sector, which represents 60 percent of the financial system, has a pivotal role to play

Sri Lanka Takes Regional Lead In Financial Inclusion

Sri Lanka has the highest level of financial inclusion in South Asia with easy access to finance, according to a recently published Asian Development Bank Institute (ADBI) working paper.“In South Asia, only 33 percent of adults have an account at a formal financial institution—the second lowest share of the world’s regions, higher only t han Sub-Saharan Africa,” t he paper authored by Dr.Saman Kelegama and Ganga Tilakar

Stockbrokers Say No Reason To Panic

The political games taking place in the country seem to have created a sense of panic in the minds of some investors in the Colombo Stock Exchange, which should not be the case, according to top brokers, who seem to be largely unconcerned about the proceedings.“Various unconfirmed crossover stories have scared off retail investors but we still see a foreign inflow into the fundamentally strong stocks. We expect the market to rebound soon

Better Prospects For Consumer Durable Retailers In 2015

Sri Lanka’s consumer durable retailers will have better times with a more favourable business environment being created as a result of lower borrowing rates, reduced electricity tariffs and an upcoming cut in the ValueAdded Tax (VAT), according to Fitch Ratings Lanka Limited.

Grants Media clinched the ‘Media Buying Agency of the Year’ award at the World Marketing Congress 20

Grant Media, a member of the Grant Group was awarded the prestigious ‘Media Buying Agency of the Year’ award at the recently concluded World Marketing Congress (WMC), held at Taj Lands End, Mumbai.The annual event was organized by CMO Asia, which is dedicated to impart high level knowledge exchange through leadership and networking amongst senior Chief Marketing Officers and decision makers from different industry segments across 5

Jetwing Poised For Exponential Growth With New Hotels, Resorts

Jetwing Hotels Limited, the leisure arm of the Jetwing group, is expecting exponential growth in the next couple of years to come, owing to new hotels and may line up the Initial Public Offering (IPO) of its subsidiary Jetwing Symphony to coincide with it.“For the past five years, since the end of the war, we have had about 20 percent growth and now it’s about 5 to 10 percent. After these hotels are finished, it will be over 100 pe

Ground Breaking Ceremony of ITC Colombo One

The ground breaking ceremony for the iconic luxury hotel and residences, ITC Colombo One, took place today and was graced by Mr. Basil Rajapaksa, Minister for Economic Development, H.E. Mr. Y K Sinha, High Commissioner of India to Sri Lanka and Mr. Y C Deveshwar, Chairman, ITC Limited, one of India’s largest multi-business enterprises. Several dignitaries lent their presence to this auspicious occasion including Hon. Mr. Lakshman Yapa Ab

CB Keeps Policy Rates On Hold

The Central Bank of Sri Lanka yesterday kept policy rates unchanged for the month of November amid credit growth in September picking up to 4.6 percent from 2.6 percent in August and October inflation remaining as low as 1.6 percent year-on-year.Accordingly, the Standing Deposit Facility Rate (SDFR) remains at 6.50 percent and Standing Lending Facility Rate (SLFR) at 8 percent.Though keeping single digit inflation for 5 years is largely consid

Vat, Nbt Exemption To Hurt Beer Industry

The exemption of the Value-Added Tax (VAT) and Nation Building Tax (NBT) from the beer industry, coupled with the increase of excise duty to recover the lost government revenue, will form an adverse effect on the industry, according to Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC.“For many years, the alcohol industry has been subjected to poorlythought-out policies. The adjustment is a case in point. These seem good on pap

Combank Records 21 Percent Profit Growth In 3Q

Commercial Bank PLC, Sri Lanka’s largest private bank with an asset base of Rs.748.6 billion, saw its September (3Q14) net profit increasing 20.85 percent yearon-year (yoy) to Rs.3.33 billion, according to interim financial accounts released to the Colombo Stock Exchange.

Fouzul Hameed to present exclusive ‘Concept 2015’ show this November(Video)

The FH Studio takes exclusive menswear to new heights with the second edition of its annual ‘Concept’ show. ‘Concept 2015’, a fashion show of international class is conceptualized by renowned men’s fashion consultant Fouzul Hameed and will enhance the Sri Lankan men’s fashion arena. ‘Concept 2015’ will be held on Saturday 22 November 2014 at Water’s Edge and will showcase an exclusive range

B’desh Says Speedier Trade Pact In Offing

Sri Lanka and Bangladesh could be inking either a preferential trade agreement (PTA) or a free trade agreement (FTA) in the near future, following talks between the newly appointed Bangladeshi High Commissioner to Sri Lanka Tarik Ashan and Industry and Commerce Minister Rishard Bathiudeen, a statement from the Industry and Commerce Ministry said.“At my final meeting with Prime Minister Sheikh Hasina just before my departure to Colombo, s