Mitko Homes launches ‘Bricksgate’ luxury apartments

Redefining the skylines of Wattala, Mitko Homes launched its luxury apartments project ‘Bricksgate’ to cater to the needs of modern city dwellers looking for the comfort and tranquillity of a life away from the busy metropolis.

Fine Furniture assures delivering satisfaction

The promise to make sure every brand and product that is represented at the Fine Furniture showroom would exceed the expectations and deliver the sort of satisfaction that is always desired by its consumers. Now, Fine Furniture opens doors and welcomes its customers to an even larger physical space designed to enthral with new perspectives of interior design and homeware. 

Construction Expo 2017 to begin on June 2

Sri Lanka’s largest and most focused constriction-related exhibition, Construction Expo 2017, featuring all aspects related to the construction and building industry, will be held on June 2, 3 and 4, at the BMICH.

Edirisinghe Brothers’ Hybrid Hub – A purpose-built facility for HEVs

Edirisinghe Brothers’ Hybrid Hub, which was introduced last year, is known to be the first and only purpose-built facility for hybrid and electrical vehicles (HEV) in Sri Lanka.It provides services such as hybrid battery testing, conditioning, rebuilding, etc. Automative Research and Design (AR&D) USA via its franchisor for Asia Pacific-Growth Dynamics (Singapore) and Optima Werkz (Singapore) are the training and supporting partners for

Using high-tech infrastructure to fight climate change

Climate change is a growing threat to prosperity in Asia and the Pacific. The region is the most vulnerable to the ravages of climate change. In fact, the Asian Development Bank (ADB) estimates that from 2006 to 2015, extreme climate-related weather events caused an annual US $ 46 billion in economic and social losses as well as over 330,000 fatalities in developing Asia.

No more ‘straight Aas’ for China?

On May 24, 2017, Moody’s Investors Service cut China’s long-term local currency and foreign currency issuer ratings from Aa3 to A1 and changed the outlook of the Chinese economy from negative to stable. Moody’s is not a teacher handing out report cards, but the feeling from losing ‘straight As’ is the same — unpleasant.

Three key policies to boost performance of South Asia’s ports

In a previous blog we related how South Asia as a whole had improved the performance of its container ports since 2000 but had still struggled to catch up with other developed and developing regions. But within that picture, some ports did better than others. 

Unilever’s Project Arunella Works with Communities on Sustainable Waste Management

The Arunella Waste Management project spearheaded by Unilever Sri Lanka’s Ceytea Factory in Agarapathanarecently achieved the complete elimination of waste being dumped in and around the   

TRC seizes wireless phones causing interruptions to mobile 3G network

The Telecommunications Regulatory Commission seized 50 DECT6 wireless phones which caused harmful interferences to the 3G network used by the Sri Lankan mobile phones users. 

Apple opens first official store in South East Asia

AFP: Apple opened its first Southeast Asia store in Singapore recently, drawing hundreds of excited fans to the swanky two-storey site in the city’s upmarket shopping district.

ICTA signs MoU with FITIS on ‘Smart’ social circle

  The ICT Agency of Sri Lanka (ICTA), the nation’s apex ICT institution under the Ministry of Telecommunications and Digital Infrastructure, recently signed a Memorandum of Understanding with the Federation of IT Industry Sri Lanka (FITIS), the apex ICT Industry Association in Sri Lanka. 

Huawei’s eLTE SafeCity wins CCW2017 Future Technology Award

Huawei’s eLTE SafeCity solution won the ‘Future Technology Award’ at Critical Communications World 2017 which was presented by TCCA (TETRA and Critical Communications Association). This honour recognizes Huawei’s technical leadership and contribution to continued innovation in the area of critical communications.

Auxenta opens new office dedicated to product innovation

Auxenta Inc, a Silicon Valley based IT company recently moved to a new state-of-the-art office at 61, Level 1, Janadhipathi Mawatha, Colombo. 

ComBank’s Exchange House in Italy appoints agent in Verona

Commex Sri Lanka S.R.L., Commercial Bank’s fully-owned subsidiary in Italy for money transfers, recently appointed Air Connect Travels & Tours of Via Valeggio, Verona, as its authorised agent in the city. 

HSBC Sri Lanka wins prestigious Asiamoney Award

HSBC Sri Lanka has been awarded as the Best International Bank by Asiamoney in the first Asiamoney Country Awards held this year. 

SDB bank embarks on new growth path

Sanasa Development Bank PLC (SDB bank) has secured US $ 22 million (approximately Rs.3.3 billion) from international lenders through a private placement deal in order to expand its capital base to meet the regulatory requirements.

Ceylinco Life’s 1Q net profit up 58% to Rs.673mn

Ceylinco Life has accelerated into FY 2017 posting robust income growth and exceptional profit growth for the three months ending March 31, 2017.

Flood-hit borrowers get 3-month moratorium

The Central Bank has instructed all banks to grant a moratorium on loans obtained by the borrowers hit by the floods and adverse weather conditions in a bid to provide some relief until they get back on their feet, Mirror Business learns. 

Tourism authorities say flood impact on industry minimal

Sri Lanka’s tourism industry has experienced only minimal impact from the recent floods, state and private sectors stated yesterday, which has led the tourism authorities to maintain their revenue and arrival forecasts for the year.

Ondaatjie family finance firm divests ComBank stake; Indra Silva buys

Ondaatjie family controlled Mercantile Investments and Finance PLC (MIF) yesterday divested its entire holdings in Sri Lanka’s largest private lender, Commercial Bank of Ceylon PLC, in a Rs.1.43  billion deal.

Royal Ceramics March net up over healthy gains from tiles and aluminium

Royal Ceramics Lanka PLC reported earnings of Rs.889.7 million or Rs.8.03 a share for the January –March quarter (4Q17), recording an increase of slightly over 17 percent year-on-year (YoY) due to healthy growth in profits from tiles, sanitary ware and  aluminium segments.

SLPA refutes efficiency and profitability related allegations of critics

A top Sri Lanka Ports Authority (SLPA) official recently appealed to the detractors of the state institution to recognize the sacrifices it is making to create a level playing field for the private sector while delivering a positive performance.

Laugfs Gas records Rs.748mn net loss for 4Q as costs surge

 Diversified conglomerate, Laugfs Gas PLC, posted a net loss of Rs.747.6 million for the March quarter (4Q17), against a net profit of Rs.120.9 million year-on-year (YoY) due to higher cost of sales and higher finance costs arising from the highly leveraged business, the interim financial accounts showed.  The loss per share for the quarter was Rs.1.9, against earnings of 31 cents a share, YoY. However the group’s gross revenue fo

‘Sri Lanka Investment and Business Conclave 2017’ kicks off

The inauguration of ‘Sri Lanka Investment and Business Conclave 20017’ organized by the Ceylon Chamber of Commerce was held yesterday under the patronage of President Maithripala Sirisena. 

Exporters say new FM’s competencies a boost to commercial diplomacy

The National Chamber of Exporters of Sri Lanka (NCE) which is the private sector chamber exclusively serving Sri Lankan exporters, whose member exporters make a substantial contribution to the economic development of Sri Lanka through exports, welcomes the strategy of the Ministry of Foreign Affairs to actively engage in ‘Commercial diplomacy’ through the Sri Lankan missions overseas, as announced by Dr. Harsha De Silva, Deputy Minist

Flood and rain stall work on Southern railway extension project

The work on phase one of the Southern railway extension came to a sudden stop due to the heavy deluge that inundated the Matara district last Thursday and Friday. Most of the base camps established by China National Machinery Import & Export Corporation (CMC) were submerged and the staff had to be evacuated.

Sri Lanka to fully automate company registration process

Turning a new page in Sri Lanka’s business history, the entire company registration process is to be fully automated thereby slashing the waiting period for the birth of a new company. 

Wickramarachchi celebrates 40 years of serving the nation

The pioneers of Cochlear implants in Sri Lanka, J.M Wickramarachchi & Company celebrated 40 years of selfless service to the nation recently. 

SriLankan expands network to Myanmar with Myanmar Airways

SriLankan Airlines will expand its network to Yangon, the capital of Myanmar, from 1st June, with the commencement of a codeshare partnership with Myanmar Airways International (MAI), one of Myanmar’s best-known airlines.

Eight lucky PickMe drivers win Rs.100,000 with ‘Lakshapathi Waram’

PickMe, the homegrown startup with the leading tech-based taxi-hailing app in Sri Lanka, continues its efforts to uplift the spirit of their drivers with the launch of ‘Lakshapathi Waram’, a unique initiative to honour the values of their driver partners. The driver-rewarding scheme recently chose eight drivers and presented each of them with Rs. 100,000.