Amana Bank gets regulatory nod to bring in fresh capital with exception to single shareholder limit

In yet another exception to the banking sector single shareholder limit, the Central Bank has allowed one of the shareholders of Sri Lanka’s Amana Bank PLC to own up to 30 percent of the issued shares of the bank. 

Saudi says extending oil cuts, adding small producers enough to drain stocks

REUTERS: Saudi Arabia’s energy minister said yesterday that extending the current agreement on global oil supply cuts until March next year, and adding one or two small producers to the pact, should be enough to reduce oil inventories.

Australia declares game-up for ‘fake refugees’

AFP: Australia yesterday gave 7,500 boatpeople until October to file a claim proving they are genuine refugees or be kicked out, declaring the ‘game is up’ for illegal arrivals ripping off taxpayers.

PATA forecasts slower tourist arrivals to SL

Weaknesses of Sri Lanka Tourism’s policies and research were on open display at the Pacific Asia Travel Association (PATA) Annual Summit, which concluded at Jetwing Blue hotel in Negombo, yesterday.

Positive outlook for exports in first quarter of 2017

Sri Lanka’s economy grew by 4.4 percent during the year 2016, although slightly low compared to 2015, amidst internal and external shocks that impacted on the economic growth of the country. As a whole, the external sector contribution to gross domestic product (GDP) was little less, mainly du

Janashakthi Records Double Digit Growth in Premiums in Q1 2017

Janashakthi Insurance PLC (Janashakthi) reported a 14% Year on Year (YoY) growth in consolidated Gross Written Premium (GWP) which stood at Rs.3.789 billion for the three month period ended 

Haycarb March profit up; but drop in coconut crop felt

Haycarb PLC, the activated carbon manufacturer of the Hayleys group, saw its net profit for the quarter ended March 31, 2017 (4Q17) rising by 17.3 percent to Rs.297 million from a year ago amid rising charcoal prices, the interim financial accounts showed. 

Eagle Logistics strengthens automotive logistics arm with Tiger Logistics India

Automotive logistics is one of the strongest products of Eagle Logistics for the last 10 years handling many corporate customers in Sri Lanka. Recently it had its partners’ conference in Colombo with Tiger Logistics to further strengthen its relationship for automotive business between India and Sri Lanka.

DIMO-Mahindra introduce Yuvo tractor range to local farmers

Diesel & Motor Engineering PLC (DIMO), together with India’s Mahindra & Mahindra Ltd’s Farm Equipment Sector (FES), launched the new range of tractors - Mahindra Yuvo to the local farmers recently. 

SL-China ties deepen further with first Guangxi Economic and Trade Cooperation Forum

The friendly handshake between China and Sri Lanka got firmer yesterday with a large delegation from Guangxi having arrived in Colombo to engage in discussions and exchange proposals to further  boost trade.

Rapid growth of Malaysia's economy

Malaysia’s Central Bank Governor Muhammad Ibrahim delivering his address announcing the first-quarter GDP growth results at the Bank Negara offices in Kuala Lumpur yesterday. Malaysia’s economy grew at its fastest pace in two years during the first quarter, the central bank said on May 19, boosted by stronger domestic demand and a pick-up in exports (AFP)

US oil output back near records, challenging OPEC

AFP: American oil production is approaching record levels again, led by shale projects, potentially foiling efforts by OPEC to support prices.

US launches investigation into Canadian aircraft imports

AFP: The Trump administration Thursday launched an investigation into planned imports of Canadian aircraft, following a complaint last month by US aviation giant Boeing that the planes receive unfair subsidies.

After 10-year gap, Thai lotuses bloom again

AFP: For the first time in a decade a Thai lake has given up its dazzling secret- the pink blooms of tens of thousands of lotuses.

S&P raises Indonesian credit rating to investment grade

AFP: Standard & Poor’s raised Indonesia’s sovereign credit rating to investment grade yesterday, in line with the other two major rating agencies, in a move likely to attract more investment into Southeast Asia’s top economy.

US agency votes to roll back broadband ‘neutrality’ rules

AFP: US regulators voted this week to scrap a 2015 order aimed at forcing broadband firms to treat all online traffic equally, in the latest turn of the politically charged ‘net  neutrality’ debate.

Rupee falls on importer dollar demand

REUTERS: The Sri Lankan rupee fell yesterday on importer dollar demand and fewer exporter conversions, even as investors said the currency could weaken further after the Central Bank decided to buy dollars directly from the market to boost reserves.

Jockey opens Exclusive Store in Kandy

Jockey’s Exclusive Stores showcase the range and depth of all the brand’s products and are best suited to cater to the discerning customers. One such store of Jockey has opened at the heart of Peradeniya Road, a well-known shopping  street in Kandy.

People’s Bank presents Budha Pudha Vandana Vesak Bakthi Gee programme

The People’s Bank Arts Circle recently organised Budha Pudha Vandana Vesak Bakthi Gee in lieu of the Vesak festival. 

Blue Mountain spreads light for Vesak celebrations

Blue Mountain’s ethereal lanterns brightened up the UN Vesak Day celebrations, which were held in Sri Lanka this year with the participation of Buddhist leaders from around the world. 

LuLu Group chief meets Prime Minister

The UAE-based retail and leisure giant LuLu Group entered Sri Lanka by opening a US $ 8 million food packaging facility in the Katunayake Export Processing Zone on May 17th to supply LuLu operations worldwide.

Siddhalepa commemorates Vesak on grand scale

Siddhalepa Ayurveda Hospital exhibited Vesak lanterns made by the Siddhalepa staff for the 28th consecutive year to mark Vesak from May 10 to 13, at the Mt. Lavinia Hospital premises. 

Asus Sri Lanka holds ‘Avurudu Fiesta’ with Gold partners

Asus Sri Lanka hosted its key performing partners along with its sales teams and loved ones to the ‘Asus Avurudu Fiesta’ recently, in celebration of the Sinhala and Tamil New Year. 

DFCC marks Vesak with Bakthi Gee recital

The DFCC Bakthi Gee recital was held at the DFCC Bank head office on May 5, 2017 to commemorate Vesak, bringing together the staff from across the branch network.

Vogue introduces Tusker Bridal Collection

What more would you want to choose for your bride-to-be for her wedding, going away or the home coming? And, if you are that wise parent, seeking a gift of real value for your beloved daughter or the groom’s mother, looking for a distinguishing welcome gift for your new family member, Vogue Tusker Bridal Collection offers endless choices beyond mere  bridal jewellery.

Triad hosts ‘Silent Avurudu Festival’ with Western Province Deaf Association

A one-of-a-kind Sinhala and Tamil New Year celebration was organised recently at Frazer Grounds, Dehiwala by the Western Province Deaf Association (WPDA) in collaboration of Triad (Pvt.) Ltd. Children, youth as well as adults with hearing and speech impairment eagerly participated in the full-day programme packed with a variety of entertaining and exciting games, sponsored, coordinated and adjudged by the staff of Triad (Pvt.) Ltd. 

President lights up Vesak at Nawaloka Hospital

Lanterns illuminated the evening sky, earthen lamps dotted the road and pathways and lights decked up the entire building of Nawaloka Hospital when President Maithripala Sirisena inaugurated the Vesak celebrations at the premises of Sri Lanka’s leader in private healthcare. 

HNB Team ‘A’ wins Interbank Quiz 2017

The 25th Annual Interbank Quiz Competition organised by the Clearing Association of Bankers (CAB) was held recently at the Grand Ballroom of  Hotel Galadari.  

ACAP celebrates Avurudu

In keeping with the traditions of the national new year, Asia Capital PLC recently celebrated Avurudu with its staff at Taprobana Wadduwa.

Asian traders cautious after hefty sell-off as Trump woes linger

AFP: Asian traders headed into the weekend on a nervous note yesterday as a pick-up in US stocks and positive data were offset by worries about a crisis engulfing Donald Trump’s presidency that could throw his economic  agenda into doubt.