SL tightens monetary policy to cool down overheating economy

The Central Bank tightened Sri Lanka’s monetary policy by raising its key policy rates by 50 basis points last Friday in a bid to cool down an overheating economy as the excessive credit growth was seen fuelling demand-driven inflationary pressures.

Sri Lanka among most protected countries in the world: WB

By Chandeepa Wettasinghe World Bank recently classified Sri Lanka as one of the most protected economies in the world, indicating how far Sri Lanka would have to travel to reach its ambitions of becoming regional hubs across  various industries.

CTC 4Q net slips 8% to Rs.1.8bn over lower top line and higher expenses

The local unit of British American Tobacco PLC, Ceylon Tobacco Company PLC (CTC), which has a monopoly in cigarette products in Sri Lanka saw its December quarter (4Q15) net profit slipping 7.7 percent year-on-year (yoy) to Rs. 1.8 billion amid a slowdown in revenue and higher operating costs, the interim financials showed. 

Inspecting Mattala Air Port

Prime Minister Ranil Wickremasinghe on Saturday visited the Southern district of Hambantota on an inspection tour to observe the progress of some of the development projects. Picture shows the PM arriving at the Mattala Air Port, flanked by Housing and Construction Minister Sajith Premadasa and Law and Order Minister Sagala Ratnayake. Pic by Pradeep Pathirana 

Royal Ceramics 3Q net up 32% over higher top line

Porcelain and ceramic manufacturer, Royal Ceramics Lanka PLC group (RCL) increased its net profits by 32 percent to Rs. 903. 4 million for the quarter ended December 31, 2015 (3Q16) as a result of higher top line, the interim results showed. 

We should learn lessons from Turkey’s economic success: Minister

Sri Lanka can learn lessons from Turkey when improving and stabilizing its economy, as Turkey has proven that it can stand unaffected by global economic crises, Public Enterprise Development Minister Kabir Hashim said. 

Sri Lanka’s first fully integrated security service ‘Vigilant Premium’ launched

Marking a milestone in the country’s security industry, Vigilant Security unveiled the country’s first ever fully integrated security service. Branded as ‘Vigilant Premium’, the service combines highly trained security officers, distinctly marked security patrol vehicles and a surfeit of security technology integrated solutions to assure absolute protection.  

Fashion Bug clinches Gold for 3rd consecutive year

Fashion Bug, one of Sri Lanka’s leading retail clothing chain with over 16 outlets island-wide, was awarded Gold for being the ‘Best Key Account Partner’ at the recent Annual Sales Conference of Triumph International, the iconic global leader in manufacture and marketing of lingerie and  shape-wear.

Dialog kicks off ‘Wish & Win’ contest for Asia Cup and World T20

Dialog is offering Sri Lankan cricket fans a chance to watch their favourite cricketers in action at the Asia Cup in Dhaka Bangladesh and World T20 in India, with the Cricket Wish & Win competition.  Dialog is offering a grand total of 777 prizes for cricket fans wishing the Sri Lankan team for their upcoming campaigns, including a chance to win 77 all inclusive tours to watch Sri Lanka play in the Asia Cup and the World T20, plus, brand

Abans and Hyundai prepare to take high rise to new heights

Abans Engineering (Pvt) Ltd, a member of the prestigious Abans Group of Companies is the sole agent in Sri Lanka for technologically advanced Hyundai high speed elevators and Escalators.   

Experts express need for standardised energy products and proper disposal method

As eco-friendly products are playing an important role in making a greener world, experts of the energy industry recently expressed the need for standardised energy products and emphasised the importance of having an effective method to dispose the waste.

CCC and GIZ plan course on ‘Innovation Managers’

The Ceylon Chamber of Commerce (CCC) and GIZ SME Development Programme together with the University of Leipzig together have planned to conduct a training programme to train ‘Innovation Managers’.

Lotteries Board introduces ‘Sanwardana Lakshapathi’

With the aim of producing more winners weekly, the Development Lotteries Board introduced its latest lottery ticket titled ‘Sanwardana Lakshapathi’, after four years, at the board’s premises recently.  It is a scheme that expects to give a chance to win Rs.100,000 weekly to 100 winners

Tiesh celebrates the mystique of black silver with ‘Black Temptations’

With the forthcoming festive season literally around the corner, Tiesh, one of Sri Lanka’s leading contemporary jewellers proudly presents ‘Black Temptations’, a collection of exquisite black silver jewellery lavishly studded with precious and semi-precious Sri Lankan gem stones.

National Outsourcing Association CEO visits Sri Lanka

With the motive of bringing about the opportunity to partner with the IT/BPM industry in the UK, the Sri Lanka Association of Software and Service Companies (SLASSCOM) together with the Export Development Board (EDB) successfully concluded a highly interactive and engaging session on February 15 at The Kingsbury, featuring National Outsourcing Association (NOA) CEO and European Outsourcing Association (EOA) Director Kelly Hallard. 

Zero rates wrecked your savings? Relax on a US $ 17,000 footstool

REUTERS: It doesn’t look like much, but a boxy wooden vintage Swedish footstool isn’t just a place to rest your weary feet after cross-country skiing. It is the latest competition to hedge funds or high end real estate. And that means it will cost you $17,000.

Can the regulator ‘market’ the stock market? - An opinion

Capital markets have the potential to be powerful engines of economic growth in developing nations. An efficient stock market provides the public with investment opportunities and mobilizes their savings for productive corporate financing. Yet, developing a robust and efficient capital market is a difficult task for many emerging economies. It requires a fine blend of regulation, market development and marketing. 

CRM is all about optimizing each customer’s experience

We now know that if you want your company become successful, you need to find the right level of aggregation—to categorize your customers in segments that are neither too big nor too small. 

IMO calls local authorities to gather steam in complying with new container weight rule

The officials of the International Maritime Organisation (IMO) called on the local authorities to gather steam in developing the national regulations, ensuring the country would be in compliance with the new container weight rule under the Safety of Life At Sea (SOLAS) convention, which will come into effect on July 1, 2016.

Luxury yachts to attract tourists to Sri Lanka

Sri Lanka recently embarked on a novel project to manufacture and market luxury yachts as a new initiative under the country’s tourism drive. The foundation stone for the yacht factory was laid at a ceremony presided over by Fisheries and Aquatic Resources Development Minister Mahinda Amaraweera, M.P. Several distinguished guests including Chathura Senaratne, M.P. were present on the occasion.

IATA says Bangkok airport a safety risk, needs urgent expansion

REUTERS: The International Air Transport Association (IATA) has warned that Bangkok’s main Suvarnabhumi Airport is a safety risk, with “serious” overcrowding soon to become a critical issue, and urgent expansion needed, the Nation daily reported on Friday.

Boeing gets US licence to talk to Iranian carriers

REUTERS: Boeing has received a licence from the United States to hold talks with airlines in Iran about buying airliners but it would need additional approval to make sales.

Sri Lanka hosts Young Global Leaders event for the first time

For the first time in Sri Lanka, Young Global Leaders event of the World Economic Forum was held from 16-18th February 2016. 

Access Engineering swings into action in real estate piling

Access Engineering; one of the foremost civil engineering companies in Sri Lanka, takes pride in its specialist piling service arm that provides nationwide technical innovation and expertise related to bored pile foundation & ground improvement construction works. 

Colombo Leadership Academy announces ‘Strategy Execution Masterclass’ launch

Colombo Leadership Academy, a leading provider of leadership development and executive coaching, recently announced the launch of its cutting edge programme - Strategy Execution Masterclass - designed to boost accelerated business performance. This programme will focus on providing insights, tools and techniques necessary to achieve robust business performance in the FMCG, banking, healthcare, leisure, retail and insurance industries. 

Kelaniya Uni Accountancy Dept. to hold ‘IDeA Night 2016’

The Department of Accountancy (DoA) of the University of Kelaniya has organised to hold ‘IDeA Night 2016’ on February 25, 2016 at Grand Ballroom of Galadari Hotel Colombo for 17th consecutive year.  The internship programme 

SLTC initiates Presidential Scholarship scheme

Sri Lanka Technological Campus (SLTC) initiated its ‘Presidential Scholarship’ scheme as a corporate responsibility initiative under the patronage of President Maithripala Sirisena.

Laugfs Power acquires Pams Power for Rs.200 mn

Laugfs Power, a wholly-owned subsidiary of Laugfs Gas PLC, recently announced the acquisition of Pams Power (Pvt) Ltd. for Rs.200 million, to set up a 2MW mini hydro power plant in Ginigathhena in the Nuwara Eliya district.

Asia stocks fall as rally fizzles out

The rally in Asia stocks fizzled out yesterday, as a renewed weakening in the price of oil dampened sentiment and safe haven assets such as the yen received a boost

US Federal Reserve’s next move much more likely a rate hike than a cut: survey

REUTERS: The Federal Reserve’s next policy move is much more likely to be a rate hike than a rate cut, although over the next two years a return to zero rates is a rising possibility, according to a New York Fed survey of primary dealers published on Thursday.