ComBank’s ATMs set new records for December

The automated teller machines (ATMs) of Commercial Bank dispensed a mind-boggling Rs 37.321 billion in December 2015, averaging Rs 1.204 billion a day, and processing an incredible 6.682 million transactions at a daily average of 215,548, Sri Lanka’s largest private bank reports.

Budget deficit hits 7.2% of GDP in 2015

Sri Lanka’s budget deficit overshot to 7.2 percent of gross domestic product (GDP) in 2015, against a revised target of 6.0 percent, swelled by unexpected payments for contractors, Finance Minister Ravi Karunanayake said.

ADB president dismisses fears of a possible currency war

Asia isn’t facing a currency war triggered by China, the President of the Asian Development Bank (ADB) said yesterday. Takehiko Nakao said the recent decline in the yuan reflected the market and was not due to “artificial intervention”.

China regulator orders banks in some hubs to limit dollar buying this month

REUTERS: China’s foreign exchange regulator has ordered banks in some trading hubs to limit dollar purchases this month, three people with direct knowledge said yesterday, in the latest attempt to stem capital outflows. The spread between the onshore and offshore markets for the yuan, or renminbi, 

China state planner approves US $ 2bn urban rail project

REUTERS: China’s top economic planner yesterday approved a 13.2 billion yuan (US $ 2 billion) urban rail project in Shijiazhuang, the largest city of northern Hebei province, as the government looks to boost flagging economic activity. The project,

White House, Silicon Valley hold summit on militants’ social media use

REUTERS: Senior White House officials and U.S. intelligence and law enforcement figures met with Silicon Valley executives yesterday to discuss how to counter the use of social media by militant groups, sources familiar with the meeting said on Thursday.

Hyundai says to make Santa Fe SUV at Alabama plant

REUTERS: Hyundai Motor Co said on Thursday it will begin production of the Santa Fe Sport model at its Montgomery, Alabama, plant in the early summer as it seeks to increase supply for the hot-selling crossover SUV segment of the U.S. market.

Samsung Elec Q4 profit guidance misses expectations

REUTERS: Tech giant Samsung Electronics Co Ltd said yesterday its fourth-quarter operating profit likely rose 15 percent from a year earlier, missing expectations and fuelling concerns it may be in for another tough year due to slack gadget sales.

Institute of Multimedia Education launched

The Institute of Multimedia Education (IME), which opened its doors on January 2, 2016, concentrates on providing a scientific, ethical and a professional education that focuses on modern trends, latest technology and application.

Chandanalepa to introduce 28 vocalists

Popular singing sensation representing the new generation Sanka Dineth will present ‘Sanka Dineth Live in Concert with 28 Voices’ musical show at the Maharagama National Youth Service Council Auditorium on January 16, at 6:30 p.m. The main sponsor of the event is

Holcim partners with DIMO to procure largest dozer

Holcim (Lanka) Ltd, a member of the LafargeHolcim group, in the pursuit of continued development in safety and technology has provided an astounding investment, partnering with facilitator, Diesel & Motor Engineering PLC (DIMO),

Leo Burnett recognizes Firzan Mulafer and Caryll Van Dort as Star Reachers of 2015

Leo Burnett Solutions Inc. (LBSI), the local office of the global advertising network Leo Burnett Worldwide, recently recognized Publicis Solutions Director Client Services Firzan Mulafer and ARC Worldwide Sri Lanka Director Public Relations Caryll Van Dort as the agency’s Star Reachers for the year 2015. 

Prima Kottumee launches crowd-sourced e-calendar 2016

Prima Kottumee took its annual Model Hunt event to a new level this year with the entire search being conducted through social media for the brand’s crowd-sourced e-calendar.

SriLankan Airlines bids goodbye to Airbus A340s after 21 years of service

?SriLankan Airlines, the first Asian airline to operate the four-engine Airbus A340 aircraft, bid goodbye to the last of its A340s after more than two decades in service, with a final commercial flight yesterday.

Sri Lanka Economic Forum 2016

Sri Lanka Economic Forum 2016, sponsored by the Open Society Foundations of the international investor and philanthropist George Soros, commenced yesterday at Cinnamon Grand Colombo with the attendance of President Maithripala Sirisena...

Sri Lanka heading towards a debt crisis

Sri Lanka is likely heading down the path of a foreign debt crisis, which the country’s foreign reserves cannot absorb, a former Central Bank Deputy Governor said.

Govt. shouldn’t overregulate tourism informal sector: expert

?The government should not overregulate the informal hospitality sector due to pressure from the larger hotels, a small and medium enterprise (SME) sector expert said at Sri Lanka Economic Forum 2016.

October exports fall 6%, imports down 6.4%

?Sri Lanka’s October exports fell 6 percent to US $ 847.3 million amid lower global demand, the Central Bank data released yesterday showed.

China shares dive; trading suspended

?Global shares dived yesterday, led by Chinese markets, which were suspended after a more than seven percent plunge as Beijing weakened the value of the yuan currency to a five year-low.

Top investor Soros expresses confidence in Sri Lanka

International financier and philanthropist George Soros yesterday expressed confidence in Sri Lanka’s economic prospects, though he warned that the country would have to tread carefully as the world economic environment remains “hostile”.

Market regulator to employ CID tactics to curb misconduct

Sri Lanka’s capital market regulator is currently acquiring the tactics used by the country’s intelligence agencies to tackle market misconduct, a top official said.

New gifts for new year from ‘Seylan Tikiri’

“The first month of the academic year is always exciting for children where they expect new books, uniforms and most importantly attractive stationery. 

Pan Asia Bank launches ‘Blue Chip Money Market Savings’ product for corporates

?Sri Lanka’s fastest growing commercial bank, Pan Asia Banking Corporation PLC, recently launched its newest savings account designed for the corporate clientele to park their excess funds while enjoying one of the highest interest rates on offer in the market.    

Global sovereign rating downgrades likely to outpace upgrades in 2016: report

?Sovereign downgrades are likely to outpace upgrades in 2016, says Standard & Poor’s Ratings Services in the report: ‘Global Sovereign Rating Trends 2016’.

MAS Intimates, Polycrome join hands with CMA in Training Partner Agreements

?Two more prominent commercial organisations have joined hands with Certified Management Accountants (CMA) Sri Lanka in its efforts to produce management accountants who are skilled and well-trained in their valued profession. 

Sampath Bank adds 2 new ATMs to network

Sampath Bank opened two off-site ATMs at No: 334/C, Kurusa Junction, Pamunugama, Alubomulla and Bambalapitiya Housing Scheme, Galle Road, Colombo 4.

Time to restructure Sri Lanka’s cricket ecosystem: MTI

?With the newly-elected committee assuming duties at Sri Lanka Cricket (SLC) and given the challenges the game has encountered in recent years (both on and off the field), the time is now to revisit and restructure the entire ecosystem of the game.

What will 2016 hold in store for working women?

Another year has dawned – one that undoubtedly is filled with hope and aspirations - aspirations of better career moves, bigger pay and outstanding opportunities.

French double boost for Sri Lanka tourism

?Tourism in Sri Lanka received a double boost when a delegation representing the two biggest travel associations in France confirmed that both their annual conventions will be held in Sri Lanka later this year. 

Dr. Wimal Karandagoda appointed as Durdans Hospital COO, Director Medical Services

?The first Joint Commission International-accredited hospital in Sri Lanka - Durdans Hospital - recently appointed veteran medical administrator Dr. Wimal Karandagoda as its Chief Operations Officer (COO) and Director Medical Services.