Fitch affirms Richard Pieris & Co. at ‘A(lka)’; Outlook Stable

Fitch Ratings yesterday affirmed Richard Pieris & Company PLC’s (RICH) national long-term rating at ‘A(lka)’ with a stable outlook. Fitch has also affirmed the national rating on RICH’s outstanding senior unsecured debentures at ‘A(lka)’.   

Vallibel Finance in Rs.1bn cash call

Vallibel Finance PLC yesterday revealed its plans to raise little over Rs.1 billion through a cash call to its shareholders.

SriLankan flights delayed; congestion at BIA

SriLankan Airlines yesterday said it was experiencing continuous delays in flights and congestion at the country’s main Bandaranaike International Airport (BIA) in Katunayake, due to a combination of factors.

ComBank Dec. profit up on robust new loans, higher margins

Commercial Bank of Ceylon PLC (ComBank) witnessed a stronger than average growth in new loans during 2017, which helped the bank to report higher earnings but substantially higher taxes and loan loss provisions had a somewhat bearing on the performance. 

Top economist sheds light on political realities in Sri Lanka

The Sinhala Buddhist community has a cultural need to depend on a larger than li fe figure to continuously save them and cleanse the country, which is why the people voted for the Mahinda Rajapaksa faction instead of the coalition partners of the current government, according to a leading economist.

Agalawatte Plantations to raise Rs.2bn via rights issue

Agalawatte Plantations PLC will raise fresh equity capital by way of a rights issue to partly settle its related party borrowings raised last year as part of its restructuring. 

DIMO acquires control of fertilizer, seed firms

Diesel & Motor Engineering PLC (DIMO) last week said it acquired the control of two firms, which are in the business of importing, processing and distribution of agri inputs such as fertilizers and seeds.

EU-South America deal ‘could kill 20,000 French farms’: union

AFP: Over 20,000 French farms could go bankrupt if the European Union concludes a major trade deal with four South American countries, France’s biggest farm union 

BMW plans electric Mini production in China

AFP: German auto giant BMW said yesterday it plans to build an electric version of its compact Mini in China, in a possible joint venture with local partner Great Wall.

India-bound gas pipeline breaks ground on Afghan section

AFP: Turkmenistan, Afghanistan, Pakistan and India yesterday ceremonially broke ground on the Afghan section of an ambitious, multi-billion dollar gas pipeline expected to help ease energy deficits in South Asia.

Australia’s biggest bank rejects fresh laundering claims

AFP: Australia’s largest bank the Commonwealth yesterday denied a slew of new claims by the country’s financial intelligence agency that it breached anti-money laundering laws, and rejected a major class action over the allegations.

China seizes control of Anbang Insurance as chairman prosecuted

REUTERS: The Chinese government yesterday seized control of Anbang Insurance Group Co Ltd and said its chairman had been prosecuted, a dramatic move that highlights Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk.

Japan welcomes WTO ruling on South Korea Fukushima food row

AFP: Japan yesterday welcomed a World Trade Organization ruling that called for South Korea to lift an import ban on Japanese seafood, imposed after the Fukushima 

Rupee ends marginally firmer in dull trade

REUTERS: The Sri Lankan rupee ended slightly firmer yesterday in dull trade as banks’ dollar selling on remittance inflows surpassed the importer greenback demand, dealers said. 

Sluggish market, natural disasters, higher tax dent Nestlé Lanka’s 2017

Nestlé Lanka PLC put up a strong performance for its December quarter (4Q17), but saw its full year performance dented by sluggish market conditions and natural disasters.

IMF says will continue to work with government on economic reforms

Despite speculation in local spheres being high over the government’s future economic decisions in the aftermath of the shocking Local Government polls drubbing, the International Monetary Fund (IMF) this week said that it is continuing to work with the government on the reforms 

Rupee ends marginally weaker in dull trade

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday in dull trade as importer dollar demand outweighed selling of the greenback by exporters. The rupee ended at 155.25/30 per dollar, compared with Wednesday’s close of 155.10/25. The rupee hit a record low of 155.90 last  

Stocks slip from over 3-month high on profit-taking

REUTERS:  Sri Lankan shares yesterday snapped a five-session winning streak and eased from a more than three-month high on profit-booking, while foreign buying in Commercial Bank Plc boosted the daily traded turnover.

Sri Lanka has adequate local economic policy expertise: economist

The Sri Lankan government ignores local economic policy expertise in favour of foreigners who make the same arguments, a leading economist said recently.

Nippon Paint hosts Asia Young Designer Awards for second consecutive year

Nippon Paint celebrated the successful conclusion of the Asia Young Designer Award (AYDA) themed ‘You for tomorrow’ future living as envisioned today, in Sri Lanka for the second consecutive year with a glamorous awards ceremony held at the Hilton Hotel Colombo recently. Held in collaboration with the Sri Lanka Institute of Architects (SLIA), the country’s apex body on Architecture, AYDA 2017 marked yet another 

Access Engineering progressing Deduru Oya water supply project construction work

Access Engineering PLC, one of the foremost civil engineering companies in Sri Lanka, is making a swift progress in the construction of the Deduru Oya water supply project, Ridi Bendi Ela, Maho.

Quick Tea joins ranks of ‘Green Businesses’

Quick Tea (Pvt.) Ltd, a subsidiary of Sri Lanka’s largest Tea Exporter for over two decades- Akbar Brothers Ltd, became the recipient of yet another accolade for the diversified group of companies by being certified as a ‘CarbonConscious Company’.

CIM Sri Lanka partners First Capital Holdings

Renewing a successful working partnership of three consecutive years, a Memorandum of Understanding (MoU) was signed between The Chartered Institute of Marketing (CIM) Sri Lanka and First Capital Holdings PLC, committing to goals mutually benefiting both organizations and strengthening the respective brand identities in the market.

India International Textile Expo underway in Colombo

IITExpo-Colombo 2018, a 3-day event, showcasing the textiles of India, is being held from February 21-23 at Galadari Hotel, Colombo.  More than 40 Indian fabric manufacturers and exporters are displaying varieties of apparel fabrics (woven, knitted and non-woven), made-ups, home textiles, traditional items etc in various blends, textures, colours and designs from various clusters of India. Namely; Tamil Nadu (Erode, Salem, Karur, Coimbatore)

Hayleys Advantis handles cargo for Ironman 70.3 Colombo

Lending its expertise in end-to-end logistics management to ‘Sri Lanka Wonder of Asia Ironman 70.3 Colombo’, Hayleys Advantis announced that it is handling the movement of all cargo being brought to Colombo from the Ironman regional hub in Malaysia.

JWT duo selected to represent Sri Lanka at AdFest 2018

Reinforcing the J. Walter Thompson pioneering spirit, Akila Abdul Azeez and Minendra Sarathchandra collaborated to deliver a compelling, relevant and innovative campaign that led them to winning the 2018 AdFest Young Lotus competition.

Munchee Super Cream Cracker amongst country’s most favourite biscuits

Statistical data from market research shows that Munchee Super Cream Cracker has become the country’s most popular biscuit surpassing other biscuit varieties.

CIM Sri Lanka to host first networking event of silver screen legends

The Chartered Institute of Marketing Sri Lanka will be hosting its first networking event for this year titled ‘Legends of the Silver Screen’ on 27th February, at the CIM office, Colombo 03 at 

Wijeya Digital’s Umair Wolid listed among the 100 Smartest Digital Marketing Leaders

Umair Wolid, Head of Marketing – Content and Digital Media at Wijeya Digital Media was listed among 100 Smartest Digital Marketing Leaders at

Credit moderates; possibility of rate cut hangs in balance

Sri Lanka’s private sector credit growth has continued its moderation path towards end-2017, reflecting the effects of the delayed monetary policy transition gradually taking hold of the country’s money in circulation.