Higher subsidiary income boosts LVL Energy Fund 3Q

LVL Energy Fund Limited (LVEF), which started trading in the Colombo bourse this January, posted a Rs.103.5 million net profit for the December quarter (3Q18), which was an over six-fold increase compared to the corresponding quarter of the previous financial year, stemming from higher income from subsidiaries.

Manufacturing and services activities cool down after peak in December

Both manufacturing and services activities in Sri Lanka expanded at a slower rate in January 2018 compared to December 2017, the Sri Lanka Purchasing Managers’ Index (PMI) survey compiled by Central Bank’s Statistics Department showed. 

India’s City Union Bank CEO says suffered cyber hack via SWIFT system

MUMBAI (REUTERS): India’s City Union Bank said yesterday that ‘cyber criminals’ had hacked its systems and transferred nearly US$2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform.

One-off gains lift Softlogic December performance

One-off gains lifted the Softlogic Holdings PLC’s December quarter (3Q18), which is currently going through an exercise to reduce its group debt that weighs on profits as the borrowing costs continue to climb.

Pathfinder holds confab on ‘Iran and Indian Ocean in the 21st Century’

Pathfinder Foundation (PF), in association with the Embassy of the Islamic Republic of Iran and in collaboration with the Strategic Council for Foreign Relations (SCFR) held a round-table conference on the theme ‘Iran and the Indian Ocean in the 21st Century’ recently.

Service of Small and Medium Industries Chamber President appreciated

President of Sri Lanka Chamber of Small and Medium Industries was appreciated at the recently concluded awards ceremony organized by the Chamber itself in Colombo.

Global independent audit regulators meet begins today

The inauguration of the 12th Annual Inspection Workshop of the International Forum of Independent Audit Regulators (IFIAR), hosted by Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will take place at the Kings Court, Cinnamon Lakeside Hotel in Colombo today. The global discussion which will be attended by over 110 professionals representing audit regulators from 40 countries from all over the world, will see independent au

NCE to conduct seminar on taxation and fiscal issues

The National Chamber of Exporters of Sri Lanka will conduct a seminar on tax, fiscal, and other issues related to the new Foreign Exchange Act, the New Inland Revenue Act, budget proposals for 2018 and the Sri Lanka-Singapore treaty for prevention of double taxation which has a bearing on the Free Trade Agreement (FTA) signed by the governments of Sri Lanka and Singapore recently.

Training workshops on new ISO compliance requirements

Training workshops highlighting salient features of the ISO 17025:2017 will be held from the 19th -23rd February, with the first two days at the MILODA Academy of Financial Studies and the final three days at the Sri Lanka Accreditation Board (SLAB) auditorium. 

CA Sri Lanka Business Plan competition kicks off this month

To encourage Advanced Level students gain a better understanding on the importance of developing a business plan and to also help harness the entrepreneurial skills among future business leaders, the Business Plan Competition organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will kick off this month. 

MTI enables Link Natural’s breakthrough into Vietnam and Myanmar

MTI Consulting, through their proven international market-entry methodology has enabled the makers of Samahan and Sudantha to breakthrough into the fast growing Vietnam and Myanmar market. 

Asia markets higher as volatility fears ease

AFP: Asian stock markets climbed yesterday in thin holiday trade, led by gains in Tokyo, as volatility eased after last week’s rollercoaster ride. Tokyo tracked Wall Street higher as investors gradually regained confidence heading into the weekend and set aside inflation fears that had sparked the market meltdown last week.

Indonesia eyes lax palm oil rules in EU trade deal

AFP: Palm oil giant Indonesia is pressing the European Union to abandon plans to apply strict environmental standards to the sector and silence ‘negative’ criticism about the commodity, documents obtained by AFP have revealed.

US Bank to pay US$613 mn over money laundering violations

AFP: American lender US Bancorp has agreed to pay US$613 million to US authorities for violations of money laundering controls, including an attempted cover-up, federal prosecutors announced Thursday.

Swedish companies decry deportations of skilled workers

AFP: The heads of Sweden’s largest companies, including clothing giant H&M and telecoms maker Ericsson, denounced yesterday deportations of highly-skilled workers as the nation’s technology sector suffers a shortage of staff. 

Eran attends tax conference in New York

State Minister of Finance Eran Wickramaratne represented Sri Lanka at the first global conference of the platform for collaboration on tax, which commenced at the United Nations Headquarters in New York on February 14th.

Hackers stole US$6 mn in attack on SWIFT system, Russian Central Bank says

REUTERS: Unknown hackers stole 339.5 million rubles (US$6 million) in an attack on the SWIFT international payments messaging system in Russia last year, the Russian Central Bank said yesterday.

ADB provides US$ 75mn worth lending to Sri Lanka’s small businesses

The Sri Lankan government had obtained Asian Development Bank (ADB) financial assistance worth US$ 100 million in 2016 to finance the Small and Medium-Sized Enterprises (SME) Line of Credit Project. 

US authorities block Chicago Stock Exchange sale

AFP: US regulators Thursday blocked the purchase of the Chicago Stock Exchange (CHX) by a group of investors including the Chinese company Chongqing Casin.

A corporate Avurudu at Waters Edge

Looking for the perfect place to host a traditional and exciting Avurudhu celebration for your office? Then look no further than Colombo’s culinary hub Waters Edge that is fully-equipped with perfect locations, an internationally acclaimed culinary team and a banquets team that will put together the perfect solution to suit your budget and themes.

Olcott Memorial Sports Foundation conducts inaugural leadership programme

Col. Henry Steele Olcott Memorial Sports Foundation conducted the inaugural leadership programme for the students of Olcott schools – Nalanda, Dharmasoka, Maliyadeva, Rahula, Dharmaraja, Mahinda and Ananda College, recently.

Sunquick concludes another ‘Drink & Win’ promotion

One of the most anticipated consumer promotions in the island, ‘Sunquick Drink & Win’ recently concluded yet another successful segment.  With valuable gifts being awarded every year, the campaign awarded 100 lucky customers with gold coins this year at the prize-giving ceremony held at Grand Oriental Hotel in Colombo. 

Abans MD receives Order of Merit from South Korea

Behman (Tito) Pestonjee recently received the Order of Merit from the government of the Republic of Korea. 

Prof. Razeen Sally to address YPO Colombo Chapter

Prof. Razeen Sally from the National University of Singapore and the current Chair of the Institute of Policy Studies will give an insight on ‘Economic Take-Off & Young Professionals” organized by the Colombo chapter of the YPO (Young Professionals Organisation) on February 20th at the Lakshman Kadirigama Institute, , Horton Place, Colombo 07 from 5.30 p.m. onwards. Entrance is free. 

National Print Conference to be held on March 15

Sri Lanka Association of Printers will hold their biennial Print Conference on 15th March at Waters Edge, Battaramulla. 

Nestle launches first coconut flavoured milk beverage

With innovation and nutritional science being at the forefront in Nestle’s DNA, Nestle Lanka recently introduced ‘Nespray Coco-Up’, Sri Lanka’s first dairy milk beverage with coconut, at a launch ceremony held at Hilton Residencies, Colombo.

Ban on Pan Asia Bank’s primary dealership status extended

The Monetary Board of the Central Bank yesterday decided to extend the suspension on Pan Asia Banking Corporation PLC engaging in primary dealer business activities for a period of six months.

CB keeps policy rates steady despite scope for rate cut

Despite various macroeconomic indicators pointing towards the Central Bank’s ability to ease policy rates, the monetary and financial sector regulator yesterday opted to maintain rates due to the external economic environment and risks arising from the government’s budget.

Singer records over Rs.1bn worth sales of Huawei smartphones in 3 months in row

Singer Sri Lanka PLC, the exclusive distributor for Huawei smartphones in Sri Lanka has successfully recorded over Rs.1 billion worth Huawei smartphones across the country, consecutively during the months of November, December 2017 and January 2018. 

Lion Brewery says cheers in 3Q with tax cut

The tax cut on beer brought in last November has assisted Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC (LION), to record strong top line and bottom line gains in the December quarter (3Q18), the interim financial accounts released to the Colombo bourse showed.