Rupee recovers as political uncertainty shows signs of easing

REUTERS: The Sri Lankan rupee ended firmer yesterday, a day after hitting a record low, as exporters and banks sold dollars amid signs of political uncertainty easing, dealers said.

Working on to get rid of money laundering destination label: Central Bank

Sri Lanka is hoping to get off the Financial Action Task Force’s (FATF) grey list for money laundering and terrorist financing this October, and the Central Bank has requested the cabinet for all its support in implementing the required changes under an action plan and a new  time frame.

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.

CHINT – On A Quest to Empower Sri Lanka

A renowned world-class player in the energy industry, CHINT is committed to providing secure, reliable and high quality 

Hirdaramani Partners with Patagonia for Reforestation Project

As part of its sustainable approach to business, Sri Lankan apparel manufacturer Hirdaramani Group partnered with US retailer,

Ekroma carves a unique identity with their scintillating upcoming real estate project

Ekroma’s one-of-a-kind real estate projects are generating a buzz in the industry for being truly path-breaking in every sense. Ekroma

Tea industry stakeholders unite to call for lifting of glyphosate ban

In a strongly-worded statement, Sri Lanka’s tea industry stakeholders, including state-run Sri Lanka Tea Board (SLTB) Chairman Rohan Pethiyagoda, called on the policymakers to urgently re-evaluate the arbitrary ban imposed on glyphosate-based weedicides, in light of the overwhelming scientific consensus that the substance is not harmful to human health, most recently confirmed by the risk assessment for glyphosate conducted by the United St

CB’s LTV tweaking unlikely to lift electric vehicle market

Despite the Central Bank last week issuing directives to the banks and finance companies to significantly lift the restrictions on leasing on electric motor vehicles to align with the environmentalist spirit of the 2018 budget, the stakeholders were of the view that this would not lead to a boom in the electric vehicle market without further adjustments.

Slowdown in domestic sales hurt SL’s only glass bottle maker’s performance

Piramal Glass Ceylon PLC (PGC), Sri Lanka’s only glass bottle manufacturer, saw its December quarter (3Q18) earnings declining amid higher sales costs and slower top line growth, the interim financial accounts released to the Colombo Stock Exchange showed.

Smokers cough up Rs.117.3bn to govt. in 2017

The monopoly cigarette player, Ceylon Tobacco Company PLC (CTC), has paid Rs.117.3 billion to the state in excise, taxes and levies in FY17, compared to Rs.98.3 billion in FY16, the financial accounts released to the Colombo Stock  Exchange showed.

Rupee hits fresh record low as political uncertainty weighs

REUTERS: The Sri Lankan rupee hit a record low yesterday  as panicked importers bought US dollars following the defeat of the two ruling coalition parties in a local election, but late selling in the greenback by exporters capped the fall.

National Chamber workshop on ‘Import procedures and documentation’

 The National Chamber of Commerce will conduct a one-day  workshop on ‘Import procedures and documentation”with  Special attention on WTO Goods Valuation Agreement, WTO Trade Facilitation Agreement (TFA) and Goods Classification and  Harmonized System on  February 28 from 8.30 a.m. to 4.30 p.m. at the National Chamber Auditorium, Colombo 10.

Global independent audit regulators to meet in Colombo

Independent audit regulators from around the world will gather to share their expertise during the 12th annual inspection workshop of the International Forum of Independent Audit Regulators (IFIAR) in Colombo.

CDB’s business excellence recognized at NBE Awards 2017

Citizens Development Business Finance PLC (CDB) won a Gold Award in the NBFI sector for the second consecutive year and a Merit for Excellence in Performance Management at the recently concluded National Business Excellence Awards 2017.  

Ceylon Tea promoted at Toronto Tea Festival

Consulate General of Sri Lanka in Toronto took part at the 6th Annual Tea Festival, organized by the Tea Guild of Canada, held at the Toronto Reference Library from 3rd - 4th  February with the support of the Sri Lanka  Tea Board.

LKI and APLN to host dialogue on nuclear policy and prospects

The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) and the Asia-Pacific Leadership Network for Nuclear Non-Proliferation and Disarmament (APLN) will jointly host a lecture by Prof. Ramesh Thakur of the Australian National University and Co-Convenor of APLN, on ‘Nuclear Policy and Prospects for Disarmament in the New World Order.’ 

Pathfinder Foundation and NMF conduct bilateral dialogue on maritime security

The first bi-lateral conference between the Pathfinder Foundation (PF) and National Maritime Foundation (NMF) of India focused on developing a platform for analytical and innovative discussion, specifically on maritime security and maritime domain awareness covering the Indian Ocean, which would favourably impact countries in the Indian Ocean Region held  Colombo Recently.

The Mall at One Galle Face transforms local retail landscape

The Mall at One Galle Face recently celebrated a project milestone of partnering with its anchor tenants with a signing ceremony that introduced the city’s premier luxury lifestyle destination. The signing ceremony was graced by the four anchor tenants of The Mall - Odel PLC, Keells Super, Food Studio and PVR Cinemas, along with representatives of Shangri-La Hotels Lanka (Pvt.) Ltd, business partners, media and other esteemed guests.

IITExpo to begin in Colombo next week

IITExpo-Colombo 2018, a 3-day event, showcasing textiles of India, will be held from 21-23 February at the Galadari Hotel, Colombo. 

Panther recognised at National Excellence Award by SLCSMI

Panther, Sri Lanka’s leading educational toy and stationery manufacturer was recently recognised by Sri Lanka Chamber of Small and Medium Industries’ as the winner of the Silver award for ‘National Excellence’. 

Magline Switch Boards wins three awards including National Platinum Award

Magline Switch Boards, a company engaged in low voltage power distribution panels won the National Platinum Award at the recently concluded awards ceremony organized by Sri Lanka Chamber Of Small And Medium Industries held at Hotel Ramada Colombo. 

Sisila Lanka selects PBSS as SAP business one partner

Sisila Lanka (Pvt.) Ltdintroduced SAP Business one for its operations and selectedPerfect Business Solutions Services (Pvt.) Ltd (PBSS) as its implementation partner.

Fonterra’s local dairy programme surpasses Rs. 3 bn in three years

Fonterra Brands Sri Lanka, the dairy co-operative behind Anchor, recently surpassed the Rs. 3 billion investment-mark in its commitment to building a thriving local dairy industry and boosting the availability of high quality, local dairy nutrition for Sri Lankans. 

RIL Property announces Rs.800mn rights issue to settle bank borrowings

RIL Property PLC this week announced plans to issue fresh shares to its existing shareholders to raise money in a bid to settle part of its bank borrowings that weigh on group profits.  

Sri Lanka’s first Ironman triathlon to generate US $ 3mn in tourism earnings

The first Ironman event in South Asia would be held from February 22-25 in Sri Lanka, with the Ironman 70.3 Colombo international triathlon and exhibition set to generate US$ 3 million in tourism earnings for the country and haul in high net worth influencers, the event organizers said.

Singer acquisition ups Hayleys top line, but leveraged buy-out weighs on group profits

The acquisition of Singer Sri Lanka PLC in a blockbuster deal last year boosted Hayleys PLC’s top line, but the leveraged buy-out is now weighing on the country’s most diversified conglomerate’s bottom line performance. 

SriLankan says Colombo-Melbourne route making profits

The Colombo-Melbourne daily direct flight operated by SriLankan Airlines has broken even and is making profits now, the airline said in a statement yesterday.