Pee Bee Group bags prestigious ACES and BIZZ global awards

Pee Bee Management Services (Pvt.) Ltd, manufacturer and owner of Flora Tissues household brand, was recently crowned with a prestigious BIZZ award by World Confederation of Businesses (WORLDCOB) for its inspiring business journey in addition to being titled a top SME in the Asian region at the Asia Corporate Excellence and Sustainability (ACES) 

December consumer inflation eases slightly to 7.1%

Sri Lanka’s consumer prices in December rose 7.1 percent from a year earlier, easing from the previous month’s 7.6 percent, government data showed yesterday.  Core annual inflation, which excludes fresh food, energy, transport, rice and coconuts, also cooled to 4.3 percent in December on an annual basis, from the previous 

PA commends swift actions taken to lift tea ban by Russia

The Planters’ Association of Ceylon (PA) yesterday commended the Plantation Industries Ministry, Sri Lanka Tea Board and all other state and diplomatic officials that played a role in negotiating the lifting of the temporary suspension of Lankan tea imports by the Russian Federation.

Rupee falls; down 2.5% in 2017

REUTERS: The Sri Lankan rupee closed lower yesterday, ending the year 2.5 percent weaker, as demand for dollars from importers and banks outweighed inward remittances and conversion of the U.S. currency by exporters, dealers said. 

Shares rise; up 2.3 pct in 2017

REUTERS:  Sri Lankan shares rose for a sixth straight session in muted trade yesterday, ending 2017 with a modest 2.3 percent gain after two consecutive  annual losses.

India likens crypto cash to Ponzi schemes

AFP: India warned yesterday against investing in cryptocurrencies including bitcoin, likening them to “Ponzi schemes”, as it became the latest country to urge caution. Despite a boom in trade that has seen prices soar, cryptocurrencies “don’t have intrinsic value and are not backed by any kind of assets,” the Indian finance ministry said in a statement.

CA Sri Lanka launches revised Code of Best Practice on Corporate Governance 2017

In continuing to give leadership to corporates in the country to adhere to the best practices of corporate governance, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently launched the revised Code of Best Practice on Corporate 

Dollar heads into year 2018 on weaker note, Asia stocks mostly up

AFP: The dollar suffered fresh pressure yesterday as traders cash in the recent gains fuelled by Donald Trump’s tax cuts, while most Asian equities were on course to end a strong year on a positive note.

Bali declares ‘garbage emergency’ amid sea of waste

AFP: Bali’s palm-fringed Kuta beach has long been a favourite with tourists seeking sun and surf, but nowadays its golden shoreline is disappearing under a mountain of garbage.

Samson Rajarata Tiles wins at 2017 National Business Excellence Awards

Samson Rajarata Tiles (Pvt.) Ltd. was acclaimed the Winner in the Chemicals, Ceramics and Glass Manufacturing

Mel Medura to reduce alcohol misuse before year end

This is the time of year when many people make ‘new year resolutions’ to abstain from alcohol, tobacco and other drugs.

Sunshine Holdings ups stake in Estate Management Services as Tata exits

Sunshine Holdings PLC said yesterday it bought over 6.7 million shares of Estate Management Services Limited (EMS) from Tata Global Beverages Limited for Rs.1.6 billion.

Stocks gain for fifth session in muted trading

REUTERS: Sri Lankan shares inched higher yesterday in their fifth straight gaining session to a fresh three-week closing high as the Central Bank held key policy rates steady, with trading muted by the holidays after Christmas.

Rupee falls 0.8% on heavy dollar demand

REUTERS: The Sri Lankan rupee closed lower yesterday as demand for dollars from importers and banks outweighed inward remittances and conversion of the U.S. currency by exporters, dealers said.

Tamed credit growth proof of prudent monetary policy mgt.: Central Bank

Private credit growth has reached within arm’s length of Central Bank targets since monetary policy and government loan-to-value (LTV) policies on vehicles have fully transitioned into the market, the Central Bank said.

Doors open for PayPal in Sri Lanka, says CB

The path is open for global payments platform Paypal to open up inward payment services to Sri Lanka if they wish to do so, since the Central Bank had pledged to provide regulatory space, top officials at the monetary regulatory authority said.

Lanka Century acquires Millennium IT’s enterprise solutions biz for Rs.1.08bn

Diversified business house Lanka Century Investments PLC (LCI) said yesterday it bought 100 percent of the enterprise solutions business of Millennium Information Technology (Millennium IT ESP) from London Stock Exchange Group (LSEG) for Rs.1.08 billion. 

The Body Shop Sri Lanka partners with The Little Gym for Christmas goodwill

The Body Shop Sri Lanka partnered with The Little Gym of Colombo to bring some Christmas joy and cheer

UCL Logistics enters new era with focus on brokerage solutions

UCL Logistics (a member of Expolanka Holdings) recently announced the establishment of its restructured

Leo Burnett bids farewell to its Managing Director Ranil de Silva

Leo Burnett Sri Lanka’s iconic leader and world-renowned advertising professional Ranil de Silva, will step down

Nivasie Malabe host BNI Sri Lanka’s diverse business gathering

Nivasie  Malabe, the country’s very first vertical living experience that spreads across a stunning 22-acres

Lanka Century Investments acquires enterprise solutions business of Millennium IT

In a strategic move to diversify into the IT solutions domain, Lanka Century Investments PLC. (LCI), a conglomerate reputed

CIFL saga hots up; depositors point at Central Bank cover up

The depositors of the failed Central Investment and Finance PLC (CIFL) yesterday alleged that the move by the Central Bank to close down CIFL and its group companies is to cover up the irregular and possibly illegal conduct of the Central Bank officials regulating these companies. 

Central Bank seen keeping policy rates steady to support growth

REUTERS:  Sri Lanka’s Central Bank is expected to keep its key interest rates unchanged this week, a Reuters poll showed, as policymakers focus on supporting the slowing South Asian economy while remaining vigilant to still high inflationary pressures.

RIL gains control of United Motors

RIL Property PLC (RIL) yesterday said it has received acceptance for its mandatory offer on United Motors PLC (UML), which would result in RIL acquiring 51 percent or more of the voting shares of UML.

Sugar tax pushes fizzy drink prices up sharply

The sugar tax imposed under the 2018 budget proposals has increased the prices of carbonated soft drinks in the market significantly, Mirror Business observed. 

Rupee ends higher on weak demand for dollars

REUTERS: The Sri Lankan rupee closed firmer yesterday as inward remittances and exporter dollar sales surpassed demand for the US currency from importers, dealers said.

CA Sri Lanka renews agreement with (ISC)2

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently renewed the Memorandum of Understanding signed with (ISC)2 Chapter Sri Lanka, which is affiliated to the International Information Systems Security Certification Consortium Inc.

Deen Brothers Matara bags two international awards

Deen Brothers Imports (Pvt.) Ltd, a leading organisation involved in importing and distributing of high-quality machineries for the last 25 years, was honoured recently in the international business arena.  The company was awarded the Best Trade Promoter for the Dongcheng power tools and also the Excellent Sales Promoter for Shimge water pumps, amongst nearly 100 sales agents representing 52 countries around the globe. The above awards were

Sri Lanka-Malaysia Business Council holds business meeting

The Sri Lanka-Malaysia Business Council of the Ceylon Chamber of Commerce had a business meeting with members of the Malaysia-Sri Lanka Business Chamber on December 18th, at the Ceylon Chamber of Commerce.