Thursday, 17th April 2014

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Business news

Luxury cruise liner MS. Amadea called at Magam Ruhunupura Mahinda Rajapaksa Port in Hambantota early this month with 479 passengers comprising 423 German Nationals and 322 crew members. On her arrival an up-country Sri Lankan dance troupe welcomed the passengers. MS. Amadea, equipped with entertainment facilities has a capacity to carry 620 passengers and 260 crew on board
Full Article Sunday, 13 April 2014 00:00
Complemented by sound macro-economic fundamentals, Sri Lanka’s economic growth which slowed to 6.3% in 2012 has picked up by 7.3% in 2013 and is projected to accelerate by 7.5% and over 8% in the years 2014 and 2015 respectively, the Central Bank said last week. It noted that improved macroeconomic conditions, including low inflation, declining interest rates and the relatively
Full Article Sunday, 13 April 2014 00:00
Sri Lanka is planning to invest US$ 10 billion to develop its ports sector in the years leading  to 2020, the Chairman of the Sri Lanka Ports Authority, Dr. Priyath Bandu Wickrama said recently. Addressing a breakfast meeting of the Sri Lanka–Germany Business Council of the Ceylon Chamber of Commerce, the SLPA Chief noted that already, since 2008, the Government…
Full Article Sunday, 13 April 2014 00:00
Swiss cement group Holcim and French rival Lafarge are to merge creating a dominant supplier of cement for concrete to the global construction industry.The deal, described in a statement on Monday as “a merger of equals”, and a major event in the global construction industry, will be based on the offer of one Holcim share for one Lafarge share.
Full Article Sunday, 13 April 2014 00:00
Toyota is recalling 6.4 million vehicles globally, including 35,124 in the UK, over five separate issues. Some 3.5 million vehicles are being recalled to replace a spiral cable attached to the driver’s side airbag. It may be damaged when the steering wheel is turned and result in the airbag not being deployed in a crash.Other issues include problems with seat…
Full Article Sunday, 13 April 2014 00:00
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is considering the possibility of propagating its BSc Degree in Applied Accounting among South Asian countries. Speaking during the inauguration of the second intake of the BSc (Applied Accounting) General/ Special degree, CA Sri Lanka President Arjuna Herath said, “We should promote this degree internationally, and as a first
Full Article Sunday, 13 April 2014 00:00
Sri Lanka Telecom (SLT), the national ICT solutions provider announced that it has launched the country’s first fiber-to-the-home (FTTH) broadband services covering major markets, greatly enhancing the broadband footprint in Sri Lanka. Being the largest communication backbone network operator, SLT ensures that residential, business, public sector, carriers and ISPs (internet service providers) in the country including multi-storeyed buildings have
Full Article Sunday, 13 April 2014 00:00
Extending its island-wide footprint further, Lanka ORIX Finance PLC (LOFC) opened its latest branches in Digana and Kuliyapitiya recently.Digana is an emerging economy located in the Central Province of Sri Lanka vastly abundant with natural mineral deposits such as Dolomite, whilst Kuliyapitiya is renowned for agro based economy and crop cultivation in the
Full Article Sunday, 13 April 2014 00:00
Six top students of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently bagged the subject prizes at the Strategic Level examinations conducted by the Institute. Aruna Prabath Weerasinghe won the subject prize for Strategic Management Accounting, while Thilini Tharaka Samarasinghe was awarded the prize for Financial Reporting Framework at the Strategic Level I examination which was
Full Article Sunday, 13 April 2014 00:00
The National Insurance Trust Fund (NITF) which provides insurance coverage for over 1.2 million government beneficiaries took a step forward in expanding their services by joining hands with Lanka Hospitals to cover private hospital costs for Agrahara medical insurance beneficiaries. A partnership which has been carried out for the past three years between the two parties was recently extended for…
Full Article Sunday, 13 April 2014 00:00
The Commercial Bank of Ceylon has announced it will keep 62 branches open for business on Good Friday, April 18, 2014, a Public and Bank Holiday, for the convenience of the Bank’s customers.This includes the Bank’s 26 Supermarket Banking Centers and 20 365-day branches which will work their customary hours, and another 16 branches that will be open from 9am…
Full Article Sunday, 13 April 2014 00:00
With the Koha’s (Koel) elusive tune and the beat of the traditional raban, the month of April heralds new beginnings for Sri Lanka! Households get makeovers, old utensils get replaced, relationships renewed and families exchange gifts in the spirit of the traditional Sinhala and Tamil New Year. Arpico Supercentres, the largest chain of hyper markets will join in the celebrations…
Full Article Sunday, 13 April 2014 00:00
An uniquely Sri Lankan celebration, complete with authentic gastronomic delights and cultural performances provided a fitting backdrop when the Commercial Bank of Ceylon marked 10 years of remittance operations in the State of Kuwait recently.Commercial Bank’s Chief Operating Officer Jegan Durairatnam led a Bank delegation that included the Bank’s Chief Manager e-Banking and Remittances Pradeep Banduwansa,
Full Article Sunday, 13 April 2014 00:00
In the process of proposed consolidation of the financial sector, several banking analysts last week said that they feared there might be more a case of ‘gunshot weddings’ than properly ‘arranged marriages’ as many companies will not be willing to come into agreements over valuations. The Central Bank (CB) on the other hand has indicated that companies which fail to
Full Article Sunday, 06 April 2014 00:00
Connaisance De Ceylon, one of Sri Lanka’s leading travel agents recently brought down a group of 130 high-end tourists from Toulouse, France. According to the Sri Lanka Tourism Promotion Bureau, the group represented different segments and were looking for investment opportunities in Sri Lanka. Here the passengers are pictured with the MI 17 helicopter of Heli Tours in the background
Full Article Sunday, 06 April 2014 00:00
The Ministry of Fisheries and Aquatic Resources Development last week said it expects nearly 40 countries to attend a major fisheries conference in Sri Lanka slated to be held in June. The Eighteenth Session of the Indian Ocean Tuna Commission (IOTC) of the Food and Agriculture Organization will be held in Colombo from June 1 to 5, 2014.
Full Article Sunday, 06 April 2014 00:00
From April 10 to the 20, a dynamic group of 14 business leaders will set out from Colombo on a 10-day challenge: a 1,400km bicycle ride around Sri Lanka’s beautiful coast. ‘Around the Pearl’ is an initiative by ‘Wheels for Wheels’ that through the cycle ride, aims to raise public support for Cerebral palsy (CP) whilst generating funds for at…
Full Article Sunday, 06 April 2014 00:00
Sri Lanka has had six months of drought and could face severe crop losses and electricity shortages if the coming monsoon is as weak as forecasts predict, experts say.“The situation is really, really bad,” said chief climatologist at the Department of Agriculture Ranjith Punyawardena. “Already there are harvest losses and more are anticipated.”According to Punyawardena, 5 percent (280,000 tons) of…
Full Article Sunday, 06 April 2014 00:00
Sri Lanka’s revenue ratio (excluding grants) has been dwindling over the past few years, underperforming its target each year and remains low at 13.6% of GDP in 2013, a recent report released by the Asian Development Bank (ADB) highlighted. This is despite the island focusing on fiscal consolidation and taking many steps in recent years to improve revenue collection, the…
Full Article Sunday, 06 April 2014 00:00
Sri Lanka’s state owned Bank of Ceylon (BOC) last week reported a 16% decline in net profit to Rs.12 billion for the financial year 2013 compared to Rs.14.4 billion recorded in the corresponding financial period of 2012, recent financials showed. Pre-tax profit in the year also declined to Rs.15.7 billion in 2013 compared to Rs.19.8 billion recorded previously.
Full Article Sunday, 06 April 2014 00:00

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