Wednesday, 17th December 2014

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Business news

Sri Lanka’s external trade deficit in the month of October 2014 has widened significantly to US$ 852 mn (141.7%) in comparison to US$352 mn in October 2013 while the trade deficit during the first ten months of 2014 widened by 4.3 per cent over the corresponding period, the Central Bank said on Friday. According to the Central Bank, the widening…
Full Article Sunday, 14 December 2014 00:00
Sri Lanka Tea Board embarked on a massive Light Board advertising campaign on Pure Ceylon Tea at Dubai and Sharjah airports. The campaign was launched by Minister of Plantation Industries, Mahinda Samarasinghe recently. The campaign covers 20 Light Boards and 11 Mupies at Dubai and Sharjah International Airports respectively.
Full Article Sunday, 14 December 2014 00:00
The Central Bank of Sri Lanka on Friday said the current monetary policy stance is appropriate and hence decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank of Sri Lanka unchanged at 6.50 per cent and 8.00 per cent, respective
Full Article Sunday, 14 December 2014 00:00
Sri Lanka needs to make policy changes to curtail internal migration to the Western Province to avoid population congestion related issues, the latest report of the Census of Population and Housing said. The report is based on a survey carried out by the Department of Census and Statistics in 2012, which was released on Friday (12) in Colombo.
Full Article Sunday, 14 December 2014 00:00
Sri Lanka’s two state-run airlines, SriLankan Airlines and Mihin Lanka are likely to benefit from the recent dramatic drop in fuel prices this year by incurring lower fuel costs unless airfares are lowered in the medium term, analysts said. Although airlines will reap the benefits of lower fuel prices with a time lag due to forward fuel-buying practices,...
Full Article Sunday, 14 December 2014 00:00
Tourism earnings - Earnings from tourism are estimated at US dollars 176 million in October 2014 in comparison to US dollars 144 million recorded in October 2013. The substantial increase in tourist arrivals as well as the increase in estimated average spending per night resulted in the cumulative earnings from tourism recording a growth of 30.4 per cent to US…
Full Article Sunday, 14 December 2014 00:00
A fresh project to establish a common hub to amalgamate the main terminals of all public transportation modes under one roof has been initiated by the Government with assistance from a Malaysian based company. The project termed as Colombo Multimodal Transport System Centre has been initiated with the intention of streamlining and coordinating all public transport systems.
Full Article Sunday, 14 December 2014 00:00
Union Assurance - Consequent to the unanimous shareholder approval obtained at the Extraordinary General Meeting of Union Assurance PLC held on November 28, 2014, the Commercial High Court of Colombo, in Case No. H.C. (Civil)48/2014(CO), by Order dated December 8, 2014 sanctioned the demerger of Union Assurance PLC, by way of a Scheme of Arrangement in terms of Section 256…
Full Article Sunday, 14 December 2014 00:00
The Minister of Industry and Commerce of Sri Lanka, Rishad Bathiudeen last week said that the Government of Belarus has taken an initiative to remove Sri Lanka from the list of off-shore countries with effect from this November. Accordingly, Sri Lankan exporters will be given a 15 percent tax waiver out on remittance of their export earnings back to Sri…
Full Article Sunday, 14 December 2014 00:00
Leading banking professional, Gihan Jayatilleke, has been appointed to head NatWealth Securities Limited, subsidiary of the National Wealth Corporation, an Asset Management Company now standing at Rs.7 billion, through the Mahapola Higher Education Scholarship Trust Fund (MHESTF).
Full Article Sunday, 14 December 2014 00:00
Leading blue chip conglomerate, the Browns Group of Companies recently marked its significant entry into Sri Lanka’s healthcare sector with the soft opening of the Browns Hospital Ragama. Present on the occasion were Executive Chairman of the Browns Group Ishara Nanayakkara, the Board of Directors, Senior Management, Director/CEO of Browns Hospitals/ ealthcare Dr. Sajeeva Narangoda, Consultants, and Doctors.
Full Article Sunday, 14 December 2014 00:00
DFCC Bank won Gold yet again in Financial Institution category at this year’s Annual Report Awards organized by the Institute of Chartered Accountants Sri Lanka. The competition celebrated its Golden Jubilee this year with a glittering ceremony held at the Nelum Pokuna Mahinda Rajapaksha Theater. The DFCC annual report for 2014 titled “Game On” was based on the theme of…
Full Article Sunday, 14 December 2014 00:00
Following the purchase of a further 20 million ordinary shares of PCH Holdings PLC (PCHH), Adam Investments Limited (ADAM) last week announced its shareholding in PCHH had increased to 50.89. The transaction by PCHH was made on December 2, 2014 at a price of Rs.2.50 per share. Adam Investments Ltd. confirmed the purchase and the mandatory offer to acquire the…
Full Article Sunday, 14 December 2014 00:00
Sri Lanka’s surging IT and BPO exports could hit the critical dollar one billion mark as early as next year, surpassing previous expectations, an official from the Export Development Board told the Northern IT Exports forum which concluded last week. The forum, jointly organised by EDB and ICTA and packed with enthusiastic regional IT industry was held in northern peninsula…
Full Article Sunday, 07 December 2014 00:00
Foreign banks operating in Sri Lanka have agreed to bring in more foreign investments to the country via their international branches worldwide, a top official of the Central Bank said on Friday. Accordingly, the banks, through their international network will encourage foreign investors to look at Sri Lanka as a viable option for investment. Speaking to The Nation, Acting Director,...
Full Article Sunday, 07 December 2014 00:00
The Chairman of Asia Capital Plc (ACAP), J H P Ratnayeke says that given the docile stock market environment, it is likely that the group would remain only passive participants in the stock broking sector, until such time a conducive environment develops to compel aggressive involvement in developing ist prospects in that space. Presenting his message to the stakeholders in…
Full Article Sunday, 07 December 2014 00:00
Air China, one of China’s leading carriers, is scheduled to start direct service between Chengdu, the capital city of southwest China’s Sichuan province, and the Sri Lankan capital of Colombo in February, the airline said Wednesday in a statement. An Airbus A330 will fly the Chengdu-Colombo route each Tuesday, Thursday, Saturday and Sunday. A one-way journey between Chengdu and Colombo…
Full Article Sunday, 07 December 2014 00:00
Oil fell in Asian trade on Friday after major producer Saudi Arabia slashed the price of the crude it sells to Asia and the US. US benchmark West Texas Intermediate (WTI) for January delivery tumbled 44 cents to $66.37 a barrel and Brent crude for January dropped 49 cents to $69.15.  Analysts said that Saudi Arabia cut the price of…
Full Article Sunday, 07 December 2014 00:00
Sri Lanka’s tourist arrivals rose 9.4 percent to 119,727 in November 2014 from a year earlier, driven by China and India, data from the state tourism promotion office showed. In the eleven months of 2014 arrivals were up 20.3 percent to 1,348,481.South Asian visitors were down 0.3 percent to 31,135 compared to the same month last year with arrivals from…
Full Article Sunday, 07 December 2014 00:00
The Asia Pacific region has outperformed the rest of the world (ROW) when it comes to wage growth, according to an International Labour Organisation (ILO) report. Annual average incomes rose 6% in the region, compared to a global average growth of 2% in 2013. Wages in China have risen the fastest, up 9%, according to the UN body.
Full Article Sunday, 07 December 2014 00:00

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