Friday, 21st November 2014

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Business news

Sri Lanka’s tea plantation industry, which had expectations for industry profitability during the current financial year, given that it was spared of wage negotiations, has been affected by persistent rainfall during the latest quarter resulting in a drop in output and profitability. According to a recent industry update by a top brokerage firm, while the rubber industry continues its decline...
Full Article Sunday, 16 November 2014 00:00
Over-capacity in Sri Lanka’s telecommunications industry could shrink as two weaker operators may exit the sector, which would benefit the remaining players, Fitch Ratings said in a new special report released last week. Data tariffs could rise following consolidation, and this would slow the decline in profitability and prevent duplication of capex. The number of industry participants could fall to…
Full Article Sunday, 16 November 2014 00:00
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has brought down a Wall Street Mastermind to conduct a Mergers & Acquisitions workshop currently taking place in Colombo. The three-day workshop, which began yesterday conducted jointly with Euromoney Training LLC, features Andrew Regan, who has being a consultant to some of America’s top business tycoons in the likes…
Full Article Sunday, 16 November 2014 00:00
The Central Bank of Sri Lanka will hold a ceremony tomorrow to present the new series of Rs.10 district coins representing 25 administrative districts of Sri Lanka, to Sri Lanka President Mahinda Rajapaksa, who is also the Minister of Finance and Planning. The event is to be held from 10.00 a.m. at the Central Bank of Sri Lanka premises in…
Full Article Sunday, 16 November 2014 00:00
The Pathfinder Foundation (PF), with the Boao Forum for Asia (BFA), is organizing a high level Panel Discussion and Roundtable on November 21, involving political leaders, senior officials, businessmen, academics and the media from Sri Lanka and China. Minister of Economic Development Basil Rajapaksa will grace the occasion as Chief Guest and former Vice Premier Zeng Peiyan will lead the…
Full Article Sunday, 16 November 2014 00:00
The Chief Executive Officer of the Colombo Stock Exchange Rajeeva Bandaranaike was one of the keynote speakers at the Berlin Economic Forum organized by the Institute of Cultural Diplomacy in Berlin held from November 8 to 12, 2014. The theme of the Economic Forum was “Sustainable Economies, Sustainable Technologies, Sustainable Industries”. The conference brought together a large gathering of political...
Full Article Sunday, 16 November 2014 00:00
All infrastructure development work including the procurement of tools and accessories are to be completed by end of this year for the operation and commencement of the first phase of the Elephant Pass Saltern. It is envisaged that the rehabilitation of phase I saltern will lead to a production of 20,000 to 25,000 metric tons of salt per annum...
Full Article Sunday, 16 November 2014 00:00
National Development Bank and its group companies posted a strong growth of 49% in Profit attributable to shareholders, recording Rs. 3,276m for the nine months ended 30 September 2014, as compared with the prior period. This impressive performance was due to growth in business volumes, effective management of portfolio quality and concerted cost management efforts carried out across the Group,…
Full Article Sunday, 16 November 2014 00:00
One of the prominent names in Sri Lanka’s construction industry, Maga Engineering will reach a milestone of completing 30 years in business by the end of this year, senior company officials announced at a press conference last week. In view of the celebration, Maga also unveiled its new logo designed for the 30th anniversary.
Full Article Sunday, 16 November 2014 00:00
PC House Holdings - On November 12, 2014, PCH Holdings PLC filed following disclosures with the CSE: 1) Bieco Link Carbons (Pvt) Ltd which had a value of Rs.761 million as per the Audited Financial Statements as at March 31, 2013 which had been excluded in the Interim Financial Statements as at September 30, 2014, continues to be a subsidiary…
Full Article Sunday, 16 November 2014 00:00
Dr. Dan Malika Gunasekera presently serving as the Acting Dean, Faculty of Humanities and Social Sciences of CINEC Maritime Campus recently addressed the International Conference and Workshop on Protection of Underwater Cultural Heritage: Building up the 21st Century Maritime Silk Road. This event was held in Xiamen, hosted by the South China Sea Institute of the Xiamen University on November…
Full Article Sunday, 16 November 2014 00:00
The Sri Lanka Institute of Packaging and its subsidiary unit, the Packaging Development Centre are making arrangements to host this year’s World Packaging Organization annual events in Colombo that include the board meeting, committee meetings, judging of World Star competition for excellence in Packaging, an international Packaging Congress and post-congress tours from tomorrow till November 23, 2014.
Full Article Sunday, 16 November 2014 00:00
The Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs.13.119 billion for the nine months ended 30th September, 2014 in a performance befitting its status as Sri Lanka’s largest private bank.In spite of a healthy 10.38% growth in Operating Income, Profit before tax grew by 7.77 % due to the imposition of Nation Building Tax…
Full Article Sunday, 16 November 2014 00:00
Transport experts warn that the encouragement given to private transport would be detrimental for the country’s public transport sector.Senior Lecturer at the Colombo University and expert on Public Transport Planning and Economics, Dr. Lalithasiri Gunaruwan said that the Government should focus on investing more in public transportation systems rather than encouraging the usage of private motor vehicles in the country.
Full Article Sunday, 09 November 2014 00:00
Sri Lanka’s first ever Global O-Fish Confab will be held tomorrow (10) with the participation of globally renowned expert Gerald Bassleer, President of Ornamental Fish International. Minister of Industry and Commerce Rishad Bathiudeen said the Government will intervene in securing new technology, providing information and incentives to the medium and small scale ornamental fish entrepreneurs to penetrate the international market.
Full Article Sunday, 09 November 2014 00:00
At least 20 new companies of the United Kingdom are expected to be part of the regional hubs that have been identified by the Sri Lankan Government as crucial aspects of the country’s economic development, British High Commissioner for Sri Lanka, John Rankin said. Speaking at the session on “Bilateral Trade Between Sri Lanka and UK” recently at the National…
Full Article Sunday, 09 November 2014 00:00
Under the endorsement of the Ministry of Education, The Ceylon Chamber of Commerce, the premier business chamber in the country commenced an awareness program to help educate the students, who are studying in the commerce stream of the public schools.The move, which is the latest out of a several similar programs conducted by the Ceylon Chamber is targeted to nurture...
Full Article Sunday, 09 November 2014 00:00
Investors in Construction industry in Sri Lanka will have the opportunity in investing in the Maldives as the Government of Maldives has agreed to provide such opportunities to Sri Lankan investors.This was disclosed at a special discussion Construction, Engineering Services, Housing and Common Amenities Minister Wimal Weerawansa had with the Maldivian Housing Minister Mohamed Muizzu on October 4 in Seoul,…
Full Article Sunday, 09 November 2014 00:00
The Leasing Association of Sri Lanka Ltd (LASL) appointed Nishaman Karunapala as its Chairman and Chaminda Sampath Hettiarachchi of Central Finance Co PLC as the Deputy Chairman at their recent AGM. Nishaman Karunapala currently serves as Director/CEO of Melsta Regal Finance Ltd. This is the second instance where he has been selected as the Chairman of the LASL. He brings...
Full Article Sunday, 09 November 2014 00:00
Sri Lanka People’s Leasing Group’s net profit up by 39 percent to 1.1 billion rupees in the second quarter the group said in a media release.“It is commendable to see the PLC Group performing well under challenging environment and we expect this momentum to continue during the rest of the year as well.” said Chief Executive Officer of People’s Leasing…
Full Article Sunday, 09 November 2014 00:00

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