Saturday, 25th October 2014

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Business news

Sri Lanka President Mahinda Rajapaksa who presented the Budget for 2015 in Parliament in his capacity as the Minister of Finance and Planning on Friday announced a wide array of proposals which are targeted at reducing the cost of living. Outlining proposals with a vision to convert Sri Lanka to a middle-income economy by the year 2020, where a US$…
Full Article Sunday, 26 October 2014 00:00
The 35th National Conference of Chartered Accountants was held under the patronage of South African High Commissioner (HC) to Sri Lanka Geoff Q.M. Doidge at Water’s Edge in Battaramulla last week. The two-day event organized by CA Sri Lanka drew over 1,200 accountants and business leaders. Pictured are the HC and his wife, CA Sri Lanka President, Arjuna Herath
Full Article Sunday, 26 October 2014 00:00
The Tourism Hotels Association of Sri Lanka (THASL) is presently in the process of evaluating the possibility of having a secretariat headed by a CEO to provide more value to its membership, the outgoing Chairman of the Association said recently. Addressing the 49th Annual General Meeting (AGM) of THASL, Jayantissa Kehelpannala said that during the past year, THASL acquired the…
Full Article Sunday, 26 October 2014 00:00
Although under the present monetary targeting framework, Sri Lanka’s monetary authority, the Central Bank of Sri Lanka (CBSL) has been able to reduce and maintain inflation at single digit levels for more than five years, a stronger monetary policy framework, such as flexible inflation targeting will help consolidate achievements so far, a top official opined last week. Delivering a presentation…
Full Article Sunday, 26 October 2014 00:00
The Central Bank of Sri Lanka (CB) last week clarified that there is no retrospective applicability of the law for the new Land (Restrictions on Alienation) Act that was passed by the Parliament on October 20, 2014 as the rules that have now been enacted had already been in place since January 2013. Issuing an Explanatory Note regarding the New…
Full Article Sunday, 26 October 2014 00:00
Sri Lanka Telecom (SLT) last week announced it has connected Delft Island, located in the East of the Jaffna Peninsula, to the country’s National ICT Backbone as one of the major post-war ICT development in the Northern Province. Delft Island has been identified by the Government of Sri Lanka as one of the key tourist attraction destinations as well as…
Full Article Sunday, 26 October 2014 00:00
Sri Lanka Association for Software and Service Companies (SLASSCOM) on Friday said that it would, along with the support of other agencies, take an industry initiative towards inclusive growth and reconciliation by hosting the ‘Jaffna IT Week’ from December 3 to 6, 2014. The event is to be supported by the Export Development Board (EDB),
Full Article Sunday, 26 October 2014 00:00
The final outcome of a project to estimate population densities, individual characteristics, family unit compositions, foraging behavior and habitat ranges of Sri Lanka’s rare sloth bear population are to be unveiled at a public discussion next week. Based on the findings of Phase I, a presentation and interactive discussion titled ‘The Sri Lankan Sloth Bear: Recent Findings from Wilpattu’
Full Article Sunday, 26 October 2014 00:00
The Management of SriLankan Airlines sealed a new productivity based collective agreement with the Sri Lanka Nidahas Sevaka Sangamaya (SLNSS), for a period of three years (2014-2017) with the aim of providing enhanced incentives and benefits for the SriLankan employees.The agreement comes into being when the Airline is embarking on a new journey with its wide-body fleet, renewal starting from
Full Article Sunday, 26 October 2014 00:00
Altair, the iconic twin-tower high-rise luxury condominium development that will dramatically transform Colombo’s skyline over the next three years, recently extended its marketing efforts to the large Sri Lankan community in Australia at two events in Melbourne.
Full Article Sunday, 26 October 2014 00:00
The Board of Investment of Sri Lanka participated at CEATEC JAPAN 2014 exhibition which was held in Tokyo Japan from October 7 to 11,  2014. CEATEC JAPAN is a comprehensive exhibition of cutting-edge IT and electronics that provides information to a wide range of users including people in business, both inside Japan and internationally, by presenting the world's cutting-edge technologies,…
Full Article Sunday, 26 October 2014 00:00
Ganesan Ampalavanar, currently Managing Director of Nestlé Lanka PLC, will assume the position of Managing Director of Nestlé - Vietnam with effect from February 1, 2015. Ampalavanar joined Nestlé in his home country of Malaysia as a Management Trainee in 1991. His career covered increasingly responsible roles in Marketing and Sales, culminating in his appointment as Sales Director in Malaysia…
Full Article Sunday, 26 October 2014 00:00
Renuka Shaw Wallace PLC, subsidiary of diversified conglomerate Renuka Holdings PLC, rebranded its identity as Renuka Foods PLC, to better reflect the Food and Beverage category it operates in, locally and internationally.  Renuka Foods PLC is the parent company for the Group’s food and beverage entities, namely Renuka Agri Foods PLC, Renuka Organics (Pvt) Ltd, Renuka Teas Ceylon (Pvt)
Full Article Sunday, 26 October 2014 00:00
The Ceylon Chamber of Commerce will hold a post budget seminar at the end of this month to discuss the ‘National Budget of 2015’, which was presented in Parliament on October 24, 2014.As customary every year, The Chamber will line up top government officials, senior tax consultants and corporate executives as panelists to brief the Private Sector operational staff on…
Full Article Sunday, 26 October 2014 00:00
The Chairman of the Ceylon Chamber of Commerce, the oldest and the largest body representing the views of the private sector in Sri Lanka, Suresh Shah last week requested both policymakers and big businesses to change the traditional belief system that was working against the private enterprises. Addressing the first National Forum on SME Empowerment, Shah said that for too
Full Article Sunday, 19 October 2014 00:00
With a view to increasing the use of renewable energy sources, global leader in protection solutions, Ansell last week announced the completion of its second bio mass boiler which is expected to bring significant reductions to the company’s energy consumption.  Here Ansell’s Senior Vice President, Global Supply Chain Operations Steve Genzer, ceremoniously opens the boiler by loading the
Full Article Sunday, 19 October 2014 00:00
Amidst the sustained low inflation environment, the Monetary Board of the Central Bank of Sri Lanka (CB) in its monthly policy review for October said key policy rates will remain unchanged. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) will be maintained at their current levels of 6.50% and 8.00%, respectively, the monetary authority…
Full Article Sunday, 19 October 2014 00:00
Following positive discussions with local authorities, EXIM Bank Malaysia President Adissadikin Bin Ali and Head of Banking Nor Shahmir Bin Nor Shahid ended an official visit to Sri Lanka last week. Joined by High Commissioner of Malaysia in Sri Lanka Azmi Zainuddin, the EXIM Bank representatives announced the Bank was ready to support the island nation by way of infrastructure…
Full Article Sunday, 19 October 2014 00:00
The United States Embassy in Colombo last week said the US is seeking ways to increase private sector engagement with several US company representatives scheduled to visit Sri Lanka to learn more about Sri Lanka’s investment climate.In a statement released at the conclusion of the US-Sri Lanka TIFA Council Meeting, the embassy noted that two-way trade in goods has grown
Full Article Sunday, 19 October 2014 00:00
Hemas Holdings PLC last week announced that it has entered into an agreement to sell its shareholding in Hemas Power PLC to a consortium of buyers, consisting of NDB Capital Holdings PLC, ACL Cables PLC, and Trydan Partners Private Ltd.The entirety of its shareholding in Hemas Power PLC will be sold for one billion six hundred and eighty million eight…
Full Article Sunday, 19 October 2014 00:00

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