Wednesday, 26th November 2014

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Today, Colombo, Sri Lanka

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Business

Sri Lanka needs major capital injections in the energy sector as a recent study suggests it will be viable for coal power plants to convert to gas in the longer term, opines expert. According to Ranali Perera, a Petroleum Analyst at the Petroleum Resources Development Secretariat (PRDS) the timely need is to transform and re-define the Petroleum Exploratory...

Full Article Sunday, 23 November 2014 00:00

Fitch Ratings on Friday said that lower borrowing rates, reduced electricity tariffs and an upcoming cut in the value added tax (VAT) will create a more favourable environment for retailers of consumer durables in Sri Lanka in 2015. “With improvement in their purchasing power, Sri Lankan consumers are increasingly looking to upgrade to new, more efficient consumer electronics and household white goods.

Full Article Sunday, 23 November 2014 00:00

The Central Bank of Sri Lanka which last week kept the policy rates unchanged noted that a healthy growth of credit disbursements to the private sector by commercial banks were observed for the second consecutive month in September 2014. “Credit obtained by the private sector from commercial banks increased by Rs. 52.3 billion during the month of September, following...

Full Article Sunday, 23 November 2014 00:00

The Asian Development Bank (ADB) and the Government of Sri Lanka today signed the first tranche loan agreement of a two-part $300 million loan to scale up use of clean energy and cut the country’s reliance on costly petroleum oil for electricity generation.
“The use of expensive oil-fired thermal plants to meet the growing demand is not a viable and sustainable solution for energy security and environment...

Full Article Sunday, 23 November 2014 00:00

Fitch Ratings has assigned Abans Plc’s proposed issue of senior unsecured redeemable debentures up to LKR2bn an expected National Long-Term rating of ‘BBB+(lka)(EXP)’. The rating is contingent upon the final transaction documents conforming to information already received.The proposed debentures are rated in line with the Sri Lanka-based retailer’s National Long-Term Rating of ‘BBB+(lka)’, as they will rank...

Full Article Sunday, 23 November 2014 00:00

Introducing a novel concept, AIA Insurance last week said it has installed a hi-tech AIA SmartPay machine at the insurer’s Life Link Office in  Colombo which will be open 24 hours, 365 days of the year

Full Article Sunday, 23 November 2014 00:00

Colombo stock market started weekly operations on Monday on an optimistic note and maintained positive momentum gained on last week. Main index bagged 22.91 index points or 0.31% to end at 7,524.00 while 20-scrip S&P index gained 14.26 index points (+0.34%) to end at 4,170.08. Daily market turnover was LKR 2.4bn.

Full Article Sunday, 23 November 2014 00:00

HNB Group Post-tax profits grew to Rs.6.23bn while the Bank recorded a PAT of Rs.5.69bn during the 9 months ended September 2014. It is commendable that this performance was achieved despite declining margins and lower loan growth witnessed in the early part of the year. Commenting on the performance over the period, Chairperson of HNB PLC Dr Ranee Jayamaha stated that “the industry...

Full Article Sunday, 23 November 2014 00:00

Renuka Land (Pvt) Ltd, which is a joint venture between Renuka Hotels Ltd and Cargo Boat Development Company PLC, has initiated a project to construct a modern rentable ‘Class A’ office building in Colombo catering to the much needed requirement of such a facility in the rapidly developing city. Enabling convenience and affording accessibility, the building will be located...

Full Article Sunday, 23 November 2014 00:00

Ansell, a global leader in protection solutions, last week announced the acquisition of Hands International, a privately held company, located just outside of Colombo. This acquisition is another step to integrate backwards and build the Company’s knitting and cut and sew manufacturing capabilities.Hands International is a manufacturer and supplier of personal protective equipment (PPE), with approximately 1,500 employees.

Full Article Sunday, 23 November 2014 00:00

Sri Lanka Tea Board (SLTB) appointed David De Candia, a distinguished personality in tea industry as the ambassador for Ceylon Tea for USA and Canada. SLTB committed to this decision to have an eminent personality to represent and promote Ceylon tea in the Northern US Continent due to the fact that it being a fast growing plausible market for black tea consumption.

Full Article Sunday, 23 November 2014 00:00

Sri Lanka’s Urban Development Authority (UDA) has recently awarded a contract to Access Engineering PLC for the construction of 608 residential housing units for the Government Sector employees. The project, which is executed by the UDA, is a result of government’s initiative to make housing more accessible to the public sector in Sri Lanka. Scheduled for completion in November 2017,...

Full Article Sunday, 23 November 2014 00:00

The Cabinet has decided to implement the Kundasale Haragama Water Project for the benefit of the people in that region. Minster of Water Resource and Drainage Dinesh Gunawardena obtained cabinet approval to implement this mega water project which will be the largest in the Kundasale area since the construction of Victoria Dam. The government has allocated Rs.23.6 billion...

Full Article Sunday, 23 November 2014 00:00

According to the annual report released by the Charities Aid Foundation, Indians ranked at the top when it came to donating money and volunteering time with charities and came in second in helping a stranger. China tops the list for the highest number of people helping strangers due to its large population. Almost 409 million people had helped a stranger in China in the previous month.

Full Article Sunday, 23 November 2014 00:00

A delegation from the SME Factors SdnBhd of Malaysia, a firm which is in the business of financing SMEs was in the country to continue with its due diligence process to set up operations here in the country.The firm which is planning to initially bring in a sum of Rs.400 million in the form of capital infusion and loan funding met with the representatives of public and private sector officials to explain their Sri Lanka plan.

Full Article Sunday, 23 November 2014 00:00

Director/Chief Executive Officer of Browns Hospitals/Healthcare Dr. Sajeeva Narangoda was recently awarded the Fellowship of CIMA (UK) and thus goes on record as becoming the first-ever practicing doctor in the history of CIMA (UK) to become a Fellow of the Institute. Having become an Associate Member of CIMA in 2008, Dr. Narangoda served on the CIMA Sri Lanka Board Sub-Committee on student development in 2012/13 and currently serves on the Board Sub-Committee on Employer Relations.

Full Article Sunday, 23 November 2014 00:00

Colombo, the capital of Sri Lanka, is strategically located at the tip of Indian sub-continent, in the Indian Ocean. Sri Lanka means resplendent land and some call it the pearl of the Indian Ocean, probably due to its shape, size and sheer beauty. It is a fact that there is hardly an island of this size, with history, culture, and natural beauty elsewhere in the world.

Full Article Sunday, 23 November 2014 00:00

Asia is the fastest growing region in the world. Despite the region being successful in terms of economic development, challenges that could impede this growth momentum still remain. One such challenge is the rapid demographic changes the region will experience over the next few decades.

Full Article Sunday, 23 November 2014 00:00

The Ceylon Planter’s Society expressed deep shock and concern over the Meeriyabedda Watta disaster, where many people have gone missing and a large number of houses completely destroyed due to a massive landslide.While we extend our deepest sympathies to the family members of the dead and the missing persons and their relatives, we also share their grief in this painful moment.

Full Article Sunday, 23 November 2014 00:00

Here’s good news for all Air Conditioner users in coastal areas. The problem of corrosion from sea breeze, resulting in heavy maintenance costs of your air conditioner, has just been solved. LG’s innovative Inverter Corrosion Resistant Outdoor Air Conditioner Units have been proven to be corrosion free for 8 years with enhanced durability results in reliable cooling and reduced maintenance co

Full Article Sunday, 23 November 2014 00:00

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