Friday, 19th December 2014

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Thunderstorm

27°C

Today, Colombo, Sri Lanka

Thunderstorm

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Business

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 of trade deficit in the month of...

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 dollars 1.8 billion during the first ten months...

Full Article Sunday, 14 December 2014 00:00

Colombo shares started the weekly operation with a lack lasting trading session on Monday, recording a nearly 18-week low turnover of LKR 612mn. ASI dropped by 24.60 points during the morning session and bounced back in the latter part to close mere 2.55 points or 0.04% higher at 7,241.47 while 20-script S&P SL index marginally lost 2.24 points or 0.06% to close at 4,059.32. Access Engineering emerged...

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 of the Companies Act No 07 of 2007.

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 Lanka,...

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 cricket.

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 balance issued and fully paid voting shares of PCH Holdings PLC in a corporate disclosure sent to the Colombo Stock Exchange today (December 2, 2014).

Full Article Sunday, 14 December 2014 00:00

The Common Candidate declaring that he could bring the Cost of Living down requires a last laugh because he does not know that it was the United National Party, his main supporter that abolished and closed down the infrastructure that our country had to control the cost of living.

Full Article Sunday, 14 December 2014 00:00

The architect behind Malaysia’s economic and social development, Former Prime Minister of Malaysia, Dr. Mahathir Mohamed last week shed some insights into the economic development plan undertaken by his government when he was in power for more than two decades from the year 1981. Stating that his government had drawn a 30 year plan for development from 1990 (in five year intervals) with...

Full Article Sunday, 14 December 2014 00:00

Abans was the proud recipient of the prestigious award for the “Most Valuable Business Partner” in South Asia at the Dell South Asia Channel Summit 2014 held at the Equarius Hotel in Singapore amidst a large gathering of distinguished invitees and Dell Partners from the South Asian region.

Full Article Sunday, 14 December 2014 00:00

Mobitel last week announced that the Catholic Church of Sri Lanka has chosen the National Mobile Service Provider as the Exclusive Mobile Communications Partner for the forthcoming Papal visit scheduled for next month. His Holiness Pope Francis is expected to arrive in Sri Lanka on January 13, 2015. During his three-day visit (13th – 15th January 2015), his holiness will celebrate...

Full Article Sunday, 14 December 2014 00:00

In a move to galvanize personal growth within Singer, the company launched the first corporate Rotaract Club at an installation ceremony held at the Singer Head Office. Gracing the occasion was Past District Governor of Rotary International District 3220 Rtn. Imran Hassen and Past President of the Rotary Club of Colombo-North and CEO of Singer Group Rtn. Asoka Pieris.

Full Article Sunday, 14 December 2014 00:00

With the promise of endless sunshine and its spectacular views stretching out into the enticing beach in the South coast, Ranna 212 Beach Resort offers blissful accommodation for the discerning traveler to Sri Lanka. Ensconced in a small village called Ranna in Thangalla, in the Southern region of the island, Ranna 212 Beach Resort is an oasis of tranquility and a safe haven of serenity.

Full Article Sunday, 14 December 2014 00:00

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