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ETI sale closes at US $ 75 million, CBSL confirms already US $ 32 million received. Deposit holders to be paid from 05th June

The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the critical financial conditions of ETIFL and the possible implications to the financial system, decided to permit and facilitate ETIFL to sell its holding of shares in subsidiary and sub-subsidiary companies and investment properties, based on a proposal submitted by the Board…

(0) Comments | May 20, 2018 8:51 pm

Featured

A Partnership to grow: Business Banking at Cargills Bank

The business banking division at Cargills Bank offers distinctive and unique financial solutions to the entrepreneurial community,in helping their businesses achieve its full potential. From managing working capital to supporting business expansions, empowering businesses, increasing margins and enabling cross border businesses, business banking commits towards the economic development of Sri Lanka. The Small and Medium…

(0) Comments | May 18, 2018 7:36 pm

Huawei hosts Lanka Carrier Congress 2018 themed ‘Roads to a Better Future’

Huawei, a leading global information and communications technology solution provider, recently hosted Huawei Lanka Carrier Congress 2018 (Huawei Carrier Congress 2018) from May 14th to 15th at Hilton Colombo. This year’s theme ‘Roads to a better future’ reflects Huawei’s commitment to partners and desire to contribute to the Sri Lankan ICT ecosystem. The all-day event…

(0) Comments | May 18, 2018 1:30 pm

Vehicle Importers Association’s “LB Big Wheels Motor Show” opens to the public

The LB Big Wheels Motor Show, a one-of-a-kind motor show that focuses on providing only superior quality vehicles from the world’s leading automotive manufacturers, was officially opened to the public by  Hon. Lasantha Alagiyawanna, the Deputy Minister of Finance and Mass Media. Chief Guest of the Grand Inauguration will be His Excellency President Maithripala Sirisena….

(0) Comments | May 18, 2018 12:57 pm

The Women’s Chamber of Industry and Commerce begins the search for ‘The Woman Entrepreneur of Year 2017’

The Women’s Chamber of Industry and Commerce (WCIC), announced the launch of ‘Woman Entrepreneur of the Year 2017′ Awards Ceremony’ at an event held recently. WCIC is a non-profit organisation which acts as a powerful voice for change and a platform for improving the business environment for remarkable women entrepreneurs. ‘The Woman Entrepreneur of the…

(0) Comments | May 17, 2018 4:54 pm

Lahiru Pathmalal and Adil Mansoor Joins the Board of the Lankan Angel Network

Lankan Angel Network (LAN) which is Sri Lanka’s largest network of business professionals and experienced entrepreneurs who actively seek and invest in early stage, innovative and scalable ventures. LAN founded in 2012 with a vision to create an investor network to fund and mentor local entrepreneurs and introduce the Angel Investing concept to Sri Lanka. Since then…

(0) Comments | May 17, 2018 3:52 pm

Sudesh Peter receives prestigious CTC Chairman’s Award

The Ceylon Tobacco Company PLC (CTC) recently bestowed the company’s highest honour, the Chairman’s Award, on External Affairs Counsel, Sudesh Peter. The award recognizes outstanding personal contribution to the growth and development of the company during the previous year. Sudesh’s role at CTC involves making sure that the company is compliant with all applicable laws…

(0) Comments | May 17, 2018 3:23 pm

Cargills Bank partners with Crosspay to strengthen remittance services

Cargills Bank partnered with Crosspay, a new generation money transfer service provider to enhance and strengthen the remittance services offered by the bank. The partnership is set to cash in on the growing demand for instant, digital remittances among the Sri Lankans living abroad, especially for Sri Lankans living in the United Kingdom, Denmark, Norway…

(0) Comments | May 16, 2018 4:40 pm

Pelwatte Dairy strengthens operations with new management appointments

Sri Lanka’s 100% local dairy manufacturer Pelwatte Dairy Industries Limited (PDIL) recently further strengthened its operations with the appointment of a new Managing Director and Operations Director at its state-of-the-art Buttala manufacturing plant. Akmal Wickramanayake was appointed as Managing Director of Pelwatte Dairy Industries in early 2017, taking over management responsibilities of the company that…

(0) Comments | May 16, 2018 4:35 pm

A resilient Hameedia, Phoenix-like, promises to rise from the ashes

In the aftermath of the massive fire that broke out on Saturday 12th May 2018 at the Hameedia main storage facility at Borupana Road, Ratmalana, causing extensive damage to the building and goods inside, the Hameedia Team wishes to extend its heartfelt gratitude to those who extended their support during this tragedy. “Together with my…

(0) Comments | May 16, 2018 4:27 pm

Virtusa Announces Fourth Quarter and Fiscal Year 2018 Consolidated Financial Results

• Fourth quarter fiscal 2018 revenue of $281.3 million, increased 6.6% sequentially and 24.5% year-over-year, inclusive of $5.7 million from the eTouch acquisition. • Fourth quarter fiscal 2018 diluted EPS was $0.06 on a GAAP basis, and $0.55 on a non-GAAP basis, up 17% sequentially. • Fiscal year 2018 revenue of $1,020.7 million increased 18.9%…

(0) Comments | May 16, 2018 4:21 pm

Top News

Sri Lanka: LMD-NIELSEN’s Business Confidence Index at a Near 6 year low

The latest edition of renown business magazine LMD reports a decline of 19 basis points in the LMD-Nielsen Business Confidence Index (BCI). Whilst it had fell to 98 in April, a 70-month low or the lowest in 6 years, LMD notes that this is the second time the index has fallen below the 100 mark…

(0) Comments | May 20, 2018 6:16 pm

USD 453 Mn from ADB for Mahaweli Water Security Investment Program

The Mahaweli Water Security Investment Program is one of the major ongoing investment programmes currently being implemented under the loan assistance of the Asian Development Bank (ADB). The total investment cost of this program is USD 675 million of which USD 453 million will be provided by ADB under Multi – tranche Financing Facility (MFF)….

(0) Comments | May 20, 2018 9:52 am

‘Optimism continues to trend down’ – LMD Opinion Poll on Economy

“The downward trend in sentiment continues on the back of below par economic growth”, Sri Lanka’s leading Business Magazine LMD said in a recent Opinion Poll on country’s economy in a comprehensive report. “Optimism regarding the economy continues to dwindle as a mere five percent of respondents (vs 11% in March) expect an improvement over…

(0) Comments | May 19, 2018 8:04 pm

Lanka IOC forced to implement own Fuel Pricing Mechanism

Sri Lanka’s Indian Oil Company (IOC) owned fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company had said on Friday to according to a Reuters report. Lanka IOC’s Managing Director Shyam Bohra speaking to Reuters…

(0) Comments | May 19, 2018 3:59 pm

Sri Lankan shares hit 2-week closing high in thin trade

Reuters – Sri Lankan shares rose to a two-week closing high on Friday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. The Colombo stock index ended 0.29 percent firmer at 6,492.06, its highest close since May 4. It rose 0.2 percent…

(0) Comments | May 19, 2018 3:54 pm

Janashakthi continues to grow Life Business in Q1 2018

~ Renewed focus on driving Life Insurance growth post divestment of General Insurance business Returning to being a specialist Life Insurance company, leading Sri Lankan insurer Janashakthi Insurance PLC (Janashakthi) reported its financial results for the three month period ended 31st March 2018. Janashakthi had divested its General Insurance business earlier in the quarter, generating…

(0) Comments | May 18, 2018 7:52 pm

Dipped Products Posts Topline of Rs. 28.5 Bn

Dipped Products Group posted a topline growth of 17% recording Rs. 28.5 billion turnover and Rs. 1.2 billion PBT for the year ended 31st March 2018. The Hand Protection segment contributed Rs. 16 billion to revenue, 11 percent higher than the previous year. Mr. Mohan Pandithage – Chairman stated “The sector was able to grow…

(0) Comments | May 18, 2018 7:43 pm

IMF says Sri Lanka’s formula based pricing would eliminate fuel subsidies that benefit Rich than the Poor

Addressing the regular press briefing of IMF on Thursday (17), Gerry Rice. Director, Communications Department said that “If implemented properly, the formula based pricing would eliminate fuel subsidies that benefit the rich rather than the poor” in Sri Lanka taking a question raised on the country’s fuel pricing mechanism. He said that IMF thinks that…

(0) Comments | May 18, 2018 4:28 pm
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Analysis

Sri Lanka: LMD-NIELSEN’s Business Confidence Index at a Near 6 year low

The latest edition of renown business magazine LMD reports a decline of 19 basis points in the LMD-Nielsen Business Confidence Index (BCI). Whilst it had fell to 98 in April, a 70-month low or the lowest in 6 years, LMD notes that this is the second time the index has fallen below the 100 mark…

(0) Comments | May 20, 2018 6:16 pm

‘Optimism continues to trend down’ – LMD Opinion Poll on Economy

“The downward trend in sentiment continues on the back of below par economic growth”, Sri Lanka’s leading Business Magazine LMD said in a recent Opinion Poll on country’s economy in a comprehensive report. “Optimism regarding the economy continues to dwindle as a mere five percent of respondents (vs 11% in March) expect an improvement over…

(0) Comments | May 19, 2018 8:04 pm

Mitigating the impact of a busy lifestyle on your nutritional health

Interview on Food Safety and Nutrition with Dr. Krishanthi Premarathne The great majority of people will experience a food borne disease at some point in their lives. This highlights the importance of making sure the food we eat is not contaminated with potentially harmful bacteria, parasites, viruses, toxins and chemicals. Food can be contaminated at…

(0) Comments | May 9, 2018 12:44 pm
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