Gaming facility restrictions to delay JKH’s US $ 445 mn syndicated loan : report

?With the new government’s decision not to allow gaming facilities in the proposed integrated resorts, John Keells Holdings PLC (JKH) has faced a delay in obtaining a US $ 445 million syndicated loan, foreign media said. 

AIA Lanka December net profit dips 58%

?The local unit of the Hong Kong stock exchange listed Asian life insurance giant, AIA Group Limited, AIA Insurance Lanka PLC (AIA) saw its net profits for the quarter ended December 31,2014 falling by 57.8 percent to Rs. 153.8 million (Rs.5 a share) from a year ago, interim financials showed.

Chevron Lanka December net down 5%

?Chevron Lubricants Lanka PLC, the local unit of US-based multi national saw its December quarter (4Q14) net profit falling 5 percent year-on-year (yoy) to Rs.558 million amid a decline in its top line, the financial accounts released to the Colombo Stock Exchange showed. 

OZO Colombo receives the Golden Pillow Award for Best Newly Opened Hotel in South Asia

OZO Colombo was recently recognised as the Best Newly Opened Hotel in South Asia by one of China’s leading hospitality industry awards, the Golden- Pillow Award of China Hotels 2014. 

Three countries to trial new jet tracking system

?AFP - Australia yesterday said it was trialling a “world first” system with Malaysia and Indonesia that increases the tracking of aircraft over remote oceans, allowing authorities to quickly react to abnormal situations such as the disappearance of MH370.

SLT 4Q net profits fall by 37% over high costs

State-owned telecommunication services provider, Sri Lanka Telecom PLC group (SLT) saw its December quarter net profits (4Q14) contracting by as much as 37 percent to Rs. 958 million (53 cents a share) from a year ago, the interim results released the Colombo Stock Exchange showed.

Microsoft partners Ewis to launch local low-cost hybrid tablet

How do you make a nine inch tablet affordable to a Sri Lankan buyer? The answer to this question is simple enough. It has to be designed and assembled locally and that is what EWIS has done in partnership with Microsoft. Together the two companies have come up with a winning device “EWIS T900G” at a price that is very affordable.

Laugfs opens first ‘All fuel’ filling station in Kosgoda

Southern Petroleum (Pvt) Ltd, a fully owned subsidiary of Laugfs Holdings, has strengthened its island wide presence with the opening of its first ‘ALL fuel’ filling station in Kosgoda.

CA Sri Lanka breakfast meeting to feature high-powered panel

Sri Lanka tea sale averages for February

Sri Lanka Tea Sale Averages for the month of February 2015 recorded Rs.418.29 vis-à-vis Rs.481.83 (-Rs.63.54) in 2014.High Growns for the month of February recorded Rs.412.50 as against Rs.441.11 (- Rs.28.61) in 2014. Medium Growns recorded Rs.390.50 vis-à-vis Rs.420.43 (Rs.29.93) in 2014. Low Growns recorded Rs.425.58 vis-à-vis Rs.510.37 (- Rs.84.79) in 2014.

Amãna Bank records first profitable quarter with LKR 88.5 Million PBT Total Assets grow by 49% duri

Amãna Bank, Sri Lanka’s one and only licensed commercial bank operating in full conformity to the non-interest based Islamic banking model, has recorded its first profitable quarter for Q4 2014. According to the financials released to the Colombo Stock Exchange, the Bank which commenced achieving monthly operating profits in August 2014, recorded LKR 88.5 Million as Profit Before Tax for the 4th Quarter of 2014. As a result, the Bank

Hameedia to showcase FH Studio collection at HSBC Colombo Fashion Week 2015

Continuously setting the benchmark in the fashion industry, Hameedia, Sri Lanka’s leading menswear specialist, will be partnering with HSBC Colombo Fashion Week (CFW) for the Spring/Summer 2015 edition of the show. HSBC CFW will be taking place from 11 to 14 March this year and Hameedia will be showcasing three collections from the FH Studio at the show. The FH Studio collections will feature sophisticated and chic men’s evening wear

Shift Solutions use Oculus Rift technology to create an immersive brand experience

Shift Solutions, Sri Lanka’s leading creative digital agency recently used yet another innovative solution - Oculus Rift technology, to create an immersive brand experience for a leading bank in Sri Lanka. The Oculus Rift is a state-of-the-art headset that is designed by technology company Oculus VR to provide a virtual reality experience that is in a league of its own.

Connect Lanka launches #unitedbyname as part of the ‘Love-Not Hate’ campaign

Following the recent Presidential election, with its record turnout and peaceful transition, Sri Lanka showed the world that it truly is a democracy that has never been stronger or more inclusive. Although Sri Lanka has made immense progress, certain divisions remain in its society and are primarily fuelled by ignorance and fear. Often the first way people identify ‘us’ from ‘them’ is through a person’s name. Althoug

HNB 4Q net surge 93%; records Rs.9.8bn net profit for FY14

?Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector bank with an asset base of Rs.600 billion said its net profit for the December quarter (4Q14) surged 93 percent year-on-year (yoy) to Rs.3.65 billion. 

CB Governor says reserves stabilising, sees ample dollar inflows

?REUTERS:  Sri Lanka’s foreign currency reserves are stabilising after authorities spent over $1 billion in January to defend the rupee currency, Central Bank Governor Arjuna Mahendran said yesterday.

Price not only determinant of construction boom: industry

Industry experts said that there will not be a construction boom in either infrastructure or domestic units despite the reduction in cement and steel prices outlined in the interim budget, while saying the long-term outlook remained positive.

Growth to slow; but still ‘healthy’: Fitch

After years of recording a high economic growth in excess of 7 percent, a global rating agency yesterday said that the pace at which the Sri Lankan economy will grow could slow down but will still remain an outlier among the emerging Asian region.

Malaysian company keen to set up monorail operations in Colombo

A Malaysian company has shown interest in setting up monorail operations in Colombo, according to a top Malaysian government official in town.  “An interest has already been registered to the government of Sri Lanka in this regard,”...

findmyfare.com becomes accelerated travel partner for Sampath Bank’s Amex Credit Card

Sri Lanka’s largest online travel company, findmyfare.com recently joined hands with Sampath Bank as an accelerated travel partner for the American Express Platinum Ultramiles Credit Card.

Kelani Cables recognizes employee with CEO’s Award

Kelani Cables PLC, Sri Lanka’s number one brand in secure electrical and communication cables, honoured its outstanding sales person for sales excellence with the CEO’s Award recently.

Prima to spice up “136th Battle of the Blues

Prima Kottu Mee and Prima Treats have planned to make the Big Match season more exciting and lively, this year.Prima Kottu Mee and Prima Treats have partnered with the “136th Battle of the Blues” for the 9th consecutive year as “specialty food partner”. The Royal-Thomian Big Match will be played on 12th, 13th and 14th of March, 2015 at SSC Ground, Colombo.

McDelivery brings new wave of delight to town

Now you can enjoy the scrumptious taste of Mcdonalds right at your doorstep. The concept of McDelivery has proved popular among consumers in other regions and now is in Sri Lanka for our very own to enjoy the service.

Mobitel offers Twitter without data charges for a unique cricket experience

Seylan profit after tax exceeds Rs.3bn

Seylan Bank reported a record profit after tax (PAT) figure of Rs.3,079 million for the year ended December 31, 2014. This is an impressive 33 percent growth in PAT compared to the Rs.2,316 million reported in 2013, an impressive 33 percent growth in PAT.

Nations Trust records resilient performance amidst challenges

Nations Trust Bank (NTB) closed t he year with a post-tax profit of Rs.2,536 million recording a growth of 19 percent over the corresponding year. The core revenue recorded a faster rate of growth of 22 percent over operating expenses growth of 11 percent, thereby significantly improving operating margins.

December trade gap widens 40%

Sri Lanka’s December trade deficit widened 39.8 percent year-on-year (YoY) to US $ 787.6 million amid a surge in consumer and investment goods imports, the data released by the Central Bank showed.

Chandra Schafter to retire

?Insurance industry veteran Chandra Schafter is to retire from his position as the Director/Deputy Chairman of Janashakthi Insurance PLC at the company’s forthcoming Annual General Meeting scheduled for March 31. 

Marawila Resorts in Rs.367mn cash call to retire debt

The board of directors of Marawila Resorts PLC has resolved to raise Rs.367.5 million from the shareholders through a rights issue to settle the interest-bearing debts, subject to shareholder and Colombo Stock Exchange approval.

Policy rates may remain steady in near term due to external stability concerns: StanChart

As the private credit growth appears to be recovering, Standard Chartered Bank (StanChart) in a brief research note said it expected no rate changes in the near term given concerns about external stability.