Dunamis to invest Rs.200mn in leather factory

Dunamis Capital PLC, an investment firm connected to the Janashakthi group, said it plans to invest Rs.200 million in a fully-owned subsidiary, namely Premier Synthetic Leather Manufacturers (Pvt.) Ltd, a Board of Investment (BoI) company, manufacturing leather and related products for the local market.

SriLankan, Mihin lose Rs. 16bn in first half

The two state-owned airlines, which share the same Chairman and CEO has reported an operating loss over Rs.16.4 billion during the first half of the financial year 2013/14 despite an increase in the passenger load factor, a Finance Ministry report showed.

World’s largest modular carpet company mulls Lankan entry

Interface Inc., the world’s largest marker of modular carpets for commercial and residential applications may enter Sri Lanka with its plans to start a production facility in India, a top Interface official said.

CB says 8 finance companies distressed

Central Bank of Sri Lanka yesterday said there are eight distressed finance companies in the country under its off-site and on-site supervision.

Mobitel introduces ‘mCash’; the most quick and convenient method to carry out monetary transactions

Living by its credo of ‘We Care. Always.’ the National Mobile Service Provider, Sri Lanka Telecom Mobitel has introduced another life-style convenient service to its customers called ‘mCash’.

SLPA leases H’tota LPG tank facility to Litro

The Sri Lanka Ports Authority (SLPA) and Litro Gas Terminal Lanka (Pvt.) Limited yesterday signed a lease agreement for the liquid petroleum gas (LPG) facility of the tank farm at Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) for a period of 10 years.

LB Finance Rs.2bn debenture snapped up

LB Finance PLC, a licensed finance company yesterday said its Rs.2 billion unsecured debenture issue was oversubscribed the opening day.

DPL blames authorities for prolonged crisis

Dipped Products PLC (DPL), a top glove exporter linked with the contentious water contamination issue in Rathupaswala yesterday accused authorities including the National Water Supply and Drainage Board and the Health Ministry, for failing to clear the misconception among the villagers concerning their non-involvement in water pollution that has eventually led to a halt in company operations.

SL could become mini Singapore

Despite Sri Lanka having a rich human resource, the country is yet to harness its full potential because of its low presence in providing professional services to other international markets, according to a top Standard Chartered Bank (StanChart) executive, who operates in the Asian region.

DFCC makes Fiji entry

The DFCC group has been selected as a consultant in the transformation of Home Finance Company (HFC) of Fiji, a state-owned financial institution with a limited offering of products and services.

Mobitel powers CHOGM App

In light of the 23rd Commonwealth Heads of Government Meeting (CHOGM) being held this week, the very first Android app developed in the history of CHOGM, titled ‘CHOGM 2013 – Sri Lanka’ is gaining quick popularity.

Packer makes strong case for his Lankan casino

Making a compelling case for his controversial integrated resort (IR) project in Sri Lanka, the Australian casino mogul and the Chairman of Crown Limited, James Packer yesterday stressed the need for Sri Lanka to identify the importance of providing the right tourism offering, if the country is serious about achieving her ambitious tourism targets.

NDB comes up with biggest debt issue ever

National Development Bank PLC (NDB), a development financier, yesterday announced its plans for Rs.10 billion listed debt, the largest ever debenture issue a listed company has so far announced.

President visits and tweets to the world from Airtel booth

President Mahinda Rajapaksa ceremoniously inaugurated the Business Forum of the Commonwealth Heads of Government Meeting at the Hotel Cinnamon Grand yesterday.

Neapli billionaire calls for policy consistency to boost SAARC investments

Nepal’s first Forbes billionaire yesterday called for policy consistency by governments in the region, to foster investments and become globally competitive.

Fashion Bug takes another stride in contributing to regional development

Fashion Bug, one of Sri Lanka’s leading retail clothing stores with over 17 outlets island-wide, completed yet another project by donating a computer unit, under its present Social Sustainability platform titled ‘Sisu Dirimaga’.

Italian high-end restaurant chain plans Lankan entry

High-end Italian restaurant chain SOHO is currently in discussions with potential local partners to set up a luxury restaurant in Colombo as early as next year, followed by a second restaurant in Galle, according to the founder owner.

Commonwealth Association of Accountants launched

With the objective of bringing together the accounting professionals of the Commonwealth countries under one common platform, Sri Lanka last week took the lead in launching the first-ever Commonwealth Association of Accountants (CAA).

CCC urges businesses to make use of CBF

The Commonwealth Business Forum (CBF) to be held from November 12 to 14 in Colombo within the ambit of CHOGM, would definitely provide the Sri Lankan businesses the prospect of harnessing new as well as expanding their existing business dealings to a greater level, a media statement by the Ceylon Chamber of Commerce (CCC) stated.

S’pore bourse selects MillenniumIT as post-trade tech partner

MillenniumIT, London Stock Exchange’s proprietary technology business service provider said yesterday that it has been selected by Singapore Exchange (SGX) to power the bourse’s post trade operations.

Hemas announces key changes to top management

Hemas Holdings PLC yesterday announced changes to its director board and the top management.

Mobitel mTicketing now enables government employees to make reservations via warrants

The National Mobile Service Provider, Sri Lanka Telecom Mobitel which introduced the innovative mTicketingservice which also offers purchasing train tickets via your Mobitel phone, has now extended its services for the greater convenience ofgovernment employees through a new service titled ‘mWarrants’. 

Aitken Spence in US $ 100mn resort deal with Spanish chain

As exclusively reported by Mirror Business a couple months back, Sri Lanka’s Aitken Spence PLC yesterday said it is teaming up with Spanish Hotel chain RIU Hotels to set up a US $ 100m million resort in Ahungalla.

Krrish Group says Transworks project in tact

India’s Krrish Group, which is supposed to be building a luxury apartment complex on the Transworks House land in Colombo Fort, yesterday, denied the claims that the Transworks site is going to be offered to potential investors attending the forthcoming Commonwealth Business Forum.

Eden Lanka acquires Dickwella Resorts for Rs.1.5bn

Eden Hotel Lanka PLC (Eden) said it is buying 99.9 percent of Dickwella Resorts (Pvt) Ltd (Dickwella), a 76-room luxury property for Rs.1.5 billion from LOLC Leisure Ltd, a subsidiary of LOLC Group.

Lanka Walltile ups stake in Lanka Tiles

Lanka Walltile PLC has acquired 13.59 percent of Lanka Tiles PLC in a deal worth over Rs.575 million. The purchase was executed at Rs.80 per share.

Sriyan appointed Textured Jersey CEO

Sriyan de Silva Wijeyratne, who stepped down as Country Manager, Sri Lanka and Bangladesh for Microsoft, has been appointed MD/CEO of knit fabric maker, Textured Jersey Lanka PLC.

SL’s domestic investment strategy not sustainable: Prof. Indraratna

Sri Lanka’s strategy of meeting domestic investment requirements through borrowing cannot be sustained for much longer, according to Sri Lanka Economic Association (SLEA) President Prof. A. D. V. De S. Indraratna.

Sri Lanka opens first private air terminal

Sri Lanka opened its first private sector-operated domestic air terminal at the Bandaranaike International Airport (BIA) recently.

Ceylon Beverage invests Rs. 238mn in restaurant subsidiary

Ceylon Beverage Holdings PLC has made a Rs.238 million investment in its fullyowned subsidiary, Pubs ‘N Places Private Limited, which is engaged in the business of owning and franchising out restaurants.