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.

Hameedia to dress Lankan cricketers

Sri Lanka Cricket yesterday announced the appointment of men’s clothing specialists, Hameedia, as the official formal clothing sponsor of the Sri Lanka national cricket teams.

Browns Investments to acquire controlling stake in Sun & Fun

Browns Investments PLC said it has signed an agreement with Sun & Fun Resorts Ltd to invest Rs.250 million to acquire 50.1 percent of the company and to construct a four-star international standard hotel in Pasikudah with 71 rooms.

India's Maruti to set up manufacturing plant here

Maruti Suzuki India Limited, (Maruti Suzuki), India’s largest car manufacturer yesterday announced their plans to set up a car manufacturing plant in Sri Lanka and are confident of starting operations as early as next year if all goes well.

IFS gets service standards certification from KPMG

A unit of IFS Sri Lanka was appraised at Level 3 Capability Maturity Mode Integration (CMMI) certification by KPMG recently.

Ministry of Education together with Mobitel implements the student iCard project

The National Mobile Service Provider, Sri Lanka Telecom Mobitel, along with the Ministry of Education today inaugurated the implementation of the student iCard project amongst schools in Sri Lanka. Royal College, Colombo is the first school to start using the iCard for attendance monitoring.

Proposed Crown Resort staff to be trained by William Angliss Institute in Sri Lanka

The William Angliss Institute entered into an agreement with Crown Sri Lanka Resort to provide hospitality training through the Colombo Academy of Hospitality Management (CAHM) recently.

Petroleum Science studies enter university curriculum

The University Grants Commission of Sri Lanka (UGC) with the support of the country’s state-run petroleum exploration unit, Petroleum Resource Development Secretariat (PRDS) announced the commencement of Petroleum Sciences degrees at the Peradeniya, Moratuwa and Sri Jayawardenapura Universities yesterday.

Mihin to commence direct flights to Seychelles

Mihin Lanka is to operate direct flights twice a week from Colombo to Mahe, the largest island of Seychelles, beginning November.

TGI Fridays opens first outlet in Colombo

US-based restaurant franchise TGI Fridays opened its first outlet in Colombo adjacent to the Dutch Hospital shopping precinct.

CDB secures US $ 6mn Belgian funding

Citizens Development Business Finance PLC (CDB) announced the securing of a US$ 6 million (approximately Rs780 million) funding line from Brussels-based Belgian Investment Company for Developing Countries (BIO).

Mobitel bags the prestigious ‘Service Brand of the Year’ award at SLIM Brand Excellence 2013

National Mobile Service Provider Sri Lanka Telecom Mobitel in its vision to lead Sri Lanka towards an info-com and knowledge rich society, through its service offerings has yet again confirmed its commitment to its customers by winning the prestigious ‘Service Brand of the Year’ Award at the 12th  SLIM Brand Excellence 2013 held on Wednesday.

Sri Lanka should reduce thermal energy reliance: Report

Sri Lanka must look at reducing its reliance on thermal energy while increasing the role of renewable energy in the country’s total power generation mix, according to a report from the Asian Development Bank (ADB).

Dialog launches K-series smartphone range

Sri Lanka’s mobile services operator Dialog Axiata PLC added two Android-based Dialog smartphones to its existing portfolio, increasing the options available for those seeking affordable smartphones, while widening the portals of accessibility to mobile Internet usage to a wider representation of Sri Lankans.

Touchwood to pay all matured contracts in 8 months

Touchwood Investments PLC yesterday undertook in courts to repay all matured contracts within a period not exceeding eight months in three instalments, according to the lawyers appeared for the company.

Amãna Bank enters Ratnapura

Amãna Bank opened its doors in the gem capital of Sri Lanka, taking its unique model of banking services to the residents of Ratnapura. The 24th branch of the bank is situated at 131-133, Main Street, Ratnapura and is the 10th branch opened by the bank during this year.

Korean builders bag JKH’s integrated resort contract

John Keells Holdings (JKH) is reported to have selected a consortium led by South Korea’s Hyundai Engineering and Construction, for a contract worth US $ 522 million to build its integrated resort in Colombo, South Korean media reports said.

ILFC-SriLankan sign lease agreement for 3 aircraft

International Lease Finance Corporation (ILFC) signed a 12-year lease agreement with SriLankan Airlines for three A350-900 aircraft yesterday.

Amana planning CSE listing this year

Amana Bank is planning to list shares on the Colombo Stock Exchange (CSE) before the end of this year.

Higher growth and governance go hand in hand: ADB

Governance reforms cannot be delayed if Asian nations are to promote higher growth, investment and poverty reduction, according to an update to the Asian Development Bank’s (ADB) flagship Asian Development Outlook report released yesterday.

Ceylon Theatres spends Rs. 85mn to take cinemas to the North

Ceylon Theatres (Pvt) Ltd (Ceylon Theatres), the oldest theatre operator in the country and a subsidiary of C T Holdings PLC is now planning to expand its footprint taking their new generation film theatres to Jaffna.

Hemas appoints two new independent directors

Hemas Holdings PLC yesterday announced the appointment of two top professionals, Dr. Anura Ekanayake and Dinesh Weerakkody, as independent directors to its board.

Central Finance Children’s' Savings account holders rewarded!

Central Finance Company PLC (CF) has introduced to its “CF Lamaa” children savings accounts yet another value addition.

Singaporean firm to set up state-of-the-art dialysis hospital

The Board of Investment of Sri Lanka (BoI) signed an agreement with Singapore Dialysis Medical Group (Private) Limited to develop and operate a specialized hospital for kidney dialysis.

China launches free trade zone in Shanghai

AFP: China launched a free trade zone in its commercial hub Shanghai yesterday, state-media reported, with the project seen as a testing ground for much-needed reforms in the world’s second largest economy.

Amana Bank Launches Senior Citizen’s Savings Account

As a mark of respect towards the senior citizens of the country, Amana Bank introduced its very own Senior Citizen’s Savings Account on 1 October 2013 coinciding with World Elder’s day.

Ten prominent Sri Lankan businesses at Pakistan Expo 2013

Pakistan High Commissioner in Sri Lanka Major General Qasim Qureshi hosted the Sri Lankan businessmen participating in Pakistan Expo 2013 along with the officials of the Export Development Board yesterday, at the Pakistan High Commission, prior to their departure for Karachi.

Aitken Spence negotiating deal with Spanish hotel chain for Ahungalla property

Aitken Spence is currently in negotiations with family-owned Spanish hotel chain, RIU Hotels and Resorts in connection with the construction of a new resort hotel in Ahungalla.