Theagarajah assumes duties as NDB CEO

National Development Bank PLC (NDB) has announced the appointment of Rajendra Theagarajah as the new CEO of NDB Group with effect from August 24, 2013.

Troubled finance company deep in the red

The troubled finance company, Central Investment & Finance Company PLC (CIFL) continued to mount its losses and the first quarter (1Q14) results released to the Colombo Stock Exchange (CSE) showed a net loss of Rs.182 million. In the corresponding quarter last year, the company’s net profit stood at Rs.334, 000.

Bolster manufacturing sector to avoid middle income trap: ADB

Asian Development Bank (ADB) has asked Asian economies to up their manufacturing sector in order to achieve economic prosperity and avoid the middle income trap that has held back many countries after reaching the landmark.

More Lankan firms to invest outside

Instead of having to wait for foreign companies to invest in Sri Lanka, in another four years time, local companies will step up seeking cross boarder investments in a net-foreign exchange surplus economy, according to the Central Bank (CB) Governor.

Kotagala plans rubber plantation in Cambodia

Kotagala Plantation, a unit of Lankem Ceylon PLC has decided to set up a 15,000 hectare rubber plantation in Cambodia.

HNBA net up 29%, surpasses Rs.100mn in post-tax profits

HNB Assurance PLC, the insurance arm of Hatton National Bank, saw its net profit surging 29 percent Yearon-Year to Rs.106.6 million for the six months ending June 30, 2013 (1H13).

Regulator warns Crown on Sri Lankan investments

Gaming mogul James Packer-controlled Crown casino group has been warned of dangers of bribery in expanding its casino empire into Sri Lanka and the Philippines, by a state gambling watchdog, Australian media reported.

Luxury vehicle registration reaches peak in July

Registration of luxury vehicles have reached highest levels for 2013 with 729 registrations in July, an equity brokerage report showed.

Lanka IOC 1Q profits surge to Rs.1.35bn

Lanka IOC PLC (LIOC), the local unit of the Fortune 500, Indian Oil Corporation Limited saw its net profits for the three months ended June 30,2013 soaring as much as 600 percent Year-on-Year (YoY) to Rs.1.35 billion due to cost controls.

HNB records Rs.3.4bn PAT for 1H13

During the first half of 2013, post-tax profit of the bank improved by 12 percent to Rs.3.14 billion, compared to Rs.2.8 billion during the corresponding period in 2012, while the group post-tax profit improved by 15 percent to Rs.3.4 billion.

Milk powder shortage unavoidable: Prof. Samarajiva

The withdrawal of imported milk powder from the market under the direction issued by the Sri Lankan authorities could trigger a milk powder shortage in the market in the short term and could also lead to the making of a milk powder black market.

A truly refreshing expereince : SAFA launches a range of Sri Lankan fruit juices

Hassani Group of companies in Dubai launched its operations in Sri Lanka under their global brand name “SAFA” by partnering with Hayley’s Agriculture for franchised manufacturing and East West Marketing to market and distribute a range of its manufactured food categories such as juices, pasta, sauces, mayonnaises, tomato paste and many more. 

Keells Super goes Mobile!

With Sri Lanka having to experience a mobile penetration that’s close to the entire population of the country coupled with the increasing growth in internet access via handsets and smartphones, Keells Super brings mobile shopping for the first time in its industry, adding greater ease and convenience to its shoppers.

Mobile and Pay TV push Dialog profits up

Dialog Axiata PLC, a unit of Malaysia’s Axiata group, posted a net profit of Rs.950.3 million for the quarter ended June 30, 2013 (2Q13) against Rs.879.5 million in the corresponding quarter of the previous year, boosted by higher revenues across Mobile and Pay TV segments.

Ceylon Chamber lauds govt’s ‘free ports’ initiative

Sri Lanka’s Ceylon Chamber of Commerce (CCC) has welcomed the initiative by the government to declare Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘free ports’.

Italian exports boost Dipped Products net

Dipped Products PLC (DPL) generated a sharp 29 percent year-on-year (YoY) increase in net profits backed by stable rubber prices and strong Italian exports to post Rs.413.9 million during the quarter ended June 30, 2013.

SLIM Brand Excellence 2013 kicks off

The most awaited SLIM Brand Excellence organised by the Sri Lanka Institute of Marketing (SLIM) kicked off with a media, judges’ and participants’ briefing held at The Kingsbury Colombo yesterday.

Amana Bank introduces ‘Personal Salary Account’

Amana Bank has introduced its newest savings product ‘Amana Bank Personal Salary Account’ targeting the working population of the country. The Personal Salary Account offers greater accessibility and convenience along with a host of privileges, including a monthly profit on their income.

James Packer’s local consortium gets tax concessions

Controversial tax concessions to Australian casino mogul, James Packer’s local consortium, Lake Leisure was given official approval by Minister of Investment Promotion, Laksman Yapa Abeywardena.

Govt. to regulate supermarkets

In what could be another major shift in the country’s retail sector, the government last week announced it would formulate a systematic mechanism to regulate the supermarkets, to protect the rural small scale farmers/vendors.

Status elevation ups debt vulnerability: Economist

The changing debt dynamics as a result of Sri Lanka graduating to lower middle income status has increased the country’s debt vulnerability, and the situation could aggravate to a crisis unless the government takes remedial measures to address the situation, a leading economist in the country said.

Krrish Group denies foul play, cautions negative implications for investment

Indian real-estate developer Krrish Group released a statement yesterday reiterating its commitment to transparency, denying any wrong-doing in the acquisition of land for its US$ 650 million mixed development.

High interest shown for Ag-biz North exhibition in Killinochchi

The first ever agricultural exhibition to be held in a former war-torn city has been received with high enthusiasm, as all the exhibition space being sold out, a statement issued by Ceylon Chamber of Commerce noted.

“Short-term pain, long-term gain” scenario for JKH: Report

John Keells Holdings PLC’s (JKH) proposed US $ 850 million integrated resort project in Glennie Street would be a significant hit to the company’s bottom line in the short-term, though the project is expected to be a long-term boon, an equities report stated.

SL given ‘partner’ status of top Indian trade fair

Sri Lanka has been awarded the ‘partner country’ status in the forthcoming Industrial India Trade Fair, which is taking place for the 26th time in Kolkata. The trade fair, which is considered the only large scale international trade-related event in North Eastern India, is attended by 12 countries including Japan.

Honda launches 4 stroke genuine oil in Sri Lanka.

Bharat Petroleum Corporation Ltd has been a trend setter and market leader in motorcycle genuine oil segment in Sri Lanka and India.

Healthy Cooking with the Sharp Healsio Microwave Ovens

Browns & Company presents the revolutionary solution to healthy cooking with the Healsio Sharp microwave oven with steam heating technology development which effectively removes excess oil food ingredients, and reduces cell damage to food.

PACKER’S CASINO ENTRY: Where is the licence? - Harsha

Australian casino kingpin James Packer should not be permitted to set up a casino in Sri Lanka without a valid license, in line with the Casino Business (Regulation) Act passed by the present government, an opposition legislator stated.

EPF buys 10 percent stake in Cargills Bank with board influence

Sri Lanka’s state-controlled pension fund, Employees’ Provident Fund (EPF) is believed to have made a substantial investment in Sri Lanka’s Cargills Agriculture and Commercial Bank (CACB), the yet to be launched greenfield banking unit of Cargills group, Mirror Business learns.

JKH ups integrated resort investment by US $ 200mn

Premier blue chip John Keells Holdings PLC (JKH) has indicated to the Board of Investment (BoI) that the firm would increase its investment in the proposed integrated resort project in Glennie Street