No agreement signed with Packer directly so far: BOI

Despite the controversy surrounding the potential social degradation and the massive tax concessions granted for James Packer’s proposed US $ 350 million resort and casino in D.R. Wijewardena Mawatha, the Board of Investment (BoI) said it had so far not entered into a formal agreement with the casino kingpin.

Govt. must invest in the right type of education: Academic

Education remained a hot-topic of discussion on the second day of the Sri Lanka Economic Summit 2013 with University of Sri Jayawardenapura Senior Professor, Ajit Abeysekera voicing support for tertiary education curricula.

Renminbi fund looking at Lankan private and listed equity

A renminby denominated Chinese fund which has access to onshore Chinese credit market has explored opportunities in investing in private and listed equity in Sri Lanka

JKH officially announces US $ 650 integrated resort project

Premier blue chip John Keells Holdings (JKH) yesterday announced the much hyped Glennie Street project to the Colombo Stock Exchange (CSE) officially, of which the company kept mum even in its latest annual report.

Importers call for Gold Card System re-introduction

Country’s importers renewed their call to bring back the Gold Card System where selected importers could enjoy preferential treatment when clearing their cargo, doing away with the existing system where all importers are treated alike.

Amana Bank enters Puttalam with 22nd branch

Amana Bank opened its 22nd branch on July 1 in Puttalam, thereby expanding its services to the residents of the locality and nearby towns such as Kalpitiya, Norochcholai, Palavi, Karative and Madurankuliya.

CIFL LIQUIDITY ISSUES: CB appoints People’s Leasing as managing agents

The Central Bank of Sri Lanka (CBSL) has appointed People’s Leasing and Finance PLC as Managing Agents of Central Investments and Finance PLC.

ASEAN urges Indonesia to ratify haze pact

Southeast Asian nations urged Indonesia yesterday quickly to ratify a treaty aimed at preventing fires in its giant rainforests that regularly inflict choking smog on its neighbours.

Nawaloka to set up peripheral hospitals

In a bid to expand healthcare facilities, Nawaloka Hospitals PLC (NHL) will be investing Rs.575 million on setting up a chain of peripheral hospitals, starting from a hospital in Negombo, a stock market filing stated.

Softlogic’s automobile arm to set up Rs.200mn facility in Pelawatta

Softlogic Holdings PLC’s auto subsidiary Future Automobiles (Pvt) Ltd, sole distributor for Ford Motor Company in Sri Lanka, is to set up a Rs.200 million sales and service facility in Pelawatta, an official stated.

Aitken Spence to build US $ 30 million luxury retirement retreat

Aitken Spence PLC which has strong presence in tourism and ports & logistics sectors both in Sri Lanka and outside, is planning to invest approximately US$ 30 million in the construction and management of Heritage Grove, a high-end retirement community on 30 acres of land in Negombo.

Softlogic to distribute BlackBerry smartphones in Sri Lanka

Colombo – June 11th, 2013: Softlogic, a leading communication services provider in Sri Lanka, today announced that it has been appointed as an authorized  distributor for BlackBerry® smartphones in Sri Lanka.

99X Technology shares international software product engineering expertise in Sri Lanka

With the IT-BPO industry exhibiting a high paced growth in Sri Lanka to becoming a billion dollar industry by 2016 and presently being among the top 20 outsourcing destinations globally, Colombo Camp Community, backed up and principally sponsored by 99X Technology

Nimbuzz App free on Hutch for 6 months!

Hutch is excited to be entering into an exclusive partnership with Nimbuzz a widely used social messaging app effective June 17th   2013.

Srilankan opens Melbourne office

SriLankan Airlines opened an office in Melbourne recently, considering Australia’s emerging potential in the air travel business.

Hutch-Cargills roll out an exclusive promotion

Hutch in partnership with Cargills Food City has rolled out an exclusive promotion for the Month of June to reward its loyal customers. This allows both pre-and post-paid customers of Hutch to win Cargills vouchers worth of Rs. 10,000 every day.

JKH to sign US $ 640mn hotel deal next week

Sri Lanka’s top conglomerate, John Keells Holdings (JKH), will sign a US $ 640 million deal to establish an integrated hotel complex in the capital of Colombo, three sources told Reuters yesterday.

Dinesh to launch 4th Vol. of ‘In the Best Interest of My Country’ on July 3

Dinesh Weerakkody will launch his fourth volume titled ‘In the Best Interest of my Country’ on July 3, at the Institute of Chartered Accountants of Sri Lanka.

Bajaj upgrades 3-wheeler models, to phase out existing range

Three-wheeler major Bajaj Auto unveiled its new re-compact passenger vehicles in the petrol, CNG and LPG variants, which aim to replace the company’s existing range.

Central Bank orders credit card rate cut

Central Bank has told commercial banks to cut the interest rate charged on credit card advances by 4 percentage points in a bid to reduce other lending rates, the Deputy Governor said yesterday.

Nestlé Lanka’s CorpCom boss appointed new EDB Chairman

Nestlé Lanka PLC’s Bandula Egodage has been appointed as the Chairman/Chief Executive Officer (CEO) of the Export Development Board (EDB) of the Ministry of Industry and Commerce, ministry officials stated.  

Aussie firm to make US$ 150mn mineral sands investment

An Australian firm is looking to make an initial US$ 150 million investment in Sri Lanka’s mineral sands prospects in the near future, according to Australian High Commissioner to Sri Lanka, Robyn Mudie.

Hemas - Thailand’s Minor in US$ 70mn hotel project

Sri Lanka’s Hemas Holdings PLC, a family-run conglomerate with a strong presence in FMCG and healthcare sectors has embarked on to develop 3 new hotel properties in partnership with Thai-based Minor Group, a top official of the firm said.

Avirate en-route to Australia

The high-street fashion label Avirate will be joining a large and diverse portal of online retailers in Australia effective as of May 22, 2013 with its brand new Australia website.

Anilana to invest Rs. 4.6 billion on next three hotels

Anilana Hotels and Properties Ltd Sri Lanka will be investing approximately Rs. 4.6 billion in the construction of its next three hotels, according to its founder, high net worth investor, Asanga Seniviratne.

Access Engineering to expand overseas

Access Engineering PLC, the leading infrastructure developer in Sri Lanka currently sees opportunities in the Asia Pacific and Middle East regions for expansion, according to a top company official.

Lanka Hospitals to set up high-tech laboratory

The Lanka Hospitals Corporation PLC (LHCL) is to set up a state-of-the-art laboratory service, that will facilitate a range of diagnostics tests that are currently unavailable in the country, a top official stated.

JKH chief welcomes tourism initiatives

A sustainable, focused marketing strategy with the full involvement of all stakeholders is required to ensure targeted visitor segments are attracted, a top official of a leading Sri Lankan leisure operator stated.

Arpico mulls automotive component manufacturing

The diversified conglomerate and the leading planter in the country, Richard Pieris and Company PLC is considering venturing in to automotive component manufacturing, under the corporate brand ‘Arpico’, according to top company official.

Expolanka posts Rs.1 bn net profit for FY12/13; revenue tops Rs.50bn

Expolanka Holdings PLC posted a net profit of Rs.1.06 billion for the year ended March 31, 2013 as against Rs.1.03 billion during the previous year, largely due to the growth in revenue witnessed during the year, interim financials released to the Colombo Stock Exchange revealed.