Fonterra confident of meeting govt’s DCD standard

Fonterra Brands Sri Lanka said in a statement that it is confident that all of its dairy products meet the DCD free standard to be introduced by the Government from 1st June 2013

Hemas reports robust results for FY12/13

Hemas Holdings PLC’s profits grew by a significant 42.3 percent year-on-year (YoY) to Rs.1.66 billion during the year ended March 31, 2013.

Browns MD announces resignation

Brown & Company PLC Group Managing Director/CEO, Murali Prakash has tendered his resignation enabling him to attend to certain urgent personal matters outside the country, a stock market filing stated

Wijeya Newspapers and TELiBrahma add excitement to print publishing

Colombo, 22 May 2013: TELiBrahma, India’s leading mobile advertising solutions company specializing in augmenting real world context with digital engagements; announced its partnership with Wijeya Newspapers Ltd - to bring interactive print content LIVE on readers’ mobile/tab.

US $ 75-100mn cement venture on track

Binod Chaudhary-controlled Cinnovation Group has already obtained the preliminary approvals from the Board of Investment (BoI) of Sri Lanka and licence to carry out tests from the Geological Survey and Mines Bureau (GSMB) for the US $ 75-100 million cement factory the group is planning to set up in Sri Lanka’s northern peninsular.

Billionaire Binod Chaudhary bullish on Sri Lanka

The 1,342nd Forbes US dollar billionaire in the world, Binod Chaudhary, yesterday said that he has ‘full confidence in the Sri Lankan system’ to make investments and set up businesses in the island nation and stressed fast tracking of official procedures will further enhance the business-friendly environment.

Dialog Axiata bags Sri Lankan Cricket sponsorship

Dialog Axiata PLC, a unit of Malaysia's Axiata group has clinched the sponsorship deal for Sri Lanka Cricket at a sum of Rs.753.9 million+ taxes, a stock exchange filing by Sri Lanka's largest mobile services provider said.

SLT’s superfast Internet goes live

Celebrating the ‘World Telecommunication and Information Society Day (WTISD) last week, the national telecommunication service provider – Sri Lanka Telecom (SLT) announced the soft launch of its Very-High-Bit-Rate Digital Subscriber Line 2 (VDSL2) advanced fixed broadband technology.

Flydubai begins Mattala services

The Dubai-based budget carrier Flydubai officially launched its services to Sri Lanka’s second international airport in Mattala yesterday.

CICT receives first vessel carrying equipment

Colombo International Container Ter minal (CICT), which is developed under the South Harbour Terminal project received its first vessel on May 20, carrying on board 3 gantry cranes and 10 rubber tire gantry cranes to be installed at the CICT.

New CEO at MillenniumIT

Mack Gill has been appointed the new CEO of MillenniumIT, a unit of diversified international exchange business of London Stock Exchange Group.

Short term T-bill yields flat; long term edge up

Treasury bill yields remained more or less flat at the second T-bill issue after the policy rate cut by the Central Bank with 12-month bill yields edging up 2 basis points

UK firm secures £35mn Lankan bridge deal

A Darlington firm has signed a £35 million contract to build hundreds of road bridges in Sri Lanka, BBC reported. Cleveland Bridge will design and build the structures in jungle and rural areas of the country

Nepal billionaire plans US $ 75mn cement plant in Jaffna

Nepal’s first Forbes billionaire, Binod Chaudhary has submitted a proposal worth of US $ 75 million to the Sri Lankan government to set up a stateof-the-art cement plant in the Jaffna Peninsula, a statement issued by Chaudhary’s office said.

Nepal billionaire plans to set up UIS $ 75mn cement plant in Jaffna

Nepal's first Forbes billionaire, Binod Chaudhary has submitted a proposal worth of US $ 75 million to the Sri Lankan government to set up a state-of-the-art cement plant in Jaffna Peninsula, a statement issued by Chaudhary's office said.

Allianz Lanka completes first quarter with strong financials

Allianz continued its upward growth trajectory in the first quarter of 2013, achieving a profit before tax of Rs.85 million, a 5  percent increase over last year.

IMF calls for second generation tax reforms

With the first generation of tax reforms failing to generate intended revenues, International Monetary Fund (IMF) has urged authorities to bring about second generation of tax reforms focused on broadening the tax base through improved administration.

World’s most luxurious Champagne Cattier enters Lankan market

Cattier Champagne one of the most luxurious champagnes since 1763 enters the Sri Lankan market on its 250th anniversary.

Fitch affirms HSBC Sri Lanka at 'AAA(lka)'; Outlook Stable

Fitch Ratings Lanka has affirmed HSBC Sri Lanka branch's (HSBCSL) National Long-Term Rating at 'AAA(lka)'.The Outlook is Stable.

Brewer calls to revisit 100 - year old Excise laws

The Excise Ordinance of 1913 should be amended at least now to address modern day issues, a top official of a leading Sri Lankan brewery stated.

Kapruka brings ‘Global Shopping' to fingertips

Sri Lanka’s largest e-commerce organization, Kapruka.com has unveiled an exciting shopping experience to Sri Lankans through its ‘Kapruka Global Shop’ which will give customers access to over 50 million global products.

SLT completes country's first CCTV surveillance system

Sri Lanka Telecom, the national telecommunication services provider has successfully connected the country's first and largest Closed Circuit Television (CCTV) surveillance system

Toyota becomes Asia's biggest firm surpassing Samsung

Toyota has accelerated past South Korea's Samsung Electronicsto become Asia's biggest company by market value, after the Japanese automaker's shares doubled in the past year

HSBC may cut up to 14,000 more jobs

HSBC could cut another 14,000 jobs as part of the next phase of its plan to cut up to $3 billion more in annual costs and slim down, it said today.

HSBC Lanka trims custodian services

HSBC Sri Lanka is believed to have withdrawn from custodian banking services with the exception of high-end retail and corporate clients, as part the bank’s a global restructuring drive, Mirror Business learns.

Sri Lanka cuts rate to spur growth

Sri Lanka’s Central Bank reduced policy rates by 50 basis points to stimulate growth. Accordingly the repurchase rate will be placed at 7 percent and the reverse repurchase rate at 9 percent

Priyan Fernando new Brandix Chairman

Brandix Lanka Limited has announced the appointment of Priyan Fernando, currently a non-executive Director, as Chairman effective May 3, 2013

Dialog first quarter profits at Rs.1.6bn

Sri Lanka's leading mobile services provider, Dialog Axiata PLC has posted a net profit of Rs.1.59 billion for the first quarter of FY13 against a net loss of Rs.531 million in the same quarter of the previous year, helped by reduced financial costs and tax refunds, the interim financial accounts released to the Colombo Stock Exchange showed

Ports Chairman elected IAPH Regional VP

Sri Lanka Ports Authority (SLPA) Chairman Dr Priyath B. Wickrama has been elected the third Vice President of the International Association of Ports and Harbours (IAPH) for the period 2013-2015.

Palm oil prices volatile despite high output

The price of the world’s most-used cooking oil, palm oil, is expected to remain volatile, given the high stock levels in Malaysia and Indonesia, a top official of a leading Malaysian oil palm cultivating company stated.