BOC 2012 profits up despite 4Q dip

State banking giant, Bank of Ceylon (BOC) with an asset base of over one trillion rupees saw its group net profits in December quarter declining 16 percent to Rs.3.5 billion from the corresponding quarter in 2011, according to the quarterly financial statements released recently.

Dialog secures Mobile 4G LTE Spectrum at TRCSL auction

Dialog Axiata PLC announced yesterday that it had secured the 10 MHz tranche of Mobile 4G LTE Spectrum auctioned by the Telecommunications Regulatory Commission of Sri Lanka.

Fonterra's global ambassodor, All Blacks capt. arrives in SL

Fonterra brand ambassador and New Zealand All Blacks rugby captain, Richie McCaw visited Fonterra's milk processing site in Biyagama yesterday, to witness first-hand the company's contribution to the local dairy industry.

Combank ranked Lanka’s ‘most desired’ employer

The Commercial Bank has been ranked number one in a survey of ‘Employers of Choice’ in Sri Lanka, published in the March 2013 issue of LMD magazine. The Bank achieved an Employer Choice Index of 105 in the survey conducted by TNS Lanka.

Listed firms in debenture rush

Many listed entities in the Colombo Stock Exchange were seen taking advantage of the concessions offered in the Budget 2013 with regard to corporate debt, as few companies have already raised big sums this year through debenture issues with a several more to follow.

COPE questions SEC’S failure to submit info on investigations

The Securities and Exchange Commission (SEC) has been unable to submit any substantial information to the Committee on Public Enterprises (COPE) with regard to the investigations on market misconduct, during the meeting held last week, a COPE member stated.

Skill dearth hurts private healthcare sector: Report

The shortage of medical professionals in Sri Lanka remains a major constraint for the private sector in exploiting the growing demand for private healthcare, a survey revealed.

JAT wins big at Architects Exhibit

At the recently concluded Architects Exhibition, JAT won the award for the Most Innovative and Informative stall, proving that they are the forerunners in the market for timber coatings. This was the first time an award was awarded for this category.

Lankan software piracy rate at daunting 84%

Despite recent efforts to tackle software piracy, Mirror Business learns that the unauthorized use of software by Sri Lankans has been shockingly high at 84 percent in 2012, implying that 84 out of 100 Lankans ran their computers on pirated software.

Hemas secures land in Ratmalana for fourth hospital

Hemas Hospitals Private Limited, the fully owned subsidiary of Hemas Holding PLC sending a strong signal to sector rivals yesterday revealed plans to construct its next hospital in Ratmalana, taking into account the area’s growing middle class. This will take the total number of Hemas hospitals to four.

Rs.6 bn PLC debenture issue oversubscribed

The Rs.6 billion listed debenture issue by People’s Leasing & Finance PLC (PLC), a unit of state-owned People’s Bank was oversubscribed yesterday—the opening day of the issue

Katunayake Expressway to be opened this August

Arrangements are being made to open the 26 kilometre-long Katunayake - Kelaniya Expressway, built at a cost of US$ 291 million, this August.

Asia’s defence spending overtakes Europe’s: IISS

Asia’s defence spending overtook Europe’s for the first time last year, the International Institute for Strategic Studies (IISS) said on Thursday, reflecting China’s military rise and shrinking European economies.

Australia’s Paycorp to set up KPO centre in Sri Lanka

The Board of Investment (BoI) of Sri Lanka yesterday announced the signing of a US$ 4.40 million agreement with Paycorp Payment Solutions for the setting up of a Knowledge Process Outsourcing (KPO) center.

Weak world economy curbing oil demand: IEA

Global oil demand will be squeezed by weak economic growth this year, while soaring U.S. production gives consumers a perfect cushion to withstand most supply outages, the West’s energy agency said yesterday.

Krrish Square construction to begin in June

Construction on Krrish Square is set to commence from June of this year, according to Krrish Group Chief Executive Officer R.P. Gupta.

MAS Chief recognized for women empowerment

MAS Holdings Chairman Deshamanya Mahesh Amalean has been recognized for exceptional leadership in championing women’s empowerment and support for the Women’s Empowerment Principles – a partnership initiative of UN Women and the UN Global Compact.

Korean Air begins direct flights to Colombo

South Korea’s flag carrier, Korean Air on Sunday began direct flights to Sri Lanka.

CIMA President Babber in town

CIMA ’s President, Gulzari Babber who is on an official tour to all CIMA markets in the region makes his visit to Sri Lanka this week.

Norochcholai coal power plant : Debt-to-equity swap deal ‘dangerous' - Expert

A top energy expert recently warned of dire consequences of transferring the Norochcholai coal power plant back to the Chinese company in lieu of the massive loans obtained to construct the project and went on to describe a possible scenario of such a move as ‘dangerous'.

Stanchart and ADB collaborate to support microfinance across Asia

Standard Chartered Bank has entered into a collaboration with the Asian Development Bank (ADB) to support the growth of the microfinance sector in Asia. This region-wide collaboration aims to improve access to financial services for the poor in ADB's developing member countries (DMC's).

Financial Action Task Force recognizes SL’S compliance status

The Financial Action Task Force (FATF), the global policy/standard setter on anti-money laundering (AML) and countering the financing of terrorism (CFT), with 36 member countries and regional organisations, has determined that Sri Lanka is a country that is compliant with its standards, at its meeting recently.

Chevron’s new plant to add more capacity

Sri Lanka’s largest lubricant industry player Chevron Lubricant Lanka PLC’s (LLUB) new blending plant that is under construction, is expected to produce 20 to 25 percent more lubricants in addition to the firm’s present capacity, a top official of the company said.

Nestlé Lanka records strong growth amid economic challenges

Full year net profit at Rs.2.9bn; quarter profits at Rs.949mn Recorded highest annual intake of local fresh milk, bringing the company’s total contribution to the rural economy to Rs.4 billion in 2012 Sri Lanka’s Nutrition, Health and Wellness company, Nestlé Lanka PLC, posted a revenue of Rs.7.2 billion for the last quarter of the year.

CTC goes to Supreme Court to overturn CA ruling

The Ceylon Tobacco Company (CTC) has filed documents with the Supreme Court of Sri Lanka seeking to overturn the decision of the Court of Appeal to reject a stay order on new government regulations with regards to the labelling of cigarettes in the country.

United Motors launches Mitsubishi Mirage

United Motors Plc launched the Mitsubishi “Mirage’, a compact fuel-efficient car with a capacity of 1.2 liters petrol engine in to the local auto market this week.

Delmege appointed ‘Berri’, ‘Just Juice’ exclusive distributor in Sri Lanka

Delmege Forsyth and Co Ltd and Lion Australia Pty Ltd yesterday announced the appointment of Delmege Forsyth & Co Ltd as the exclusive distributor of ‘Berri' and ‘Just Juice' in Sri Lanka.

SLT group posts Rs.6 bn Operating Profit

The Premier integrated telecommunication service provider, Sri Lanka Telecom PLC. (SLT) announced its group and company financial results for the year 2012, notching Rs. 6.17bn Group Operating Profit, a growth of 19% Year on Year (YoY).

GVR Lanka signs agreement for mixed development project

The Board of Investment (BoI) signed an investment agreement with GVR Lanka (Pvt.) Ltd to set up the first-ever mixed development real estate project in Kandy, close to the famous ‘Elephant Bath’ locale.

S. Asia’s first underwater tunnel aquarium launched

Economic Development Minister Basil Rajapaksa yesterday opened South Asia’s first underwater tunnel aquarium at Water World, Biyagama.