Climate change real economic risk, World Bank tells G20

AFP: The President of t h e World Bank warned the finance chiefs of the world’s leading economic powers that global warming is a real risk to the planet and already affecting the world economy in unprecedented ways.

Aitken Spence records Rs.2.1bn 9-month net profit

Blue chip conglomerate Aitken Spence PLC reported its interim results to the Colombo Stock Exchange yesterday, showing Rs 3.1 bn as profit before tax, which is an increase of 18 per cent for the nine months ended December 31, 2012, amidst challenging macroeconomic conditions.

Commercial Credit raises Rs.500mn via debentures

The Rs.250 million second tranche of Commercial Credit and Finance PLC’s debenture issue was oversubscribed, the company informed the Colombo Stock Exchange yesterday.

SLT gets first local CEO

Sri Lanka Telecom (SLT), the national telecommunications provider, proudly announces the appointment of Lalith De Silva as the new Group Chief Executive Officer (CEO) with effect from February 7, 2013.

Chevron Lanka Q4 net flat amid market volatility, bad weather

Chevron Lubricants Lanka PLC (LLUB) recorded a 2 percent Year-on-Year (YoY) increase in net profits up to Rs. 571.4 million during the fourth quarter of last year (4Q12).

CTC 2012 net up 24 pc to Rs.8.2 bn; govt inhales Rs. 71bn in taxes

Ceylon Tobacco Company Plc (CTC), the local unit of British American Tobacco, posted a consolidated after tax profit of Rs.8.2 billion for the financial year ended December 31, 2012 up 24.4 percent from a year ago.

Textured Jersey 3Q net up 95% to Rs.365 mn

Textured Jersey Lanka PLC (TJL), Sri Lanka’s leading provider of knit fabric to major global brands such as Victoria’s Secret, Marks & Spencer, Intimissimi and Decathlon, reported Rs.365 million in net profit for the quarter ended December 31, 2012 (3Q FY2012/13), growing 95 percent compared to the same period last year, as per the financial results released to the Colombo Stock Exchange (CSE).

Internet improvement must become govt’s top priority : SLASSCOM chief

Improving the quality and accessibility of internet connectivity across the island must become a top priority for the Sri Lankan government if it is to continue fostering the growth of the country’s Information Technology and Business Process Outsourcing (IT/BPO) sectors, according to Chairman, SLASSCOM, Sujiva Dewaraja.

Free and fee-based education balance vital - Sir Paul Judge

Sri Lanka must find its own balance between free education and fee-based education, particularly in the field of tertiary education in order to bring maximum benefit to the wider economy, according to Global President of the Chartered Institute of Marketing (CIM), Sir Paul Judge.

Hotel Services Dec. quarter net down 139mn

Hotel Services (Ceylon) PLC, the owners of Kingsbury Hotel, previously known as Ceylon Continental, posted a net loss of Rs.138.9 million for the three months ended December 31, 2012, as against a profit of Rs.13.2 million in the corresponding quarter of the previous year.

HSBC Sri Lanka to get new CEO from April

HSBC has appointed Patrick Gallagher, CEO of HSBC Bahrain, as the new CEO of HSBC Sri Lanka and Maldives with effect from April 30, 2013, subject to regulatory approval

IFC facilitates loan access to small businesses

IFC, a member of the World Bank Group, is working with Sri Lanka’s Credit Information Bureau (CRIB) to make it easier for up to 37,000 micro and small businesses to access loans and other forms of financing using movable assets as collateral.

SLTPB welcomes “Mv Queen Mary 2”

Sri Lanka Tourism Promotion Bureau (SLTPB) welcomed the vessel “Mv Queen Mary 2” yesterday at a brief ceremony held at the Colombo harbour. The luxury carrier, owned by a UK-based company, had over 2300 tourists on board from USA, Britain, Australia, New Zealand, South Africa and Canada.

Cess increase worsens tea industry worries

The recent increase in export taxes and the lack of communication between tea exporters and the government authorities are contributing to the progressive demise of the country’s tea industry, Colombo Tea Traders Association (CTTA) said in a statement.

JKH December net up 8%; resort hotels see low occupancy rates

John Keells Holdings PLC’s leisure sector recorded a 33 percent Year-on-Year increase in profits before tax to reach Rs. 1.34 billion during the third quarter of 2012 despite flagging demand for the conglomerate’s resort hotels.

Vihara Maha Devi Park, Town Hall re-development to kick-start next month

Work on the refurbishment of the Vihara Maha Devi Park is expected to take place in mid-February under the Metro Colombo Urban Development Project (MCUDP).

Ship agents cry foul over new levy on bunkering services

The imposition of a 5 percent Ports and Airports Levy (PAL) on bunkering services, a move currently under review by the government, could have serious negative implications on operators, according to Ceylon Association of Ships’ Agents Chairman, Ralph Anandappa.

Lankem Consumer commissions Rs.70mn laundry soap plant

Lankem Consumer Products Ltd, a subsidiary of Lankem Ceylon PLC, recently commissioned its brand new laundry soap plant at its manufacturing complex in Sapugaskanda, thereby taking yet another step into the future.

UDA calls proposals for five high-value lands

The Urban Development Authority (UDA) is now seeking development proposals for five pieces of high-value land in the Colombo District.

Lanka among top software exporters

For the first time, Sri Lanka has been featured in United Nations Conference on Trade And Development’s (UNCTAD) Information Economy Report – 2012 as country that has a software industry with a high export market penetration, a position shared with IT services offshoring giant, India.

Foreign labels found in latest Bangladesh factory fire

The unlicensed garment factory in the Bangladesh capital where seven women workers died in a fire Saturday was making clothing for Spanish giant Inditex and several French brands.

Jaye Terminal receives largest-ever container vessel to Colombo

Making yet another significant landmark in the container handling saga of Sri Lanka, the state-owned Jaye Container Terminal (JCT) has received the 11,660 TEU capacity container carrier- ‘MV MSC LUCIANA’

Fonterra inaugurates country’s first solar-powered milk chilling centre

The New Zealand multinational dairy firm, Fonterra yesterday officially opened Sri Lanka’s first solar-powered milk chilling centre in Hanwella, demonstrating the company’s commitment to sustainable milk collection.

Cairn advances phase II drilling in Mannar basin by 3 months

Cairn India, releasing the December quarter (3Q) results yesterday said its subsidiary, Cairn Lanka is advancing the drilling of phase II exploration well in Sri Lanka’s Mannar basin by three months.

Supermarkets pass VAT burden to suppliers

In a dramatic turn of events, the non - VAT (Value Added Tax) paying smallscale suppliers are to step up their collective bargaining power against leading supermarket chains in the country, for urging them to absorb the 12 percent VAT imposed by the Budget 2013.

Increased loans for agriculture leave banks vulnerable: HNB CEO

Amidst government efforts to boost the agriculture sector through various incentives, the Central Bank has made it mandatory on banks to allocate percent of the loan book to finance the agriculture sector, a top banker noted.

Central Bank urges banks to consolidate

The Central Bank (CB) yesterday renewed its calls for consolidation in the banking sector of the country, which is overcrowded with 24 Licensed Commercial Banks (LCBs) and nine Licensed Specialized Banks (LSBs), with over Rs.5 trillion worth assets.

VAT increase not passed to customers - Supermarkets

Despite the popular belief that the value added tax (VAT) imposed on supermarkets and wholesalers by Budget 2013, so far, traders have not passed the additional cost to the customers, a top official of one of the country’s leading supermarket chains said.

Maldives falls 40,000 short of million tourist target for 2012

The Maldives has narrowly failed to reach its target of one million tourist arrivals for 2012, according to figures released by Ministry of Tourism, after a year of political turmoil and an economic slump in key markets, Maldivian media reported

World’s leading EMS company Falck begins operations here

World’s largest Emergency Medical Services (EMS) company which operates in 35 countries officially launched its services in Colombo yesterday.