Turkish Airlines to fly to Colombo on Feb 1

Turkish Airlines will start flying to Colombo onFebruary 1 as the airlines plans to extend its existing 5 weekly Istanbul-Male service to Colombo

Institutional credibility at stake: SCB Report

The present impeachment process against Chief Justice Shirani Bandaranayake by the government has raised concerns about the institutional credibility, a leading international banking group warned in a report released yesterday on Asian sovereigns.

LOLC’s micro-finance arm secures US $ 55.5mn loan

LOLC Micro Credit, a unit of LOLC group has secured a syndicated loan worth of US $ 55.5 million from a consortium of Development Financial Institutions (DFIs) from around the world, the company said in a statement

Mobitel marks 20, geared to develop ICT landscape

Sri Lanka Telecom Mobitel celebrates twenty illustrious years. Commencing operations in 1993, Mobitel was one of the foremost mobile service providers in Sri Lanka, beginning operations using first generation cellular technology - Advanced Mobile Phone System (AMPS)/ Time division multiple access (TDMA).

Motor vehicle registrations down 30 percent in 2012

The number of vehicles registered during 2012 has recorded a 30 per cent decline to 397,295 from the highest figure of 575,000 recorded in 2011, according to the latest data released by the Department of Motor Traffic.

ICC invests Rs.3.6bn in Malabe mixed development project

The Board of Investment (BoI) of Sri Lanka signed an agreement with International Construction Consortium (Pvt.) Ltd (ICC) for a mixed development project in Malabe.

December YoY inflation eases to 9.2%

Sri Lanka's Year-on-Year inflation in December eased to 9.2 percent from 9.5 percent in November, the data released by the Department of Census and Statistics showed

Dialog launches SL’S 1st commercial 4G-LTE service

Sri Lanka’s telecommunications sector entered the 4G era recently with the launch of Commercial LTE Services in the city of Colombo by Dialog Broadband Networks (DBN), the fixed telecommunication services arm of the Dialog Axiata Group.

Rajaratnam agrees to pay $1.5 mn disgorgement in SEC case

U. S . hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed.

Nestlé spends Rs.4bn on fresh milk, coconut procurement

Nestlé Lanka PLC said it has paid Rs.4 billion, approximately US $ 31 million to the local farming community to procure raw materials such as fresh milk and coconut for its food and beverage products during 2012.

Every Lankan shoulders Rs.300, 000 debt: CBSL data

The average national debt shouldered by each Sri Lankan has risen by 25% to reach Rs. 308,171 (US $ 2,371), from end of last year’s Rs.245, 980 (US $ 1,892), the monthly economic statistics released by the Central Bank of Sri Lanka (CBSL) showed.

Lanka needs to make the right connections: Prof. Sally

With old friends alienated and close friends like India at bay, and China, Libya and Russia among main allies, Sri Lanka’s foreign economic policy is completely lopsided.

Mobitel launches first ever NFC-enabled loyalty programme in Sri Lanka

For the first time in Sri Lanka, the National Mobile Service Provider, Sri Lanka Telecom Mobitel launched a NFC (Near Field Communication)based loyalty programme – the Club Magnate loyalty programme. This ground-breaking product is yet another innovative addition to the Telco’s growing portfolio.

Amana Bank gets Global Commerce Excellence Award

Amana Bank was recognized as one of those institutions that had brought in foreign investments into Sri Lanka during the most difficult period of terrorism in the country, at the Global Commerce Excellence Awards ceremony held at The Kingsbury hotel in Colombo recently.

Minimum broadband speeds in 2013

Minimum broadband speeds are expected to be imposed and strictly monitored for both fixed and wireless operators from next January, Sri Lanka’s telecom regulator said.

Sri Lanka's Micro exports locally assembled tractors to Malaysia

Micro Cars Ltd commenced its first set of exports of six locally assembled tractors to Malaysia recently.

Ex Chamber chief seeks SLBA explanation for secrecy breach

The efficacy of Sri Lanka’s banking secrecy laws has been called into question by former Chairperson of the Ceylon Chamber of Commerce and good governance activist Chandra Jayaratne, in the wake of a purported leaking of the confidential bank account details of Chief Justice Shirani Bandaranayake to Members of  Parliament.

Apple works with Asian suppliers to test new TV

US technology giant Apple has been working with component suppliers in Asia to test new TV sets in a possible move to branch into the television market, a report said Wednesday.

HSBC to pay record $1.9bn fine in money laundering case

HSBC Holdings PLC has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank

AIA appoints nominees to NDB Aviva board

Subsequent to the completion of the acquisition of Aviva NDB Insurance PLC last week, AIA Group announced five appointments to the firm’s director board amidst the resignation of directors representing Aviva and National Development Bank (NDB), a stock exchange filing by the company said.

Authorities mull lifting Corex cough syrup ban

Authorities are said to be working on the lifting of the sales ban of cough syrup, Corex and Corex-D in a month’s time, the Cosmetics, Devices & Drugs Regulatory Authority (CDDRA) said.

Mobitel cricket team on winning streak

Mobitel’s cricket team made its way into the finals of the ‘Elephant Lemonade Cup’, MCA ‘D’ Division League Tournament 2013.

Amana Bank accessible through 500+ ATMs

Amana Bank, Sri Lanka’s premier bank operating in complete harmony with the principles of Islamic banking, is now accessible through the Bank’s new ATM network.  The Bank’s ATM service is available through its own ATM machines and through all Commercial Bank of Ceylon ATM machines island-wide.

AIA completes acquisition of AVIVA NDB Insurance

Asian insurance giant, AIA Group Limited, which is listed on the Hong Kong Stock Exchange, yesterday said it has closed the acquisition of Aviva NDB Insurance PLC (CTCE) as the company acquired 92.3% of the firm in a US$ 109 million deal that was announced in September, this year.

Sri Lankan increases flights to Riyadh

Sri Lankan Airlines is to introduce three more flights to Riyadh thereby increasing the total number of flights to five per week effective from December, 13 2012.

T-bill yields edge up; 3-month bills rejected

The long-term Treasury bill yields edged up at yesterday's auction for the reissue of Rs.15 billion T-bills with offers for three-month bills being rejected, the Public Debt Department of the Central Bank said

Turkey keen on direct air links

Turkey is in discussions to strengthen air-links with Sri Lanka as a precursor to improving bilateral trade between the two countries, according to visiting Turkish Ambassador, Serpil Alpman.

NDB & CRISIL to launch Lanka’s only Fixed Income Indices

NDB Capital Holdings PLC today announced the introduction of a family of fixed income indices in Sri Lanka which would measure the performance of government securities of selected maturities namely; NDBIB-CRISIL 91 Day T-Bill Index, NDBIB-CRISIL 364 Day T-Bill Index, NDBIB-CRISIL 3 year T-Bond Index and NDBIB-CRISIL 5 year T-Bond Index

GSK to set up Rs.200mn plant to produce Iodex and Eno locally

GlaxoSmithKline (GSK), one of the world’s largest research based pharmaceutical and healthcare companies in the world is planning to invest Rs.200 million Sri Lanka to set up a manufacturing plant to locally produce its well known pain relief balm and gastritis treatment pill

Bank of Ceylon amongst top 1,000 global banks

Sri Lanka’s state-owned banking giant has been ranked amongst the top 1,000 banks in the world, by the world’s premier banking and finance magazine, ‘The Banker’, the 73-year old bank said.