Allaince Finance raises Rs.1bn via debentures

Alliance Finance Company PLC has been able to successfully raise Rs.1 billion through a debenture issue for the purpose of increasing its Tier II capital and liquidity position, a statement by the Managers to the issue said

AVIVA NDB Health Insurance wins silver award at Effie 2012

At the Effie Awards Night 2012 held recently, AVIVA NDB Insurance became the only insurer to win an Effie for the second year in a row.  AVIVA NDB received a coveted Silver Effie for health insurance.

Founder of Auerbach Grayson dies at 70

Jonathan Auerbach, who explored new frontiers for investors as co-founder of Auerbach Grayson & Co., a brokerage that specializes in international trading, has died at 70, Bloomberg newswire reported

Etihad to operate daily flights to Colombo

Etihad Airways, the national airline of United Arab Emirates is to opearte daily flights to Colombo from January 2, 2013 amidst growing demand, the airline said in a statement

MAS to set up US$70mn automated knitting plant

Sri Lanka’s apparel major, MAS Holdings is to make the biggest single investment in the history of its operations, as the firm is planning to set up US $ 70 million automated knitting plant, a press statement by the country’s investment promotion agency said

T-bill yields up

The Treasuries yield rose across all maturities at the auction held yesterday where the government sold 23.6 billion in Treasury bills

Softlogic clinches Mothercare franchise

International baby-product retailer Mothercare, opened its first store in Sri Lanka through a franchise partnership agreement with Softlogic group this week.

EPF recovery should be from liquidator – CA rules

The Court of Appeal held that in the case of a recovery of Employees’ Provident Fund dues, from a Company under liquidation, that the Commissioner General of Labour must seek to recover the same from the Liquidator of the Company and not from its Directors.

WORDS clinches EFFIE Gold for ‘Trail’

Last night, at the EFFIE Awards 2012, WORDS Advertising struck Gold. WORDS was recognized with Sri Lanka’s first and only EFFIE Gold by the distinguished panel of judges for their work on “Trail”.

Insurance sector overcrowded

Sustenance of the insurance industry remains dubious, following the intense price competition that is prevalent in an overcrowded market, which is found eroding the underwritten profits of insurers, a veteran insurer in the country said.

Nestlé Lanka to get new MD from January

Nestlé Lanka PLC, a unit of Switzerland-based Nestlé S.A., yesterday announced the appointment of a new Managing Director with effect from January 1, 2013

T-bill yields up across maturities

Sri Lanka's Treasury bill yields rose across all maturities yesterday with three-month and 12-month yields rising most, the Public Debt Department of the Central Bank said

Unilever Global Head Paul Polman visits Sri Lanka

Unilever Chief Executive Officer, Paul Polman is scheduled to arrive in Colombo today. Accompanying Polman will be Chief Operating Officer, Harish Manwani, and Executive Vice President of South Asia, Nitin Paranjpe. During this visit, Polman will be inaugurating Unilever Sri Lanka’s new manufacturing facility in Horana.

Young Water Professionals Symposium begins Nov. 22

Sri Lanka's first-ever Young Water Professionals Symposium (YWPS) will be held on Thursday, November 22, at the Galadari Hotel. Minister of Water Supply and Drainage Minister the Hon. Dinesh Gunawardena will be the chief guest and 2007 Nobel Peace Prize co-winner Prof. Mohan Munasinghe the keynote speaker.

Mobitel Reports Strong Profitability in Q3 2012

Mobitel, the country’s National Mobile Service Provider continued to grow its revenue despite heavy competition in the industry. Revenue for the first nine months of 2012 grew by 14% from Rs.15.9bn to Rs.18.2bn compared to the same period in the previous year.

Challenging times ahead for smaller telcos- Fitch

Anticipated high capital expenditure for Sri Lankan telecommunications companies (telcos) will likely translate into a challenging year for smaller operators in the country over the course of next year, according to a report from Fitch Ratings.

Additional funding from ADB for Lankan roads

Sri Lanka's Finance Ministry today entered into an agreement with Asian Development Bank (ADB) for additional financial assistance to improve the road connectivity between the country’s Northern Province and other provinces

Singer turnover tops Rs.18.7 bn end of Q3

Singer Sri Lanka f urther strengthened its position as the leader in Sri Lanka’s consumer durables sector as the Singer Group’s revenue rose by Rs. 3.2 billion to Rs. 18.7 billion, at the end of the third quarter.

Strong tourism gains boost Aitken Spence’s bottom line

Sri Lanka’s Aitken Spence PLC said its net profit for the quarter ended September 30 (2Q13) rose to Rs.731.4 million against Rs.468 million reported in the same period of the previous quarter, largely helped by strong gains from tourism operations.

Sri Lanka’s first Shariah-based income fund launched

The Islamic finance industry in Sri Lanka achieved another milestone in its fast evolving history, with the launch of Sri Lanka’s first-ever Shariahbased income fund recently.

Amana Bank MD speaks at IFN Asia Forum in Malaysia

Amana Bank’s Managing Director/CEO Faizal Salieh delivered a country presentation on the topic ‘The Journey of Islamic Finance in Sri Lanka’ at the IFN Asia Forum held in Kuala Lumpur, Malaysia recently.

BOI signs agreement for graphite mining venture

The BOI signed an agreement with Plumbago Lanka (Pvt) Ltd facilitating a business venture for mining and to export value added graphite. The company plans to invest US$20 to US $78 million over the next 4 years

Mobitel and Ministry of Telecommunication & Information Technology launch revolutionary Upahara Inte

In its continuous efforts in revolutionizing the ICT sector, Sri Lanka Telecom Mobitel – the country’s National Mobile Service provider launched ‘Mobitel Upahara’ for state sector employees back in 2008.

Textured Jersey doubles net for 2Q FY2012/13

Knit fabric manufacturer Textured Jersey Lanka PLC (TJL) demonstrated its operating excellence by doubling net profits for the quarter ended 30 September 2012 (2Q FY2012/13), as per the financial results released to the Colombo Stock Exchange (CSE).

Aitken Spence bags Best Corporate Citizen Award 2012

Aitken Spence bagged the Best Corporate Citizen Award 2012 at the annual Best Corporate Citizen Award ceremony organised by the Ceylon Chamber of Commerce, at Cinnamon Grand yesterday. Singer (Sri Lanka) became the first runner up, while Ceylon Biscuits Limited was the second runner up.

Lanka Cement to install grinding plant in KKS

Lanka Cement PLC plans to enter into a joint venture with other international cement manufacturers to set up a cement grinding and packing plant in an area outside the high security zone in Kankesanthurai, according to Lanka Cement Managing Director and Chairman, N.S.M. Samsudeen.

JKH posts Rs.2.4bn net for July - Sept quarter

John Keells Holdings (JKH), the largest company listed in the Colombo Stock Exchange (CSE) in terms of market capitalization, has recorded a net profit of Rs.2.4 billion for the September quarter (2Q13), up by 59 percent Year-on-Year, the interim accounts released to the CSE showed.

Supermarket tax hike to impact 3 listed operators

The tax extensions on supermarkets and large scale trading operations proposed in the Budget 2013 are likely to negatively impact listed entities with retail arms, CT Smith Stockbrokers, a stockbroker with a predominantly foreign clientele said in a post-budget report.

Higher finance costs, lack of capital gains affect Hayleys’ bottom line

Higher finance costs, rupee depreciation and lack of one-off gains originating from sale of holdings in subsidiaries during the first half of the financial year 2012/13 have adversely impacted the profitability of Hayleys PLC, a diversified blue chip listed on the Colombo Stock Exchange.

Combank’s 9-month net up 25% to Rs.7.6bn

Sri Lanka’s Commercial Bank PLC’s consolidated net profit for the nine months ended September 30, 2012 rose 25 percent year-on-year to Rs.7.6 billion, while net profit for the September quarter (3Q12) stood at Rs.2.3 billion, up 11.55 percent YoY, the interim financial accounts showed.