SEC to hold an investment day in Colombo

Sri Lanka’s Security and Exchange Commission is planning to hold an “Investment Day” in Colombo during this month to celebrate its 24th anniversary.
The event which is titled as “Investment Day 2011” will be held at the Exhibition and Convention Center on the 22nd of October.
The Investment Day will see over 50 stalls established by the [...]

‘A $5-b opportunity’ for India, if Sri Lanka wins bid for CWG 2018’

Sri Lanka’s High Commissioner to India, Prasad Kariyawasam says if Sri Lanka wins the bid to host the 2018 Commonwealth Games, it could lead to a $5-billion investment opportunity for Indian firms to exploit.
“The city that we are proposing (for the Games) is Hambantota. In case we win the bid we will require massive investment [...]

Sri Lanka launches its “Pure Ceylon Cinnamon” Brand to the global market

Sri Lanka on Tuesday unveiled its “Pure Ceylon Cinnamon” brand to the global market at the ongoing Anuga Trade Fair in Germany, which is the largest Food and Beverage exhibition in the world.
Speaking at the launch, the Minister of Industry and Commerce Rishad Bathiudeen said, this is the second national brand launched by Sri Lanka [...]

Malasiya’s KNM secures a deal to build a US$ 200 mln worth energy plant in SL

Malaysia’s KNM Process Systems Sdn Bhd has secured a contract to construct and commission a “Waste to Energy” Plant in Sri Lanka which will generate 40 Megawatts of electricity.
The plant which will come up in a 20 acre land in Colombo is worth US$ 200 million.
The Malaysian firm which is a subsidiary of KNM Group [...]

Sri Lanka keeps its key policy rates unchanged, inflation expected to moderate

Sri Lanka on Monday decided to keep its key policy rate unchanged for the month of October as the inflation on a year on year basis is expected to continue to moderate during the remainder of the year 2011.
Central Bank says the inflation will moderate with the continuous improvements in the domestic supply conditions supported [...]

Sri Lanka wants banks to strengthen risk management

Sri Lanka’s Central Bank has directed all banks to adopt an Integrated Risk Management Framework to identify, control and mitigate risks which the banking sector is exposed to.
The Central Bank’s latest Guidelines to the licensed Banks covers the management of credit, market, operational, liquidity and interest rate risks, stress testing and disclosure requirements in an [...]

EPF buys Laugfs Gas Shares

Employees Provident Fund has purchased 33 million ordinary voting shares of the Laugfs Gas PLC from Laugfs Holdings Limited.
The transaction took place today and a share has been sold at Rs. 48.
Consequent to this sale, Laugfs Holdings owned 260,000,000 million shares (260 Mln shares) of Laugfs Gas PLC.
However, following the transaction, the share amount held [...]

Indian Foreign Secretary meets President Rajapaksa

The newly appointed Foreign Secretary of India Ranjan Mathai met the Sri Lankan President Mahinda Rajapaksa this morning in Colombo.
The duo met for a Breakfast meeting at the Janadhipathi Mandiraya.
External Affairs Joint Secretary of India Harsh Vardhan Shringla, Indian High Commissioner in Colombo, Ashok K Kantha and Sri Lankan Minister of Traditional Industries and Small [...]

Corporate Earnings

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

• The Revenue for Q2 12 increased 100% YoY to LKR 25.8mn (Q2 11 – LKR 12.9mn)
• Gross profit grew 187% YoY to LKR 10.2mn, GP margin 39.5% (Q2 11- LKR 3.5mn, 27%)
• Recurring EBIT recorded at LKR 1.4mn (Q2 11 EBIT loss LKR 5.2mn)
• Recurring Net Profit for Q2 12 [...]

Sri Lanka to regulate the importation of Chemicals

Sri Lanka has started to develop a “Chemical Emergency First Responders Plan” in a bid regulate the import, export and usage of chemicals in the country.
This is also aimed at ensuring that the country’s chemical sector meets the global compliance standard.
The Minister of Industry and Commerce, Rishard Bathiudeen announced this move when he addressed the [...]