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NTB bank opens 75th branch in Tissamaharama

April 18, 2014 (LBT) - Nations Trust Bank extended their reach with the opening of the 75thbranch in Tissamaharama - a strategic location in the Hambantota district. The town of Tissamaharama consists of a number of business ventures and Nations Trust Bank will offer many innovative products and services together ... Read more

Business | Hits: 168 | Comments

Attractive gifts to depositors from HNB

April 18, 2014 (LBT) - Award winning pioneer commercial bank in Sri Lanka, Hatton National Bank (HNB) that changed the banking landscape in Sri Lanka with many innovative banking initiatives, is offering attractive gifts to depositors.The new Pathum Vimana Rewards Scheme entitles gifts to depositors in attaining different milestones in ... Read more

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BPC performs Ganu-Denu with President at Tangalle

April 18, 2014 (LBT) - Bank of Ceylon performed Avurudu Ganu-Denu with President Mahinda Rajapaksa on April 15 at the Tangalle branch. BOC Directors Chandrasiri de Silva and Ms. Nalini Abeywardene, BOC General Manager D. M. Gunasekara, BOC AGM Southern Province D. K. N. Piyasoma and BOC Tangalle Branch Manager ... Read more

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GSF for transparency, govt intervention

April 17, 2014 (LBT) - At its recent annual meeting in Los Angeles, the Global Shippers’ Forum (GSF) has agreed to organise a new global campaign to confront the imposition of unsubstantiated shipping surcharges, terminal charges and more than 20 other non-negotiable local charges on shippers worldwide.The campaign is focused ... Read more

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HNB ‘Rata Kasi Wasi’ winners get LCD TVs

April 17, 2014 (LBT) - Hatton National Bank (HNB) recently held the grand draw of the ‘Rata Kasi Wasi’ promotion, presenting winners with 25 brand new 40-inch colour LCD TVs and other valuable gifts.This draw was open exclusively for Cash Payout beneficiaries of foreign inward remittances of the six-month promotion ... Read more

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Commercial Bank partners EIB Credit Line

April 17, 2014 (LBT) - The Commercial Bank of Ceylon has entered in to an agreement with the European Investment Bank (EIB) to finance Small and Medium Enterprises (SMEs), Energy Efficiency (EE) and Renewable Energy (RE) projects under the EIB SME Green Energy Credit Line extended to the Government of ... Read more

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CCC and Police to hold Business Security seminar

April 16, 2014 (LBT) - The Ceylon Chamber of Commerce, in collaboration with the Department of Police will hold a seminar titiled 'Minimizing the risks to your Business by deciding on proper Security measures'. The move by the Chamber and the Police comes, following the spate of crimes which took place ... Read more

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Four massive ‘Cats’ to accelerate port projects

April 16, 2014 (LBT) - UTE achieved a significant milestone recently by securing an order for four 390D L Cat Hydraulic Excavators, which will be used to strengthen the ongoing Hambantota and Colombo South Harbour projects. The machines were handed over on April 10 at a ceremony attended by officials ... Read more

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Papyrus opens first 3 Samsung Stores with JKOA

April 16, 2014 (LBT) - Papyrus Papers’ first three Samsung Experience Stores (SES) opened their doors recently, offering consumers a new outlet for engagement with the brand.Set up and operated by Papyrus Papers (Pvt) Ltd. under a franchise awarded by John Keells Office Automation (JKOA), these trailblazing new stores are ... Read more

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Port City to attract US$ 20 billion investment

April 16, 2014 (LBT) - The Port City, aims to attract US$ 20 billion worth of investments on a 15 to 20 year range.Addressing a meeting of the Sri Lanka - Germany Business Council of the Ceylon Chamber of Commerce recently, Dr Priyath Bandu Wickrama, Chairman of the Sri Lanka ... Read more

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SriLankan facilitates Umrah pilgrims from MRIA

April 12, 2014 (LBT) - SriLankan Airlines, the national carrier of Sri Lanka, now facilitates Umrah pilgrims to Jeddah, with its latest route via Mattala. For the first time in history, SriLankan passengers will now have the opportunity to start their journey from the country’s second international airport, Mattala Rajapaksa ... Read more

Business | Hits: 284 | Comments

CEAT celebrates market leadership with awards

April 12, 2014 (LBT) - CEAT’s achievement of overall leadership of Sri Lanka’s tyre market in the Bias as well as Radial categories was celebrated in characteristic style when the top tyre brand hosted 125 of its best dealers in Sri Lanka and their families at a spectacular awards gala ... Read more

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‘MS AMADEA’ makes maiden call at Hambantota

April 12, 2014 (LBT) - The luxury cruise liner MS. AMADEA called thea Magam Ruhuupura Mahinda Rajapaksa Port (MRMRP) in Hambantota early this month with 479 passengers comprising 423 German nationals and 322 crew. The vessel was under the command of Capt. O. Jarle Hatebo creating history as her maiden ... Read more

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Visitors to Divi Neguma fairs to reach 3 million

April 12, 2014 (LBT) - The number of people making purchases at the Divi Neguma Avurudu fairs now being held in 324 main towns countrywide under the guidance of Economic Development Minister Basil Rajapaksa, is expected to reach three million.  The ministry Divi Neguma Development Department has organized the fairs ... Read more

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New headquarters for Mercmarine Group

April 12, 2014 (LBT) - The Mercmarine Group’s new headquarters at No. 108, Aluthmawatha Road, Colombo 15 was opened on March 17 and will epitomize the Group’s commitment to becoming a global player in the shipping industry by enshrining its core values of passion, respect, integrity, discipline and empowerment. Fondly ... Read more

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Brandix rewards voluntary service of associates

April 12, 2014 (LBT) - Eleven employees of Brandix, or associates as they are titled by Sri Lanka’s single largest apparel exporter, were recognised recently for voluntary community service as part of the Group’s commitment to World Water Day 2014, observed annually.Titled, ‘Nihanda Mehewara’ (silent service), this year’s initiative sought ... Read more

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Lanka – Benelux Business Council launches its website

April 11, 2014 (LBT) - Sri Lanka – Benelux Business Council launched its website, on Wednesday evening, during the council`s members networking evening. The website was launched by Louis W. M. Piet, Ambassador of Kingdom of the Netherlands in Sri Lanka in the presence of Jayantha Panabokke, President of Sri ... Read more

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Marketing Mission from Malaysia to find SL partners

April 11, 2014 (LBT) - A Specialized  Marketing Mission on Construction and Related Services from Malaysia will visit Sri Lanka, right after the new year. The mission organised by Malaysia’s External Trade Development Corporation (MATRADE) and facilitated by the Sri Lanka – Malaysia Business Council of The Ceylon Chamber of Commerce ... Read more

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‘Geo Responsibility’ Silver Award for Lankem

April 11, 2014 (LBT) - Lankem Ceylon Plc broke new ground in the business of crop protection, by being the first chemical company in Sri Lanka to win the all island ‘Geo Responsibility Silver Award’ at the annual award ceremony  held at the BMICH. Geocycle, the professional waste management solutions ... Read more

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Citrus Waskaduwa 5-star 150-room resort opens

April 11, 2014 (LBT) - Citrus Leisure PLC ceremoniously declared open its iconic five-star property Citrus Waskaduwa on Sunday April 6. The hotel is the largest to be built anew in post-war Sri Lanka on a 9.5 acre land with 150-rooms set on an unspoilt, tranquil beach strip of half ... Read more

Business | Hits: 292 | Comments

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Planters’ Association Chairman envisions a different cup of tea

April 11, 2014 (LBT) - Tea is a global commodity. As the largest agrarian industry in Sri Lanka providing direct and indirect employment to more than two million people or nearly 10% of the population, it has contributed greatly towards rural development and urbanization of remote hilly areas by optimum use of land and uplifting of social indicators among communities. Sri Lanka’s tea export earnings were Rs.160 billion in the year 2012 and Rs.197 billion in 2013 making these the highest ever. However, negative reports continue to place the industry in crisis. Roshan Rajadurai, Chairman, Planters’ Association of Ceylon (PA) says, it is challenging, a battle due to global competition, adverse climates and costs, including labour. In an agricultural economy, any industry is very dependent on external factors, so it is always challenging, but not a crisis.Sitting on the laurels of last year’s record earnings will not serve the future of the industry. Critical issues of replanting, rising cost of production through systematic wage increases, labour shortages, climate changes, role of the smallholder and the outgrower model, diversification, collective stakeholder involvement, training and research and development are all areas where making incremental changes is not enough. The need for significant ... Read more

Opinions | Hits: 421 | Comments

Hybrid Car Hypocrisy: The other side of the story

•      Performance of most hybrids is between 75% – 87% of the rated mileage – Automobile authority •      Deliver less than 60% of Environment Protection Agency (EPA) (of the United States) estimates while driving on city streets. •      In Sri Lanka, due to tax concessions, a 1500cc hybrid car is taxed at 59.75% of its value while the 1000cc conventional car is taxed at a whopping 200.65%! April 01, 2014 (LBT) - With ‘green’ concepts taking hold, sales of hybrid vehicles have soared in many countries including Sri Lanka, boosted by tax concessions and eager hopes of fuel and cost savings but the question whether most hybrids live up to their reputation has been debated across the world. From 2011 to 2013 a total of 15,181 hybrids have been registered with the department of motor Traffic. However, more and more customers of hybrids are becoming dissatisfied complaining that their vehicles are not meeting the much hyped-about fuel and resultant cost savings whilst more and more automobile experts and researchers are pointing towards safety lapses inherent to hybrid technologies. Hybrid Vehicle Imports 2011-13   Vehicle 2011 2012 2013 Total BMW 0 5 8 13 Honda 1,657 1,939 2,950 6,546 Porsche 40 26 10 76 Toyota 2,635 2,100 3,410 8,145 Toyota Lexus 69 65 19 153 Volkswagen 1 8 1 10 Total 4,526 4,232 6,423 15,181 In its Budget for 2011, the Government announced that electric and hybrid vehicles ... Read more

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US Senators introduce Resolution in support of Sri Lanka's domestic reconciliation process

Calls on President Obama to adopt balanced & comprehensive policy towards Sri Lanka Mar. 01, 2014 (LBT) - Eleven senior Members of the United States Senate introduced a bipartisan Senate Resolution (S. Res. 364) on Thursday, Feb 27 expressing support for Sri Lanka's internal reconciliation process and the significant overall progress the Country has made since the end of the civil war--some 5 years ago. The Senators also called on the President of the United States to develop a "comprehensive and well balanced policy towards Sri Lanka", supportive of promoting U.S. interests including respect for human rights, democracy  the rule of law as well as taking onto account the United States economic and security interests. Senate Resolution 364 recognizes the immense suffering of the Sri Lankan people caused by the 26-year conflict, and the genuine aspiration of the government  to prevent any outside force from triggering a reemergence  of similar situations that are now behind us;   but instead  look to the future through enhanced national unity and reconciliation . A special recognition has been given to the establishment of the Lessons Learnt and Reconciliation Commission (LLRC) and the significance of implementing its recommendations. Sri Lanka President Mahinda Rajapaksa appointed the LLRC in May ... Read more

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Banks drive market

April 17, 2014 (LBT) - The indices closed in green due to price gains seen across the board, continuing the positive sentiment after the new year. Turnover crossed Rs 600 Mn, dominated by continued high net worth interest in the banking sector. Retail interest was witnessed in Expolanka Holdings and Textured Jersey Lanka while a block trade was seen in Seylan Bank nonvoting, accounting for 28% of the turnover. Foreign activity remained strong and closed as net buyers for the day. The ASPI and S&P SL20 both saw gains of 1.45% for the two day week. Banks, Finance & Insurance sector was the top contributor to the market turnover (due to Seylan Bank nonvoting, Commercial Bank voting and nonvoting and ... Read more

Movement | Business Editor | Hits: 101 | Comments

Positive sentiments follow New Year

April 16, 2014 (LBT) - Market closed at a two month high with turnover topping Rs 700 Mn. Counters Cargills, Bukit Darah and Ceylon Tea Services saw price gains which moved up the indices whilst high net worth interest seen in banks uplifted the banking sector. Institutional interest was evident in Seylan Bank and Royal Ceramics while Lanka IOC witnessed mixed interest. Further, John Keells Holdings accounted for foreigners becoming net buyers for the day. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings) with the sector index rising by 0.23%. The share price of John Keells Holdings closed flat at Rs 238.00 and the counter’s foreign holding increased by 1,167,905 shares. Banks, Finance ... Read more

Movement | Business Editor | Hits: 165 | Comments

Market up before the holidays

April 11, 2014 (LBT) - Indices closed in green for the day due to price gains in Sri Lanka Telecom, Lanka IOC and Ceylon Tobacco Company. Parcels were traded in John Keells Holdings and Ceylon Tobacco Company contributing to 20% of the market’s turnover furthermore high net worth interest was seen in Lanka IOC and Textured Jersey Lanka while retail interest was witnessed in Tokyo Cement, Laughfs Gas voting and nonvoting. The ASPI and S&P SL20 both saw gains of 0.62% and 0.72% respectively for the week. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings) with the sector index rising by 0.08%. The share price of John Keells Holdings closed flat at Rs 238.00 while the ... Read more

Movement | Business Editor | Hits: 450 | Comments



Sri Lanka beats India to win T20 World Cup final

April 06, 2014 (LBT) - Sri Lanka beat India to win the World T20 final played in Bangladesh today by six wickets, with Kumar Sangakkara playing a memorable innings of ... Read more

Dilantha Malagamuwa returns to SL

April 06, 2014 (LBT) - Dilantha Malagamuwa, the Sri Lankan racing superstar who won four races at the recently-concluded Malaysian FIA GT Series Round 1, arrived in the island recently ... Read more

Mobil powers historic motorcycle ride around SL

"Discovering Sri Lanka Friendship Ride 2014” April 06, 2014 (LBT) - Mobil, the leading motor lubricant brand produced by global giant ExxonMobil Corporation and marketed in Sri Lanka by McLarens Lubricants, ... Read more



Renato Corona’s Impeachment for Non-Disclosure of his Assets and Liabilities

The historical Impeachment of Renato Corona in Philippines is one of the most significant events that took place in late May 2012 in the political world. Renato C. Corona was ... Read more

Ambassador clarifies after Korea voting in support of US backed UN Resolution against Sri Lanka

Mar. 30, 2014 (LBT) - “The Republic of Korea highly appreciates that the Government of Sri Lanka has been preparing the groundwork for an era of peace after the end ... Read more

Minister Bathiudeen demands Rs. 500 million or Apology from Bodu Bala Sena

Mar. 25, 2014 (LBT) - A Letter of Demand (LoD) seeking $ 3.8 Mn (Rs 500 Mn) in compensation began its journey towards Sri Lanka’s Bodu Bala Sena (BBS) organisation ... Read more


World News

Reducing car pollution easier than UN experts thought

April 10, 2014 (LBT) - Reducing pollution from cars has been cheaper and easier than UN experts thought, a draft report says.The UN's climate panel has admitted it underestimated the ... Read more

Samsung Electronics forecasts drop in profits

April 08, 2014 (LBT) - Samsung Electronics, the world's biggest maker of TVs and mobile phones, has forecast a drop in profit for the second quarter in a row.It expects ... Read more

Diary giant Fonterra fined over four food-safety violations

April 06, 2014 (LBT) - Dairy giant Fonterra has been fined $NZ300,000 ($256,675; £154,748) after it admitted four food-safety violations during a 2013 botulism scare.The scare led to a worldwide ... Read more