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Commercial Bank acquires Indra Finance Limited

Sep. 02, 2014 (LBT) - In one of the first transactions under the Financial Sector Consolidation Road Map mandated by the   Central Bank of Sri Lanka, Commercial Bank of Ceylon PLC acquired a 100% stake of Indra Finance Limited, with the Share Sale and Purchase Agreement signed yesterday, September 1, ... Read more

Business | Hits: 16 | Comments

Odel celebrates 25 years of fashion retail

Sep. 02, 2014 (LBT) - Odel, Sri Lanka’s home-grown fashion retail brand has turned 25, reaching another milestone in an epic journey of vision, creativity and entrepreneurship. The only local fashion retail brand to gain traction on the international stage to date,  Odel’s growth from unassuming, albeit colourful beginnings to brand ... Read more

Business | Hits: 55 | Comments

Ceylon Chamber book on ‘Apparel Sector’

Sep. 02, 2014 (LBT) - The Ceylon Chamber of Commerce has published a book outlining key insights of the global apparel sector, including the local apparel sector’s current status. Titled, ‘Apparel Sector 2013’, the publication contains vital information, which will help industry players and interested stakeholders become aware of important details ... Read more

Business | Hits: 59 | Comments

Simpana Solution Sets from CommVault

Sep. 02, 2014 (LBT) - CommVault (NASDAQ: CVLT) has announced new Simpana cloud management capabilities and Simpana Solution Sets designed to transform how companies of all sizes protect, manage and maximize the value of business information amidst a rising tide of data and compliance requirements. As enterprises deploy private and ... Read more

Business | Hits: 64 | Comments

SL-Korea Economic Co-op Committee holds AGM

Sep. 02, 2014 (LBT) - The 20th Annual General Meeting of the Sri Lanka – Korea Economic Co-operation Committee of the Ceylon Chamber of Commerce was held recently at the Hilton Colombo. The Council focuses on promoting investment, trade and joint ventures between Sri Lanka and Korea. Mahen Kariyawasan, Chairman/Managing Director, ... Read more

Business | Hits: 44 | Comments

Arpico retail outlets at Maggona, Bandaragama

Sep. 02, 2014 (LBT) - The Arpico retail chain in Sri Lanka achieved a milestone in August with the opening of its 50th and 51st retail outlets, in keeping with a fast-tracked expansion plan to widen the brand’s presence outside urban and suburban locations. The two Arpico ‘Daily’ supermarkets opened ... Read more

Business | Hits: 46 | Comments

Rosewall introduces Polypipe brand to Sri Lanka

Sep. 02, 2014 (LBT) - Rosewall Interior Solutions (Pvt) Ltd., Sri Lanka’s one-stop shop for all interior solutions, recently unveiled the range of Polypipe products, the latest addition to their portfolio of world-class products. The first product introduced to Sri Lanka in the new Polypipe range is Polyplumb Polybutylene Pipes ... Read more

Business | Hits: 39 | Comments

Proven cancer drug Vidatox now in Sri Lanka

Sep. 02, 2014 (LBT) - After 15 years of research into the management of cancer, which has resulted in an effective and natural aid in its therapy, a Cuban pharmaceutical laboratory has released a new homeopathic cancer drug to the international market. The drug, Vidatox, has now been introduced to ... Read more

Business | Hits: 64 | Comments

Investment rules not always clear: EU Envoy

Sep. 01, 2014 (LBT) - EU companies feel that while trade rules are clear, FDI rules are not always so, said David Daly, Ambassador of the European Union to Sri Lanka on Wednesday in Colombo. Addressing the re-launch of the European Union – Sri Lanka Business Dialogue initiated by Faiszer Musthapah, ... Read more

Business | Hits: 127 | Comments

SriLankan Airlines marks thirty-fifth anniversary

Sep. 01, 2014 (LBT) - SriLankan Airlines, the national carrier of Sri Lanka and the newest member of theoneworld global airline alliance, celebrates thirty-five years of flying, at the Airline Centre in Katunayake, today, September 1. Founded in 1979, SriLankan today has expanded its services to 89 destinations in 44 countries ... Read more

Business | Hits: 141 | Comments

Janashakthi raises claim payment bar with Sampath

Sep. 01, 2014 (LBT) - Janashakthi Insurance has raised the bar in claim payments convenience to new heights as they offer Full Option motor claims customers a revolutionary simple mobile cash option powered by Sampath Bank Corporate Payment Solutions, whereby customers can walk in to any Sampath Bank ATM, with ... Read more

Business | Hits: 123 | Comments

Motha Confectionery enters digital space

Sep. 01, 2014 (LBT) - Motha Confectionery Works (Pvt) Ltd, the Island’s leading branded dessert mixes and cake ingredient maker, entered the digital space with the launch of its website, www.mothalk.com. The launch aims to better serve tech-savvy customers who are increasingly looking up products and services online and on ... Read more

Business | Hits: 89 | Comments

Emirates says ‘Hello Kandy’ with new office

Sep. 01, 2014 (LBT) - Emirates, a global connector of people and places, has opened its first branch office in Sri Lanka in Kandy, making it easier for residents and travel agents of the hill country capital and the central highlands of the country to interact with the airline. Located at ... Read more

Business | Hits: 132 | Comments

Challenges for rubber industry - Dr Abdul Aziz

Aug. 31, 2014 (LBT) - The rubber industry is facing great challenges from an increasingly competitive global market, said Dr Abdul Aziz, Secretary General of International Rubber Research and Development Board (IRRDB) and also the Chairman of Confexhub Malaysia on Thursday in Colombo. Announcing the Global Rubber Conference to be ... Read more

Business | Hits: 194 | Comments

Singer: Most Respected Consumer Electronics Co

Aug. 31, 2014 (LBT) - Singer has been adjudged the ‘Most Respected Consumer Electronics Company’ in Sri Lanka and has been placed amongst the top 15 Most Respected Entities in the country, according to the results of a survey conducted by Nielsen on behalf of LMD. Speaking to LMD, Mahesh ... Read more

Business | Hits: 172 | Comments

Sadaharitha holds patent for Agarwood production

Aug. 31, 2014 (LBT) - “The commercial production of Agarwood, which belongs to the Walla Patta genus, can be guaranteed in Sri Lanka only through the CAKit (Cultivated Agarwood Kits). The patent for this technology in Sri Lanka is held exclusively by Sadaharitha Plantations,” Chief Executive Director, H. K. Rohana ... Read more

Business | Hits: 203 | Comments

Mahinda Siriwardana in Commercial Bank board

Aug. 31, 2014 (LBT) - Commercial Bank of Ceylon PLC has announced the appointment of K. M. Mahinda Siriwardana as a non-executive Director of the Bank with immediate effect. Mr. Siriwardana is the Director General, Department of Fiscal Policy at the Ministry of Finance & Planning and is involved in activities ... Read more

Business | Hits: 151 | Comments

Lanka vies for Offshoring Destination Award in UK

Aug. 31, 2014 (LBT) - The Sri Lankan Outsourcing industry has continued to add to its growing brand value and International recognition by being Short Listed by the National Association for Outsourcing (NOA) in the U.K for its Offshoring Destination of the Year Award for 2014 (http://www.noa.co.uk/files/595.pdf.). Winners will be ... Read more

Business | Hits: 167 | Comments

Third ‘Invest Sri Lanka Forum’ in New York Sep. 4

Aug. 30, 2014 (LBT) - The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC), in association with the Sri Lankan Embassy in Washington DC will host its first ‘Invest Sri Lanka – Investor Forum’ in North America on September 4 in New York City. ... Read more

Business | Hits: 222 | Comments

HNB Assurance launches ‘My Pension’ for elderly

Aug. 30, 2014 (LBT) - HNB Assurance has identified a primary need of the elderly citizens of our country and has introduced a Guaranteed Monthly Pension Plan named ‘my pension’ for those who seek a peaceful and contented retirement, becoming the first insurance company in the country to do so. ... Read more

Business | Hits: 184 | Comments

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ටියුලිප් මේනියාව සහ කොටස් වෙළඳපොළේ ඉතිහාසයෙන් බිඳක්

කොටස් වෙළෙඳපොළ හා පෘතුගීසින්! අගෝස්තු 29, 2014 (LBT) - ලෝකයේ පෘතුගාලේ සහ බ්‍රසීලයේ ප්‍රසිද්ධ නමක් වෙන 'සිල්වා' නාමය ලොව මුලින්ම භාවිත කලේ ක්‍රිස්තු වර්ෂ 500 - 1500 කාලයේ රෝම අධිරාජ්‍ය බිඳ වැට්ටු නැගෙනහිර ජර්මනියෙන් පැවත එන 'විසිගොත්' සහ 'ඔස්ට්රෝගොත්' යන අයගෙන්; ඇස්ටුරියානු අධිරාජ්‍ය පිහටවූ විසිගොත් ලාගෙන් පැවත ආ ඩොම් ඇල් ඩෝරෙඩෝ ගේ පුත් වෙන ඩොම් ගුටෙරේ අල්දෙරේට් ද සිල්වා විසිනි. ඇස්ටුරියානු අධිරාජ්‍ය අද ස්පාන්ඥය සහ පෘතුගාලය වී ඇති අතර 1505 ලංකාවට ද පැමිණියේය.පෘතුගීසින් ඔවුන්ගේ නාවික නායකයකු වූ වස්කෝ ද ගාමා ලෝකේ වටේ ගොස් මුහුදු වෙළඳ මාර්ග ඇරඹීමත් සමගම පෘතුගීසි ඊස්ට් ඉන්දියා සමාගම එකල නැගී ආ ආසියානු වෙළඳාම ඒකාධිකාරයට නතු කරගන්නා ලදී. ඊට සමගාමීව සැලියන් ෆ්‍රෑන්ක වරුන්ගෙන් පැවත ආ ලන්දේසින් හෙවත් නෙදර්ලන්ත වැසියන් නැගී ආ ආසියානු වෙළඳාම ඒකාධිකාරයට නතු කරගැනීමට 1602 දී ලොව පළමු වරට මහජන කොටස් නිකුත්තුවක් සමග කරළියට ආ ඩච් ඊස්ට් ඉන්දියා සමාගම පිහටවගන්නා ලදී. ඒ ලෝක කොටස් වෙළඳපොලේ ඇරඹුමයි. එකල ඩච් ගිල්ඩර් මිලියන 78 වටිනාකමක් තිබුණු ඩච් ඊස්ට් ඉන්දියා සමාගම 1637 බිහිවුණු 'ටියුලිප් මේනියාව' හෙවත් අනුමාන කෙරුණු ටියුලිප් මලේ බල්බ වල වටිනාකම ඩච් ගිල්ඩර් 3000 සිට 4200 දක්වා යුරෝපයේ ඉහල යාමත් සමගම අදටත් ඩච් ඊස්ට් ඉන්දියා සමාගම සතු වූ ඩච් ගිල්ඩර් මිලියන 78, වර්තමාන මුදලට තක්සේරු කලවිට ඇමෙරිකානු ඩොලර් ට්‍රිලියන 7.4 හෙවත් බිලියන 7,400 වටින ලොව වැඩිම වටිනාකමින් යුතු බහු ජාතික ... Read more

Expert Advice | Hits: 278 | Comments

Sugar is more addictive than Cocaine or Tobacco!

Aug. 27, 2014 (LBT) - Sugar is more addictive than cocaine or tobacco. This information was revealed at an awareness seminar conducted by the AIA Insurance. Diabetes is the forerunner of all non-communicable diseases, which can be avoided by controlling your sugar intake. AIA Insurance, which promotes healthy living as part of its Corporate Social Responsibility, strives to increase education and awareness on making healthy choices to live a healthy life, through seminars and workshops. In one such seminar, it was revealed that sugar is in fact 8 times more addictive than cocaine (Dr Mark Hyman – USA, Feb 2014) and tobacco. Our daily sugar intake should be less than 6 teaspoons a day (World Health Organization). However, most Sri Lankans, on average consume over 9 teaspoons (Ministry of Health of Sri Lanka).  The biggest problem with sugar addiction is that it is a vicious cycle; when you consume sugar in any form, you start enjoying the taste which in turn causes craving. This leads to a gradual increase in sugar consumption which can result in obesity and worse, diabetes. Notably, this dependency on sugar starts at infancy, with mothers introducing refined sugar to their babies at weaning through food and drink, especially ... Read more

Opinions | Hits: 323 | Comments

Positive shift in manufacturing industry, says Ministry Secretary Anura Siriwardena

Aug. 11, 2014 (LBT) - During the recent past, the expenditure on imports of Sri Lanka has shown a declining trend. The intermediate goods are the category that is largely being imported to Sri Lanka, with a contribution of 59%, while investment goods and consumer goods follow with a share of 23% and 18% respectively. This reflects a positive shift in the manufacturing industry, contributing to a more stable development within the country, said Anura Siriwardena, Secretary, Ministry of Industry and Commerce on Tuesday, August 5. Delivering the keynote address at the 79th AGM of the Import Section, Ceylon Chamber of Commerce held at the Taj Samudra Hotel in Colombo, Siriwardena said that the country from which Sri Lanka sources the highest amount of imports is India, which contributes to 17.6% of our imports, while China is close behind, with a share of 16.4%. Singapore, UAE, Oman, Japan and Malaysia are the next largest sources of imports of Sri Lanka at present, he said. Pointing out that countries were vastly diverse when it came to the level of their resources, both natural and human, the Ministry Secretary Siriwardena noted that it determined the production capacity, as well as the range and ... Read more

Opinions | Hits: 714 | Comments

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Week ends in green

Aug 29, 2014 (LBT) - The indices closed with gains due to price appreciation on counters such as Ceylon Tobacco Company, Nestle and Lion Brewery with turnover crossing the Rs 1.1 Bn mark. High net worth and institutional interest was witnessed in Commercial Bank and Access Engineering while retail activity was observed in Laugfs Gas. Foreign activity remained low and closed as net buyers. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Seylan Bank nonvoting and Commercial Bank) whilst the sector index increased by 0.64%. The share price of Commercial Bank closed at Rs 249.00 appreciating by Rs 0.10 (0.04%). The share price of Seylan Bank nonvoting closed at Rs 49.20 appreciating by Rs 0.40 (0.82%). Construction and ... Read more

Movement | Business Editor | Hits: 173 | Comments

Market recovers to close in green

Aug 26, 2014 (LBT) - The indices advanced by 29.29 points with a significant net foreign inflow of Rs 480Mn to close at 7,013.32. High net worth and institutional interest was witnessed in John Keells Holdings while retail interest was seen in Richard Peiris and Ceylinco Seylan Developments. Mixed interest was observed in Lanka Indian Oil company and Nations Trust bank. Diversified Sector was the top contributor to the market turnover (due to John Keells Holdings and Richard Peiris & Company) whilst the sector index moved up marginally by 0.31%. The share price of John Keells Holdings lost Rs 0.50 (0.21%) to close at Rs 242.50. The share price of Richard Peiris & Company gained Rs 1.40 (17.95%) to close at Rs 9.20. ... Read more

Movement | Business Editor | Hits: 285 | Comments

Parcel trades dominate turnover

Aug 22, 2014 (LBT) - The ASPI continued to rise above the 7000 mark with price gains witnessed in Ceylon Tobacco Company and Bukit Darah. The turnover crossed Rs 2 Bn with parcel trades witnessed in Lanka IOC, John Keells Holdings, Hemas Holdings, Hatton National Bank voting and nonvoting accounting for 50% of turnover. Retail interest was evident in Lanka Century Investments, Taprobane Holdings and Browns Investments. ASPI and S&P SL20 appreciated by 0.92% and 1.12% respectively for the week ended. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings, Hemas Holdings and Taprobane Holdings) whilst the sector index lost 0.42%. The share price of John Keells Holdings lost Rs 3.70 (1.49%) to close at Rs 245.00 ... Read more

Movement | Business Editor | Hits: 266 | Comments

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Sports

Glitz Cric Quiz 2014 - A Resounding Success!

Aug 19, 2014 (LBT) - The Glitz Cric Quiz 2014, Sri Lanka’s Biggest and Most Exciting Cricket related quiz competition was successfully worked off recently amidst a large gathering of ... Read more

MOBIL partners CSN on "Mobil 1 The Grid" TV program for second consecutive year

Jul 18, 2014 (LBT) - McLarens Lubricants Limited, Sole Distributor for ExxonMobil in Sri Lanka, recently celebrated its partnership  with  Carlton Sports Network (CSN),  which  was  appointed as  the  sole ... Read more

BEKO sponsors Barcelona Football Club

SINGER markets BEKO appliances in Sri Lanka Jul 08, 2014 (LBT) - World famous Spanish football club FC Barcelona and BEKO recently announced the signing of a new agreement which will ... Read more

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Politics

India gifts Rs. 1.2 billion Cultural Centre to Jaffna

June 10, 2014 (LBT) -A state-of-the-art, fully equipped cultural centre is to be built in Jaffna at a cost of Rs. 1.2 billion. It will reflect ancient cultural features and ... Read more

ADB calls for closer economic cooperation

April 22, 2014 (LBT) - Shifting relations among Asian countries and the changing global economy mean that Asia needs to strengthen its economic cooperation, says the Asian Development Bank’s (ADB) ... 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

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World News

Scottish independence: HSBC boss makes 'capital flight' claim

Aug. 25, 2014 (LBT) - Writing in the Telegraph, Douglas Flint said supporters of independence were "advocating a giant step into economic uncertainty". Mr Flint donated £25,000 to the Better Together ... Read more

US clothing store Gap to set up in India

Aug. 25, 2014 (LBT) - US clothing store Gap is bringing its brand to India with the aim of opening 40 outlets, and it will launch the first two stores ... Read more

Eurozone business growth slows in August, PMI data shows

Aug. 25, 2014 (LBT) - Eurozone business growth slowed in August, weighed down by sluggish French and German economies. The latest Markit Composite Purchasing Managers' Index (PMI) fell to 52.8 from ... Read more