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next Sourcing marks 20 years growth in Sri Lanka

Nov. 28, 2014 (LBT) = next Sourcing surged into its 20th anniversary on a wave of growth, marking the occasion with a celebration at its annual Supplier Seminar at Park Street Mews, recently. At the Seminar, leading suppliers were recognized for their steadfast contributions to the next Sourcing global strategy. ... Read more

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LBCH calls on corporates to action on World AIDS Day

Nov. 28, 2014 (LBT) - The Lanka Business Coalition of HIV and AIDS (LBCH) called on the heads of top corporates to protect their employees in a memo sent out to mark World AIDS Day, which falls on December 1. Over 2,000 cases of HIV& AIDS have been reported in ... Read more

Business | Hits: 134 | Comments

Grants Media bags Media Buying Agency Award

Nov. 28, 2014 (LBT) - Grant Media, a member of the Grant Group was awarded the prestigious ‘Media Buying Agency of the Year’ award at the recently concluded World Marketing Congress (WMC), held at Taj Lands End, Mumbai. The annual event was organized by CMO Asia, which is dedicated to impart ... Read more

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Hasrath in top 100 most talented marketing leaders

Nov. 28, 2014 (LBT) - Commercial Bank’s Deputy General Manager – Marketing, Hasrath Munasinghe has been named one of the ‘100 Most Talented Global Marketing Leaders’ by the Chief Marketing Officer (CMO) Council. This prestigious accolade was presented at the 2014 Global Marketing Excellence Awards of the World Marketing Congress at ... Read more

Business | Hits: 155 | Comments

Bid to enhance economic ties with Russia

Nov. 27, 2014 (LBT) - Sri Lanka – Russia Business Council conducted a networking session recently in Colombo to discuss ways of further enhancing the economic relationship existing between Sri Lanka and Russia. The discussion was held among the newly appointed committee of the Sri Lanka – Russia Business Council. Udayanga Weeratunge, ... Read more

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Winners at Best Corporate Sustainability Awards

Nov. 27, 2014 (LBT) - The Best Corporate Sustainability Awards 2014, organized by the Ceylon Chamber of Commerce was held on Tuesday, November 25 in Colombo. Dr Subir Gokarn, an Economist and a Former Deputy Governor of the Reserve Bank of India delivered the keynote speech, Hilmy Cader, CEO of ... Read more

Business | Hits: 280 | Comments

Three-day Mega India Fair at Kandy City Centre

Nov. 27, 2014 (LBT) - The Mega India Trade Fair, organized by India’s Apex 96-year-old Chamber of Chambers, ASSOCHAM was inaugurated by the Governor of the Central Province, Sri Lanka, Tikiri Kobberaduwa and A. Natarajan, Assistant High Commissioner of India, at the Kandy City Center, Kandy yesterday, November 26, 2014. ... Read more

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Call for infrastructure to develop Nautical Tourism

Nov. 26, 2014 (LBT) - Marinas are the infrastructure of the yachting and boat building industry and are essential for yachts and nautical tourism in Sri Lanka. This was stated by Simon J. Arrol, Managing Director of both Arrol Ltd and Marina Lanka (Pvt) Ltd, when making a strong case ... Read more

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Rise of Agarwood from Mystery to a Money Maker!

Nov. 26, 2014 (LBT) - Sadaharitha Plantations, Sri Lanka’s leading commercial forestry company and reputed for its sustainable management of plantations has warned of dire consequences to the country’s natural habitats due to indiscriminate felling of trees and degradation of forests in search of highly valued Agarwood. Native to Asia, the ... Read more

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MV MSC New York, largest vessel to call Colombo Port

Nov. 26, 2014 (LBT) - Making yet another significant landmark in the container handling saga of Sri Lanka, the Port of Colombo received the largest ever container vessel to call Colombo, the MV MSC New York at the Colombo International Container Terminal (CICT), on Wednesday, November 19, 2014. This 400m ... Read more

Business | Hits: 334 | Comments

Business Today Top 25 recognises top performers

Nov. 25, 2014 (LBT) - Having reached middle-income status, Sri Lanka now envisions a growth where the country will reach the status of an advanced economy by 2035. On this path of progress, the private sector plays a crucial role in ensuring that the nation’s journey in growth is unstoppable. ... Read more

Business | Hits: 463 | Comments

Best Corporate Citizen Sustainability awards today

Nov. 25, 2014 (LBT) -  The Ceylon Chamber of Commerce will hold its 11th consecutive Best Corporate Citizen Sustainability Awards 2014 ceremony this evening, November 25, at the Cinnamon Grand Hotel Colombo, which will see the ‘Sustainability’ stars of the Corporate World being recognized for their untiring efforts to adopt ... Read more

Business | Hits: 412 | Comments

‘Unforgettable’ campaign to protect wild elephants

Nov. 24, 2014 (LBT) -  An initiative was launched on Tuesday, November 18 by the Colombo Jewellery Store (CJS) in collaboration with the Sri Lanka Wildlife Conservation Society (SLWCS), to use the backdrop of the remote Pussellayaya and Weheragalagama villages in Wasgamuwa, home to about 350 elephants, to place its ... Read more

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Sam Tegal elected ASMET President at 8th AGM

Nov. 24, 2014 (LBT) -  Sam Tegal was elected unanimously for a second term as President of ASMET (Association for Small & Medium Entrepreneurs in Tourism) at its 8th Annual General meeting held on Thursday, November 20 at the Monara Restaurant of Sri Lanka Tourism Development Authority. Mr Tegal is the ... Read more

Business | Hits: 462 | Comments

Singer posts Rs. 20.8B revenue in first 9 months

Nov. 24, 2014 (LBT) -  Singer Sri Lanka, the country’s consumer durables giant, capped a strong third quarter by announcing group revenues of Rs. 20.8 billion in the year to date, a growth of 12% over the prior year. Revenue growth was driven primarily by significant gains in the retailer’s ... Read more

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LOLC posts excellent profit growth of 118%

Nov. 24, 2014 (LBT) -  LOLC Group, for the six months ended September recorded 118% growth in PBT reaching a strong profit signature of Rs. 3.7 billion compared with Rs. 1.7 billion reported for the same period last year. The main contributor to this growth in the profits comes from ... Read more

Business | Hits: 316 | Comments

Softlogic introduces King Long passenger vehicles

Nov. 24, 2014 (LBT) -  Softlogic Automobiles (Pvt) Ltd, a subsidiary of Softlogic Holdings, launched the all-new King Long range of passenger transport vehicles at a gala ceremony held at Waters Edge Battaramulla. The ceremony was graced by C. B. Ratnayake – Minister of Private Transport Services; Wu Jianghao – Chinese ... Read more

Business | Hits: 316 | Comments

KVC ‘Wasa Visa Nathi’ products promo launched

Nov. 23, 2014 (LBT) - KVC Promotional campaign ‘Wasa Visa Nathi Ahara’ was launched on Wednesday, November 19, 2014 at Hotel Taj Samudra. W. T. Ellawala, Chairman/CEO of C. W. Mackie PLC addressing the launch ceremony said that the company was able to turn Kelani Valley Canneries into a profit-making entity ... Read more

Business | Hits: 388 | Comments

NDB move to curb impact of Chronic Kidney Disease

Nov. 23, 2014 (LBT) -  Chronic kidney disease (CKD) has become a major health problem in rural Sri Lanka. Previously confined to North Central and Uva provinces, it is now seen to be spreading to North-western, Eastern, Southern and Central provinces .Most of those living in these poverty-stricken districts are paddy ... Read more

Business | Hits: 368 | Comments

Renuka Lanka ‘Class A’ office complex in Col. 2

Nov. 23, 2014 (LBT) - Renuka Land (Pvt) Ltd, a joint venture between Renuka Hotels Ltd and Cargo Boat Development Company PLC has initiated a project to construct a modern rentable ‘Class A’ office building complex in Colombo catering to the much needed requirement of such a facility in the ... Read more

Business | Hits: 359 | Comments

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Profits, shareholder expectations no longer the only objectives, says Suresh Shah

Nov. 27, 2014 (LBT) - In today’s corporate environment, making profits and meeting shareholder expectations are no longer the only objectives. Today, the process of wealth creation is measured, not just in terms of return on investment, but also in terms of a corporate’s impact on society and the environment. Indeed the triple bottom line – profits, planet and people – is here to stay, said Suresh Shah, Chairman of the Ceylon Chamber of Commerce on Tuesday. Delivering his speech at the Best Corporate Citizen Sustainability Awards 2014 ceremony in Colombo, where Dr Subir Gokarn, an Economist and a Former Deputy Governor of the Reserve Bank of India was the keynote speaker and Hilmy Cader, CEO of the MTI Consulting attended as the guest of honour, Mr. Shah said that in 2004, the Ceylon Chamber initiated the Best Corporate Citizen award to encourage and recognize those corporates that adopted the triple bottom line approach to wealth creation. During the formative years, the award was skewed towards a corporate responsibility platform. However, as the name suggests, the award now goes beyond CSR to encompass sustainability, which is the triple bottom line. Following are excerpts of his speech: This evening marks the 11th consecutive year in ... Read more

Opinions | Hits: 287 | Comments

Promoting commercial ties most rewarding, says High Commissioner John Rankin

Nov. 23, 2014 (LBT) -  "As British High Commissioner I have many tasks in representing the United Kingdom’s interests here in Sri Lanka. But one of the most rewarding tasks is the promotion of the commercial relations between our two countries," said John Rankin, High Commissioner of the United Kingdom in Sri Lanka. Addressing the session on Bilateral Trade Between Sri Lanka and U.K that took place on November 29 October at the National Chamber of Commerce, he said that promoting commercial relations and helping to increase bilateral trade between the UK and Sri Lanka is one of his key objectives. “The rapidly growing markets of Asia, which include Sri Lanka, present strong opportunities for British businesses. And British businesses, with their experience, expertise and strong track record in innovation, can in turn match the needs of the market here. A strong commercial relationship is a win-win for both of our countries in building growth, employment opportunities and prosperity,” he said. Following are excerpts of the British High Commissioner John Rankin’s address at the National Chamber of Commerce: UK Trade and Investment (UKTI) and what do they do? I carry out commercial work together with my United Kingdom Trade and Investment (UKTI) team.  UKTI works ... Read more

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Making liquid milk dream a reality

By Dharman Wickremaratne Nov. 17, 2014 (LBT) -  Many might still remember the milkman bringing fresh milk to households in the morning and ringning his bicycle bell. This was a time when children enjoyed fresh milk. But today it is not the same situation. There is neither fresh milk nor a milkman. We no longer hear his bicycle bell. Everything has been stamped under the jackboot of certain multinational milk powder corporations and buried in the sands of time. They introduced milk powder to Sri Lanka in 1927. At first they were generous enough to distribute powdered milk free through hospitals. It can be likened to multinational corporations selling wheat flour after giving CARE (Cooperative American Relief Everywhere) biscuits free to school children for years. At the beginning in 1927 the multinational promoters of powdered milk claimed that it was nutritious for children. Thereafter they propagated the view that milk powder was good for lactating mothers. This campaign began with advertisements in colour published in the Sandaresa and Dinamina newspapers in January 1936. Among the well-known brands of baby milk powder at the time were Cow & Gate and Lactogen. Thereafter in 1945, it was said that milk powder was good for everyone ... Read more

Opinions | Hits: 432 | Comments

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Week commences in Green

Nov. 17, 2014 (LBT) - The indices closed in green mainly due to price gains in Dialog Turnover ASPI S&P SL20 (Indexed) Axiata, Access Engineering and Carson Cumberbatch while turnover crossed the Rs 2.4 Bn mark. High net worth and institutional interest was seen in Dialog Axiata, Sunshine Holdings, Seylan Bank, Ceylon Guardian Investment Trust, Central Finance and Piramal Glass as parcel trades. Retail interest was witnessed in Pan Asia Power, Sierra Cables, and Renuka Agri Foods. Meanwhile, mixed interest was seen in Access Engineering, Union Bank and People’s Leasing & Finance. Banking Finance and Insurance was the top contributor to the turnover (due Seylan Bank and Access Engineering) whilst sector index gained 0.60%. The share price of Seylan Bank gained Rs ... Read more

Movement | Business Editor | Hits: 533 | Comments

ASPI crosses 7500 points

Nov. 13, 2014 (LBT) - The ASPI crossed the 7500 points (since 2011) to close in the positive territory with turnover crossing the Rs 4.0 Bn mark. High net worth and institutional interest was seen in Seylan Bank, Sampath Bank, John Keells Holdings, Hatton National Bank, Dialog Axiata and Distilleries. Retail interest was witnessed in Adam Investments, and PCH Holdings. Meanwhile mixed interest was seen in People’s Leasing & Finance, Tokyo Cement and Textured Jersey Lanka. Foreigners remained active closing as net buyers. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to People’s Leasing & Finance and Seylan Bank) whilst the sector gained 0.44%. The share price of People’s Leasing & Finance gained Rs 0.30 (1.25%) to close at ... Read more

Movement | Business Editor | Hits: 734 | Comments

Mixed Indices

Nov. 11, 2014 (LBT) - Positive price movements in Commercial Leasing& Finance. Overseas Realty and Dialog Axiata resulted in the ASPI closing with gains. High net worth and institutional interest was witnessed in John Keells Holdings, People’s Leasing & Finance, Asiri Hospital Holdings and Seylan Bank nonvoting. Lanka LIOC, Swisstek and Tokyo Cement showed retail interest. Meanwhile, mixed interest was observed in Tess Agro, Renuka Foods and Renuka Agri Foods. Foreigners remained active closing as net buyers as a result of buying in John Keells Holdings. Diversified sector was the highest contributor to the market turnover (due to John Keells Holdings) while the sector index lost 0.15%. The share price of John Keells Holdings closed at Rs 258.00 losing Rs 0.90 (0.35%) whilst the ... Read more

Movement | Business Editor | Hits: 699 | Comments

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Sports

Sport 1st together with Mobitel launches ‘The Platinum Awards 2014’

The Oscars of Sports Awards Ceremonies in Sri Lanka Oct. 22, 2014 (LBT) - The National Mobile Service Provider Sri Lanka Telecom Mobitel in partnership with Sport  1st recently ... Read more

Golf Hut at the Nuwara Eliya Golf Club gets a new face

Oct. 09, 2014 (LBT) - The ‘Golf Hut’ at the Nuwara Eliya Golf Course recently underwent a metamorphosis at a cost of over two million rupees enabling the club to ... Read more

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

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Politics

Budget passed with 95-vote majority

Nov. 25, 2014 (LBT) -  The 2015 budget was passed on Monday with a 95-vote majority; 152 MPs voting for and 57 against in the 225-member parliament. At the second ... Read more

Maithripala pledges to abolish executive presidency

Nov. 24, 2014 (LBT) - Minister Maithirpala Sirisena, who was named on Friday as the common opposition candidate for the next presidential election to be held on January 8, 2015, ... Read more

UPFA wins only 19 seats in Uva as against 25 in 2009

Sep. 21, 2014 (LBT) - The governing United People’s Freedom Alliance (UPFA) won the Uva Provincial Council elections managing to secure 19 seats in the two districts of Badulla and ... Read more

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World News

Asian shares trade mixed despite strong US growth

Nov. 26, 2014 (LBT) - Asian shares traded mixed on Wednesday despite data showing that the US economy grew faster than forecast in the third quarter. The economy grew at an ... Read more

Asian shares mixed on Japan and China data

Nov. 21, 2014 (LBT) -  Asian shares were mixed on Thursday after trade data from the world's third-largest economy, Japan, showed that global demand was picking up. Japan's exports rose more ... Read more

Asian shares mixed on Japan and China data

Nov. 21, 2014 (LBT) -  Asian shares were mixed on Thursday after trade data from the world's third-largest economy, Japan, showed that global demand was picking up. Japan's exports rose more ... Read more