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NDB Group creates history in investment banking

July 31, 2014 (LBT) - For the first time in investment banking history, NDB Group has been named the ‘Best Investment Bank’ by the esteemed Euromoney Magazine both in Sri Lanka and in Bangladesh. NDB Group creates history as the only local investment-banking group in Asia to be named as ... Read more

Business | Hits: 101 | Comments

Orient Finance reaches Rs.2b. mark in deposits

July 31, 2014 (LBT) - Orient Finance PLC achieved another milestone by surpassing the Rs. 2 billion threshold in their deposits during the first week of July. Having reached Rs. 1 billion in deposits a mere six months ago, doubling the deposit base to trigger 1 billion within a remarkably ... Read more

Business | Hits: 83 | Comments

Dunamis Capital’s Rs 1b. debenture issue opens

July 31, 2014 (LBT) - The Rs 1 billion debenture issue of Dunamis Capital PLC opened for subscription on Monday July 28 and will be kept open till August 15, 2014 unless oversubscribed before the closing date. Rated ‘BBB’ by RAM Ratings Lanka Limited, the issue of 10 million rated, senior, ... Read more

Business | Hits: 89 | Comments

AIA pension solution benefits everyone

July 31, 2014 (LBT) - A significant pension gap has been identified worldwide, according to recent research studies, says Suren Perera, Head of Marketing of AIA. “What we mean by this pension gap is the disparity between the level of pension provision people are set to receive after retirement and ... Read more

Business | Hits: 89 | Comments

Brandix Awarded Plan A ‘Eco Factory Attribute’

July 31, 2014 (LBT) - Two manufacturing facilities of Brandix Apparel Solutions Limited - Lingerie Cluster in Nittambuwa have been awarded Eco Factory Attributes by the global retail giant Marks & Spencer (M&S) in recognition of achievements in reducing their environmental footprint. The two factories have reduced energy and water consumption ... Read more

Business | Hits: 116 | Comments

‘GREENEST’ apparel factory reinforces its commitment to Sustainability

July 30, 2014 (LBT) - The county’s iconic green factory – the Hirdaramani Group’s Mihila Factory, recently re-certified itself as having completely offset it entire operational carbon footprint. Asia’s FIRST CarbonNeutral® Apparel Manufacturer, and the FIRST in Sri Lanka to continually maintain its CarbonNeutral® status over 3 years, the Mihila ... Read more

Business | Hits: 103 | Comments

Silver, Gold, Platinum for AIA Annual Report

July 30, 2014 (LBT) - The 2013 Annual Report of AIA Insurance won the highly coveted Platinum Award from League of American Communications Professionals (LACP) at the recently concluded 2013 Vision Awards. The organizers reported that this year’s competition drew the largest number of submissions ever representing more than 24 ... Read more

Business | Hits: 153 | Comments

New Chairman, Deputy at Commercial Bank

July 30, 2014 (LBT) - The Commercial Bank of Ceylon PLC has announced the appointment of Dharma Dheerasinghe and Preethi Jayawardena as Chairman and Deputy Chairman of the Bank, with effect from July 29, 2014. Dheerasinghe, formerly Deputy Chairman of the Bank, succeeds Dinesh Weerakkody on the latter’s retirement after two ... Read more

Announcements | Hits: 154 | Comments

CCC Sustainability Awards: Apps close Sep. 12

July 30, 2014 (LBT) - Both public quoted and privately owned corporate entities took part in the recent seminar organized by the Ceylon Chamber of Commerce to create awareness about its upcoming ‘Best Corporate Citizens Sustainability Award 2014’. The Awards event is scheduled for November and applications close on September ... Read more

Business | Hits: 164 | Comments

Kingslake empowering change in BFSI Sector

July 30, 2014 (LBT) - Kingslake together with Progress Software, presented world-class solutions that offer invaluable benefits to the Sri Lankan BFSI sector at the Progress Corticon Breakfast Roundtable Forum recently at the Hilton Colombo. With the main focus being on ‘Driving operational efficiency in a turbulent regulatory landscape,’ the ... Read more

Business | Hits: 113 | Comments

‘Mergers and acquisitions: The new way forward’

July 29, 2014 (LBT) - Mergers and acquisitions will be one of the main stimulants of growth in the insurance segment with the impending splitting of different insurance segments as per new capital regulations, says General Manager of General Insurance Shani Ranasinghe. “The insurance segment is facing shrinkage due to ... Read more

Business | Hits: 191 | Comments

Blue Mountain brings Sovrano 39 housing coplex

July 29, 2014 (LBT) - ‘Sovrano 39’, a dazzling, new condominium apartment complex offering luxury that is finally affordable, is the latest venture of Blue Mountain Properties (Pvt) Limited. This modern apartment complex, located in the strategic suburb of Nugegoda , comprises 39 elegantly designed condominium-style apartments, ranging from two ... Read more

Business | Hits: 161 | Comments

Indian CEO Forum plans free medical aid

July 29, 2014 (LBT) - The Indian CEO Forum (ICF), which completed one year of its formation on July 12, 2014, announced the roll out of its plan to bring free medical aid to all sectors of society through a health check camp specifically focusing on two major silent killers ... Read more

Business | Hits: 183 | Comments

SRI LANKA PLAST, RUBEXPO on Aug, 14-16

July 29, 2014 (LBT) - Enterprising Fairs India Private Limited, a B2B exhibition company from India, has associated with The Plastics and Rubber Institute of Sri Lanka (PRISL), to conduct their 2nd edition of SRILANKA PLAST - a Plastics Expo (www.srilankaplast.com) and the 1st Edition of RUBEXPO - a Rubber ... Read more

Business | Hits: 174 | Comments

Singer, exclusive distributor for Sony Mobiles

July 28, 2014 (LBT) - Singer Sri Lanka PLC., the country’s number one smartphone marketer, was appointed as the exclusive distributor for with Sony Mobile Communications (“Sony Mobile”), a subsidiary of Sony Corporation, at a gala ceremony held at The Kingsbury Colombo. The significant partnership took place under the patronage ... Read more

Business | Hits: 243 | Comments

CodeGen first movers to Trace Expert City Colombo

July 28, 2014 (LBT) - CodeGen International (Pvt.) Limited  an innovative IT company catering to the global travel tourism industry software solution market, ceremoniously opened its 30,000sqft modern office premises at the Trace Expert City Colombo. The launch was held under the patronage of Secretary to the Ministry of Defence ... Read more

Business | Hits: 201 | Comments

Worst water crisis in 14 years hits four districts

July 28, 2014 (LBT) - A number of districts are facing the worst water crisis in 14 years. According to the Irrigation Department, Ampara, Monaragala, Hambantota and Trincomalee are the worst hit. Although the Senanayaka Samudra in Inginiyagala, Ampara has a capacity of 770,000 acre feet it currently holds on 70,000 ... Read more

Economic | Hits: 191 | Comments

Solar powered parking metres installed in Colombo

July 28, 2014 (LBT) - Tenaga Car Parks (Pvt) Ltd, the pioneer in parking, traffic management and consultancy services in Sri Lanka, introduced Solar powered parking metres, by the name of CWT Compact, to the parking industry of Sri Lanka last week. The machines were launched and installed at Baron ... Read more

Business | Hits: 252 | Comments

Sangakkara, brand endorser for TVS King Lanka

July 28, 2014 (LBT) - The most technologically advanced, fuel efficient, safe, comfortable and spacious TVS KING is celebrating its 5th Anniversary and signed a brand endorser agreement in Kandy. TVS Lanka has ensured that their brands are trusted, safe and reliable. TVS Lanka is also the pioneer and the ... Read more

Business | Hits: 197 | Comments

Noritake opens new flagship store in Colombo

July 28, 2014 (LBT) - The first ever of its kind, Noritake’s state-of -the -art mega flagship store, was opened recently in one of Colombo's most exclusive shopping precincts at Dharmapala Mawatha Systematically brought together to create the ultimate expression of Noritake, the flagship store presents the brand's entire product ... Read more

Business | Hits: 178 | Comments

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'Stock Market buoyant – CSE and SEC target local and foreign investors'

July 19, 2014 (LBT) - As the Sri Lankan economy takes an upward turn, with economic growth being at 7.5 per cent over the past four years, macroeconomic indicators signal an ideal environment for investment, with bank interest rates at an all-time low, the investment atmosphere is idyllic for prudent and well informed investors. “It is important to understand the long term nature of capital market investment and the cyclical flow that it follows. If one looks at the indices right now, one is able to see the positive growth trajectory of the market. The ASPI has crossed the 6600 point mark and the S&P SL20 was recently at the highest since its launch, indicating that the stock market is now on an upward turn based on valuations and fundamentals,” says CSE’s Head of Market Development Niroshan Wijesundere. Taking into account this ideal investment environment, the Colombo Stock Exchange (CSE) along with the Securities and Exchange Commission (SEC) and other stake holders, have taken strident steps to develop the capital market, with a new strategic direction adopted since 2012. Under the CSE’s three year strategic plan and the SEC’s ten point plan, the CSE has embarked on a steady phase of ... Read more

Opinions | Hits: 502 | Comments

Agarwood Investment presents higher returns within just 8 years

July 05, 2014 (LBT) - Today in existence are several investments instruments that can be employed to secure future savings that can in turn provide prosperous returns. Utilizing various methodologies, the range of existing investment tools offered to prospective investors is innumerable. However, a main difference in the investment is the expected changes in the capital and the increase in profitability one can receive in terms of the original investment, for when savings are usually short- termed, the expectation for true realization of the interest potential is less. A mixed investment portfolio is beneficial and accrues many advantages to those who invest. The foremost advantage is when the investment is coupled with less uncertainty and through the investment, the highest returns received. Prospective investors looking at short term, medium term and longer term investments through the advice of their respective fund managers select the most appropriate basket of investment instruments and investment plans to suit their needs. Among the many investment schemes on offer today commercial forestry garners an investment of both medium and long-term returns. Moreover, investment through Agarwood provides 35% profitability, and is today especially praiseworthy as a medium term investment being promoted by Asian and Australian fund ... Read more

Opinions | Hits: 881 | Comments

Autogas on the rise as world’s preferred alternative fuel

June 23, 2014 (LBT) - Rapidly gaining popularity as cleanest and most environmentally friendly automotive fuel, Autogas is lmost 50% more cost effective than using a petrol vehicle Road travel remains an essential feature of the world’s transportation mix, and is of tremendous importance to the many commuters who use this mode of transport. Autogas is the most commonly used and widely accepted alternative to conventional oil-based transport fuels, petrol and diesel due to the impressive environmental benefits it offers and its practical and cost advantages. Autogas is the third most popular automotive fuel in the world, with approximately 23 million vehicles in use around the world and over 57,000 refuelling sites. Autogas is the most accessible alternative fuel and driving an Autogas vehicle is safe, easy and in several countries, almost 50% cheaper than driving a petrol vehicle. Autogas also has an octane rating that is between 90 and 110. The use of Autogas is extremely popular in several countries and regions around the world including the European Union, Turkey, Australia, South Korea, Hong Kong, India, Croatia, Lithuania, the Philippines, Macedonia and Serbia with several of these countries having well-developed Autogas markets. Turkey has the highest percentage of Autogas vehicles in the world. ... Read more

Opinions | Hits: 1650 | Comments

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Market gains follows festival day

Jul 30, 2014 (LBT) - Bourse closed in the positive territory mainly due to price gains in Ceylon Tobacco Company. Parcel trades were witnessed in Amana Bank, Pan Asia Banking Corporation and Royal Ceramics elevating the turnover to cross the Rs 970 Mn mark. Meanwhile, retail interest was evident Lucky Lanka and PCH Holdings. Foreigners were seen active with counters such as John Keells Holdings and Royal Ceramics witnessing buying. Banks, Finance & Insurance sector was the top contributor to the market turnover (due to Amana Bank, Commercial Bank and Ceylinco Insurance nonvoting) whilst the sector index closed flat. Amana Bank’s share price closed flat at Rs 5.70. The share price of Commercial Bank gained Rs 0.10 (0.07%) to close at Rs ... Read more

Movement | Business Editor | Hits: 106 | Comments

Mixed indices before midweek holiday

Jul 28, 2014 (LBT) - The indices closed on a mixed note with turnover remaining subdued due to low high net worth and institutional activity. Retail interest was witnessed in Free Lanka Capital Holdings and PCH Holdings while mixed interest was observed in Access Engineering. Foreigners closed as net buyers for the day due to buying in Access Engineering, National Development Bank and Laugfs Gas nonvoting. Banks, Finance & Insurance sector was the top contributor to the market turnover (due to National Development Bank) whilst the sector index lost 0.01%. National Development Bank closed at Rs 212.00 losing Rs 0.20 (0.09%) while the foreign holding of the counter increased by 95,796 shares. Diversified sector became the second highest contributor to the market turnover (due to ... Read more

Movement | Business Editor | Hits: 162 | Comments

Activity levels continue despite closing in red

Jul 24, 2014 (LBT) - Bourse continued to lose ground from yesterday owing to prices losses in index heavy counters Good Hope, Carson Cumberbatch and Lion Brewery. Crossings were witnessed in Commercial Bank and Hatton National Bank while further institutional and high net worth interest was evident in Chemanex, Access Engineering, Sampath Bank and Alumex. Meanwhile, mixed interest was seen in Lanka Century Investments with subdued retail activity. Foreigners remained active closing as net buyers for the day mainly due to buying in Softlogic Holdings and John Keells Holdings. Diversified sector was the top contributor to the market turnover (due to Softlogic Holdings and John Keells Holdings) whilst the sector index lost 0.26%. Softlogic Holdings closed flat at Rs 14.70 with the ... Read more

Movement | Business Editor | Hits: 238 | Comments

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Sports

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

Kandy Speed Night 2014

Jun 24, 2014 (LBT) - The streets of the hill capital of Sri Lanka will come alive  once  again  when  the  City’s  most  awaited  motorcar and  motorcycle  racing  event  flags ... 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

McDonald's halts nuggets sales in Hong Kong

July 27, 2014 (LBT) - Fast food chain McDonald's has suspended sale of chicken nuggets and some other products in Hong Kong. It said it had imported chicken and pork from ... Read more

UK economy back at pre-crisis level

July 27, 2014 (LBT) - The UK economy has returned to pre-crisis levels by expanding 0.8% in the second quarter of this year. On an annual basis gross domestic product (GDP) ... Read more

IMF lowers its global growth forecast for 2014

July 27, 2014 (LBT) - The International Monetary Fund (IMF) has lowered its forecast for global economic growth this year, from 3.7% to 3.4%. The reduction reflects a weak start to ... Read more