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Dockyard delivers biggest vessel built in Sri Lanka

Oct. 30, 2014 (LBT) - MV Corals, the biggest vessel built in Sri Lanka, was ceremonially handed over by Colombo Dockyard PLC to Union Territories of Lakshadweep Administration on Tuesday, October 2014 at the auspicious time 0952 am. The wwner was represented by Rajivanjan Singh IPS Director (Ports, Shipping & ... Read more

Business | Hits: 266 | Comments

Barracuda Networks Inc. IT solutions in Sri Lanka

Oct. 30, 2014 (LBT) - Barracuda Networks, Inc., the world’s leading IT solutions provider kicked off its presence in Sri Lanka with the launch of a range of industry-leading solutions designed to solve mainstream IT problems – efficiently and cost effectively – while maintaining a level of customer support and ... Read more

Business | Hits: 290 | Comments

Orient Finance web portal for vehicle traders, buyers

Oct. 30, 2014 (LBT) - Orient Finance (OF) launched a web portal as an extension of its vehicle trade-in option creating a virtual market place for vehicle sellers and buyers. The website was launched by Mahinda Sarathchandra, President of the Vehicle Importers Association of Sri Lanka. Suresh Amerasekera, CEO of Orient ... Read more

Business | Hits: 338 | Comments

CDB bags Bronze at SLIM Brand Excellence Awards

Oct. 30, 2014 (LBT) - Citizens Development Business Finance PLC (CDB) outperformed several high profile service brands, winning a coveted Bronze Award at the recently held SLIM Brand Excellence Awards 2014 at the BMICH. CDB excelled in the fiercely contested “Service Brand of the Year” category, which recognizes the most ... Read more

Business | Hits: 328 | Comments

Silmy Ahamed appointed CEO of KBSL Info Tec

Oct. 30, 2014 (LBT) - The Board members of KBSL Information Technologies has announced the appointment of Silmy Ahamed as Chief Executive Officer (CEO) of KBSL Information Technologies with effect from October 1, 2014. Silmy was Chief Operating Officer (COO) leading up to this appointment. In this role, he established ... Read more

Business | Hits: 339 | Comments

Sunquick wins SLIM Brand Excellence Award

Oct. 30, 2014 (LBT) - Sri Lanka’s fruit juice category market leader, Sunquick's success story in Sri Lanka has been recognized and awarded the prestigious SLIM Brand Excellence Award  2014 in the category of  International Brand of the Year. Expressing his satisfaction of the brand's performance, C. W. Mackie PLC ... Read more

Business | Hits: 310 | Comments

Watawala Plantations PAT Rs. 262m for 1HFY15

Oct. 29, 2014 (LBT) - Watawala Plantations PLC reported revenues of Rs. 3.7 billion for the six months ended 30 Sep 2014 (1HFY15), up 27.9% YoY. Net profit or PAT for 1HFY15 amounted to Rs. 262 million, against LKR99m in the same period last year. WATA was able to post ... Read more

Business | Hits: 522 | Comments

‘Bio-Oil’ introduced to SL consumers by Hemas

Oct. 29, 2014 (LBT) - Hemas Pharmaceuticals, the premier importer and distributor of internationally reputed healthcare brands in Sri Lanka introduces a specialist skincare product ‘Bio-Oil’ in Sri Lanka and Maldives. The premium skincare oil, Bio-Oil is approved by Cosmetics, Devices & Drugs Regulatory Authority of Sri Lanka. Bio-Oil improves ... Read more

Business | Hits: 536 | Comments

SLMBC trade, investment mission to Malaysia

Oct. 29, 2014 (LBT) - The Sri Lanka- Malaysia Business Council (SLMBC) of the Ceylon Chamber of Commerce successfully concluded a business mission to Malaysia from 14th – 17th October, 2014. The mission was organized to coincide with the IGEM 2014 exhibition on Green Technology followed by One-to-One Business Meetings which ... Read more

Business | Hits: 658 | Comments

‘Collaboration, a must in Healthcare Delivery’

Oct. 29, 2014 (LBT) - Eminent clinicians and members of the Sri Lankan Orthopedic Association came together recently for their Annual Conference to discuss critical issues relating to Orthopedics and trauma and to raise the benchmark on the quality of healthcare services in Sri Lanka. Dr K. Sridhar, Senior Neurosurgeon, ... Read more

Business | Hits: 394 | Comments

Foundation laid for Rs.30m. JAT CSR venture

Oct. 29, 2014 (LBT) - In an attempt to further reduce maternal deaths in Sri Lanka, the foundation laying ceremony for the estimated Rs. 30 million state-of-the-art JAT Training and Simulation Centre was held on October 27.The JAT Training and Simulation Centre will be set up under the auspices of ... Read more

Business | Hits: 355 | Comments

Gulf Holdings eyes ready projects, Stock Market

Oct. 28, 2014 (LBT) - The second largest sovereign investment giant in the Gulf region has announced that it is scouting Sri Lanka for implementation ready projects - and more importantly, the world’s richest country is vying for Sri Lanka’s surging Stock Market. “In Sri Lanka, we do not want ... Read more

Business | Hits: 492 | Comments

Top Lankan IT, BPO CEOs to process Jaffna IT Week

Oct. 28, 2014 (LBT) - No less than 26 top CEOs from the Lankan Information Technology and Business Process Management (IT & BPM) sector will gather for the first time at the large scale effort to yoke the northern Sri Lanka to national IT grid, as revealed on December 24 ... Read more

Business | Hits: 509 | Comments

Pensions Dept-Sampath Digital IDs for pensioners

Oct. 28, 2014 (LBT) - In keeping with the government’s ICT policy, the Department of Pensions has launched a Digital Identity Card for pensioners in partnership with Sampath Bank, a pioneer in technological innovations and one of the key stakeholders in the banking industry that uses state of the art ... Read more

Business | Hits: 432 | Comments

DPMC provides livelihood to thousands of families

Oct. 28, 2014 (LBT) - In Ranna, 28 km from the Hambantota port and 200 km from Colombo, forklifts move cocoon like units, to a 50 metre automated assembly line. Blue clad workers strip packing and begin the assembly of the most convenient and affordable family conveyance that beats city ... Read more

Business | Hits: 432 | Comments

Grab opportunity, Russian envoy urges exporters

Oct. 28, 2014 (LBT) - Russia is in the process of restructuring its supplier lists and thereby Sri Lankan exporters will have an opportunity to export fruits, vegetables and seafood items to the Russian market, said the Russian Ambassador Alexander Karchava. Delivering the keynote speech at the annual general meeting of ... Read more

Business | Hits: 267 | Comments

JKOA wins top honours at Toshiba annual meeting

Oct. 28, 2014 (LBT) - John Keells Office Automation (JKOA), the leader in office automation solutions, won top honours once again at Toshiba’s Annual Distributor Meeting 2014 in Kuala Lumpur, Malaysia, when it bagged the coveted ‘Diamond’ award.  The company, which has received performance prizes for the past fifteen years ... Read more

Business | Hits: 320 | Comments

Huawei excels at SLIM Brand Excellence

Oct. 28, 2014 (LBT) - Huawei won the bronze award in the International Brand of the Year category, at the recently concluded SLIM Brand Excellence gala awards ceremony held at BMICH Colombo. Themed "Contender or Champ?" the awards ceremony recognized best brands in Sri Lanka and rewarded brand custodians with ... Read more

Business | Hits: 388 | Comments

Coffee Bean, Tea Leaf USD 5 million commitment in SL

Oct. 28, 2014 (LBT) - The Coffee Bean and Tea Leaf reopened the top floor lounge at their flagship Maitland Crescent store in Cinnamon Gardens on Sunday after a six month refurbishment. The flagship store will lead 8 new and refurbished existing stores to be opened by March next year, ... Read more

Business | Hits: 163 | Comments

Lanka Hospitals awarded JCI Accreditation

Oct. 28, 2014 (LBT) - Lanka Hospitals has announced that it has received the highly prestigious JCI accreditation and its gold seal of approval after a rigorous onsite evaluation by an international surveyor team of most experienced and skilled healthcare experts, elevating the hospital to an exclusive group of healthcare ... Read more

Business | Hits: 218 | Comments

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"Truecaller blocks and identifies over 7 million unwanted calls per day, globally" - Kari Krishnamurthy

Oct. 28, 2014 (LBT) - Truecaller, the mobile app that helps you take the right call announced its foray in Sri Lanka, recently as a strategic entrance to one of its key emerging markets. In a recent media release the company announced that is had identified Sri Lanka as an opportunity for the application to further extend this service to millions of users across Sri Lanka. With that in the limelight, below are excerpts of an interview conducted with Kari Krishnamurthy, Vice President of Growth and Partnerships of Truecaller Asia, Middle East and Africa. Q: What is the concept behind Truecaller? Truecaller is a mobile app that helps users take the right call and reach people through the world’s most comprehensive global phone directory. Truecaller is meant to make the mobile environment more secure, because if you think about it, if someone you don’t know is calling you on your phone, that person has received your phone number from somewhere, and you have the right to know who that person is. There are three defining features of Truecaller. These are, Search, Caller ID and Spam Blocker. Truecaller helps users easily search for any number in the world whether if it’s a landline, ... Read more

Expert Advice | Hits: 455 | Comments

Risky business of price controls and guaranteed prices

Oct. 26, 2014 (LBT) - The anticipated national elections have spawned a spate of misguided and unaffordable claims and counter claims. There have been calls for price controls for ‘essential commodities’ and a higher guaranteed price for paddy farmers as well as the introduction of a guaranteed price for fish. When considering such requests, it is important to learn from the mistakes of the past. Repeating policies, which have undermined the development of the country and ultimately imposed additional burdens on the people, would not serve anyone’s interest, particularly those who need ‘relief’ the most. In this connection, it would be useful to examine why price controls and subsidizing ‘essential commodities’ was a failed policy in the past. There is also merit in considering what the best instrument is for providing relief and how it can be targeted to those most in need. Finally, one needs to understand how best to treat the causes rather than the symptoms of the ‘cost of living problem’ which are triggering the pressure for these distortionary policies. Failed Policies For thirty years from the dawn of independence, there was a food ration scheme which covered some ‘essential items’, including free rice. This was then converted into ... Read more

Opinions | Hits: 427 | Comments

Grave situation faced by Plantation Industry highlighted

Oct. 18, 2014 (LBT) - The grave situation the Plantation Industry is facing was brought to the notice of Basil Rajapaksa, Minister of Economics Developments at the 78th Annual General Meeting of the Ceylon Planters’ Society held at Waters Edge on September 27, 2014. The Chief Guest was Gamini Lokuge, Minister of Labour and labour relations and also gracing the occation as the guest of honour was Neil Bogahalanda, the newly appointed Chairman of Sri Lanka State Plantations Corporation and Elkaduwa Plantations Ltd. Suresh Nawaratnam, President of the Ceylon Planters’ Society presented the review or the Annual Report on the activities of the Society’s work citing its accomplishments, the new problems, the solutions and plans for the future. The President placed before Minister Basil Rajapaksa the grave situation the Plantation Industry is facing and said that some of the grievances are significant and serious. He said the Plantation Industry as reported last year did have to face numerous problems and even at present faces many problems. Some of the major issues he mentioned are: • The felling and selling of state owned trees in the Sate Governed plantation sector. • Issues related to Chilaw Plantations Ltd. • The depleted condition in some of the company ... Read more

Opinions | Hits: 951 | Comments

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Indices closed with gains

Oct. 30, 2014 (LBT) - The Indices closed in green mainly due to price gains in John Keels Holdings, Commercial Bank and Ceylinco Insurance while turnover crossed Rs 2.2 Bn mark. High net worth and institutional interest was witnessed in People’s Leasing & Finance, Dialog Axiata, John Keels Holdings, Hemas Holdings, Overseas Realty and Hatton National Bank. Retail interest was seen in Softlogic Capital, Browns Investments and Panasian Power. Furthermore, mixed interest was seen in People’s Leasing & Finance and Vallibel Power Erathna. Foreigners remained active closing as net buyers mainly due to foreign buying in John Keells Holdings. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings and Hemas Holdings) whilst the sector index gained 0.83%. The ... Read more

Movement | Business Editor | Hits: 167 | Comments

Indices closed in green after budget

Oct. 27, 2014 (LBT) - The indices closed in green mainly due to the positive contribution from counters such as John Keells Holdings, Dialog Axiata and Ceylon Cold Stores. High net worth and institutional interest was witnessed in Nestle Lanka, Seylan Bank nonvoting, and Overseas Realty. Retail interest was seen in Watawala Plantations while mixed interest was observed in Sunshine Holdings, Lank IOC, Valibel Power Erathna and Ceylon Cold Stores. Foreigners remained active closing as net sellers marginally. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Commercial Bank and Seylan Bank nonvoting) whilst the sector index gained 0.27%. The share price of Commercial Bank increased by Rs 1.10 (0.69%) to close at Rs 160.00 and ... Read more

Movement | Business Editor | Hits: 247 | Comments

Foreign buying boosts the turnover

Oct. 21, 2014 (LBT) - The indices closed in red due to the negative contribution from the Banking Finance and Insurance Sector. Retail interest was seen in Laxapana Batteries and Madulsima Plantations while mixed interest was observed in Access Engineering, Dipped Products and Housing Development Finance Corporation Bank. Foreigners remained active with foreign buying accounting for 49% of the turnover closing as net buyers. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index moved down by 0.58%. The share price of John Keells Holdings decreased Rs 0.20 (0.08%) to close at Rs 247.00 while the foreign holdings increased by 513,676 shares. Banks, Finance and Insurance sector was the second highest contributor to the ... Read more

Movement | Business Editor | Hits: 297 | 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

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

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

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World News

Twitter increases users and sales but shares slide

Oct. 28, 2014 (LBT) - Twitter has reported a doubling in sales and a 23% increase in the number of active users of its micro-blogging site for the third quarter. The ... Read more

Huawei smartphone shipments up 26% in Q3 to 16.8 Mn

Oct. 28, 2014 (LBT) - Huawei announced its Consumer Business Group (BG) financial results for Q3 2014. In this quarter, the Consumer BG shipped a total of 32.03 million devices, ... Read more

Twenty-four European banks fail EBA stress test

Oct. 27, 2014 (LBT) - Twenty-four European banks have failed stress tests of their finances, the European Banking Authority (EBA) has announced. The banks now have nine months to shore up ... Read more