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SL Pavilion at World Expo: Over 14,000 visitors in first two weeks

May 25, 2015 (LBT) - Charge D’Affairs Italy, Poshita Perera with Commissioner General and SLT Chairman, Rohantha Athukorala at Expo 2015 Over 14,000 visitors were attracted to the Sri Lanka pavilion of the World Expo in Milan within two weeks. Hosted every five years from a different country in the world, ... Read more

Business | Hits: 1 | Comments

Workshop on Port Tariff & Port Services on May 29

May 25, 2015 (LBT) - The Shippers’ Academy Colombo has organised a training programme on the Sri Lanka Ports Authority’s latest & revised tariffs on port services. The port has many services providing to numerous stakeholders from ship to shore. They include: Navigation services Export/Import Cargo Handling Terminal Operations Container/Conventional  Cargo/Automobile Free Storage & Rent Value Added ... Read more

Business | Hits: 2 | Comments

Huawei launches three new mid-market models in Sri Lanka

May 25, 2015 (LBT) - Huawei, the number two smartphone brand in Sri Lanka, together with Singer Sri Lanka, the country’s number one brand and smartphone marketer and the exclusive national distributor for Huawei, unveiled three new latest Huawei Honor range smartphones at a launch ceremony held at Waters Edge ... Read more

Business | Hits: 55 | Comments

Kia redefines space with all-new Grand Carnival MPV launch

May 25, 2015 (LBT) - A new definition of space will soon be on Sri Lanka’s roads with the entry of the all-new Kia Grand Carnival Multi-purpose Vehicle (MPV) which was unveiled at a colourful outdoor event at the Independence Arcade recently. Designed to comfortably seat seven people with the use ... Read more

Business | Hits: 53 | Comments

Diva ‘Idame Vasanawa’ celebrates 5th consecutive year with novel campaign

May 24, 2015 (LBT) - Diva a brand of Hemas Manufacturing, which has transformed the lifestyles of its consumers, kicked off its exciting mega consumer promotion, Idame Vasanawa for the 5th consecutive year in Homagama, with a large group of people staging a mock protest demonstration demanding ‘a land.’ The ... Read more

Business | Hits: 95 | Comments

Blue Mountain gets global recognition at Asia Pacific Property Awards Summit

May 24, 2015 (LBT) - Leading real estate giant, the Blue Mountain Group, recently received global recognition and made history for Sri Lanka at the prestigious Asia Pacific Property Awards Summit (APPAS) which took place in Kuala Lumpur, Malaysia. Blue Mountain was awarded the highly coveted 5-Star Award in the ... Read more

Business | Hits: 102 | Comments

Record performance by DFCC Group for FY 2014/15 with Group PAT up by 38%

May 24, 2015 (LBT) - DFCC Group released its provisional results for FY 2014/15, which showed a record performance that was achieved amidst a challenging business environment, marked by intense competition and declining interest margins. Despite having to channel a substantial amount of time, effort and resources to merger activities, ... Read more

Business | Hits: 99 | Comments

CFW Designer Pod at ODEL showcases eleven Sri Lankan designers

May 23, 2015 (LBT) - Colombo Fashion Week (CFW) recently held CFW Designer Nights, an evening of fashion that provided Sri Lankan designers with the opportunity to showcase and retail their latest collections at the CFW Designer Pod at ODEL Alexandra Place, Colombo 7. “One of CFW’s key focus areas ... Read more

Business | Hits: 137 | Comments

Kashmi – Sri Lankan developed mobile payment platform to transform Singapore market

May 23, 2015 (LBT) - Singapore’s digital payment landscape is on the verge of a revolution with the launch of Kashmi (pronounced Cash-Me) – a mobile peer-to-peer payment platform developed by a team of Sri Lankans. The application enables users to transfer money on the spot and free of charge ... Read more

Business | Hits: 159 | Comments

Power Solutions South Asia Pvt. Ltd signs MOU with Grupel, Portugal for GenSets

May 23, 2015 (LBT) - Power Solution South Asia Pvt. Ltd and Grupel of Portugal recently signed a Memorandum of Understanding (MOU), where Grupel appointed Power Solutions South Asia Pvt. Ltd as the authorized dealer for their generator brand GRUPEL. This was signed in Portugal by Mr. Janaka Nandakumara, Managing ... Read more

Business | Hits: 87 | Comments

Clarks bringing comfort and class from London

May 23, 2015 (LBT) - Spanning a history of nearly 200 years, Clarks shoes have become synonymous with quality, comfort and class. Bringing the best of Britain and a very unique heritage in shoe design, Clarks has delighted consumers since inception, and very few the world over are unaware of ... Read more

Business | Hits: 95 | Comments to fulfill one dream at a time

May 22, 2015 (LBT) - For the first time, Sri Lankan's will have access to foreign funding through a secure, trusted and locally owned Crowdfunding Platform. This revolutionary website, aptly named, is built from the ground up by Sri Lankans specially keeping in mind local needs. Being a socially responsible ... Read more

Business | Hits: 144 | Comments

Outer Circular Highway Phase 3 to go ahead on reduced scope

May 22, 2015 (LBT) -The Minister of Highways and Investment Promotion, Kabir Hashim, has decided to go ahead with the Outer Circular Highway phase 3 with a reduced scope due to diplomatic, legal and time constraints. On 31st January 2013 the Mahinda Rajapaksa government gave approval to award the contract for ... Read more

Business | Hits: 169 | Comments

Colombo Fashion Week Designer Pod at ODEL showcases 11 designers

May 22, 2015 (LBT) - Colombo Fashion Week (CFW) provides an innovative retail platform for Sri Lankan designers with CFW Designer Nights, an opportunity for designers to engage with buyers, and showcase and sell their latest collections at the CFW Designer Pod on 22 May 2015 at ODEL Alexandra Place, ... Read more

Business | Hits: 123 | Comments

Commercial Credit’s Rs. 1 Billion debenture issue oversubscribed

May 22, 2015 (LBT) - Commercial Credit and Finance PLC’s issue of 10 million rated, subordinated, guaranteed, redeemable five-year debentures at a par value of LKR 100/- each has been oversubscribed on opening day. Interest on the debentures will be paid at a fixed rate of 10.50% per annum (AER 10.92%) ... Read more

Business | Hits: 119 | Comments

Asian Alliance Insurance PLC posts Rs. 250 Million profit in first quarter

May 22, 2015 (LBT) - Reinforcing its status as one of the country’s fastest growing insurers, Asian Alliance Insurance PLC achieved a Gross Written Premium (GWP) of Rs. 867 million for Life, a 21% increase compared with the previous year, whilst consolidated Group premiums that included General Insurance were recorded ... Read more

Business | Hits: 137 | Comments

Keells Food Products consolidated PBT Rs. 331 million for 2014/15

May 22, 2015 (LBT) - The consolidated profit before tax (PBT) of the Keells Food Products PLC for the financial year 2014/15 was Rs. 331 million compared to a loss of Rs. 12 million in the previous financial year. On a recurring basis, the PBT of Rs. 331 million is ... Read more

Business | Hits: 85 | Comments

Promo Lanka & EuroKitchens to debut hospitality solutions lounge at Hotel Show 2015

May 21, 2015 (LBT) - Promo Lanka Marketing (PLM) and EuroKitchens Trading & Contracting (EKTC), the purveyors of a range of cutting edge solutions including the very best in products, services and resources for the hospitality industry, has once again taken on the role of Gold Sponsor for the Hotel ... Read more

Business | Hits: 74 | Comments

Huawei revolutionize Sri Lankan mid-range Smartphone market

Huawei's local sensation Honor extends model range by introducing G Play, 4X and 6 Plus Smartphone trio for the discerningly bold May 21, 2015 (LBT) - Huawei, the number two smartphone brand in Sri Lanka, together with Singer Sri Lanka, the country’s number one brand and smartphone marketer and the exclusive ... Read more

Business | Hits: 62 | Comments

DFCC Vardhana Bank: Impressive financial performance for Q1 2015

May 21, 2015 (LBT) - DFCC Vardhana Bank PLC (DVB) recorded an impressive profit after tax of Rs.336.30 million for the first quarter of the financial year of 2015,a 506.46% increase over the same period of the previous year. The bank’s net interest income was recorded at Rs. 977 million, ... Read more

Business | Hits: 164 | Comments

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Sri Lanka: Former CB Governor Ajith Nivard Cabraal says he is happy to clarify allegations against him and response PM Ranil at a Public Television Debate

May 24, 2015 (LBT) - We at Editorial board decided to this article for the interest of over 20 million populace in Sri Lanka and over 10 million readers across the globe who reach Lanka Business Today on a daily basis. (Additional Reporting by JA) Statement issued by Ajith Nivard Cabraal on 23rd May 2015 My attention is drawn to several recent accusations and innuendo by certain persons, including the Prime Minister, alleging various wrong-doings and misdemeanors on my part, during the period I served as the Governor of the Central Bank. I believe the main reason for such outrageous, unsubstantiated and reckless statements is that those who are making such statements are desperately attempting to shift the country’s attention away from the current burning issue of the Treasury Bond scam which is now causing losses to the economy and the country in epic proportions. At the outset, I wish to a state that I have held the office of the Governor of the Central Bank for a period of around 3100 days, and during that period, Sri Lanka’s GDP which was just over USD 24 billion in 2005, had been carefully nurtured to grow to a robust USD 75 billion by ... Read more

Opinions | Hits: 132 | Comments

Central Bank - Reserve Bank of India SWAP Arrangement: Indian support in time of need

May 22, 2015 (LBT) -The RBI has stepped in to provide timely support to Sri Lanka when its external finances were deteriorating and the currency was under pressure. The $400 million, drawn upon by the CBSL under the SWAP arrangement with the RBI, was one of the outcomes of Prime Minister Modi’s visit to Sri Lanka. There is a further $1.1 billion which can be utilized. These arrangements are providing much-needed insurance against depleting external reserves and a boost to the creditworthiness of the country. However, it is important to realise that the support provided by the SWAP arrangement with the RBI only serves to buy time. It does not address the underlying causes of the elevated risks associated with the country’s external position. SWAP arrangements among Central Banks are found in many parts of the world. They provide insurance against reserve depletion stemming from ‘shocks’. For instance, the Central Banks of several East and South East Asian countries established the Chiang Mai Initiative after the Asian Financial Crisis. It is a multilateralized currency swap arrangement among the 10 members of ASEAN, China (including Hong Kong), Japan and South Korea. It was initiated as a series of bilateral agreements in 2000 and ... Read more

Opinions | Hits: 135 | Comments

The Calamander Group states new boutique hotel calling itself ‘Calamander Bay’ in Trincomalee is nothing to do with the Group

May 19, 2015 (LBT) - Following the opening and marketing of a new boutique hotel in Trincomalee calling itself ‘Calamander Bay’, The Calamander Group has clarified that this new hotel and its owners have nothing to do with the Group.  A spokesman for Calamander stated: “The Calamander Group has no association of any sort with the boutique resort calling itself Calamander Bay”. Singapore based Calamander Group is a prominent major investor in Sri Lanka in the hospitality, food and beverage, and real estate sectors.  In hotels, it owns and operates two properties under the Calamander brand name - Calamander Unawatuna Beach (the rebuilt former UBR), and Calamander Lake Gregory in Nuwara Eliya.  The Group is not present on the East Coast and has no current plans to be so.  The Group, on behalf of its hotels, will be serving notice to its travel agencies, trade, and other distribution agents, which number over 300 and this will clarify the facts to ensure there is no confusion. The Calamander Group, established in 2006 and patented owner of the ‘Calamander’ brand name, announced that it would be taking legal action against all parties concerned trading under the name 'Calamander Bay'.  The Group’s spokesmen added ... Read more

Expert Advice | Hits: 207 | Comments


Mixed Indices

May 22, 2015 (LBT) - ASPI closed in green whilst S&P SL20 closed in red with turnover crossing Rs 905 Mn. High net worth and institutional investor participation was witnessed in Nestle Lanka. Mixed interest was observed in Seylan Bank – nonvoting and Dialog Axiata whilst retail interest was noted in Alufab and Alumex. Meanwhile, foreigners remained active closing as net sellers mainly due to foreign selling in Dialog Axiata. During the week, the ASPI and S&P SL20 gained 0.41% and 0.44% respectively. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Seylan Bank - nonvoting) whilst the sector index lost 0.09%. The share price of Seylan Bank - nonvoting increased by Rs 0.30 (0.39%) to close at Rs 77.50. Manufacturing sector ... Read more

Movement | Business Editor | Hits: 58 | Comments

Indices in Red

May 21, 2015 (LBT) - The price losses in counters such as Carson Cumberbatch, Nestle Lanka and Good Hope resulted in indices closing in red whilst turnover crossed Rs 1.6 Bn. High net worth and institutional investor participation was witnessed in Sampath Bank, Seylan Bank, DFCC Bank and John Keells Holdings. Mixed interest was observed in Seylan Bank - nonvoting whilst retail interest was noted in Regnis (Lanka), Panasian Power and Sinhaputhra Finance. Meanwhile, foreigners remained active closing as net sellers mainly due to foreign selling in DFCC Bank. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Sampath Bank, Seylan Bank, Seylan Bank - nonvoting and DFCC Bank) whilst the sector index gained 0.62%. The share price ... Read more

Movement | Business Editor | Hits: 35 | Comments

Positive Indices

May 20, 2015 (LBT) - Indices closed in green as a result of price gains in counters such as John Keells Holdings, Carson Cumberbatch and LB Finance whilst turnover crossed Rs 2.1 Bn. High net worth and institutional investor participation was witnessed in Commercial Credit & Finance, Commercial Bank, National Development Bank and Ceylinco Insurance - nonvoting. Mixed interest was observed in Hatton National Bank and Seylan Bank - nonvoting whilst retail interest was noted in Sanasa Development Bank and Panasian Power. Meanwhile, foreigners remained active closing as net sellers mainly due to foreign selling in National Development Bank. Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Commercial Credit & Finance, Ceylinco Insurance - nonvoting, Commercial ... Read more

Movement | Business Editor | Hits: 34 | Comments

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