Thursday, 24th July 2014

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Business news

Although Sri Lanka’s decision to guarantee pawning (gold-backed) loans could be a blessing for the country’s troubled banks, the reprieve is unlikely to last too long, according to a report published by Standard & Poor’s Ratings Services last week. Standard & Poor’s credit analyst Deepali Seth-Chhabria says the credit guarantee for pawning loans will provide only brief respite to Sri…
Full Article Sunday, 20 July 2014 00:00
Microsoft has announced its biggest job cut ever, reducing the size of its overall workforce by up to 18,000 jobs by 2015.Of the total layoffs, about 12,500 Nokia Devices and Services employees would be given pink slips. These employees would comprise  both professional and factory workers.
Full Article Sunday, 20 July 2014 00:00
The Malaysian government will have to rebrand its national carrier following the loss of a second plane in four months, branding experts predict.After entering 2014 having not lost a plane since 1977, the two recent tragedies for Malaysia Airlines mean the brand is likely to become synonymous with airborne misfortune, according to Justin Cooper at The Brand Factory.
Full Article Sunday, 20 July 2014 00:00
BMW 3-Series models produced from May 1999 to August 2006 should be brought in to fix bag-inflation devices, the Munich-based company said today in a statement. The project is in addition to a 240,000-car recall for the flaw in vehicles built in 2001 through 2003 that was announced in mid-2013. Autos already brought in under that program don’t need to…
Full Article Sunday, 20 July 2014 00:00
Developing Asia remains on track toward steady growth in 2014 despite slower-than-expected growth in the United States (US) in the first quarter, says a new Asian Development Bank (ADB) report.The Asian Development Outlook (ADO) Supplement, released on Friday, maintains ADB’s April forecast of 6.2% growth in 2014 and 6.4% in 2015 for the region’s 45 developing economies.
Full Article Sunday, 20 July 2014 00:00
Ante LECO Metering Company (Pvt) Ltd, a joint venture between the Lanka Electric Company (LECO) and the Ante Meter Company of China have started manufacturing energy meters with the first batch of production completing in June, the company announced last week. The new digital meters will provide Sri Lanka’s electricity consumers an array of enhanced user-facilities such as remote metering,...
Full Article Sunday, 20 July 2014 00:00
The 5th annual congress of the National Advisor Forum of Life Insurance Advisors (NAFLIA) held on July 8 at the Eagles’ Lakeside in Attidiya. NAFLIA is the marketing arm of Insurance Association of Sri Lanka. The objective of the NAFLIA Congress is to develop and recognize the professionalism of the Life Insurance Advisors in the country. Accordingly, the theme...
Full Article Sunday, 20 July 2014 00:00
MV Eurydice D the mega bulk carrier called at Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota on July 14, 2014 for bunkering. So far this is the longest vessel that called the port. The LOA of the vessel is 289.98 meters. The vessel from Krishnapatnam Port, in India called for bunkering and loaded 1400MT of 380CST marine fuel at…
Full Article Sunday, 20 July 2014 00:00
On July 13, 2014 the majestic Arcade Independence Square was formally declared open by President Mahinda Rajapaksa amongst a galaxy of dignitaries, which included Defense Secretary Gotabhaya Rajapaksa, state ministers and parliamentarians.The Arcade Independence Square is the most recent of a series of amazing restorations of colonial architecture and heritage sites undertaken by the UDA in a massive development drive…
Full Article Sunday, 20 July 2014 00:00
Colombo stock market wrapped the weekly operations in opposite directions where main bourse witnessed marginal returns with turnover crossing LKR 1bn mark. ASI index gained 0.33 index points to close at 6,722.20 while S&P SL20 index declined 8.49 index points or 0.23% to end at 3,738.98. Gains were recorded in index heavy stocks such as Sri Lanka Telecom...
Full Article Sunday, 20 July 2014 00:00
For the first time, Sri Lanka’s apex exports body EDB has entered WTO/UNCTAD/ITCs benchmark of global export agencies that too, among the top ten in its very first effort. “EDB has done quite well in International Trade Centre’s 2012 Lanka EDB benchmarking test. EDB has come to sixth spot among 30 national trade promotion organizations across the world...
Full Article Sunday, 20 July 2014 00:00
Local pharmaceutical firm, Interpharm (Pvt) Ltd, has revolutionized the industry by commissioning the first and only modern state-of-the-art cephalosporin antibiotics manufacturing plant in Sri Lanka. The unit situated at Madapatha, Piliyandala was declared open by Chairman-cum-Managing Director of Interpharm Kalana Hewamallika recently.
Full Article Sunday, 20 July 2014 00:00
Asia Asset Finance - The Board of Asia Asset Finance PLC (AAF) in compliance with the Financial Sector Consolidation Plan - 2014 of the Central Bank of Sri Lanka (CBSL) applicable for the Finance Companies, resolved on July 17, 2014 to increase their Core Capital to Rs.1 billion by increasing the Stated Capital of the Company by a sum of…
Full Article Sunday, 20 July 2014 00:00
DFCC Bank bagged the Toastmasters most prestigious Golden Gavel Plus Award at The Toastmasters International Convention held in Goa, India recently.This award is given in recognition of a club’s outstanding achievements in communication and leadership, having fulfilled stipulated goals set by Toastmasters International. Accordingly, amongst other criteria DFCC...
Full Article Sunday, 20 July 2014 00:00
A school in Nikaweratiya in the Kurunegala District is the latest recipient of a fully-equipped IT Laboratory from the CSR Trust of Commercial Bank of Ceylon, under the Bank’s nationally-scaled IT education program The 140th IT Lab donated by the Bank to date, the new IT Lab was formally declared open by Commercial Bank Managing Director and CEO Ravi Dias...
Full Article Sunday, 20 July 2014 00:00
Mihin Lanka, Sri Lanka’s national low-cost carrier recently shifted its cargo operation to a newly refurbished office managed by its cargo network partner, Fits Air in Sri Lanka. The new office building is located at No. 6, 2nd Floor, Joseph Lane, Colombo 4 and the opening ceremony was attended by the senior management and staff of Mihin...
Full Article Sunday, 20 July 2014 00:00
MANILA, PHILIPPINES – Developing Asia remains on track toward steady growth in 2014 despite slower-than-expected growth in the United States (US) in the first quarter, says a new Asian Development Bank (ADB) report.
Full Article Friday, 18 July 2014 18:16
As the FIFA World Cup in Brazil came to a close in Rio De Janeiro, the spotlight shifted to another Brazilian city, Fortaleza, this week as leaders of five nations gathered to make a new breakthrough in global economic governance. Two and a half decades since a Goldman Sachs investment banker coined the first acronym for an emerging markets basket…
Full Article Friday, 18 July 2014 17:33
Sri Lanka has witnessed a brisk growth in export revenue in the field of Information Technology and Business Process Management (IT/BPM) with revenue for 2013 estimated to have increased to US$ 720 million from US$ 605 million in 2012 and projected to rise to US $850 million by end this year. According to a recent industry report by the Sri…
Full Article Sunday, 13 July 2014 00:00
The Commercial Bank of Ceylon PLC on Friday announced it entered into an agreement with the Central Bank of Sri Lanka to participate in the new credit guarantee scheme for pawning advances, introduced by the latter in June 2014.  The new credit guarantee scheme enables licensed commercial banks and licensed specialised banks engaged in pawning activities to provide an enhanced…
Full Article Sunday, 13 July 2014 00:00

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