Friday, 25th July 2014

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Business

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 Lanka’s...

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 be repaired, BMW said.

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

As the Sri Lankan economy takes an upward turn, with economic growth being at 7.5 percent 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.
Within this context it is important to understand the...

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 MRMRP.

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 to beautify...

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 Rs.447.5 million,...

Full Article Sunday, 20 July 2014 00:00

Following the immense success and popularity of CODEFEST in 2012 and 2013, the Faculty of Computing of SLIIT will conduct CODEFEST 2014 for the third consecutive year. CODEFEST is a nationwide software competition aimed at harnessing and promoting software application design among school and university level students. For this popular event, the Information & Communication...

Full Article Sunday, 20 July 2014 00:00

Singer (Sri Lanka) PLC has added yet another outstanding convenience to its value added customer services. Singer recently formed a new partnership with the Lanka Electricity Company (Pvt) Ltd. (LECO) in conjunction with Singer Express Pay, the bill payment facility provided by Singer. The advantage of the partnership between Singer and LECO is that LECO customers are now able to settle their bills through Singer’s islandwide retail network.

Full Article Sunday, 20 July 2014 00:00

As Colombo’s party scene gets ready to rock all day and night at the Sunsilk 24-hour party, the first ever one of its kind, guests at the year’s hottest party will be in for a rare treat as international sensation DJ Nuthiya, rocks the floor with the electrifying party vibe she is famed for.

Full Article Sunday, 20 July 2014 00:00

The National Mobile Service Provider, Mobitel partnered with Samsung to provide customers a special opportunity to experience the Samsung Galaxy Tab S, which was introduced for the first time in Sri Lanka. A host of Samsung Galaxy fans witnessed a preview of the Samsung Galaxy Tab S at the Mobitel Flagship Store at Ramanayake Mawatha, Colombo 02 on July 10, 2014.

Full Article Sunday, 20 July 2014 00:00

Mihin Lanka, Sri Lanka’s national low-cost carrier recently hosted an Ifthar event at the Wekanda Jummah Mosque in Colombo 02. The Ifthar provided a meal for 600 Muslims who came to break fast at the mosque after their evening prayers. The event was created by Mihin Lanka for its travel agents and regular devotees of the mosque.

Full Article Sunday, 20 July 2014 00:00

Ceylon Biscuits Limited (CBL), Sri Lanka’s prominent local food and confectionery conglomerates in Sri Lanka recently concluded their 2013/14 Annual Distributor Convention and Sales Star Awards Ceremony at the Eagle Lakeside Banquet and Conference Hall.The objective of this annual event was to evaluate and appreciate the contribution of the Company’s...

Full Article Sunday, 20 July 2014 00:00

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