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Hemas’ Marketing Manager wins Brand Leadership Award

25 Nov 2014

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Marketing professional Fiona Juriansz Munasinghe of Hemas Manufacturing Pvt Ltd has been awarded the “Brand Leadership Award” by the Chief Marketing Officer (CMO) Council.This accolade was presented at the 2014 Global Marketing Excellence Awards of the World Marketing Congress at Taj Land’s End, Mumbai recently. Fiona Munasinghe was the only Sri Lankan to win an award in this category at this awards ceremony.

Lanka Rating Agency upgrades Vallibel Finance to BBB-/P3; outlook stable

25 Nov 2014

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Lanka Rating Agency (LRA) has upgraded Vallibel Finance PLC’s (Vallibel) long-and short-term financial institution ratings from BB+ and NP to BBB-and P3, respectively.Concurrently, its issue rating of Rs.500 million unsecured subordinated redeemable debentures (2014/2019) is upgraded to BB+ from BB. Meanwhile, both long-term rating outlooks are reaffirmed at stable.

Sampath Bank opens newest ATM at PIM

25 Nov 2014

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The newest ATM of Sampath Bank was ceremonially opened at the Postgraduate Institute of Management, No: 28, Lesley Ranagala Mawatha, Colombo 8 by Sampath Bank Assistant General Manager Sanjaya Gunawardene and PIM Acting Director Dr. Ajantha Dharmasiri, recently.

Union Assurance maintains growth momentum

25 Nov 2014

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Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, maintained a steady growth momentum in gross written premium (GWP) and profits as at the end of the third quarter of 2014.

Harry J’s son appointed to Distilleries board

25 Nov 2014

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Don Hasitha Stassen Jayawardena, bearing the same initials of his father business tycoon Harry Jayawardena, with the trademark Stassen name, has been appointed to the director board of Distilleries Company Sri Lanka PLC (DCSL) in the capacity of a Non-Executive Director with effect from November 21, 2014.

Stockbrokers Say No Reason To Panic

25 Nov 2014

1

The political games taking place in the country seem to have created a sense of panic in the minds of some investors in the Colombo Stock Exchange, which should not be the case, according to top brokers, who seem to be largely unconcerned about the proceedings.“Various unconfirmed crossover stories have scared off retail investors but we still see a foreign inflow into the fundamentally strong stocks. We expect the market to rebound soon

Amãna Bank records monthly profits with 85% growth in Net Financing Income

25 Nov 2014

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According to the quarterly financial statements released recently to the Colombo Stock Exchange, the Bank’s top line performance has also showcased an impressive growth for the first 9 months of 2014. The Bank has achieved a Financing Income of Rs 1,798 million showcasing a growth of 43% from the corresponding period of last year, whilst Net Financing Income has recorded a growth of 85% to reach Rs 900 million.  The Bank achieved a

Video: Why not take action on the files: JVP

24 Nov 2014

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Janatha Vimukthi Peramuna (JVP) Leader Anura Kumara Dissanayake today questioned why President Mahinda Rajapaksa was not taking any action if he had files on the illegal activities of government members.

How to develop Sri Lanka’s wood-based industry

24 Nov 2014

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A conference and workshop under the theme “Wood Based Industry – Way Forward’ organized by the Wood Based Industrialist Association of Sri Lanka (WBIA), will be held at the Export Development Board (EDB) Auditoriumon on November 28.

Australia’s La Trobe University signs agreement with CA Sri Lanka

24 Nov 2014

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The BSc. Degree in Applied Accounting offered by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) continued to break new ground as it received endorsements from leading universities and professional organisations abroad.One of Australia’s top universities, La Trobe University recently entered into a partnership with CA Sri Lanka which allows students following CA Sri Lanka’s BSc. Degree in Applied Accounting the o

FedEx launches first all-electric delivery vehicle in Sri Lanka

24 Nov 2014

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With sustainable business practices in mind a significant initiative towards adopting ecofriendly business mechanisms was recently spearheaded by Mountain Hawk Express (MHE) – Licensee of Federal Express Corporation in Sri Lanka. After months of due diligence and research, MHE has made a move what is today alien to many but will certainly pave the way in harnessing renewable energy in the future.

Manufacturing Tops Lanka’s Industrial Sector

24 Nov 2014

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Sri Lanka has the manufacturing base ready, and 85 percent of Sri Lanka’s industrial economy is concentrated on manufacturing. In the Global Innovation Index 2014, we rank at 69 in “innovation infrastructure” close to Thailand and Brunei, said Industry and Commerce Minister Rishad Bathiudeen,addressing the launch event of INCO 2015 at the Staff Training Centre of Rajagiriya recently.INCO is reportedly the largest and most inf

Sri Lanka’s first professional Gem magazine launched

24 Nov 2014

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The the “Tourmaline Lanka” magazine, a publication that focuses solely on fascinating world of gem and jewelery was launched recently.“It is our aim to publish the Tourmaline Lanka magazine i n both English and Chinese, and furthermore Spanish, Japanese, Russian and French in order to market the Sri Lankan gem industry to the international arena by promoting and selling it at all the main International Gem & Jewelry Exhib

SAARC Agreement On Trade In Services: Tardy Progress

24 Nov 2014

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After being in the SAARC agenda since the 13th SAARC Summit in Dhaka in 2005, finally the SAARC Agreement on Trade in Services (SATIS) was signed at the 16th SAARC Summit in Thimpu in April 2010. The SAARC leaders as usual called for an early conclusion of negotiations on the schedule of specific commitments under the agreement.

Dockyard net profit plunges amid ship-building under performance

24 Nov 2014

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The net profit of Japan’s Onomichi Dockyard owned Colombo Dockyard PLC saw its September quarter net profit (3Q14) dwindling over 80 percent yearon-year (yoy) to Rs.36.3 million, amid its main shipbuilding segment under performing.As a result, the quarterly earnings per share deteriorated t o 51 cents from Rs.2.68.

Amf Acquires 93% Stake Of Arpico Finance

24 Nov 2014

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Associate Motor Finance Company PLC (AMF) has acquired 93.809 percent of Arpico Finance Company PLC shares, following the expiration of the mandatory offer on November 19.

Gota urges pvt sector to take development initiatives in pursuit of ‘Wonder of Asia’

24 Nov 2014

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The private sector should take the initiative to develop the country, according to Defence and Urban Development Secretary Gotabaya Rajapaksa, who was speaking at the Business Today Top Twenty-five 2013-14 at the Colombo Hilton recently.“As Sri Lanka strives to become the Wonder of Asia, those in the corporate world have a special responsibility to help the nation achieve its economic potential,” he said. He claimed that the govern

HNB to raise Rs.4bn via debentures

24 Nov 2014

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Colombo Stock Exchange has given its approval in principle to Sri Lanka’s second largest private bank to list its proposed senior debentures amounting to Rs.4 billion.The bank will initially issue 30 million debentures at an issue price of Rs.100, but will later upsize issue by another 10 million debentures in the event of the first tranche being subscribed.According to Fitch Ratings Lanka Limited (Fitch), HNB will use the proceeds to re

Better Prospects For Consumer Durable Retailers In 2015

24 Nov 2014

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Sri Lanka’s consumer durable retailers will have better times with a more favourable business environment being created as a result of lower borrowing rates, reduced electricity tariffs and an upcoming cut in the ValueAdded Tax (VAT), according to Fitch Ratings Lanka Limited.

I have files on those who left but will not use them - MR

23 Nov 2014

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I won’t take revenge on anybody. When I took over the party from Chandrika there were only 57 parliamentarians. I increased it into 127, President Mahinda Rajapaksa said.

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