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Union Motor Reload and Travel Insurance offered in 5 minutes

19 Nov 2014

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Union Assurance has continuously brought the highest international standards of quality to its customers, and is continuing to do so by introducing an online purchasing option for its revolutionary Union Motor Reload and the Union Travel Insurance products.Union Motor Reload is a motor insurance policy that you can purchase according to your requirement, from 3, 6, to 12-month periods. Further to the convenience, it provides you with more cont

Global Big Players Collaborate To Save Tea Industry

19 Nov 2014

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Although global tea plantations are under threat from climate change and competition for land, life without tea is unthinkable for the billions of people who rely on their cherished cups of tea to get them through the day.Tea crops the world over are facing multiple threats, from climate change and water shortages to rural de-population and low wages. Therefore, serious are these threats that some of the world’s biggest tea companies are

Galle Face Hotel loses iconic figure

19 Nov 2014

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Kottarappu Chathu Kuttan, the iconic doorman at the Galle Face hotel who made history for being one of the oldest hotel employees in the world, passed away yesterday.In honour of a personality that cannot be forgotten, the hotel observed a minute’s silence. Kuttan has lived to see the many changes in the hotel and in the country. He joined Galle Face Hotel during the latter part of the British rule in Sri Lanka. Kuttan’s career whi

VAT impact hampers Cargills September performance

19 Nov 2014

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Cargills Ceylon PLC which operates the country’s largest retail network, recorded a net loss of Rs.53.1 million for the September quarter (2Q15) against a net profit of Rs.51.2 million during the same quarter of the previous year, amid a challenging business environment.The loss per share for the quarter under review was 22 cents against earnings per share of 21 cents in the corresponding quarter of the previous year.

LOLC Rs.5bn debenture snapped up

19 Nov 2014

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The diversified conglomerate, Lanka Orix Leasing Company PLC (LOLC) yesterday told its Rs.5 billion debenture issue was oversubscribed on the opening day. LOLC issued 50 million debentures at Rs.100 each to fund its massive lending drive. The group is currently in an aggressive lending push as it expanded its loan book by as much as Rs.25.1 billion during the first six months ended September (1H15). During the 1H15, the group’s lending p

CB Keeps Policy Rates On Hold

19 Nov 2014

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The Central Bank of Sri Lanka yesterday kept policy rates unchanged for the month of November amid credit growth in September picking up to 4.6 percent from 2.6 percent in August and October inflation remaining as low as 1.6 percent year-on-year.Accordingly, the Standing Deposit Facility Rate (SDFR) remains at 6.50 percent and Standing Lending Facility Rate (SLFR) at 8 percent.Though keeping single digit inflation for 5 years is largely consid

Classic Travel unveils Classic Vacations

18 Nov 2014

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Sri Lanka’s leading travel solutions provider, Classic Travel, a subsidiary of Expolanka Holdings PLC, opened a new branch in Munidasa Kumaratunga Mawatha to cater to the discerning holiday travellers. The new branch will mainly focus on customized holiday tour packages with added value to suit each customer.A member of the prestigious Expolanka Group of Companies, Classic Travel specializes in providing total travel solutions to both co

Srilankan’s Flysmiles Partners With Loon Tao, Tsing Tao Restaurants

18 Nov 2014

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SriLankan Airlines’ frequent flyer programme, FlySmiLes entered into a partnership with Loon Tao and Tsing Tao to offer its members a host of attractive benefits.Accordingly, for every Rs.100 spent, FlySmiLes members can earn one FlySmiLes mile and the opportunity to redeem their miles when dining at any of the two restaurants.

Mobitel boosts SLT September bottom line

18 Nov 2014

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Sri Lanka Telecom (SLT), the leader in fixed telephony services in the country, reported a net profit of Rs.2.06 billion for the quarter ended September 30, 2014 (3Q14), up 32 percent year-on-year (YoY), largely helped by better performance of its mobile arm, Sri Lanka Mobitel.The basic earnings per share improved to Rs.1.15 from 87 cents reported in the same quarter of the previous year.

Expolanka continues to shed non-core businesses under Sagawa

18 Nov 2014

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Japan’s Sagawa group subsidiary, Expolanka Holdings PLC yesterday said it divested eight of its group companies to Aberdeen Holdings (Pvt.) Ltd, a diversified familyowned group, for a consideration of Rs.740 million.“(We) have undertaken this divestment with the aim of bringing improved returns and cash flows to the organisation and also to bring focus to the core business operations of the company,” Expolanka Holdings PLC sa

Vat, Nbt Exemption To Hurt Beer Industry

18 Nov 2014

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The exemption of the Value-Added Tax (VAT) and Nation Building Tax (NBT) from the beer industry, coupled with the increase of excise duty to recover the lost government revenue, will form an adverse effect on the industry, according to Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC.“For many years, the alcohol industry has been subjected to poorlythought-out policies. The adjustment is a case in point. These seem good on pap

Amãna Bank Awarded as the World’s Best Up and Coming Islamic Bank

17 Nov 2014

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The world renowned ‘Global Finance Magazine’ recently recognized and awarded Amãna Bank as the Best Up-and-Comer Islamic Bank of the World. Amãna Bank’s Chief Executive Officer Mohamed Azmeer received the award from Global Finance at the 18th Annual, World’s Best Banks Award Ceremony 2014 held in Washington DC, USA, which coincided with the annual IMF and World Bank Conference in the same location.

Fly to Kunming – China with findmyfare.com for just 1 Rupee!

17 Nov 2014

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Sri Lanka’s largest online travel company, findmyfare.com recently launched an unbeatable deal with Seylan Bank for their credit cardholders who want to visit Kunming in China. Findmyfare.com together with Seylan Bank will offer 100 seats on SriLankan Airlines for just one rupee (plus Airline taxes of Rs. 15,869/-) each from 13th November 2014.

Sri Lankan team completes 5-week Overland Expedition

17 Nov 2014

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On October 24th, a team of six Sri Lankans completed an overland expedition from Berlin to Battaramulla on four wheels and two. The 12,500 km route followed parts of the old hippie trail of the 60s and the historic Silk Road, and it was also the first time Sri Lankans had ever attempted this by motorcycle. The group was flagged off at the Brandenburg Gate in Berlin on the 15th of September by the Sri Lankan Ambassador H.E. Mr. Karunatilaka Amu

Mobitel bags two Gold Awards at ‘Techno Sri Lanka 2014’

17 Nov 2014

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The National Mobile Service Provider Mobitel was honoured for the eight consecutive year at the Annual Techno Sri Lanka 2014 Awards night where it bagged two prestigious Gold awards for ‘Product with Highest Social Impact’ and ‘Best Demonstration’ for the year.Techno Sri Lanka 2014 - The National Engineering and Technology Exhibition organized by the prestigious Institute of Engineers Sri Lanka (IESL) was held for the 2

Samsung expands network with new digital plaza in Panadura

17 Nov 2014

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Samsung Electronics recently expanded its network in Sri Lanka, by launching its latest Samsung Digital Plaza in Panadura.The new plaza will provide consumers in the town of Panadura with greater access to a variety of Samsung’s consumer products. The plaza was opened in collaboration with Softlogic Retail and the opening ceremony was attended by distinguished guests from Samsung Electronics India - Sri Lanka Branch Office and Softlogic

Huawei Launches Latest Big Screen Smartphone ‘Ascend Mate7’ In Sl

17 Nov 2014

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Huawei Ascend Mate7, the latest flagship smartphone of Chinese tech giant Huawei Technologies Co. Ltd. was launched in Sri Lanka last week at their local partner’s Singer Lifestyle Exhibition and Fun Fair, at the Sirimavo Bandaranaike Exhibition Centre.“Ascend Mate7 is the latest big screen smartphone from Huawei and it shows its big ambitions as the number three smartphone vendor in the world,” Huawei Device South East Asia

Lending Push Ups Ndb 3q Net By 40%

17 Nov 2014

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The diversified financial services group, National Development Bank PLC (NDB) posted a net profit of Rs.1.24 billion for the quarter ended September 30,2014 (3Q14), an increase of 39.3 percent from a year earlier, according to the interim results.The Earnings Per Share (EPS) rose to 775 cents from 542 cents during the period.The profits were mainly driven by the better performance in the core-banking operations supported by the massive lending

HNB September net profits up 7% to Rs.2.5bn

17 Nov 2014

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Hatton National Bank PLC (HNB), Sri Lanka’s second largest private bank in terms of assets, saw its net profit for the quarter ended September 30, 2014 (3Q14) improving 7 percent year-on-year (yoy) to Rs.2.51 billion, the interim financial accounts released to the Colombo Stock Exchange showed.The earnings per share (EPS) for the quarter also improved to Rs.6.28 from Rs.5.89. For nine months ended September 30, 2014 EPS stood at Rs.15.40

Combank Records 21 Percent Profit Growth In 3Q

17 Nov 2014

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Commercial Bank PLC, Sri Lanka’s largest private bank with an asset base of Rs.748.6 billion, saw its September (3Q14) net profit increasing 20.85 percent yearon-year (yoy) to Rs.3.33 billion, according to interim financial accounts released to the Colombo Stock Exchange.

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