Expolanka continues to shed non-core businesses under Sagawa

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

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

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!

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.

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

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

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

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%

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

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

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.

Fouzul Hameed to present exclusive ‘Concept 2015’ show this November(Video)

The FH Studio takes exclusive menswear to new heights with the second edition of its annual ‘Concept’ show. ‘Concept 2015’, a fashion show of international class is conceptualized by renowned men’s fashion consultant Fouzul Hameed and will enhance the Sri Lankan men’s fashion arena. ‘Concept 2015’ will be held on Saturday 22 November 2014 at Water’s Edge and will showcase an exclusive range

Maga Engineering To Initiate Projects Worth Rs.30bn

Construction industry leader Maga Engineering (Maga) has projects worth nearly Rs.30 billion to be initiated in the coming months, which could exceed Rs.80 billion before the end of the financial year.“We’ve submitted a proposal to the government to undertake a 28 kilometre stretch of the Northern Highway. It’s worth Rs.54 billion,” Maga Development Director Mega Kularatne said.

Go Travel International wins ‘Gold’ at Serendib Awards

Australia’s Serendib Awards 2014, which recognize, acknowledge & promote Sri Lankan individuals and businesses who have contributed immensely with outstanding success in their respective professions and made a significant contribution towards the Sri Lankan community, held their annual award ceremony on October 31st at The Grand on Princes, Melbourne, Australia.

Sri Lanka’s first electric super car to cost over US$ 400,000

Vega, Sri Lanka’s first electric super car will be sold at US$ 400,000 upwards, according to Codegen CEO Dr. Harsha Subasinghe who was speaking at the 59th LBR LBO CEOs Forum at the Cinnamon Grand recently.“Middle East and Sri Lanka are the markets. There is a demand for exclusive cars,” he said.He further added t hat t he first prototype will be completed next month, and that once the commercial model is ready, only 40-50 ca

Massive lending push boosts LOLC 2Q

The diversified conglomerate, Lanka Orix Leasing Company PLC (LOLC) increased its group net profits by a staggering 261.4 percent to Rs. 1.59 billion for the quarter ended September 30, 2014 (2Q15), helped by the aggressive lending drive that amounted to a massive Rs. 25.1 billion.The earnings per share rose to Rs.3.34 from 92 cents a year earlier.

Galle Face Hotel to host first-ever CFW Design Trunk Show 2014

The Galle Face Hotel today announced that it will play host to the first ever CFW Design Trunk Show 2014 organized by the Colombo Fashion Week. The event, which is set to see some of the leading locale designers showcase their talent, will unveil their Seasonal collection in an interesting and stylish setting at The Library of Galle Face Hotel in a 24 hour trunk show from 4pm on the 29th to 4pm on the 30th  November.

Aitken Spence Enhances Efficiency At Fiji Ports

Since taking over the management control of the international Fijian ports of Suva and Lautoka in July last year, Aitken Spence has increased ship crane productivity by 70 percent.Aitken Spence has also reduced berthing delays from between 12 to 18 hours to 0.50 hours on average while equipment downtime has been reduced by 60 percent.The substantial efficiency improvements were highlighted by Aitken Spence Maritime, Logistics and Cargo Chairma

Colombo to host Taiwan Textile Fairs 2014 in late November

The Taiwan textile industry is the acknowledged world leader in research, development and manufacturing of fabric and garment accessories. The highly successful Taiwan Textile Fairs brings together leading suppliers of textiles and related products from Taiwan, one of the world’s largest apparel textiles exporting countries to Sri Lanka, at the Taiwan Textiles Fairs in South Asia 2014.

A Day In Sri Lanka’s Biggest Kitchen

Sri Lanka’s biggest kitchen isn’t as homely or aesthetically pleasing as one might expect. Formed in 1979, SriLankan Catering Limited’s lean, mean, production kitchen, nestled 2km away from passenger terminals within the Bandaranaike International Airport (BIA), can cater up to 25,000 mouth watering meals a day up to the highest quality and hygiene standards in the world.

Nestlé Lanka September net profit up 21%

Nestlé Lanka PLC, the Sri Lankan unit of Swiss food and wellness giant, reported a net profit of Rs.1.1 billion for the quarter ended September 30, 2014 (3Q14), up 21 percent, from Rs.905.5 million recorded in the same quarter of the previous year.The earnings per share for the quarter thus improved to Rs.20.35 from Rs.16.36.The revenue for the quarter rose to Rs.8.2 billion from Rs.7.7 billion, while the cost of sales increased slightl

B’desh Says Speedier Trade Pact In Offing

Sri Lanka and Bangladesh could be inking either a preferential trade agreement (PTA) or a free trade agreement (FTA) in the near future, following talks between the newly appointed Bangladeshi High Commissioner to Sri Lanka Tarik Ashan and Industry and Commerce Minister Rishard Bathiudeen, a statement from the Industry and Commerce Ministry said.“At my final meeting with Prime Minister Sheikh Hasina just before my departure to Colombo, s

Findmyfare.com hosts day out and training for all staff

Sri Lanka’s largest online travel company, findmyfare.com recently hosted a day of fellowship combined with impactful training sessions for all staff members. The casual day out was held at The Palms Hotel in Beruwala and gave the findmyfare.com team a chance to relax, bond and learn.

Pizza Hut holds graduation

Pizza Hut held its graduation ceremony at Grand Monarch – Thalawathugoda, a black tie event for all 72 graduates, distinguished guests and family members, recently.Every year, Pizza Hut conducts its i nternal management and nonmanagement level development programmes for its employees.With its rapid growth, the percentage of staff promotions was almost 95 percent.This year top scorers got scholarships for training in India.

Brandix Leads Apparel Industry In Tribute To Martin Trust

If any individual can be considered the father of Sri Lanka’s emergence as an apparel manufacturer of global significance, it would be Martin Trust, as a tribute to whom a coffee table book has been published by the Brandix group on behalf of the industry and Martin Trust’s Sri Lankan business partners.‘Built on Trust’ is a 238-page treasury of images and exceptional insight into the founding in 1970 of MAST Industries

Daimler to host MercedesBenz Regional After-Sales Conference in Colombo

Daimler AG, manufactures of Mercedes-Benz has selected the new Mercedes-Benz Center in Sri Lanka – ‘DIMO800’ – to have their 2014 After Sales Conference.Heads of After-Sales Service facilities from countries i n the region such as Singapore, Philippines, Nepal, Laos, Brunei, Myanmar, Sri Lanka, Bangladesh, Papua New Guinea, Tahiti, Laos and more will take part in this two-day conference, which is to be held from 19th &n

Jeep conquers wilderness of the South

Jeep Wrangler Southern Night Rally 2014, tagged as the “Journey through the Wilderness of the South”, organized by the Southern Motor Sports Club took place recently in Matara.Thirty one competitors took part at this event which was flagged off opposite the Matara Clock Tower on Saturday (Nov-1) night. Jeep swept away the major honours at this event which was conducted in two stages.

Ntb 3q Net Up 35% On Pick Up In Credit Growth

John Keells Holdings’ commercial banking unit, Nations Trust Bank PLC (NTB) recorded a net profit of Rs.830.1 million for the quarter ended September 30, 2014, recording an increase of 35 percent over the corresponding period last year, the interim results released to the Colombo Stock Exchanged showed.The earnings per share rose to 360 cents from 267 cents during the period.

Home-grown Edinborough in expansion mode

Home-grown food stuff giant Edinborough Products (Pvt.) Ltd will be launching an aggressive expor t campaign into the UK in partnership with the leadingglobal supermarket chain, Tesco PLC and is expecting even further expansion into advanced economies.“We’ll be importing up to 16 to 20 containers a month with two of our products once our new factory is complete,” Edinborough Managing Director R.P.M. Zalmy told Mirror Business

Growing Red List Deters Ornamental Fish Exports

The ever increasing list of fish species which have come under the threat of extinction – the Red List – has confined the growth of the ornamental fish exports, which bring as much as US $ 10 million foreign exchange and provide livelihoods to over 100,000 people in Sri Lanka, according to the country’s Industry and Commerce Minister.“One development is about the concerns expressed by some environmental activists about

Can Five Hub Strategy Work Without South-india Focus?

Geographically, Sri Lanka is located in the Indian Ocean, almost hanging from the Indian subcontinent, having been terrestrially connected to it as recently as the Chandragupta Maurya period, as described by the Greek ethnographer, Megasthenes. The two landmasses are now divided only by a thin strip of sea that many have crossed swimming at a stretch.