Transgenic rubber tolerant to drought, environment stress

Natural rubber is pervasive in modern life with more than 40,000 products and 400 medical devices containing the material. In many strategic and medical applications, no synthetic materials can achieve its unique combination of high performance and cost-effectiveness.

Vihara Maha Devi Park, Town Hall re-development to kick-start next month

Work on the refurbishment of the Vihara Maha Devi Park is expected to take place in mid-February under the Metro Colombo Urban Development Project (MCUDP).

Bourse at 2-wk low on profit taking; foreigners buy

Sri Lanka’s stock market fell for the third straight session yesterday to reach a two-week low as retail investors booked profits in large cap companies.

Ship agents cry foul over new levy on bunkering services

The imposition of a 5 percent Ports and Airports Levy (PAL) on bunkering services, a move currently under review by the government, could have serious negative implications on operators, according to Ceylon Association of Ships’ Agents Chairman, Ralph Anandappa.

Lankem Consumer commissions Rs.70mn laundry soap plant

Lankem Consumer Products Ltd, a subsidiary of Lankem Ceylon PLC, recently commissioned its brand new laundry soap plant at its manufacturing complex in Sapugaskanda, thereby taking yet another step into the future.

UDA calls proposals for five high-value lands

The Urban Development Authority (UDA) is now seeking development proposals for five pieces of high-value land in the Colombo District.

Ceypetco buys big from PetroChina

Sri Lanka’s Ceylon Petroleum Corp (Ceypetco) has finalised a term contract for the purchase of nearly three million barrels of oil products for delivery over a six-month period from PetroChina, industry sources said yesterday.

Insights into five possible energy surprises for 2013

Many experts have given predictions or probabilities on complex scenarios related to future price and supply of energy, economic stability, and political developments in this age of globalization.

Independent director’s true independence is measured by boardroom actions-Dinesh

The problem is most boards meet only once a month or once in three months and are composed of individuals who also hold demanding full-time jobs as CEOs or executive directors in other listed companies.

Can tea cartel be more than a storm in a teacup?

REUTERS: Brewing a tea cartel is proving more difficult than a cuppa for six major producers of the world’s most widely consumed beverage, who last week decided to join forces without explaining exactly what they planned to do.

Lanka among top software exporters

For the first time, Sri Lanka has been featured in United Nations Conference on Trade And Development’s (UNCTAD) Information Economy Report – 2012 as country that has a software industry with a high export market penetration, a position shared with IT services offshoring giant, India.

Foreign labels found in latest Bangladesh factory fire

The unlicensed garment factory in the Bangladesh capital where seven women workers died in a fire Saturday was making clothing for Spanish giant Inditex and several French brands.

India lauds Sri Lanka’s economic progress

Indian Minister of State for Commerce and Industry Dr. D. Purandeswari has expressed satisfaction over Sri Lanka’s economic progress and infrastructure development, during her meeting with Economic Development Minister Basil Rajapaksa at his ministry recently.

From crisis to resilience Focus on results: Not time, not task

Many business organisations place too much emphasis on the time spent at work. Employees who burn the midnight oil might be viewed as ‘dedicated’ to their work, while others who quietly get their work done during business hours might be passed over for a promotion.

Finding solid buy-and-hold stocks

Successful long-term trading - investing with the intention of holding a security for one year or more - means paying attention to the big picture, even when a grim short-term outlook sends investors running for the exits.

Michelle Obama on second term – Inspiring women across the world

No one quite captured the essence of President Obama’s inauguration heralding in his second term of office, as his wife, Michelle...

Frost damage likely to hamper January tea output- Tea broker

Sri Lanka’s January tea production will be negatively impacted by frost damage, a scenario caused by extreme temperature fluctuations during a very short period of time, a tea broker in the country said.

Sri Lanka alive to Indian concerns at allocating oil blocks

India has asked Sri Lanka to keep its sensitivities in mind while allocating oil blocks in the waters that separate the two countries.

Jaye Terminal receives largest-ever container vessel to Colombo

Making yet another significant landmark in the container handling saga of Sri Lanka, the state-owned Jaye Container Terminal (JCT) has received the 11,660 TEU capacity container carrier- ‘MV MSC LUCIANA’

G - Sec to see complete overhaul this year

The Government Securities market (G-Sec) comprising of treasury bills and bonds is expected to see a complete overhaul with the establishment of an e-trading platform for the secondary market, according the Central Bank (CB) Governor. This is amongst the many reforms and improvements planned for 2013.

Monetary policy not aligned with SME sector needs: Report

The lack of a clear definition as to what constitutes a Small or Medium Enterprise (SME) in Sri Lanka may be working to the benefit of larger enterprises seeking tax concessions, according to private research firm, Verite Research.

Tourist arrivals reach historic peak in December; record 17% YOY growth

Tourist arrivals reached a historic peak in December 2012 at a recorded 122,252 arrivals during the month, against 97,517 arrivals in 2011.

Allocation riddle!

Budgetary allocations for Sri Lanka’s education sector fall short by approximately Rs.14.2 billion when compared to allocations presented in the Budget Speech by President Mahinda Rajapaksa, Verité Research, a private research firm, which provides strategic analysis for corporate and government institutions in Asia said in a report.

Fonterra inaugurates country’s first solar-powered milk chilling centre

The New Zealand multinational dairy firm, Fonterra yesterday officially opened Sri Lanka’s first solar-powered milk chilling centre in Hanwella, demonstrating the company’s commitment to sustainable milk collection.

Cairn advances phase II drilling in Mannar basin by 3 months

Cairn India, releasing the December quarter (3Q) results yesterday said its subsidiary, Cairn Lanka is advancing the drilling of phase II exploration well in Sri Lanka’s Mannar basin by three months.

Supermarkets pass VAT burden to suppliers

In a dramatic turn of events, the non - VAT (Value Added Tax) paying smallscale suppliers are to step up their collective bargaining power against leading supermarket chains in the country, for urging them to absorb the 12 percent VAT imposed by the Budget 2013.

Govt goes for Rs.29bn T-bill, bond auctions

To make the most when interest rates are down, the government is to issue Treasury bills worth Rs.20 billion and Treasury bonds worth of Rs.9 billion through the auction that will take place today and tomorrow, the Public Debt Department of the Central Bank said.

Invest like a pro

For those investors who have been lucky enough to have survived one or more major market downturns, some lessons have been learned. For example, there always seem to be some firms that not only survive those downturns, but profit handsomely from them.

From crisis to resilience Making better business decisions

Business executives make decisions every day. Some decisions are straightforward and simple: For example - Is this report ready to send to my boss now?  Should I allow this customer two weeks’ credit for his purchase? Simple decisions usually need a simple decision-making process.

Increased loans for agriculture leave banks vulnerable: HNB CEO

Amidst government efforts to boost the agriculture sector through various incentives, the Central Bank has made it mandatory on banks to allocate percent of the loan book to finance the agriculture sector, a top banker noted.