Sri Lanka mobile phone sales pass 1 m units milestone

Published : 12:47 am  December 24, 2014  |  Category: Front Page  |  Leave a Comment  |  719 views  |  

Mobile phone shipments in Sri Lanka reached 1 million units in the third quarter, smartphone shipments increased by 100% to account for 20% of total mobile phone sales and 3G-enabled handset shipments amounted to 0.17 million units in the quarter, according to a report from CyberMedia Research. Nokia leads the mobile phone market in Sri Lanka, with a share of 22%, followed by Micromax (19%) and E-Tel (12%), in terms of sales (unit shipments) during the third quarter of 2014. The report also shows that Sri Lanka’s mobile phone market jumped 11% quarter-on-quarter, and by 43% year-on-year, in unit shipment terms. Smartphone shipments reached 0.2 million units in the period. Samsung leads the... 


IMF says drop in oil prices to persist, help global growth

Published : 12:47 am  December 24, 2014  |  Category: Front Page  |  1 Comment  |  567 views  |  

WASHINGTON (Reuters): The recent drop in oil prices should persist, helping to boost global economic activity by up to 0.7 percentage points next year, two senior IMF economists wrote in a blog on Monday. Brent prices have fallen more than 46% since the year’s peak in June of above $115 per barrel, sped up by the November decision of the Organization of Petroleum Exporting Countries (OPEC) not to reduce production. Saudi Arabia has also convinced its fellow OPEC members it is not in the group’s interest to cut oil output, however far prices may fall, the kingdom’s Oil Minister said. “Overall, we see this as a shot in the arm for the global economy,” Olivier Blanchard, the IMF’s Chief... 


Big draw for Maithri-Ranil-biz meet today

Published : 1:50 am  December 23, 2014  |  Category: Front Page  |  5 Comments  |  3,137 views  |  

The meeting between the Opposition’s common presidential candidate Maithripala Sirisena and business community today at 10:30 a.m. at the Cinnamon Lakeside is expected to be a big draw, according to organisers. They said that over 1,000 have confirmed attendance at the forum, which will also see the participation of UNP Leader Ranil Wickremesinghe, JHU Secretary General PataliChampikaRanawaka and NDF Leader SarathFonseka as well as newly-joined constituent All Ceylon Makkal Congress Leader and former Minister of Industry and Commerce Rishard Bathiudeen.   Sirisena will outline his vision for the country as well as the slew of political reforms whilst Wickramesinghe will articulate the... 


Stock market unmoved by Maithri manifesto

Published : 1:50 am  December 23, 2014  |  Category: Front Page  |  3 Comments  |  692 views  |  

The Colombo stock market remained largely unchanged yesterday despite the unveiling of the key manifesto of Opposition’s common Presidential candidate Maithripala Sirisena on Friday. The benchmark All Share Index was down by 1 point whilst S&P SL 20 Index was up by nearly one point. Turnover was Rs. 868 million. Analysts said market and investors appeared insensitive to either benefits of Maithripala’s manifesto or negatives.     The manifesto vowed to cancel new gaming projects, a move which would have an impact on premier listed corporate John Keells Holdings. However JKH share price yesterday closed at Rs. 250, down by Rs. 1.30 after touching an intra-day high of Rs. 253. According... 


Major shareholder calls for EGM at Ceylinco Insurance

Published : 1:49 am  December 23, 2014  |  Category: Front Page  |  Leave a Comment  |  674 views  |  

Suggests appointment of independent party to recommend best model for segregation of Life and General biz; raises fresh round of queries   Major shareholder Global Rubber Industries Ltd. has requested Ceylinco Insurance Plc (GRI) to convene an Extraordinary General Meeting (EGM) to explain the company’s plans with regard to segregation of Life and General businesses. GRI directly holds a 22.25% stake in Ceylinco Insurance (CINS) and has proposed three resolutions for consideration at an EGM. CINS has 2,579 voting shareholders and 1,363 nonvoting shareholders. GRI maintains that the EGM is necessary since the company hasn’t convened a similar meeting to present details of segregation... 


Oil falls towards $61 on supply outlook

Published : 1:48 am  December 23, 2014  |  Category: Front Page  |  1 Comment  |  346 views  |  

Saudi’s Naimi says kingdom could increase output Technical support seen as low as $40, resistance around $70 LONDON (Reuters): Oil fell towards $61 a barrel on Monday, reversing gains after Saudi Arabia indicated it could increase its output. Saudi Arabia is prepared to increase output and gain market share by meeting the demands of any new customers, Monday’s edition of the Saudi-owned al-Hayat newspaper quoted the kingdom’s oil minister Ali al-Naimi as saying. On Sunday Naimi said lower crude prices would help demand by stimulating the economy. Brent fell 23 cents to $61.15 by 1215 GMT. It is down more than 46% from the year’s peak in June above $115 per barrel. US crude was down... 


Capital market gathers momentum – SEC

Published : 12:01 am  December 22, 2014  |  Category: Front Page  |  1 Comment  |  878 views  |  
alt text

 Rs. 97 b net foreign inflow and Rs. 160 b worth of capital raised during the past three years  Market capitalisation as a percentage of GDP up from 11.1% to 36% since end of the war   The Securities and Exchange Commission (SEC) is maintaining that the capital market has gathered strong momentum during the past three years and post-war reflecting sustained recovery proving those who once predicted doom and gloom wrong. The SEC said that thanks to a series of initiatives with the support of all stakeholders, the capital market has reported significant achievements. A significant development is the net foreign inflow of Rs. 97 billion during the past three years. This achievement is commendable... 


India to supply two warships to Sri Lanka

Published : 12:00 am  December 22, 2014  |  Category: Front Page  |  Leave a Comment  |  851 views  |  

India has received an order from Sri Lanka to build two warships for the island’s navy, an Indian minister said. Minister of State for Defence Production, Rao Inderjit Singh said on Saturday that India will export two warships to Sri Lanka after delivering a warship to Mauritius for the first time, IANS reported. “From Sri Lanka, we have received an order to build two off-shore patrol vehicles (OPV) and they are under construction in Goa Shipyard,” the minister said in Kolkata at the ceremonial delivery of a warship to the Mauritian Coast Guard. He said the ships are entirely built in the country and there hasn’t been any technology cooperation with any foreign partners. CGS Barracuda,... 


JKH retains top slot in the LMD 100

Published : 12:00 am  December 22, 2014  |  Category: Front Page  |  Leave a Comment  |  704 views  |  

 Conglomerates and banks dominate the rankings this year     Media Services, the publisher of pioneering business magazine LMD, has announced that it will release its special edition on Sri Lanka’s leading listed companies – the LMD 100 – to bookstores this week. LMD’s special edition – the 21st since the rankings were first published in 2004 – notes that “with a turnover of close upon Rs. 90 billion in 2013/14, JKH retains its position at the summit of the premier listed company rankings.” The magazine notes: “Bukit Darah surrenders its runner-up title from last year to Lanka IOC. Hayleys crawls up by one spot, to third place, and it is followed by Bukit Darah... 


Developing nations losing record $1 trillion a year in dirty money: Report

Published : 12:00 am  December 22, 2014  |  Category: Front Page  |  1 Comment  |  469 views  |  

WASHINGTON (Thomson Reuters Foundation): Crime and corruption are draining a record $1 trillion a year from poor and middle-income nations with the disappearance of dirty money hitting some of the world’s poorest regions hardest, a report showed last week. A record $991 billion in unrecorded funds left 151 developing and emerging economies in 2012, up nearly 5% from a year earlier, according to US-based watchdog Global Financial Integrity (GFI) that exposes financial corruption. GFI’s sixth annual report found between 2003 and 2012, the estimated amount of illicit funds shifted from developing countries totalled $6.6 trillion and rose at an inflation-adjusted 9.4% a year — roughly double... 


Page 20 of 787« First...10...1819202122...304050...Last »