Kandy Expressway construction to commence tomorrow

Published : 12:00 am  November 13, 2014  |  Category: Front Page  |  Leave a Comment  |  909 views  |  

By Waruni Paranagamage Construction of the Kandy Expressway by five local contractors will commence on Friday (14), with the Pothuhera turn linking it to the Northern Expressway. Addressing a media briefing last morning, Cabinet Spokesman Minister Keheliya Rambukwella said the first step of construction from Pothuhera to Galagedara, which will cost Rs. 1.1 billion, will commence from the Galagedara and Rambukkana entry points. Meanwhile, Northern Expressway construction from the Galewela entrance in the Dambulla District will commence on 15 November. “The construction from Pothuhera to Galagedara will be funded by Chinese banks, the Enderamulla to Veyangoda stretch will be funded by IFC... 

SLPA wins Deal of the Year award

Published : 12:00 am  November 13, 2014  |  Category: Front Page  |  Leave a Comment  |  316 views  |  
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Sri Lanka Ports Authority won the Deal of the Year award at the inaugural Maritime Standard Awards 2014, Middle East and Indian Subcontinent, held this month at Atlantis, The Palm Dubai. The Deal of the Year Award was presented to the Sri Lanka Ports Authority in recognition of its success in securing the largest foreign investment project to date in Sri Lanka for the Colombo Port City initiative.   Sri Lanka Ports Authority (SLPA) Chairman Dr. Priyath B. Wickrama receiving the award from The Maritime Standard Editor Clive Woodbridge while Samsara Group Vice President Capt. Pankaj Mehrotra looks on. Courtesy The Maritime Standard   The SLPA has been able to reel in over US $ 1 billion... 

Singapore expert, top panel to chart way forward for Sri Lanka tourism

Published : 12:34 am  November 12, 2014  |  Category: Front Page  |  2 Comments  |  2,469 views  |  
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A Singapore-based expert and a top Sri Lankan panel will engage in a stimulating discussion on Thursday evening with industry leaders on how and where the tourism and hospitality sector should move in the future. Organised by the Daily FT in partnership with Viluxur Holidays, the evening forum at Hilton Colombo Residences will see Singapore-based renowned tourism practitioner, lecturer, qualified trainer and corporate leader Nisha Barkathunnisha sharing key learnings from and trends in emerging markets with a special focus on the city state as well as riding the Chinese tourist boom. Nisha has over 25 years of extensive experience in management in the tourism and hospitality industry. She holds... 

Aitken Spence 6-month pre-tax profit up by 13%

Published : 12:33 am  November 12, 2014  |  Category: Front Page  |  Leave a Comment  |  583 views  |  
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Diversified conglomerate Aitken Spence PLC posted a pre-tax profit of Rs. 2.29 b for the six months ended 30 September 2014, an increase of 13% from the corresponding period last year. The blue chip’s half-year revenue soared by 23.7% to Rs. 19.7 b, results released to the Colombo Stock Exchange revealed. Profit attributable to equity holders rose by 8.1% to Rs. 1.3 b while earnings per share improved by 8.1% to Rs. 3.27, over the corresponding period. Aitken Spence PLC is among Sri Lanka’s most dynamic and respected corporate entities with operations in South Asia, the Middle East, Africa and the South Pacific. Listed in the CSE since 1983, it has major interests in hotels, travel, maritime... 

Railways lands release under fire in Parliament

Published : 12:31 am  November 12, 2014  |  Category: Front Page  |  Leave a Comment  |  914 views  |  
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By Ashwin Hemmathagama Our Lobby Correspondent Opposition lawmaker Ravi Karunanayake yesterday requested the Government to give priority to Sri Lankans when releasing lands that belong to the Sri Lanka Railways Department for commercial development initiatives initiated by the private sector. Highlighting that Chinese ventures were being given priority in the granting of State lands, Karunanayake demand that a transparent system be established. “We observed lands which belong to Sri Lanka Railways being given away via unsolicited proposals. The Urban Development Authority is used as an instrument for such action. Railways lands are being distributed not only in Colombo but in other parts of... 

Alibaba Singles’ Day sales hit new record as surge past $ 6 b

Published : 12:29 am  November 12, 2014  |  Category: Front Page  |  Leave a Comment  |  502 views  |  

Reuters: Alibaba Group Holding Ltd. said more than $6 billion of goods have been sold so far during its annual Singles’ Day online shopping frenzy, as customers jumped on heavily discounted goods to send sales surging past 2013’s record high. More than 39 billion yuan ($6.4 billion) worth of goods was sold on the e-commerce giant’s websites 15 hours into the event on Tuesday, with another nine to go. Less than eight weeks after its public share listing in New York, which set its own $25 billion record, expectations for this year are high. Alibaba did 35 billion yuan in business during last year’s festival, and Tech research firm IDC predicts this year’s total gross merchandise volume... 

Consolidation to slow margin decline for Sri Lankan telcos: Fitch

Published : 12:29 am  November 12, 2014  |  Category: Front Page  |  Leave a Comment  |  618 views  |  

Over-capacity in Sri Lanka’s telecommunications industry could shrink as two weaker operators may exit the sector, which would benefit the remaining players, Fitch Ratings says in a new special report. Data tariffs could rise following consolidation, and this would slow the decline in profitability and prevent duplication of capex. The number of industry participants could fall to three from five. Sri Lanka Telecom (SLT; BB-/AAA(lka)/Stable), the largest integrated operator, plans to acquire Hutchison Lanka; while the third-largest operator, Etisalat Lanka, could merge with the fourth-largest, Airtel Lanka. The credit profiles for SLT and Dialog Axiata PLC (Dialog; AAA(lka)/Stable) will remain... 

Govt. revenue from fags up 12% to Rs. 54 b; CTC issues warning on beedi

Published : 12:29 am  November 12, 2014  |  Category: Front Page, TOP STORY  |  3 Comments  |  636 views  |  

Ceylon Tobacco Ceylon Tobacco Company (CTC) said yesterday it contributed Rs. 54 billion to Government revenue in the first nine months of 2014, a 12% increase over same period last year despite a 10% volume drop in the domestic sales, driven predominantly by challenging market conditions. CTC also said Sri Lanka Customs statistics indicate that beedi volumes have grown by almost 200% over the past six years. This growing preference can be attributed to beedi remaining a cheap substitute to the cigarette smokers in Sri Lanka. The growth in beedi together with the prevalent drought conditions in some parts of the country and its impact on disposable income significantly contributed to the decline... 

Sri Lanka’s first global ornamental fish confab kicks off

Published : 2:15 am  November 11, 2014  |  Category: Front Page  |  Leave a Comment  |  441 views  |  
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ME markets now open for our O-fish: Rishad Big changes in Lanka’s O-fish: Dr. Bassleer Lankan O-fish exports up by 41% at $10.7 m Live fish DoA rates falling: EDB’s Egodage As Sri Lanka’s ornamental fish (O-fish) exports discovered promising new markets in 2013, the country’s first ever global O-fish confab went live yesterday with the presence of renowned international industry leaders and top Government Ministers. Sri Lanka’s O-fish policies are developed with environmental sustainability and endemic species in mind. “Considering our Government’s initiatives, I believe that there is no need to worry about our fish varieties going into ‘Red Lists’. What is important... 

Daimler picks Sri Lanka for Regional Mercedes-Benz After-Sales Conference

Published : 2:13 am  November 11, 2014  |  Category: Front Page  |  Leave a Comment  |  842 views  |  
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Daimler AG., the manufactures of Mercedes-Benz has selected the new Mercedes-Benz Centre in Sri Lanka – ‘DIMO800’ – to have their 2014 After Sales Conference. Heads of After-Sales Service facilities in countries from the region such as Singapore, Philippines, Nepal, Laos, Brunei, Myanmar, Sri Lanka, Bangladesh, Papua New Guinea, Tahiti, Laos, etc. will be taking part in this two-day conference to be held from 19-20 November. Diesel & Motor Engineering PLC Chairman Ranjith Pandithage stated: “We are indeed honoured that Daimler AG has selected DIMO 800 as the venue for a significant event such as this. This proves the recognition and quality of our new Mercedes-Benz Centre. This... 

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