CTC dethrones JKH

Published : 12:11 am  August 14, 2013  |  Category: TOP STORY  |  2 Comments  |  3,014 views  |  

Ceylon Tobacco Company Plc (CTC) yesterday dethroned John Keells Holdings (JKH) as Sri Lanka’s most valuable listed corporate, a development that added a bit of excitement in an otherwise depressed stock market. As speculated in the Daily FT yesterday via article titled ‘Will CTC pip JKH to No. 1?’ the multinational’s gain of 10 cents yesterday was good enough to win the crown of most valuable stock with a market capitalisation of Rs. 224.8 billion. JKH on the other hand saw its price dip by Rs. 2.30 to Rs. 260, after hitting an intra-day high of Rs. 263, up by 70 cents from Monday’s close. CTC closed at Rs. 1,200.10 after peaking to Rs. 1,201 and had 187.323,751 shares in issue. JKH’s... 

India takes a cue from Sri Lanka?

Published : 12:08 am  August 14, 2013  |  Category: Front Page  |  Leave a Comment  |  971 views  |  

What Sri Lanka did several months ago in managing its currency, balance of payments and fiscal situation, India seems to be following suit. In its bid to revive a continuously falling rupee, India this week took a host of measures. On Monday the Finance Minister proposed in Parliament to raise funds abroad, allowing public sector financial firms to sell debt to finance long-term infrastructure projects, raising money via deposits targeted at Indian citizens abroad, and liberalising guidelines for external commercial borrowings. This move is similar to what the Sri Lankan Government proposed, letting institutions such as NSB and corporates to borrow from overseas using their strong balance sheets. Taken... 

Maldives Govt. seeks $ 29 m as Budget support from BOC

Published : 12:07 am  August 14, 2013  |  Category: Front Page  |  Leave a Comment  |  1,206 views  |  

The Maldives Government has sought Parliament approval to obtain $ 29 million from Bank of Ceylon as budget support for the year. A letter from the President that was read out during the Parliament sitting on Tuesday stated that the Finance Ministry was working to secure the loan to enforce the budget passed by the Parliament for the year. The Finance Ministry had informed the President’s Office that a loan could be obtained from Bank of Ceylon, the letter from President Mohamed Waheed Hassan said. According to the letter, the exact loan amount would be $ 29.4 million, to be repaid within six years in monthly payments of $ 490,000 with an interest rate of 6%. Parliament had passed the budget... 

‘Enough is Enough’ protest at Fort today

Published : 12:06 am  August 14, 2013  |  Category: Front Page  |  Leave a Comment  |  495 views  |  

Opposition activists have urged the public to wear black for today’s protest campaign opposite the Fort Railway station against the Weliweriya violence that claimed three lives on 1 August. The attack on civilian protestors has drawn wide condemnation and concern. The UNP is leading the joint Opposition protest it is calling ‘Enough is Enough’ and is calling for the amassing of a ‘force for unity’ against Government tyranny. UNP members carried out a leaflet campaign urging people to attend the protest.  The demonstration is scheduled to commence at 2 p.m. today. The Opposition is hoping to gather demonstrators from all parts of the island to demand justice and freedom from oppression.  Read More →

Singer celebrates 162 years with integrated customer loyalty program

Published : 12:05 am  August 14, 2013  |  Category: Business  |  Leave a Comment  |  771 views  |  

In order to mark over 162 years of staggering success in the consumer durables market, as well as its commitment to enhancing Sri Lankan lifestyles, Singer launched one of the country’s most rewarding loyalty programs on 12 August 2013. The brand-new Singer customer loyalty program integrates existing rewards programmes at Singer Plus and Singer Mega, giving shoppers even more for their purchases. Singer is the first Sri Lankan consumer durables company to introduce such a customer loyalty programme. The new integrated customer loyalty program is the latest step from the blue-chip pioneer, which has built an enviable relationship with its customers. For example, Singer was voted the No. 1 brand... 

Charter House dazzles at Hotel Show 2013 with world renowned brands

Published : 12:04 am  August 14, 2013  |  Category: Business  |  Leave a Comment  |  528 views  |  

Having been active in the Sri Lankan market for over two decades, Charter House made its presence felt on a grand scale at the recently concluded Hotel Show 2013. Elegant in design and unique in innovation, the stall was a showcase of the newest and most innovative products and features from their range of the world’s leading brands in sanitary ware, kitchen solutions and industrial applications. Drawing a large number of visitors to the stall were brands such as Laufen, Ariston, Grohe, Inda, and Presto. Those in search of hotel security solutions found the world’s leading brand VingCard Elsafe at the Charter House Stall. Spanish brand Mediclinics was also on display at the stall for their... 

Talent = Competency + Confidence

Published : 12:03 am  August 14, 2013  |  Category: HR  |  Leave a Comment  |  910 views  |  
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Talent is an inimitable source of competitive advantage for an organisation and is in such short supply that a war for talent is raging across the world. CIMA, in keeping with its commitment to helping people and businesses succeed, addressed the critical national need for nurturing talent at its annual HR forum, ‘Talent = Competency + Confidence’. The breakfast forum held at Kingsbury on 17 June, hosted senior HR personnel from leading organisations in Sri Lanka, with CIMA Executive Director Education Dr. Noel Tagoe communicating to the audience the vital role talent plays in a volatile, uncertain, complex, ambiguous environment. Prior to joining CIMA, Dr. Tagoe taught at University College... 

Record number of SMEs to participate in ‘FACETS Sri Lanka 2013’

Published : 12:01 am  August 14, 2013  |  Category: Business  |  Leave a Comment  |  866 views  |  

Over 50 small and medium enterprises will take part in FACETS Sri Lanka 2013, the international gem and jewellery exhibition, according to the organising committee. Organised by the Sri Lanka Gem and Jewellery Association (SLGJA), this year’s event held for its 23rd year, will be held from 29 August to 1 September at the Sirimavo Bandaranaike Memorial Exhibition Centre. FACETS 2013 not only provides ample opportunity for local businesses to showcase their capabilities to participating delegation from around the world, but also creates strong networking, knowledge sharing and skill enhancing opportunities for the SME sector enterprises. Local manufacturers will be able to acquire knowledge on... 

Pramod Bhasin joins SLASSCOM advisory board

Published : 12:01 am  August 14, 2013  |  Category: IT / Telecom  |  Leave a Comment  |  3,372 views  |  

Pramod Bhasin, Founder and Vice Chairman of Genpact and Chairman of The Skills Academy, India has joined the advisory board of the Sri Lanka Association of Software and Services Companies (SLASSCOM). Bhasin founded Genpact – formerly GE Capital International Services – in 1997 and was the president and CEO of Genpact until June 2011 and is currently the vice chairman. He is considered the founder and pioneer of the business process management industry in India. This industry now employs over a million people in India, directly and indirectly. Bhasin has also served as the Chairman of India’s National Association of Software and Services Companies (NASSCOM). Under his leadership, Genpact... 

Japanese war ships on anti-piracy mission dock in Colombo Port

Published : 12:01 am  August 14, 2013  |  Category: Business  |  Leave a Comment  |  678 views  |  

The Navy, in accordance with naval traditions, welcomed two Japanese war ships on their arrival at the Colombo Port. Japanese Maritime Self Defence Force (JMSDF) destroyers, Ariake DD- 109 and Setogiri DD- 156 arrived at the Port of Colombo on 12 August for logistics requirements. The ships are en route for counter piracy operations off the Coast of Somalia and in the Gulf of Aden. Head of the team, Commander Escort Division 7, Captain Hirofumi Shimizu and the Ships’ Commanding Officers, Commander Yoshihiro Kai and Commander Toshiyuki Iwanami, paid a courtesy call on Commander Western Naval Area, Rear Admiral Sirimevan Ranasinghe of the Sri Lanka Navy at the Western Naval Command Headquarters...