Amãna Takaful rewards ‘Prosperous Prosper’ achievers

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,545 views  |  

Amãna Takaful, one of Sri Lanka’s fastest growing composite insurers recently rewarded its top performers of the ‘Prosperous Prosper’ promotion as part of an incentive to promote the ‘Amãna Takaful Prosper’ product. Amãna Takaful Life GM/CEO Reyaz Jeffrey stated: “We want our team to be achievers. Through this kind of incentive and business promotion programs we attempt to create a platform for our staff to discover their capabilities. We hope that this will further encourage them to reach greater heights in their careers. The ‘Prosperous Prosper’ promotion was truly an acknowledgement of the team’s dedication and hard work.” Amana Takaful Prosper is Sri Lanka’s first... 


SLASSPA AGM elects Major Tissa Aluwihare as President

Published : 12:00 am  December 4, 2013  |  Category: Business  |  Leave a Comment  |  662 views  |  

First ever security exhibition to be held next year Bren and Securitas Sri Lanka Country President Major Tissa Aluwihare was unanimously elected as President of the Sri Lanka Security Service Providers Association (SLASSPA) at their 9th Annual General Meeting, which was held at Taj Samudra on Friday evening. Major Aluwihare, who looks back on 23 years in the security industry, has led his company, Bren Security, with outstanding success, culminating in its merger with Securitas AB of Sweden in 2010. Securitas AB is the world’s knowledge leader in security with a presence in 53 countries around the globe. In his inaugural address to the SLASSPA members, Major Aluwihare pledged to spearhead... 


IMF concludes first post program monitoring discussion under 2009 SBA

Published : 12:00 am  December 4, 2013  |  Category: Business  |  Leave a Comment  |  992 views  |  

Following is the statement issued by the Central Bank and the IMF after the conclusion of the first program monitoring discussion under the Stand By Arrangement (SBA) of 2009. The Sri Lankan authorities note with satisfaction that the Executive Board of the IMF has welcomed the strong growth performance of Sri Lanka in recent years with inflation contained at single digit levels, after the review of the IMF staff reports on Post-SBA Program Monitoring (PPM) and Ex-Post Evaluation (EPE) on 27 November 2013. The IMF has also recognised the resilience demonstrated by the Sri Lankan economy in the face of recent high volatility in the global financial markets. Further, the IMF has noted the significant... 


Navindra new CEO at Lanka Ceramic

Published : 12:00 am  December 4, 2013  |  Category: Business  |  Leave a Comment  |  619 views  |  

Navindra Anton Abeyesekera has been appointed as the new CEO of Lanka Ceramic Plc with effect from 1 December 2013. Navindra moves to Lanka Ceramic from Delmege Forsyth where he was Director – Group Business Development. His previous employment includes KPMG and Brandix Ltd. He is a member of the Institute of Chartered Accountants of Sri Lanka and a member of the Society of Certified Management Accountants of Sri Lanka (CMA). Navindra also holds the positions of Main Committee Member – Ceylon Chamber of Commerce, President, Sri Lanka-China Business Council and Vice Chairman – Import Section of the Ceylon Chamber of Commerce.  Read More →


No Katana casinos, Krrish still in a fix

Published : 12:00 am  December 4, 2013  |  Category: Front Page  |  Leave a Comment  |  993 views  |  

The Government yesterday denied moves to establish new casinos and insisted that it was merely a proposal by a company with no discussions being held on implementation. Parrying with a multitude of questions from the media, Investment Promotion Minister Lakshman Yapa Abeywardene stated the Katana casino city was proposed by a Singaporean company and was never considered by the BOI. In 2011 a Memorandum of Understanding was signed to do a feasibility study and the proposal never moved forward from there, he told media. “It is unlikely that the casino documents will be presented before Cabinet before the end of the year. We are still formulating it,” he added. The Minister also battled for... 


Etihad acquires 33.3% stake in Darwin Airline, launches Etihad Regional

Published : 12:00 am  December 4, 2013  |  Category: Travel / Tourism  |  Leave a Comment  |  326 views  |  

Etihad Airways has acquired a 33.3% stake in Swiss carrier Darwin Airline. Following completion of the minority investment, which is subject to regulatory approval, Darwin Airline will rebrand its operations as Etihad Regional and align its network to connect passengers from secondary European markets onto the main networks of Etihad Airways and its equity alliance partners. Etihad Airways will also launch daily services on 1 June 2014 from Abu Dhabi to Zurich, which will become one of Darwin Airline’s main operating hubs. Etihad Airways’ President and Chief Executive Officer James Hogan said: “This is a step-change for Etihad Airways. With our new partner Darwin Airline, we are creating... 


Fitch rates NTB’s subordinated debt final ‘A-’

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  381 views  |  

Fitch Ratings Lanka has assigned Nations Trust Bank PLC’s (NTB; A(lka)/Stable) proposed subordinated debentures of up to Rs. 3 billion a final National Long-Term Rating of ‘A-(lka)’. The debentures have tenure of five years and the semi-annual coupon payments will be fixed at 13% a year. NTB expects to use the proceeds to refinance maturing debt, fund its projected growth and strengthen the bank’s regulatory Tier 2 capital base. The assignment of the final rating follows the receipt of final documents, which conform to information previously received. The final rating is the same as the expected rating assigned on 31 October 2013. Key rating drivers The proposed debentures are rated one... 


PM denies link to heroin haul

Published : 12:00 am  December 4, 2013  |  Category: News  |  Leave a Comment  |  2,112 views  |  

By Ashwin Hemmathagama Our Lobby Correspondent Prime Minister D.M. Jayaratne denied any involvement in importing South Asia’s largest heroin stock, which was busted recently by Sri Lanka Customs and the Police Narcotic Division. Addressing Parliament yesterday, the Prime Minister in response to the details requested by MP Anura Kumara Dissanayake on Monday confirmed issuing a letter by a “Secretary at the Ministry of Buddha Sasana” and that investigations were underway with INTERPOL. “I receive over 100 letters per day and meet over 500 people twice a week,” he said, explaining the difficulty of keeping track of the conversations taking place and the letters issued. “With the recent... 


Forces against FDI: Lakshman Yapa

Published : 12:00 am  December 4, 2013  |  Category: Front Page  |  Leave a Comment  |  273 views  |  

Firing a salvo against the Opposition, Investment Promotion Minister Lakshman Yapa Abeywardene yesterday slammed detractors of the Government’s policies, charging that they were trying to undermine the economy to destabilise the Government. Referring specifically to the Rathupaswala factory standoff, the Minister noted that the company was now receiving offers from Malaysia to move the facility there. “There is a clear trend where politicians with agendas are trying to target Sri Lanka’s economy because they know that the only way to undermine the Government is to damage the economy. People must become aware of this. They must understand what underlying agendas exist,” he insisted. He... 


Sri Lanka down 12 places in Corruption Perception Index

Published : 12:00 am  December 4, 2013  |  Category: Front Page  |  2 Comments  |  1,019 views  |  

Widespread corruption affected Sri Lanka most adversely during the last 12 months, placing the country in the 91st position among 177 countries worldwide with a score of just 37 points, according to the annual Global Corruption Perception Index (CPI) just released by Transparency International (TI). Sri Lanka slid down by 12 places from last year’s position of 79 scoring 40 points. Among the South Asian countries Sri Lanka ranks second above India, Nepal, Pakistan and Bangladesh. Only Bhutan (31) has fared better than Sri Lanka. In the Asia Pacific region Sri Lanka is ranked at number nine. Sri Lanka is clubbed together with two other countries – Malawi and Morocco – all with a score of...