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Toyota employees refuse to return to work at India plants

Workers at Toyota’s two India plants have refused to return to work this week, after the Japanese car firm said it was ending a lockout that it had instituted on 16 March. Toyota locked out the workers because the firm said they were disrupting production and threatening managers. The conflict stems from wage negotiations, which…

(0)Comments | March 28, 2014 5:36 am

Stock Market Review

Colombo Bourse managed to regain lost ground on Thursday, with a comparatively active trading session. Bench mark All share price index gained 41.65 points (+ 0.7%) to closed at a five week high of 5,992.62 and S&P SL 20 index gained 13.10 points (+0.4%) to closed at 3,274.15. Price appreciation in counters such as John…

(0)Comments | March 27, 2014 11:42 am

BRAC Lanka borrows Rs. 100 million locally against US dollars

BRAC Lanka Finance PLC has obtained a three year loan of USD 02 million from its ultimate holding company BRAC International Holdings BV at an interest rate of 07 percent to expand its micro finance business operations. Following this the company obtained a loan of Rs. 100 million from Seylan Bank PLC at an interest…

(0)Comments | March 27, 2014 11:35 am

Union Assurance forms new arm to handle General insurance

Union Assurance PLC has announced that it is to segregate its Life and General insurance businesses, subject to the necessary approvals and divest it General insurance to a wholly owned subsidiary. The proposed new subsidiary, Union Assurance (General) Private Limited is to be later listed on the Colombo Stock Exchange.

(0)Comments | March 27, 2014 11:05 am

Sri Lanka ships close to 3 million mobile handsets in CY 2013

COLOMBO, SRI LANKA & GURGAON, INDIA: The Sri Lanka mobile phones market recorded sales (unit shipments) of over 0.8 million units in 4Q (October-December) 2013. This was reported in the Sri Lanka Mobile Handsets Market Review, 4Q 2013, March 2014 release published today by premier IT, Telecoms, Semiconductor & Electronics, Government & Public Sector and…

(0)Comments | March 27, 2014 9:59 am

New Maruti Suzuki cars to be launched in 2014

With new cars coming every now-and-then, competition in the Indian automobile industry is getting fierce and Maruti Suzuki India, being the biggest market shareholder, is on everyone’s target. Maruti’s current market share has fallen over the years owing to stiff competition and maturing purchase decisions of the consumers. It is now close to 50% while…

(0)Comments | March 27, 2014 8:41 am

400 Million People Victims of Cybercrime Every Year

A study done by Microsoft in South East Asia on computers using pirated software show a 69% malware infection rate.  The Software Company has found that firewall rules had been changed in 97% ofcomputers and 15% of DVDs, posing a definite threat to unsuspecting consumers. Keshav Dhakad, Regional Director of IP and Cybercrime, Microsoft Asia-Pacific…

(0)Comments | March 27, 2014 8:40 am

Waskaduwa Beach Resort ceremonially opens on April 6

Waskaduwa Beach Resort is to ceremonially open a 150 room luxury beach resort at Waskaduwa on 06 April. The company has informed this to the Colombo Stock Exchange. Waskaduwa Beach Resort is a subsidiary of Citrus Leisure.

(0)Comments | March 27, 2014 5:15 am

Facebook buys virtual reality headset start-up for $2bn

Facebook has announced it will buy Oculus VR, a Californian company which specialises in virtual reality products, for around $2bn (£1.2bn). The start-up’s flagship product, the Oculus Rift, is a goggle-like “immersive” headset for video gaming. It was developed with funds raised through crowdfunding site Kickstarter, and subsequent investment. Facebook’s boss, Mark Zuckerberg, said Oculus’…

(0)Comments | March 26, 2014 6:17 pm

Stock Market Review

Colombo shares concluded with mixed results on Wednesday where main share index marginally declined despite relatively active trading session. All Share Price Index dropped 1.81 index points (-0.03%) to close at 5,950.97 while 20-scrip S&P SL index gained marginally by 4.56 index points (+0.14%) to close at 3,261.05. Price depreciations in index heavy counters such…

(0)Comments | March 26, 2014 12:50 pm