Biz-BRIEFS

Facebook unveils $5b stock market flotation plans

Facebook unveils $5bn stock market flotation plan. The world's largest social networking site, Facebook, has announced plans for a stock market flotation. Facebook said it would seek to raise $5bn (£3.16bn, 3.8bn euros), about half the amount many analysts expected.

But the initial public offering (IPO) is still expected to be the biggest sale of shares by an internet company.

Facebook, just eight years old and started by Harvard University students, now has 845 million users and made a profit of $1bn last year. '

Sony records losses

Sony reports further losses as Thai floods hit sales Sony has raised its forecast for losses this year Japanese electronics giant Sony has reported another quarterly loss after sales were hit by lower production following the floods in Thailand. The company reported a net loss of 159bn yen ($2.1bn; £1.3bn) for the final three months of 2011, compared with a profit of 72bn yen a year earlier. Sales fell 17% to 1.8tn yen.

The firm also blamed weaker demand and the strong yen for the loss. It also forecast a loss for the financial year of 220bn yen. In November, Sony had predicted an annual loss of 90bn yen.

HNB donates books at Deyata Kiirula

The Hatton National Bank (HNB) will participate in the Deyata Kirula program at the HNB Nochchiyagama branch in Anuradhapura at 10.30 am today.

HNB will donate books to Nena Pubuduwa libraries in schools in Anuradhapura, Polonnaruwa, Dambulla and Kurunegala. HNB Chairperson, Dr. Ranee Jayamaha will be the chief guest at the ceremony.

Dipped Products reports Rs 14.5b turnover

Dipped Products PLC, (DPL) the Hayleys Group's global player in Hand Protection, has reported a turnover of Rs 14.5 billion for the nine months ending December 31, 2011, following a resilient performance by its rubber glove manufacturing operations.

Businesses in Hand Protection posted a turnover of Rs 10.4 billion including inter-segmental sales while Plantations reported a revenue of Rs 4.7 b for the period reviewed, reflecting consolidated top line growth of 33 percent, the DPL Group said in a filing with the Colombo Stock Exchange.

Tea Board hosts international confab

Sri Lanka Tea Board celebrated 145 years of the tea industry in grandeur by hosting an international conference on tea - the 20th session of the Food and Agricultural Organisation's Inter Governmental Group on Tea under the auspices of the United Nations.

The three-day conference was held in Colombo with the participation of more than a 100 delegates from over 25 countries.

The chief guest Minister of Plantation Industries, Mahinda Samarasinghe said that Sri Lankan tea exports was affected due to the crisis in the main export markets.

The tsunami in Japan, conflicts in the Middle East and the debt crisis in the Euro zone have hit tea exports and as a result export prices are declining. This forum of tea producers and traders will be able to discuss measures to stem the crisis, he said.

Use of Oracle HR applications on the rise

Oracle recorded that over 50 customers, including Barry-Wehmiller, Knowledge Universe, MarketSphere, Red Robin and Snyder's-Lance, are implementing Oracle Fusion Human Capital Management (HCM).

Expolanka Holdings posts Rs. 903m PAT

Expolanka Holdings PLC sustained its consolidated NPAT for the nine months ended December 31, 2011 at Rs.903m, with a consolidated NPBT at Rs. 1,186m.

Net Profit attributable to equity holders reached 768m for the nine months ending 31 December 2011.

Seylan 'Thagi Pita Thagi' draw winners

The first batch of 10 lucky winners of the main prizes in Seylan Bank's mega 'Seylan Thagi Pita Thagi' rewards scheme recently received their awards from Chairman Eastman Narangoda, Executive Director R. Nadarajah and General Manager / CEO Kapila Ariyaratne at the Bank's Head Office in Kollupitiya.

The winners were Nilantha Deshapriya, M.A.M. Perera, Master M.H.M. Hafas, H.K.G Rupasinghe, Prasantha Abeykoon, S.A.N. Malkanthi, Dr. Anusha Wickramarachchi, Nilanga Fernando, U.A.H. Kumara and M.J.M. Rozmi.

Commercial Credit delights customers

Commercial Credit PLC gave its clients a pleasant experience recently.

A group of 5,000 clients who engaged in micro finance were invited to Leisure World in Kaluaggala, Avissawella. They spent a pleasant evening with lots of excitement and got the chance to get to know each other.