Biz Briefs

Janashakthi sponsors bike ride

Janashakthi Insurance recently sponsored 'Around the Pearl', a 10-day bike ride to raise funds for those diagnosed with cerebral palsy.

Cerebral palsy is a common physical disability affecting many children and is caused by abnormal development of, or damage to motor control centres of the brain.

Twelve well-known business professionals lead by CEO and MD Cal Group, Ajith Fernando set out from Colombo and traversed the country on a 1,400-kilometre bicycle ride along Sri Lanka's coast. The ride ended at Independence Square.

The organisers hope to fund 1,000 wheelchairs with donations pledged by supporters.

 

Microsoft profits drop

Microsoft reported a net profit of $5.66 billion (£3.37 billion) in the first quarter, a decline from the corresponding period last year but better than market estimates.

The software maker's efforts to move further into cloud computing - a move championed by new chief executive Satya Nadella - seems to be paying off.

Azure, a cloud computing product, saw revenue grow 150%.

The company also said it added one million users to its subscription-based Office program for personal users.

Microsoft sold two million Xbox consoles, including 1.2 million Xbox Ones during the period.

"We are making good progress in our consumer services," said chief executive Satya Nadella.

- BBC

Adam Investments IPO on May 19

Adam Investments Limited (AINV), a newly-formed investment company which focuses on investment, revival and management of a growing number of subsidiary companies as its core business, has received approval to list its shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at Rs 3 per share for a consideration of Rs. 400,000,500.

Adam Investments Ltd has equity investments in several listed companies including Orient Garments, Ceylon and Foreign Trades and PC House Holdings.

The company also holds substantial shares of several private limited liability companies.
 

CEAT fetes top dealers

CEAT's achievement of overall leadership of Sri Lanka's tyre market in the bias and radial categories was celebrated with the company hosting 125 of its best dealers in Sri Lanka and their families recently.

Significant sales contributions by dealers in all product segments that contributed to CEAT Kelani Holdings growing into a Rs 11 billion company in 2013-14 were rewarded with trophies and overseas holidays at an overnight event themed 'Together, towards tomorrow' at the Blue Water Hotel.

CEAT Kelani Holdings Chairman Chanaka de Silva said CEAT's growth into the largest manufacturer and marketer of tyres in Sri Lanka in bias and radial categories is evidence that "finally, the joint venture has arrived," adding "this is just the beginning."

PET machine installed at Diyatalawa Military Academy

A People's Bank automatic teller machine was opened at the Science Faculty of the Diyatalawa Military Academy by the Army Commander Lieutenant General Daya Ratnayake recently.

People's Bank Badulla Regional Manager P. Sirisena, Diyatalawa Branch Manager Upali Wijekoon, military personnel and People's Bank staff members were also present.








 

Melsta Regal opens Kandy branch

Melsta Regal Finance Ltd (Melsta Regal) has embarked on a rapid expansion drive. The company has expanded its geographical foot print to the provinces of Kurunegala, Matara and Kandy.

Melsta Regal's entry to the Central Province was marked with the opening of the Kandy branch at the Melsta Logistics Ltd - Collision Repair Centre in Katugastota. This enables clients to conduct business transactions away from the hustle and bustle of Kandy city.

NCCSL seminar on tax amendments

The National Chamber of Commerce of Sri Lanka (NCCSL) will conduct a half-day seminar on 'Tax Amendments 2014' on Tuesday from 1.30 p.m to 5.30 p.m at the Chamber Auditorium at D R Wijewardene Mawatha, Colombo 10. Veterans in the field will explain in detail the tax amendments in Budget 2014, such as Income Tax, VAT and SVAT, NBT, Economic Service Charge and other taxes. The resource persons are Senior Commissioner of Inland Revenue, Ms Dhammika Gunathileke, Senior Commissioner of Inland Revenue, Mrs Deepani Herath and former Deputy Commissioner General of Inland Revenue, H B A Seneviratne.



 

SLT conducts forum for business customers

Sri Lanka Telecom (SLT) completed another customer forum on the theme 'Beyond Borders' for the company's valued Small and Medium Enterprises (SME) customers in the Metro North area, Colombo.

The forum was held at the Galadari. Chief officers and top officials of SLT were present. The evening comprised presentations of SLT's product offerings for SME customers, live demonstrations of SME products including voice, networking, data hosting, managed services and Mobitel products and services and a guest lecture on 'Triple Is for turbulent times' by Dr. Ajantha Dharmasiri.

It was followed by an interactive and socialisation session and a raffle draw and other entertainment.
 

Dunamis Capital assigned BBB+/P2 rating

RAM Ratings Lanka has assigned Dunamis Capital PLC (Dunamis) long and short-term corporate credit ratings of BBB+ and P2. Concurrently, we have assigned an initial issue rating of BBB to the company's proposed Rs 1 billion Senior, Unsecured, Redeemable debentures, a RAM Ratings media release said.

The long-term rating has a stable outlook. Dunamis is a holding company with interests in primary dealing, stock brokering, margin trading, debt structuring, asset management, property development and manufacturing.

The company and its subsidiaries are collectively referred to as the Group.

Amãna Takaful opens office in Ratnapura

Amãna Takaful recently opened an office in Ratnapura. The chief guest were Chief Executive Officer, Amãna Takaful PLC, Fazal Ghaffoor and GM and Chief Executive Officer, Amãna Takaful Life, Reyaz Jeffrey.

Members of the local business community and customers were present.

The branch will provide tailor-made insurance solutions to the people in the bustling market city and its surrounding towns.

Ratnapura marks the 24th branch to be set up by the company. It caters to all segments of society and gas operations in all parts of the country including the Northern and Southern provinces.