BIZ BRIEFS

Sinhaputhra launches capsule sleepers

Sinhaputra Finance PLC has diversified into the budget tourism sector with the introduction of capsule sleepers, made popular in Japan and with wide use in different parts of the world.

This concept involves a sleeping capsule built into a concrete hume pipe, complete with bedding, air-conditioning and a finished interior with easy access to common facilities.The five capsules are designed for single accommodation but may accommodate a couple. These capsule sleepers can be assembled in 10 days at any locality in Sri Lanka.

This type of accommodation is well-suited for home stays in high demand tourist locations where home-cooked meals and common toilet and shower facilities are available.

Samsung Electronics profits fall

Samsung Electronics has seen its quarterly operating profit fall to its lowest level in more than three years because of slowing smartphone sales.

The South Korean company said profit fell 60% to 4.1 trillion won (US $3.8 billion, £2.5 billion) in the three months to September. The results were in line with the firm's preliminary estimates released earlier this month.

Shares of the world's biggest smartphone-maker lost nearly 20% of its value this year. Smartphones, its biggest business, has been struggling to maintain its dominance against rivals such as Apple, which recently released the iPhone 6.

- BBC

Asian shares higher on positive US growth

Asian shares were trading higher on Friday after positive economic data from the US showed strength in the world's largest economy.

Data showed the US economy grew at an annual rate of 3.5% in the third quarter. The news came a day after the Federal Reserve recorded the end of its monetary stimulus program. Investors also awaited the outcome of the Bank of Japan's policy meeting. In Japan, the Nikkei 225 was 1.4% higher at 15,882.07 in early trading.

A slew of data out of Japan showing a weaker economy failed to dent investor sentiment.

The country's annual core consumer inflation eased for a second straight month in September, while its jobless rate rose..

- BBC

BP profits down

The falling value of the rouble and lower oil prices have hit profits at oil giant BP.

The company made US $3 billion (£1.86 billion) in the July-to-September period, down from $3.7 billion for the corresponding period last year. BP, a big investor in Russia through its 20% stake in Rosneft, said the depreciation of the rouble against the dollar dragged down profits.

Net income from Rosneft fell to US $110 million, from US $808 million in the same quarter last year.

Lower Urals oil prices also hurt profits, BP said in a statement.

- BBC

Palitha Samarasinghe - SLRBC President

Palitha Samarasinghe was elected President of the Sri Lanka–Russia Business Council (SLRBC) at the 11th Annual General Meeting of the Council, at the Russian Cultural Centre, Colombo recently.

Samarasinghe who is also the Secretary of the Sri Lanka-Ukraine Business Council, is a tea-taster by profession and serves as the Managing Director of Unitrades of the Bartleet Group with a 36-year service record as an employee of the same company. An old Boy of Ananda College, Colombo, Samarasinghe also holds the post of Director, Bartleet Agencies, Director of BC Agro-Tronics of the Bartleet Group and Chairman, Karagoda Tea Factory.

CASL honours Charitha de Silva

The Institute of Chartered Accountants of Sri Lanka (CASL) recently paid tribute to an eminent Chartered Accountant Charitha Prasanna de Silva in appreciation of his outstanding contribution to improve the accounting profession, the institute and the nation. Here CA Sri Lanka President Arjuna Herath presents the the CA Sri Lanka Lifetime Achievement Award to Charitha Prasanna de Silva. Past President Riyaz Mihular and Secretary and CEO CA Sri Lanka, Aruna Alwis look on.

Arpico opens three outlets

Richard Pieris Distributors recently opened Arpico Daily outlets at Kaduwela, Ja-ela and Mathugama representing the product diversity and multi-brand choice that are the hallmark of the larger Arpico Supercentres, company sources said.

The Arpico Daily outlets offer fast moving consumer goods, daily essentials, dairy products, fresh fruits, vegetables, meat and seafood, household items such as kitchenware, glassware and plastic items, toys, stationery, garden products and electronic goods.

The outlet at Avissawella Road, Kaduwela was opened by General Manager, New Project Development, Richard Pieris Distributors Ltd, Noel Wickremasinghe. Operations Manager K.A.S. Lasantha and Head of Marketing Minodh G. de Sylva were also present.

Head of Group Human Resources, Richard Pieris and Company PLC, Thushara Hettithanthrige opened the outlet at Ja-ela. The outlet at Aluthgama Road, Mathugama offers the same product range and facilities as the other new outlets.

Combank opens branch in Urubokka

Commercial Bank of Ceylon Chairman Dharma Dheerasinghe opened bank's 239th branch at Nugasevana, Urubokka, in Matara. Commercial Bank, Managing Director and CEO Jegan Durairatnam, Chief Operating Officer and Director S. Renganathan and senior officials of the bank were also present. The branch is equipped with two automated teller machines that are linked to Commercial Bank’s over 600 ATMs in Sri Lanka and to millions of ATMs of the MasterCard, Maestro, Cirrus, Visa, Plus, Amex,

Discover and Diner’s Club networks worldwide, offering residents and visitors access to funds in their accounts at Commercial Bank and in other banks.