$ 430 m TATA Slave Island housing project kicks off

Secretary Defence and Urban Development Gotabaya Rajapaksa yesterday kicked off the proposed commercial and residential complex at Slave Island, Colombo 2, as the Chief Guest.
He participated at the ground-breaking ceremony along with senior officials of the project’s developer, Tata of India.
In keeping with tradition, the Defence Secretary cut the first sod of soil with the blessings of the Maha Sangha and other religious dignitaries. The project will be executed by the Urban Development Authority in collaboration with the TATA Housing Development Company Ltd. of India.
The housing complex will be built on an eight acre plot in Slave Island encompassing Malay Street from the east, Justice Akbar Street from the south, the railway track from the west and the land used by the Ministry of education from the north.
The primary goal of the project is to uplift the living standard of the people in the area and providing them a better living environment thereby improving the liveability of the city.
According to a suggestion of the Secretary Defence, each beneficiary will get a more spacious house compared to their old houses.The TATA Housing Development Company has pledged an investment of $ 430 million towards the project.

Sri Lanka court gives nod to graphic tobacco warnings: report

May 12, 2014 (LBO) - Sri Lanka's Court of Appeal has approved graphic pictorial warnings on tobacco packs after Ceylon Tobacco Company challenged new health ministry rules.


Sri Lanka's Daily Mirror newspaper said in its website that the Court of Appeal had dismissed a write application by CTC and allowed graphic health warnings covering 50 to 60 percent of cigarette packs.However there is also a Supreme Court stay order on the rules until May 27, the company had disclosed earlier.




Ceylon Tobacco Company has seen sales shrink over the past year, amid rising prices and greater awareness of the health risks of tobacco smoke.

The Strategy Behind Weird Interview Questions

There’s no shortage of unorthodox or off-beat interview questions to ask job candidates. But what’s the point?


For some managers, quirky questions go beyond catching someone off guard. Non-traditional questions help managers such as Patrick Brandt, chief executive officer ofZimbra Inc. Frisco, Texas decide if a candidate will fit in with the team. “My style isn’t to compromise on culture,” he explains. “For us, it’s really attitude over aptitude.”


Brandt says he relies on open-ended questions that create a dialogue and move the candidate away from rehearsed answers. He says his strategy is more than just a way to humanize the hiring process. Brandt believes his unpredictable questions help uncover issues that others may have been missed or excused. Sometimes people get desperate to fill a position and overlook red flags, he notes, and he says he’s prepared to pass on an otherwise-qualified candidate if he or she isn’t a good fit for the sociable atmosphere at the software development company.


We talked to hiring managers about which non-traditional questions they use – and why – to help you land your next all-star hire.

HSBC launches 30 day service pledge for Credit Cards and Lifestyle Loans

HSBC has announced the launch of its 30-Day service pledge as part of its commitment to fair dealing with customers in line with the ‘Treating Customers Fairly’ principles followed by the HSBC Group. The ground-breaking campaign valid until 29 August 2014, further enhances the bank’s service to its customers. The new proposition offers customers time to review their financial decisions following the purchase of HSBC credit cards and lifestyle loans with a 30-day cooling off period. Within this time, should there be a change in their needs or financial situation, customers can terminate their contract and request for a refund or waiver of the related fees or charges. The new offering further reiterates HSBC’s commitment to building sustainable relationships with its customers by delivering products and services that meet their needs.

Billionaires brawl: Packer and best friend trade blows on Bondi Beach

SYDNEY (AFP): Billionaire gambling tycoon James Packer and his former best man, the Head of Australia’s Nine Network, insisted Monday they were still friends despite being involved in an ugly punch-up at Bondi Beach. The Sydney Morning Herald said more than 50 images show Packer and David Gyngell throwing and receiving punches and wrestling on the ground on Sunday afternoon. It sparked a bidding war for the photos, which Rupert Murdoch’s News Corp. appears to have won, publishing the first four pictures online Monday afternoon.

Buffett defends Coke, BNSF at Berkshire annual meeting

REUTERS: Warren Buffett on Saturday defended his recent controversial vote on executive pay at Coca-Cola Co and disappointing performance at railroad BNSF, as investors grilled him on his Berkshire Hathaway Inc conglomerate at its annual shareholder meeting.
The investment guru was peppered with questions at the meeting, part of a mostly festive weekend that Buffett calls “Woodstock for Capitalists,” following concerns that Berkshire last year missed Buffett’s five-year growth target for the first time in his 49 years at the helm.
Buffett, 83, and Vice Chairman Charlie Munger, 90, took the stage at a downtown Omaha arena as they faced off with the audience and a hand-picked panel often excusing recent worries at the sprawling conglomerate. “Over any cycle we will over-perform, but there’s no guarantee on that,” he said. Berkshire, he said, is designed to perform best when markets are at their worst, unlike in 2013 when the Standard & Poor’s 500 rose 30%.

Buffett was immediately questioned about Berkshire’s decision to abstain from the shareholder vote on Coca-Cola’s equity compensation plan for executives, even though Buffett thought the controversial plan was excessive.
That revelation drew sharp criticism in the run-up to the meeting – particularly since Buffett has in the past called options wasteful and akin to a free lottery ticket.

The Surprising Benefits of Hiring Your Kids

As a father of five children, I know all too well how expensive kids can be. It’s always, “Dad, can you loan me $20 for the movies?” or “I saw the cutest pair of jeans and they are only $350.”

How is a small-business owner supposed to keep the company lights on and keep the kids happy? Well, here’s one great way: hire your kids.

Image credit: Shutterstock

Your company can hire your kids, pay them $6,100 per year, and in most cases the business takes the write off and neither the kids nor your household is taxed on the wages.

Putting your kids to work provides some amazing benefits. Not only does it allow them to learn the value of work, but it also gives them insight into the family business and provides you with a pretty nice tax deduction. (It’s always a good idea to check with your accounting professional prior to taking business deductions.)

Audi A3 named World Car of the Year

the premium compact bestseller from the German automaker, has been named the 2014 World Car of the Year.
This is the second overall title for Audi in the ten year history of the World Car of the Year Awards as the Audi A6 won the inaugural overall title in 2005, a statement said.

The third generation of the Audi A3 overcame the challenge from 23 other cars to win the prestigious World Car of the Year title in 2014.
The A3 was voted as the winner by an international jury panel comprising 69 top-level automotive journalists from 22 countries around the world. Rupert Stadler, chairman Audi AG, said: “The Audi A6 was the first ever winner of this award and we are delighted that the Audi A3 has repeated that achievement by being voted 2014 World Car of the Year.”

Seylan Bank ups pre-tax profit by 9% to Rs. 798 m

Seylan Bank recorded a strong quarterly performance with profits before income tax reaching Rs. 798 Million, a 9% increase for the three months ended 31 March 2014. Profits after tax reached Rs. 514 million compared to the Rs. 505 million reported in the corresponding period in 2013.

Nations Trust Bank opens 76th branch at Gothatuwa

Nations Trust Bank opened their newest branch in Gothatuwa offering a wide array of financial services to the people of the area. With the opening of this branch, the branch network of Nations Trust Bank extends to 76 locations across the island. The bank is confident of their promise to deliver world-class products and services powered by a deep understanding of what emerging Sri Lankan needs in terms of financial solutions. All this combined with an unmatched digitalised service experience and growing network. The bank continues to offer their signature service 365 Day Banking and extended Banking Hours and these pioneering concepts have been validated by the customer demand for convenience, which is now becoming the standard across the industry.

Buddha tattooed British tourist deported

REUTERS: Sri Lanka on Thursday deported a British tourist for having a tattoo of Buddha on her arm which a court said was an insult to the island’s main religion. Legally, there is no ban on a Buddha tattoo in Sri Lanka, but the predominantly Buddhist nation is very sensitive about its religion.

BOC records highest profit of Rs. 15.7 b in 2013

Bank of Ceylon (BOC) has concluded its financial year 2013 reporting the highest profits over its domestic peers successfully proving, yet again, its market leadership.
The results indicate an increase in volumes in both assets and gross operating income and achieving asset growth in all its business lines. Firmly entrenched as Sri Lanka’s No. 1 financial organisation through its 75 years of existence, the bank is fully geared to support the growth and development of the country by being the largest contributor to the Government economic development aspiration of 5+1 hubs.
The Bank of Ceylon has recorded a pre-tax profit of Rs. 15.7 billion for 2013 reflecting its inherent strengths and affirming its position as the leading financial services provider in the country despite the many challenges faced by the banking industry during, 2013. Both BOC Chennai and Malé branches recorded profits in 2013. This confirms Bank of Ceylon’s position as a truly international Sri Lankan bank.
The bank passed yet another milestone by raising its second international dollar bond for $ 500 million at competitive rates which was 6.8 times oversubscribed, endorsing the acceptance the bank has earned within the global investor community. A further Rs. 8 billion was successfully raised locally through listed debentures in 2013.

Samsung launches latest innovation S5 in Sri Lanka

• Expands wearable line with the next generation of gear devices that offers unmatched freedom and style

Samsung Electronics, Sri Lanka’s leading smartphone manufacturer, yesterday launched in Sri Lanka its fifth generation GALAXY S5, a state-of-the-art smartphone that focuses on what matters most to consumers.
The new GALAXY S5 offers consumers a refined experience with innovation of essential features for easy day-to-day use.
“The GALAXY S5 is yet another great proof point of people-inspired innovation developed by Samsung. Designed to be both effortlessly smart and intuitively simple, the GALAXY S5 has been created to maximize consumer benefits by integrating superior hardware with enhanced smartphone usability and an iconic design,” said H.K. Chang, Managing Director, Samsung India Electronics Ltd.
Sri Lanka branch. “This sleek and innovative smartphone provides an effortless user experience and is designed to empower consumers and help them in their everyday lives.”
The GALAXY S5 combines an advanced camera with fast network connectivity, dedicated fitness tools and enhanced device protection features that enable consumers to stay fit and connected in style.
Express a modern, glam look

Thought of the day . . .

Thought of the day . . . The more reasons that you have for achieving your goal, the more determined you will become.

Refuse to make excuses for failure; instead, look for the valuable lessons you can learn each time.

Central Bank makes public maximum deposit rate directive to finance companies

The Central Bank yesterday made public its directive to finance companies with regard to the maximum deposit interest rates payable. The move was in furtherance of the policy announcement originally made at CB’s Road Map for 2014 in January this year. Finance companies have been issued with similar directives in the past but it was the first time it is going public. In its statement yesterday,