Tuesday, 21st October 2014

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Light Rain

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Today, Colombo, Sri Lanka

Light Rain

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Business

The Chairman of the Ceylon Chamber of Commerce, the oldest and the largest body representing the views of the private sector in Sri Lanka, Suresh Shah last week requested both policymakers and big businesses to change the traditional belief system that was working against the private enterprises. Addressing the first National Forum on SME Empowerment, Shah said that for too

Full Article Sunday, 19 October 2014 00:00

With a view to increasing the use of renewable energy sources, global leader in protection solutions, Ansell last week announced the completion of its second bio mass boiler which is expected to bring significant reductions to the company’s energy consumption.  Here Ansell’s Senior Vice President, Global Supply Chain Operations Steve Genzer, ceremoniously opens the boiler by loading the

Full Article Sunday, 19 October 2014 00:00

Amidst the sustained low inflation environment, the Monetary Board of the Central Bank of Sri Lanka (CB) in its monthly policy review for October said key policy rates will remain unchanged. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) will be maintained at their current levels of 6.50% and 8.00%, respectively, the monetary authority announced on Friday.

Full Article Sunday, 19 October 2014 00:00

Ever dreamt of a car that could fly and take you away from horrendous traffic jams on the streets? Well, flying cars are set to be a reality pretty soon, thanks to Stefan Klein, who invested 20 years on the project. After working rigorously for years, Klein - the chief engineer and co-founder of AeroMobil - has come up with a prototype called the AeroMobil 2.5. After successfully testing the

Full Article Sunday, 19 October 2014 00:00

Following positive discussions with local authorities, EXIM Bank Malaysia President Adissadikin Bin Ali and Head of Banking Nor Shahmir Bin Nor Shahid ended an official visit to Sri Lanka last week. Joined by High Commissioner of Malaysia in Sri Lanka Azmi Zainuddin, the EXIM Bank representatives announced the Bank was ready to support the island nation by way of infrastructure financing.

Full Article Sunday, 19 October 2014 00:00

The United States Embassy in Colombo last week said the US is seeking ways to increase private sector engagement with several US company representatives scheduled to visit Sri Lanka to learn more about Sri Lanka’s investment climate.
In a statement released at the conclusion of the US-Sri Lanka TIFA Council Meeting, the embassy noted that two-way trade in goods has grown

Full Article Sunday, 19 October 2014 00:00

Hemas Holdings PLC last week announced that it has entered into an agreement to sell its shareholding in Hemas Power PLC to a consortium of buyers, consisting of NDB Capital Holdings PLC, ACL Cables PLC, and Trydan Partners Private Ltd.
The entirety of its shareholding in Hemas Power PLC will be sold for one billion six hundred and eighty million eight hundred and

Full Article Sunday, 19 October 2014 00:00

Colombo bourse started weekly operations on negative note on Monday where market witnessed the highest intraday loss after 13 months amid net foreign inflows. In last four sessions, ASI shed 222.38 index points (-3.0%) and S&P SL20 index shed 145.76 index points (-3.5%). Main index slipped by 136.78 index points or 1.9% to end at 7,184.22 while 20-scrip S&P SL index declined by 95.47

Full Article Sunday, 19 October 2014 00:00

On October 15, 2014 Hayleys PLC acquired 7,318,147 Ordinary Shares of Alufab PLC (Alufab) at a price of R.23.00 per share constituting approximately 60.69% of the total shares in issue in Alufab. Accordingly, in terms of the Takeovers and Mergers Code 1995 (as amended) a Mandatory Offer will be made to the remaining shareholders of Alufab. A disclosure filed with the CSE on October 15, 2014.

Full Article Sunday, 19 October 2014 00:00

Emerging markets fund manager and well known investment guru, Dr Mark Mobius, paid a courtesy call on Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal last week at the Office of the Governor in Colombo Fort. Dr. Mobius, who is the Executive Chairman of the Franklin Templeton Investment Group, who is upbeat about prospects in Sri Lanka, is reported to be looking at ways of expanding his investments in the island region

Full Article Sunday, 19 October 2014 00:00

The Ceylon Chamber of Commerce together with the Central Bank of Sri Lanka will conduct a seminar on “Sri Lanka’s Monetary Policy Program’, which would be addressed by Deputy Governor of the Central Bank Dr. Nandalal Weerasinghe.
The event will take place tomorrow 3.30pm at the Ceylon Chamber of Commerce auditorium at Navam Mawatha.

Full Article Sunday, 19 October 2014 00:00

Sri Lanka and Australia signed an agreement last week to import 20,000 milch cows for uplifting small and medium scale dairy farmers under a program to make Sri Lanka self-sufficient in liquid milk by the year 2016.
Importing Australian milch cows of superior breeds to uplift dairy farmers and improve the livestock industry began two years ago in accordance with President Mahinda

Full Article Sunday, 19 October 2014 00:00

President Mahinda Rajapaksa will preside over the commencement of the Divi Neguma National Program Phase Six on Monday October 20 at the auspicious time of 10.07. Parallel to this event, a program to plant vegetable seeds and fruit, coconut, herbal and other plants in 14,022 Grama Seva Divisions.

Full Article Sunday, 19 October 2014 00:00

SME Factors, one of Malaysia’s leading receivables financing houses, announced the expansion of its services into Sri Lanka last week. Its entry into the country is by invitation from the Deputy Minister of Finance, Sri Lanka, Dr. Sarath Amunugama, who has expressed interest to see SME Factors collaborate with the Finance Ministry on potential business opportunities that can benefit the country’s economy.

Full Article Sunday, 19 October 2014 00:00

The gift of a regular supply of life sustaining water has eased one of the many hardships faced by the residents of a small village located on a geological formation of limestone on an island off Jaffna.For the 225 families of Melinchimunai on the island of Kayts, the donation by the Commercial Bank CSR Trust of a Massey Ferguson 4-wheel tractor,

Full Article Sunday, 19 October 2014 00:00

Every year Abans observes World Children’s Day by organizing an outing for orphans and destitute children. This year Abans treated 25 orphan kids between the ages of 6 and 15 from Senarath Gunawardhana Child Development Center in Dehiwala to an interesting tour of Colombo on Monday. October 6, 2014.On Monday morning the kids of the children’s home woke up to a slap-up breakfast

Full Article Sunday, 19 October 2014 00:00

Abans Engineering (Pvt) Ltd, member of Abans Group and is the sole agent in Sri Lanka for prestigious brand City Multi Commercial Air Conditioners from Mitsubishi Electric Corporation of Japan. City Multi water cooled VRF (Variable Refrigerant Flow) system is technically advanced with High COP (Coefficient of Performance) level compared with Air Cooled VRF system.

Full Article Sunday, 19 October 2014 00:00

Representing Sri Lanka at the Spikes Asia Festival, Mindshare team members Seninda Bandara and Supun Hettiarachchi did the country proud when they clinched the Bronze medal for ‘Young Spikes in Media’ recently.The win at the regional Young Spikes competition was a significant victory for their company, with the GroupM agency Mindshare emerging as the only winner from Sri Lanka, outshining

Full Article Sunday, 19 October 2014 00:00

Watawala Plantations PLC, a member of the Sunshine Group, continued its award winning trend by adding yet another to their cache, with the Asian CSR Leadership award 2014 under the category ‘promoting employment for the physically challenged’.
The plantation company’s submission for the awards was based on their theme "Together we will make a difference" and its focus was on the vocational training

Full Article Sunday, 19 October 2014 00:00

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