Today’s Front Page 30-06-2011
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Star farmer
Minister of Economic Development Basil Rajapaksa was the chief guest at the ceremony to select the best young farmer. The competition was organised by CIC Agri Business Company, in order to establish farming as an acceptable profession of high calibre and responsibility to expose young farmers to emerging technologies and entrepreneurial management practices. The winner Nihal Subasinghe from the Moneragala district was crowned as the winner and was paraded in royal style at the ceremony. He was presented with a brand new car along with other prizes. CIC Holdings Chairman B.R.L. Fernando and CEO Samantha Ranatunga were also present at the ceremony
Shangri La deal no mystery says Govt.
Economic Development Deputy Minister denies misappropriation in sale of 10 acres of Galle Face land for $ 125 m; Says $ 500 m investment bearing ventures are of national significance; Charges UNP regime sold 13 acres of Wellawatte Textile Mills with all buildings just for a song amounting to Rs. 170 million to Mireka Capital
The Government denied allegations of misappropriation in the sale of land for the US$ 500 million Shangri La property, which has been a hot topic in the business world since of late.
Govt. to get tough with investors lagging behind
The government yesterday announced that action would be taken to terminate the deals of four investors who have not started construction as planed in Pasikudah if the government does not see any activity within the next two months.
Deputy Minister of Economic Development Laxman Yapa Abeywardena yesterday stated that 10 hotels are on the cards to come up in Pasikudah, out of which six have already started construction. However there has been no activity within the past months from four investors and the Economic Development Minister Basil Rajapaksa has ordered warning letters to be sent to the parties within this week to either start in two months or to cancel the deals. Abeywardena stated that among the four investors, a Maldivian party was also involved.
Stock values under spotlight as June quarter ends today
Today marks the end of the June quarter and all investor eyes will be focused on how stocks perform with hope of better valuations from the market.
For December-end financial year companies it will be the completion of the first half whilst for March-end firms it is the end of the first quarter.
CB designates Chinese “Renminbi” for banking transactions
The Monetary Board, at its meeting on 27 June 2011, has decided to include the Chinese Renminbi in the list of designated currencies permitted for international transactions through banks in Sri Lanka in terms of the provisions of the Banking Act. Accordingly, the public can now undertake all permitted transactions in foreign currency in Renminbi with banks authorised for such transactions.
Court halts picketing campaign at Seylan Bank
By S.S.Selvanayagam
The District Court of Colombo yesterday issued an interim injunction preventing any picketing campaign in front of the Seylan Bank or its branches.
Sequent to a plaint filed by Seylan Bank PLC, District Court Judge Ranjith N.Wathupola issued the interim injunction against the Ceylon Bank Employees’ Union preventing them from inciting, encouraging or promoting any employee from engaging in any industrial or trade union action.
Spence savvy EPF
- With more buying pension fund now owns 6.4% of parent and 8% of AHOT
Employees Provident Fund (EPF) is increasingly becoming savvy of diversified blue chip Aitken Spence and company as well as its leisure subsidiary Aitken Spence Hotel Holdings (AHOT).
On top of Monday’s buying, EPF yesterday bought around 2.9 million shares in Aitken Spence increasing its holding to over 6.4%.
Vallibel One IPO oversubscription tops 11 times
The Rs. 533 million IPO of Vallibel One Ltd., (VOL) had been oversubscribed by 11.65 times, the registrars to the issue confirmed yesterday.
The oversubscription rate is one of the highest for recent new issues.
VOL offer of 21.3 million shares at Rs. 25 each had drawn 35,256 applications requesting for 247.05 million shares.
Over 90 percent of coconut oil mills not fully functioning
By Shezna Shums
Over 90 percent of the registered coconut oil mills are not fully functioning because of the fear of lack of sales given that imported palm oil is now cheaper.
There are about 800 coconut oil mills registered with the Coconut Research Institute and most of them have ceased producing coconut oil for the last two to three weeks.
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