Dutch assistance to boost SL economy

Published : 1:44 am  July 17, 2014  |  Category: Business  |  Leave a Comment  |  380 views  |  

The Netherlands plans to provide Sri Lanka with technical and specialist knowledge, said Netherlands Vice Minister of Foreign Trade Simon Smits, when he met Economic Development Minister Basil Rajapaksa at the Ministry office on 15 July. At the meeting a Memorandum of Understanding was signed on assisting Sri Lanka in the construction of 467 rural bridges under the program to build 1,210 rural bridges islandwide to strengthen the rural economy by reducing the gap between the village and town. Vice Minister Smits is currently on a four-day visit here.  He is accompanied by a business delegation comprising representatives of leading Dutch companies. Minister Basil Rajapaksa also discussed with... 


SLINTEC unveils new chapter in advanced textiles with MAS Innovation

Published : 1:43 am  July 17, 2014  |  Category: Business  |  Leave a Comment  |  422 views  |  

Sri Lanka Institute of Nanotechnology (SLINTEC) and MAS Innovation Ltd have entered into a research agreement to enhance odour management properties in polyester garments. SLINTEC, which specialises in nanotechnology research and development, is focused on making discoveries with worldwide impact. Its mandate is to add value to the Sri Lankan industries by helping them contribute to the GDP through innovations in nanotechnology and other advanced technologies.  Read More →


New Secretaries, two Directors appointed to PCH Holdings

Published : 1:42 am  July 17, 2014  |  Category: Business  |  Leave a Comment  |  326 views  |  

New Secretaries and two Directors have been appointed to PCH Holdings Plc following interim orders given by the High Court of the Western Province. P.W. Corporate Secretarial Ltd. has been appointed the Secretaries to the company whilst Chaminda Dayan Banduthilake and Darshana Padmal Galabodage have been appointed as Directors of PCHH. The High Court issued interim orders in case No. HC Civil 23/2014/CO filed by Adam Investments Ltd. on 4 and 11 July. The new appointments are pending the summoning and holding of EGM of PCHH. New Director Banduthilake is a management and financial consultant with over 20 years experience in banking and finance industry specialised in corporate and retail banking,... 


Visiting Dutch biz delegation keen to explore SL markets, share expertise

Published : 12:00 am  July 16, 2014  |  Category: Business  |  Leave a Comment  |  848 views  |  

By Shabiya Ali Ahlam The visiting high-level delegation from the Netherlands expressed earlier this week their keenness in sharing expertise with local authorities and businesses to help Sri Lanka achieve further development in the water and health sector. Led by Dutch Vice-Minister Foreign Trade Simon J. H. Smits, the five-member delegation representing top companies in the country are confident that their visit will further strengthen trade relations between the two nations and help support one another. Addressing the media at a press conference held in Colombo on Monday (14) to officially kick off the mission, Rabobank Vice President Export Finance Han Bartelds, a member of the delegation,... 


President urges people to eat more fruits

Published : 12:00 am  July 16, 2014  |  Category: Business  |  1 Comment  |  478 views  |  

By Waruni Paranagamage “It is better to keep fruits for our children’s consumption than export them for another country use,” stated President Mahinda Rajapaksa, while inaugurating the fruit promotion week and fruit festival at Fruit Crops Research and Development Centre (FCRDC) in Horana. The President said that although Sri Lanka’s fresh fruits have a good demand overseas, promoting them domestically, especially among children, would help create healthy future generations. “Now we must understand the value of our own products. We must guide the younger generation to admire and consume national products. We have our own land and we have our own fruit production. Then why should we... 


Sri Lanka-Belarus bilateral FOC focus on increasing bilateral cooperation

Published : 12:00 am  July 16, 2014  |  Category: Business  |  Leave a Comment  |  263 views  |  

Sri Lanka and Belarus held bilateral Foreign Office Consultations during the recent visit of a Belarusian delegation headed by the Deputy Minister of Foreign Affairs of Belarus Valentin B. Rybakov. The second round of Foreign Office Consultations (FOC) between the two countries was held on the sidelines of the first session of the Joint Commission on Trade and Economic Cooperation on 10 July 2014, at the Ministry of External Affairs in Colombo. The Belarusian delegation headed by the Deputy Minister paid a working visit to Sri Lanka on 8 – 10 July 2014. Belarus-Sri Lanka business forum and first session of the Joint Belarusian-Lankan Commission on Trade and Economic cooperation, as well... 


Elephant Pass to resume salt production

Published : 12:00 am  July 16, 2014  |  Category: Business  |  Leave a Comment  |  251 views  |  

The Government has begun work to restore the Elephant Pass saltern that was destroyed by the Liberation Tigers of Tamil Eelam (LTTE) in the 1980s. Once operational, the saltern could help Sri Lanka become self-sufficient in its salt requirement while generating about 2,000 job opportunities for youth living in the North. “Elephant Pass salterns had been deserted for nearly 30 years due to LTTE activities,” Commander of the Security Headquarters in Kilinochchi Maj. Gen. Sudantha Ranasinghe said. “We believe that the first phase of this will be completed in a month. This also will enhance the economic development of the country.” Currently, Sri Lanka’s estimated annual salt requirement... 


Piramal Glass ups 1Q net profit by 13% to Rs. 86 m

Published : 12:00 am  July 16, 2014  |  Category: Business  |  Leave a Comment  |  286 views  |  

Piramal Glass Ceylon PLC has announced its results for the first quarter of FY2015, with Rs. 1,245 million of revenue and Rs. 86 million of PAT showing a growth of 13% at operating profit level and 41% growth at PAT level, when compared with the profitability of FY2013 (excluding profit from sale of land). The total revenue generated during the quarter under review stood at as Rs. 1,245 million as against Rs. 1,233 million, depicting a 2% overall growth. “We were happy to note that the domestic sales in Q1 showed positive signs with a growth of 8%, by achieving Rs. 994 million during the current quarter as against Rs. 916 million of the previous year’s quarter,” said Piramal Glass Ceylon... 


Lanka Electricity Company joins Singer Express Pay

Published : 12:00 am  July 16, 2014  |  Category: Business  |  Leave a Comment  |  294 views  |  

Singer (Sri Lanka) PLC has added yet another outstanding convenience to its value added customer services. Singer recently formed a new partnership with Lanka Electricity Company Ltd. (LECO) in conjunction with Singer Express Pay, the bill payment facility provided by Singer. The advantage of the partnership between Singer and LECO is that LECO customers are now able to settle their bills through Singer’s island-wide retail network. An agreement between Singer and LECO was signed at an official function held on 25 June 2014 in the presence of the senior management of both entities. Singer Express Pay is a streamlined bill collections facility that alleviates the hassle of having to settle... 


Lanka-B’Desh trade crosses critical $ 100 m levels for first time

Published : 12:03 am  July 15, 2014  |  Category: Business  |  Leave a Comment  |  343 views  |  

Investment Protection Agreement coming! “Investment the way forward to drive our bilateral trade”: Rahman “Good going & our wishes!”: Rishad Trade with B’Desh jumps by 67% in 2013                       As bilateral trade crossed the critical $ 100 million mark for the first time, a confident Bangladesh called on 11 July for a formal investment protection mechanism to drive trade volumes to next levels. “As a result of an investment protection agreement, fundamentals of investments would be right for B’Deshi investors looking at Sri Lanka. And this would drive our bilateral trade forward as well,” said a keen Mohammad... 


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