Japan, Sri Lanka discuss fresh boost to strong bilateral ties

Published : 12:12 am  July 29, 2014  |  Category: Front Page  |  Leave a Comment  |  363 views  |  
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 Japanese State Minister of METI calls on Basil Senior Japanese Vice Minister of Ministry of Economy, Trade and Industry [METI] Kazuyoshi Akaba, who is heading a senior delegation to Sri Lanka, called on Minister of Economic Development Basil Rajapaksa yesterday. Following a warm welcome, matters of mutual interests and future development programs were discussed during the meeting between Rajapaksa and Japanese envoy. The key objectives of the visit are to enhance commercial activity between the two countries, increase investments to Sri Lanka, discuss the future expansionary prospects of Japanese companies already operating in Sri Lanka and explore other mutually-beneficial economic and industrial... 

CodeGen first movers to Trace Expert City Colombo

Published : 12:11 am  July 29, 2014  |  Category: Front Page  |  Leave a Comment  |  1,484 views  |  
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Company forays in to AI, biomedical, automobile and electronic sectors with focus to boost export income CodeGen Interna-tional Ltd., an innovative IT company catering to the global travel tourism industry software solution market, ceremoniously opened its 30,000sqft modern office premises at the Trace Expert City Colombo. The launch was held under the patronage of Secretary to the Ministry of Defence Gotabaya Rajapaksa, Urban Development Authority (UDA) Chairman Nimal Perera, dignitaries from the Sri Lankan Army and the management of CodeGen. CodeGen became the first corporate to enter the Expert City which is developed under the guidance of the Ministry of Defence, The Urban Development Authority... 

US urges Lanka to protect fundamental rights of journalists

Published : 12:10 am  July 29, 2014  |  Category: Front Page  |  Leave a Comment  |  206 views  |  

The US Government has strongly urged Sri Lanka to take immediate steps to ensure the protection of fundamental rights for journalists. The US has raised concerns both with the Government of Sri Lanka and the Sri Lankan Embassy in Washington, the US Embassy said. In a statement released yesterday, the US Embassy in Colombo expressed deep concern about the circumstances surrounding the cancellation of a journalism training session in Colombo last weekend, saying the incident continued a troubling pattern of impunity for those who interfere with the freedoms of speech and assembly in Sri Lanka. “The eventual cancellation of this training, which was focused on digital security for Jaffna-based... 

Most of 157 Sri Lankans are ‘economic migrants’: Aussie Govt.

Published : 12:09 am  July 29, 2014  |  Category: Front Page  |  Leave a Comment  |  280 views  |  

SBS: Immigration Minister Scott Morrison says most of the 157 asylum seekers brought to the Australian mainland are economic migrants, and Indian officials are preparing to establish their identities. The asylum seekers, who were detained at sea on a Customs ship for weeks, are now at the Curtin detention centre in Western Australia after being flown from Cocos Island on Sunday. They are now undergoing initial checks and assessments. Consular officials from India, which has agreed to take back its citizens and will consider taking Sri Lankan nationals who are Indian residents, are on their way to the centre to conduct identity checks. Morrison said the Government decided to bring the group to... 

BIA efficiency rated low and cost competitiveness better among Asian airport

Published : 12:03 am  July 28, 2014  |  Category: Front Page  |  Leave a Comment  |  856 views  |  
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Sri Lanka’s main international airport, the BIA, has been rated very low in efficiency according to the latest survey of productivity among global airports. In terms of Gross Variable Factor Productivity (VFP) among Asian airports and in terms of Gross variable factor productivity versus residual VFP as well as Residual (Net) variable factor productivity (VFP) Colombo was ranked 25th out of 37 Asian airports surveyed. The rating has been done by the Airport Transport Research Society (ATRS), the world’s leading academic society in the air transportation field and is included in the Annual Global Airport Benchmarking Report. KAC’s Gimhae International Airport in City of Busan, the largest... 

Ravi Dias joins Carsons Board

Published : 12:02 am  July 28, 2014  |  Category: Front Page  |  1 Comment  |  624 views  |  
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Former Commercial Bank Managing Director and CEO and senior banker Ravi Dias has been appointed to the Board of Carson Cumberbatch PLC as a Non-Executive Independent Director with effect from 1 August. Ravi served Commercial Bank for nearly four decades and retired recently. He holds a Degree in Law and is a Fellow of the Chartered Institute of Bankers (UK). He is also a Hubert H. Humphrey Fellow. He is an Alumnus of INSEAD Business School – France, having attended the Advanced Management Program in Fontainebleau. He is also a Committee member of the Ceylon Chamber of Commerce and chairs the Banking, Finance and Capital Markets Steering Committee, a sub-committee of the Chamber. He also serves... 

SEC urges brokers, margin providers to lower interest rate on credit

Published : 12:01 am  July 28, 2014  |  Category: Front Page  |  Leave a Comment  |  306 views  |  

The Securities and Exchange Commission (SEC) has urged all stockbrokers and margin providers to lower interest rate when extending credit to their customers. “It has been observed that the Average Weighted Prime Lending Rate (AWPR) of the Central Bank of Sri Lanka (CBSL) has declined considerably in the recent past and the lending rates on credit extension of certain stockbrokers have not been adjusted accordingly transferring the benefit of declined rates to clients. Hence, the Securities and Exchange Commission of Sri Lanka (SEC) is of the view that it is essential for the lending rates on credit extension be aligned with the policy rates prescribed by the CBSL,” all brokers and margin... 

Minimum postage increased

Published : 12:00 am  July 28, 2014  |  Category: Front Page  |  Leave a Comment  |  316 views  |  

The Government has decided to revise postage rates with effect from August 01. The proposal for the revision of the postage rates has been approved by the cabinet of Ministers, says Postal Department. The Department will increase the minimum postage by 100% to Rs. 10 from present rate of five rupees. However the Postal Department has decided to reduce charges for certain services. The gazette notification with the revised postage rates will be issued next week, the Postal Department announced. Usually, the postage rates are revised every 3 years. However the Department has not made postage revisions for six years.  Read More →

Business confidence remains intact in July

Published : 12:00 am  July 28, 2014  |  Category: Front Page  |  Leave a Comment  |  245 views  |  

LMD reports in its August edition that “socio-economic factors came into play amid a virtual freeze in business sentiment.” The LMD-Nielsen Business Confidence Index (BCI) – the only measure of its kind in Sri Lanka – edged up by just a single basis point to 139 in July, it reveals, in a pre-publication release sent exclusively to the Daily FT. The pioneering business magazine quotes Nielsen’s Managing Director Shaheen Cader, who said: “The BCI has remained more or less at a similar level in the last three months. This is significantly higher than the 12-month low of a year ago, but lower than in January and March last year.” “In recent months, optimism over the business environment... 

Police promises to destroy seized drugs in public

Published : 12:00 am  July 28, 2014  |  Category: Front Page  |  Leave a Comment  |  162 views  |  

The police had decided to destroy the seized drugs in public before the media. The decision has been taken since the public had raised suspicions whether the drugs seized in police operations re-entered the market. According to the Police Department the normal practice so far was to wash the drugs down the toilets in the court complexes under the monitoring of a judge. Police had resorted to the method to minimise the public inconvenience and environmental damage. However, the media would be allowed to view the destruction of seized hauls of drugs in future, Police Department says. Large hauls of drugs were seized in Sri Lanka recently but the police say that the illegal retail market has not... 

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