Wigneswaran, Rishad join for ‘Northern Spring’ cup kick-off

Published : 12:07 am  June 30, 2014  |  Category: Front Page  |  Leave a Comment  |  591 views  |  
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The mega development initiative ‘Northern Spring’ arrived in Adampan, Mannar on 28 June with no less than a kick-off in celebration of the FIFA 2014 World Cup. A new play-garden for children and a newly upgraded sports venue with amenities were jointly kicked off in Adampan, Mannar by two leading figures of the Northern Province – Chief Minister of the Northern Province C.V. Wigneswaran and Minister of Industry and Commerce and Vanni MP Rishad Bathiudeen. The newest sports facilities were activated as part of $ 69,000 (Rs. 9 million) funding by the Northern Spring initiative. Northern Spring is the first well-planned mega development project to revive the aspects of civilian lives of the... 

SriLankan Airlines bond issue flies high

Published : 12:00 am  June 30, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  813 views  |  

Achieves new benchmark rate with $ 175 m bond with the help of Standard Chartered Bank Issue draws massive $ 3 b demand, a record 17 times oversubscription; 85 investors participate Pricing of 5.3% for year bond lowest to date in international market by a Sri Lankan corporate or bank SriLankan Airlines said yestedray it has successfully priced a $ 175 million international bond issue on 23 June, which was guaranteed by the Democratic Socialist Republic of Sri Lanka, due 2019, at a pricing of 5.3%. Standard Chartered Bank has continued to strengthen its partnership with SriLankan Airlines and was privileged to act as the sole book runner for this highly successful and inaugural international... 

Commercial Bank joins LankaPay

Published : 12:00 am  June 30, 2014  |  Category: Front Page  |  Leave a Comment  |  731 views  |  
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Private sector giant adds muscle for Sri Lanka’s largest common ATM network to cross 2,300 outlets Sri Lanka’s largest common ATM network ‘LankaPay’ strengthened its presence island wide with the advent of Commercial Bank of Ceylon on to its platform. Commercial Bank operates Sri Lanka’s single largest ATM network owned by a bank, and through its partnership with LankaPay, Combank customers and customers of all other member banks can now withdraw cash within the LankaPay network at over 2,300 ATMs for a nominal fee of just Rs.30 per cash withdrawal. By connecting Commercial Bank, customers of all LankaPay member banks namely People’s Bank, Bank Of Ceylon, HNB, Seylan Bank, NDB Bank... 

Basil inaugurates ‘Sancharaka Udawa’ as post-war Sri Lanka celebrates tourism revival

Published : 12:32 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  531 views  |  
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The fourth edition of Sri Lanka’s biggest tourism product mart and the only tourism fair in Sri Lanka, ‘Sancharaka Udawa’ was declared open by Economic Development Minister Basil Rajapaksa yesterday at the Sri Lanka Exhibition and Convention Centre. The exhibition, organised by the Sri Lanka Association of Inbound Tour Operators (SLAITO) and Sri Lanka Tourism, will conclude today. Sri Lanka is a top tourism destination in Asia and the industry’s superior hospitality services have helped boost the sector. Hence, ‘Sancharaka Udawa’ is considered an important stage in order to showcase industry portfolios under one roof, and at which to make direct contact with key industry players.... 

Maldives seeks Sri Lanka’s assistance in developing defence services

Published : 12:28 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  296 views  |  

Malé: Defense and National Security Minister of Maldives Colonel (Ret.) Mohamed Nazim on Thursday requested Sri Lanka’s help to acquire knowledge, training and other facilities to develop the defence services of the Maldives. This request was made when Col. Nazim called on Sri Lankan President Mahinda Rajapaksa at the Kurumba Island Resort on Thursday (26) and briefed the President on a number of defence priorities that Maldives hopes to achieve. In addition to the assistance provided in various areas including the training of soldiers, President Rajapaksa agreed to look into other requests and assist Maldives in whatever possible manner. While thanking Sri Lanka for its support in developing... 

Rupee tad weaker on importer dollar demand

Published : 12:27 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  235 views  |  

REUTERS: The rupee ended slightly weaker on Friday on importer dollar demand, while the Central Bank curbed the fall by moral suasion, dealers said. The rupee ended at Rs. 130.30/35 per dollar, weaker from Thursday’s close of Rs. 130.28/30. It hit a more-than-three-week closing low of Rs. 130.34/38 on Wednesday. “There was demand from importers. The central bank did not allow the rupee to be traded above Rs. 130.33 per dollar,” a currency dealer said, asking not to be named. Officials at the Central Bank were not immediately available for comment. Dealers expect the currency to trade within the range of Rs. 130.40 to Rs. 130.50 in the near future, due to expected importer dollar demand,... 

Stock market closes at over 1-year high on large-caps, lower rates

Published : 12:26 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  317 views  |  

REUTERS: Stocks rose for a fourth straight session on Friday to close at their highest in more than one year, led by large-caps such as Ceylon Tobacco Co PLC amid lower interest rates and continued foreign buying boosting investor sentiment. The main stock index rose 0.56%, or 35.33 points, to close at 6,363.49, its highest since 11 June 2013. Analysts said the market would move sideways in the short term with lesser risk due to lower interest rates, with yields on Treasury bills edging down further on Wednesday at a weekly auction. However, analysts said investors are concerned over the recent ethnic violence and possible implications of a government spokesman saying Sri Lanka bought Iran crude... 

Networking session held in Malé for Sri Lankan business delegation

Published : 12:26 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  232 views  |  

Malé: As part of President’s Mahinda Rajapaksa’s tour in Maldives, a networking session was held in Malé at Traders Hotel on Thursday for Sri Lanka’s business delegation. The Information and Business Networking session was held with the Maldives’ Tourism Minister Ahmed Adeeb and Economic Development Minister Mohamed Saeed to provide information to the visiting Sri Lankan business delegation on investment opportunities in the Maldives. Representatives from local Maldivian companies and senior officials of the Sri Lankan business delegation attended the business session. Speaking at the session, Maldivian Minister of Economic Development Mohamed Saeed said that the purpose of the session... 

Organised elements continue to disrupt TISL activities

Published : 12:25 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  144 views  |  

Alleged instructions from a Buddhist monk forces Global Towers to cancel TISL AGM In a bizarre development, the management of Global Towers hotel in Wellawatte yesterday had ordered Transparency International Sri Lanka (TISL), the national chapter of the global movement against corruption, to cancel its Annual General Meeting a few hours prior to its start. TISL said the AGM was scheduled to be held at Global Towers where all arrangements had been made, including the full payment for the venue. However, TISL staff was informed by the management of Global Towers that they had received instructions from a Buddhist monk to halt all proceedings. Although TISL made several attempts to continue the... 

Sri Lanka withdraws on-arrival visa facility for Pakistan

Published : 12:24 am  June 28, 2014  |  Category: Front Page  |  Leave a Comment  |  134 views  |  

Islamabad: Sri Lankan government has ended on-arrival visa facility for Pakistani visitors as a measure to curb the Pakistani asylum seekers, Pakistan’s SAMAA news reported. Sri Lanka’s External Affairs Ministry has informed the Pakistan government about its decision to revoke the facility. According to revised policy, Pakistanis seeking to visit Sri Lanka will now have to obtain visa before departing for the Island. The on-arrival visa facility has been withdrawn on the request of Pakistani government to discourage the rising trend of asylum seekers, the report said. According to sources 7 families have applied for political asylum in Sri Lanka. Sri Lanka, among other SAARC countries, had... 

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