Four sugar factories to be developed

Published : 12:00 am  August 2, 2014  |  Category: Front Page  |  2 Comments  |  537 views  |  

The Ministry of Sugar Industry Development has taken steps to develop Kantale, Hingurana, Sevanagala and Pelwatta sugar plants with the view to increasing local production up to 40% of the annual sugar requirement of the country by 2020. Accordingly, 27,567 hectares of land belonging to Kantale, Hingurana, Sevanagala and Pelwatta sugar plants will be leased out for a period of 99 years to Lanka Sugar Co. Ltd., which is a 100% Government-owned company, to increase its equity capital, enabling it to obtain the required financial facilities for the development of the four sugar plants. Kantale Sugar Industry will be developed and modernised with the assistance of the Czech Republic and blocks of... 

Malaysian firm to invest in a hybrid power project in north

Published : 12:00 am  August 2, 2014  |  Category: Front Page  |  Leave a Comment  |  145 views  |  

Malaysia’s State-owned utility company Tenaga Nasional Bhd (TNB) has signed an agreement to invest in a hybrid wind and solar power project in the Jaffna peninsula. TNB, one of the largest companies listed on Bursa Malaysia, announced in a market disclosure that it signed an investment agreement with KLS Energy group to set up a 35 MW renewable energy hybrid wind and solar power project in Kankasanthurai, Jaffna. The Malaysian utility company has been invited by KLS to acquire a stake in its wholly-owned subsidiary KLS Energy. KLS Energy is the holding company of KLS Energy Lanka Ltd., which has been granted a 20-year concession to develop the project by the Ceylon Electricity Board. The Investment... 

India’s shocking veto blocks $ 1 t WTO deal on customs rules

Published : 12:00 am  August 2, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  798 views  |  
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Neighbouring Asian giant insists a permanent deal on its subsidised food stockpiling must be in place at the same time as the trade facilitation agreement   Reuters: The World Trade Organization has failed to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India’s demands for concessions on agricultural stockpiling. “We have not been able to find a solution that would allow us to bridge that gap,” WTO Director-General Roberto Azevedo told trade diplomats in Geneva just two hours before the final deadline for a deal. “Of course it is true that everything remains in play until midnight, but at present... 

Champika warns of severe debt crisis if revenues not increased

Published : 12:00 am  August 2, 2014  |  Category: Front Page  |  Leave a Comment  |  142 views  |  
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Minister of Technology and Research Patali Champika Ranawaka has said that the country is currently confronting a worsening economic crisis as the debt accumulation exceeds the annual household income.    Minister of Technology and Research Patali Champika Ranawaka The Minister, who represents the nationalist Jathika Hela Urumaya, a party of the ruling coalition, said that the impact of this crisis would escalate in near future if the Government failed to come across a practical plan to defray heavy foreign debts. The Minister pointed out that the nations like Italy and Ukraine obliged to trade the national assets like lands, harbors, and power stations, to foreign countries, in order... 

Bourse slips from near 3-year high on profit-taking, foreign outflow

Published : 12:00 am  August 2, 2014  |  Category: Front Page  |  Leave a Comment  |  158 views  |  

Reuters: Stocks ended a tad weaker on Friday, snapping a four-day winning streak as investors booked profits in large-cap shares as foreigners exited risky assets ahead of a key US jobs report. The main stock index ended 0.06%, or 3.77 points, weaker at 6,810.13, slipping from its highest close since 20 September 2011 hit on Thursday. It rose 6.82% in July. The Bourse is up 15.18% so far this year. Expectation of strong corporate earnings, declining interest rates and continued foreign buying have helped boost buying risky assets in the country’s $21.93 billion-worth stock market. “A bit of profit-taking and the global worries dragged down the market,” a stockbroker said on condition of... 

Airport and Aviation Chief dismisses BIA’s low productivity report

Published : 12:32 am  August 1, 2014  |  Category: Front Page, MAIN IMAGE  |  6 Comments  |  1,685 views  |  
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Says passenger handling up by 25% since 2013;  up 72.3% between 2009 and 2013 By Malik Gunatilleke Airport and Aviation Services (Sri Lanka) Ltd. (AASL) yesterday clarified the ratings of the Bandaranaike International Airport (BIA), in the wake of media reports claiming that Sri Lanka’s primary international airport performed poorly amidst other Asian airports according to an international survey. The Airport Transport Research Society (ATRS), which annually conducts research on airports as part of its ‘Global Airport Performance Benchmark Project,’ surveyed a total of 200 airports globally and rated the BIA 25th out of 37 surveyed airports in the Asian region. This ranking was in relation... 

Stock market stays firm with 15% YTD return, Rs. 11 b net inflows

Published : 12:31 am  August 1, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  658 views  |  

The Colombo stock market closed firmly, consolidating its 15% return year-to-date with healthy turnover and continued foreign buying which is now at Rs. 11 billion. Acuity Stockbrokers said the market ended the month on a positive note with both indices recording gains during the day. The ASPI gained 12.06 points to close at 6813.90 while the S&P SL 20 Index gained 4.33 points to close at 3772.51 points. Year-to-date, the ASI is 15.24% whilst the S&P SL 20 has gained by 15.58%. The day’s turnover reached Rs. 1.05 b with crossings during the day amounting to Rs. 405.44 million or 38.8% of the day’s turnover. Foreigners continued to remain net buyers with a net position of Rs. 112.66... 

No show in Court by Touchwood CEO

Published : 12:30 am  August 1, 2014  |  Category: Front Page  |  Leave a Comment  |  798 views  |  
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The case for the winding-up of Touchwood Investments PLC was called in the Commercial High Court of Colombo yesterday, on an application made by the Liquidator to summon CEO Lanka Wijendra Kiwlegedara to Court. Such notice had to be served on the present CEO,  as the company and its officers had not fulfilled their obligations under the Companies Act to handover the assets, properties, documents, etc. that belong to the company to the Liquidator appointed by Court. Notice was served on the registered address of the company through Court and as they were returned, steps were taken to serve notice on the personal address of the CEO on 25 July by registered post. Despite notice being served, the... 

SriLankan Airlines Chairman to head APOT. Asia

Published : 12:29 am  August 1, 2014  |  Category: Front Page  |  1 Comment  |  644 views  |  
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Becomes the first Sri Lankan to chair APOT. Asia SriLankan Airlines Chairman Nishantha Wickremasinghe has been appointed the Chairman of APOT. Asia (Asia Pacific On-board Travel) from August this year. He will be taking over from Heather Cho, Senior Vice President of Korean Air Lines Co. Ltd. Aimed at collectively inventing and improving new strategies to attract more tourists to the region, APOT. Asia is a global body with a member-base ranging from airline in-flight products and service suppliers, airline caterers, catering product suppliers, airline managements, hospitality partners and media organisations. “I am honoured to be appointed the Chairman of APOT Asia, which is an organisation... 

JKH to sell Union Assurance General biz control to Canada’s Fairfax Asia

Published : 12:29 am  August 1, 2014  |  Category: Front Page  |  Leave a Comment  |  986 views  |  

Total non-life business valued at Rs. 4.5 b; JKH to divest 78% stake; UAL share price gain by Rs. 15 JKH says UAL will continue to retain ownership of the Life insurance business in its entirety John Keells Holdings (JKH) has struck a deal to divest a 78% stake in Union Assurance Plc’s General business to Fairfax Asia Ltd. The deal will be done following the completion of the segregation of the UAL’s General and Life insurance business under a scheme of arrangement. The announcement saw UAL’s share price rise by Rs. 15 to close at Rs. 145 after it hit an intra-day high of Rs. 148. Based on the projected financial statements of UAL as at 31 December 2014, and for the purpose of this transaction,... 

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