Our duty is to invite for CHOGM: Keheliya

Published : 1:42 am  November 12, 2013  |  Category: CHOGM 2013, News  |  Leave a Comment  |  469 views  |  
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The Government of Sri Lanka has a duty to invite all heads of government of the Commonwealth for CHOGM 2013 but the decision on whether to attend must be made by the individual countries, Cabinet Spokesman Minister Keheliya Rambukwella said yesterday. The Minister was responding to questions posed by media personnel at the CHOGM Media Centre at the BMICH about the decision of Indian Prime Minister Manmohan Singh to skip the summit in Colombo. “A letter has been sent to the President outlining his reasons for not attending, it is a brief letter,” Minister Rambukwella said, referring to the Indian Premier. Sri Lanka had invited all 54 countries of the Commonwealth, he explained. “We are quite... 


Qatar Airways Cargo to expand network

Published : 1:41 am  November 12, 2013  |  Category: Shipping / Aviation  |  Leave a Comment  |  730 views  |  

Qatar Airways Cargo has expanded its scheduled dedicated freighter services to Beirut (Lebanon) and Madrid (Spain) with Paris (France); and Tbilisi (Georgia) to join the network later this month. The airline has also increased frequency to Seoul (South Korea) and boost capacity on its Oslo (Norway) route. “The next few months will prove to be yet another exciting period of growth with such diverse destinations being added to Qatar Airways’ cargo network,” said Qatar Airways Chief Officer Cargo, Ulrich Ogiermann. “We are excited to offer these significant new routes to our existing cargo customers and also hope this will introduce our world-class product to new customers.” Beginning... 


Channel 4 team greeted with protests on arrival

Published : 1:40 am  November 12, 2013  |  Category: CHOGM 2013, News  |  Leave a Comment  |  971 views  |  
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By Dharisha Bastians Days after the government announced it would not permit demonstrations to disrupt the Commonwealth summit, the British Broadcaster Channel 4’s media team was greeted by protests outside the main exit doors of the Bandaranaike International Airport yesterday. The protest was staged by the Alliance to Foster National Unity and was permitted to take place amid tight security at the BIA as VIP arrivals were expected last afternoon. Members of the Alliance said that they were not only present to protest against Channel 4, but also to express their displeasure about the Government’s decision to grant the journalists a visa. Channel 4 Reporter Jonathan Miller Tweeted that the... 


London Gateway ‘super-port’ welcomes first vessel

Published : 1:40 am  November 12, 2013  |  Category: Shipping / Aviation  |  Leave a Comment  |  530 views  |  

London Gateway, the UK’s newest container port, is due to welcome its first vessel. The £ 1.5 billion facility at Thurrock, Essex, is 20 miles (32km) down the River Thames from London. It is owed by Dubai-based DP World, which says it will be able to handle 3.5 million containers a year. It is forecast that the development will create 27,000 jobs in London and the South East and contribute £ 2.4 billion a year to its economy. On a visit to the site in June, Prime Minister David Cameron described the port as an ‘emblem of ambition’. But trade union Unite has previously held protests at the port as part of a row over union recognition. The union claims that rather than creating jobs, London... 


China extends graft investigations to shipping industry

Published : 1:39 am  November 12, 2013  |  Category: Shipping / Aviation  |  Leave a Comment  |  858 views  |  

Reuters: China’s investigations aimed at rooting out corruption have now extended to the shipping industry, with China COSCO Holdings saying that one of its top executives is the subject of government inquiries. COSCO, China’s largest bulk shipping company, announced on Friday that its Vice President, Xu Minjie, had resigned – a day after it said he was “under investigation by the relevant authorities,” phrasing used in China to describe corruption investigations. The company’s brief statement to the Shanghai stock exchange on Friday said that there were no disagreements between Xu and the board but gave no further details. The company did not answer Reuters’ calls seeking comment. A... 


New Zealand PM will not boycott CHOGM

Published : 1:39 am  November 12, 2013  |  Category: CHOGM 2013, News  |  Leave a Comment  |  465 views  |  
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New Zealand Prime Minister John Key says he will attend the Commonwealth Heads of Government Meeting (CHOGM) in the Sri Lankan capital despite calls for him to boycott the summit following the detention of a New Zealand Parliamentarian. Key said he will be leaving for Colombo on Thursday to take part in the meeting that is to open on Friday in Colombo. Opposition parties have called on Key to follow the Indian and Canadian prime Ministers and boycott the world leaders’ biennial meeting after Sri Lanka detained the Green Party MP Jan Logie along with the Australian Green Party Senator Lee Rhiannon for violating visa regulations. Opponents also call on the PM to oppose the Sri Lankan President... 


Rupee firmer on exporter conversion, remittances

Published : 1:38 am  November 12, 2013  |  Category: Financial Services  |  Leave a Comment  |  526 views  |  

Reuters: The rupee ended firmer on Monday from its more than one-month closing low as exporter dollar conversions and inward remittances outpaced dollar-buying by banks for the year-end seasonal importer demand, dealers said. The spot rupee ended at 131.10/13 per dollar, firmer from Friday’s close of 131.15/22, which was the lowest close since 4 October. Though moral suasion or intervention by the Central Bank was not seen, dealers said banks did not trade spot above 131.10 and traded three-day forwards instead of the spot rupee. Dealers expect the currency to be weighed down by continued importer dollar demand ahead of the December festive season. However, the pressure on the rupee should... 


Secondary market bond yields edge up as policy rates held steady

Published : 1:38 am  November 12, 2013  |  Category: Financial Services  |  Leave a Comment  |  461 views  |  

By Wealth Trust Securities Secondary market bond yields increased yesterday as Central Bank held its policy rates unchanged at 6.50% and 8.50% at its monthly monetary policy meeting for the month of October. Activity mainly surrounded the liquid maturities of 1 April 2016, 1 January 2017 and the liquid two 2018s (i.e. 1 April 2018 and 15 August 2018) as it was seen hitting intraday highs of 10.50%, 10.75%, 11.06% and 11.16% respectively from its opening levels of 10.40/50, 10.70/75, 10.98/03 and 11.07/12. Secondary market bills saw May 2014 bills been quoted within the range of 9.00% to 9.10% and the 364 day bill within 9.78% to 9.82% once again. Meanwhile in money markets, Overnight call money... 


Arpico Finance debenture draws Rs. 102 m so far

Published : 1:37 am  November 12, 2013  |  Category: Financial Services  |  Leave a Comment  |  582 views  |  

The Rs. 600 million listed debenture issue of Arpico Finance Company (ARPI) has so far drawn Rs. 102 million worth of applications. The company said as of 11 October it had received a total of 88 applications requesting one million debentures. The issue opened officially last week. ARPI is offering three million rated, unsecured, redeemable debentures at an issue price of Rs.100 each (with an option to issue up to further three m debentures in the event the initial offer being oversubscribed). The company said the objectives of the debenture issue are to strengthen the company’s liquidity position, to strengthen the future strategies of the company and to expand the branch network of the company... 


Asian Alliance continues strong growth, non-life on track 

Published : 1:37 am  November 12, 2013  |  Category: Financial Services  |  Leave a Comment  |  526 views  |  

Asian Alliance Insurance PLC continued its strong growth momentum with the company growing its top line by 31% to record Rs. 3 billion in premium for the nine months ended September 2013. The company’s life business maintained its envious trajectory with yet another quarter of solid performance taking the nine months top line to Rs. 1.8 billion, an increase of 26% over the previous year. Its non-life business recorded a GWP of Rs. 1.2 billion for nine months, an impressive 41% over the previous year. The company is also now within the top five for medical insurance. The company continues to move forward with great momentum well surpassing industry growth rates. According to industry figures...