All set for FACETS Sri Lanka 2013

Published : 12:00 am  August 26, 2013  |  Category: Business  |  Leave a Comment  |  896 views  |  

The stage is set for the latest edition of FACETS Sri Lanka 2013, the international gem and jewellery exhibition organised by the Sri Lanka Gem and Jewellery Association (SLGJA) for the 23rd year. This year’s event will be held from 29 August to 1 September at the Sirimavo Bandaranaike Memorial Exhibition Centre. The event will be attended by over 150 stall holders including individual exhibitor pavilions from Myanmar, The National Gem and Jewellery Authority (NGJA) and an SME pavilion from the Sri Lanka Export Development Board (EDB). In addition, buyer delegations from USA, China, Russia, Thailand, Iran and India will also be arriving. Stall holders from Singapore, Dubai, Myanmar and India... 


Bourse loses grip as investors adopt a cautious approach

Published : 12:00 am  August 26, 2013  |  Category: Financial Services  |  Leave a Comment  |  382 views  |  

Asia Wealth Management said cautious investor approach amidst a weakening Sri Lankan rupee and lower than expected corporate earnings in 2QCY2013, crippled market sentiments dragging down the indices towards the negative territory. “The benchmark index fell below its 6,000 mark on Friday whilst counters witnessed across the board dips throughout the short week. Daily activities were predominantly energised by crossings witnessed on selected blue chips whilst retailers picked on the penny stocks,” Asia said. It also said the Colombo bourse headed south throughout the week with both the indices losing sharply paring the gains made during last week. Meanwhile, the bench mark ASI fell below the... 


Mahinda checks in for city hoteliers’ minimum rates

Published : 12:00 am  August 26, 2013  |  Category: Travel / Tourism  |  Leave a Comment  |  4,650 views  |  

The highly debated minimum room rate issue recently received presidential favour after the Colombo City Hotels Association (CCTHA) made a compelling case for it, though inbound tour operators remain vary. The matter was discussed when President Mahinda Rajapaksa met business leaders for a brainstorming session for Budget 2014. The tourism industry was represented by senior officials of the CCTHA, the Tourist Hotels Association and the Sri Lanka Inbound Tour Operators. Established in 2010 via a Gazette in late 2009, the city hotels charge a minimum room rate ranging from $ 45 (one star) to $ 125 (five star) per night. Of late, there has been some opposition, especially from certain sections of... 


President seeks views of farmers, traders for 2014 Budget

Published : 12:00 am  August 26, 2013  |  Category: Business  |  Leave a Comment  |  415 views  |  

President Mahinda Rajapaksa on Friday convened a meeting with the members of farmer organisations and business community members at the Presidential Secretariat to obtain their views and proposals to prepare next year’s budget. During the meeting, the President emphasised that the Government has placed great confidence in the local famers to uplift the country’s economy and is committed to take every possible measures for the welfare of the farmer community in the island. Noting that the country is self-sufficient with rice now and has made significant progress in becoming self-sufficient in other crops including potatoes and maize, the President said the Government is also committed to make... 


New equipment to preserve internal waterways handed over

Published : 12:00 am  August 26, 2013  |  Category: News  |  Leave a Comment  |  527 views  |  

Under the auspices of the Metro Colombo Urban Development Project led by the Ministry of Defence and Urban Development, new dredging machines and other equipment were handed over to the Sri Lanka Land Reclamation and Development Corporation at a function held at the Ministry premises on Friday. Minister of Economic Development Basil Rajapaksa participated at the event as the Chief Guest. Secretary to the Ministry of Defence and Urban Development Gotabaya Rajapaksa and the Country Director of the World Bank were also present. New machinery and equipment worth approximately Rs. 500 million with a concessionary loan provided by the World Bank was ceremonially handed over during the session. This... 


SAARC Commerce Ministers meet President

Published : 12:00 am  August 26, 2013  |  Category: Special Report  |  Leave a Comment  |  750 views  |  

Two ministers in charge of commerce and four commerce secretaries from member countries of the South Asian Association for Regional Cooperation (SAARC) called on President Mahinda Rajapaksa on Friday. During the discussion with the president, they stressed on the need for further strengthening bilateral relations between SAARC nations. The group included Ghulam Muhammed Quader, Minister of Commerce of Bangladesh, Lyonpo Norby, Minister of Economic Affairs of Bhutan, Janardan Nepal, Secretary Ministry of Commerce and Supply of Nepal, Qasim Mohammed Niaz, Secretary Ministry of Commerce and Textile Industry of Pakistan, Arvind Mehta, Joint Secretary Commerce, Ministry of Commerce, India, Hussain... 


Jetwing youth development project at Tissamaharama

Published : 12:01 am  August 24, 2013  |  Category: CSR / Events  |  1 Comment  |  1,410 views  |  
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Furthering its commitment to community development and upliftment, Sri Lanka’s premier hospitality brand Jetwing, held the graduation ceremony for the most recent Jetwing Youth Development Project, which covered the Hambantota District. Over 80% of participants passed the final examination, and have been offered employment at the soon to be unveiled Jetwing Yala. Attended by President Mahinda Rajapaksa, Speaker of Parliament Chamal Rajapaksa and MP Namal Rajapaksa, the ceremony was held at the Tissamaharama Raja Maha Viharaya and organised with the help of the other partners in the project; the Hambantota Sri Kawantissa Vocational Training Centre, CARE UK and WUSC (Canada). The project was... 


Azizah Foundation holds Ramadan relief program

Published : 12:00 am  August 24, 2013  |  Category: CSR / Events  |  Leave a Comment  |  2,916 views  |  

The annual Ramadan Relief Program, organised by the Azizah Foundation and sponsored by Muslime Helfen, Germany, was an immaculate success with the Islamic holy month of Ramadan coming to an end. Ramadan Relief is an annual program, which aims to distribute dry rations and “fitrah” during the holy month of Ramadan. This year the foundation organised the providing of over 12,500 packs of dry rations and fitrah by the help and grace of its massive donor Muslime Helfen to the needy families of the area. Each pack included basic food items such as rice, flour, lentils, sugar, tea, dried fish and dates. As part of the Ramadan Relief program, the foundation also organised “Iftar” in mosques... 


Lankem Robbialac launches Safe Coat child-friendly paint

Published : 12:00 am  August 24, 2013  |  Category: Business  |  Leave a Comment  |  1,188 views  |  

Lankem Robbialac once again takes the lead in Sri Lanka’s paints industry with the recent launch of its new child-friendly product Safe Coat. Lankem Ceylon PLC Director Ruwan T. Weerasinghe said: “As its name suggests, this product is both anti-bacterial and totally eco-friendly. Added to this is the fact that has a very low odour and a low VOC. Safe Coat also brings much needed relief to parents of little children in that it is both easily washable and stain resistant. “As a responsible corporate we are committed to safeguard not only our environment but also the future generation and hence, we’re indeed honoured to introduce this unique product to the market. We’re very much conscious... 


Bourse closes at 4-month low on foreign selling

Published : 12:00 am  August 24, 2013  |  Category: Front Page  |  Leave a Comment  |  1,132 views  |  

Reuters: Stocks plummeted over 2% to four-month closing lows on Friday on foreign selling in select shares like John Keells Holdings, while retail investors stayed on the sidelines amid a falling rupee, brokers said. The main share index ended down 2.2%, or 134.05 points, at 5,951.83, its lowest close since 24 April and breaching the key support level of 6,000 points. Analysts said investors were cautious over the fall in the rupee and earnings outlook. The local currency hit a near one-year low on Friday due to renewed selling of Government bonds by foreign investors. Shares in Ceylon Tobacco fell 12.64% to Rs. 1,108.20 while Nestle Lanka Plc dropped 5.21% to Rs. 2,205.20. Conglomerate John...