LANKA BUSINESS

Toshiba buy 60% of British nuclear firm

noreply@blogger.com (Anonymous) — Thu, 16 Jan 2014 15:21:00 +0000

Japan's Toshiba said Wednesday it would buy a controlling interest in British nuclear firm NuGeneration as it tries to rekindle an atomic business hammered by the 2011 Fukushima crisis.

The engineering giant said it had reached a deal with NuGeneration's owners -- France's GDF Suez and Spain's Iberdrola -- to take a 60 percent stake in the firm, which plans to build nuclear power plants in northwest England.

The purchase was worth about 102 million pounds ($167 million), but it was "subject to adjustment", Toshiba said without elaborating.

Toshiba's Tokyo-listed shares jumped 4.54 percent to 483 yen in early afternoon trading.

After closing the deal, expected in the first half of the year, Toshiba will hold the majority stake in the British firm, while GDF Suez will own 40 percent. The French and Spanish firms each currently hold a 50 percent share of NuGen.

- See more at: http://dailynews.lk/business/japans-toshiba-buy-60-stake-british-nuclear-firm#sthash.ljlbYF2S.dpuf

Safari Tab - 19,990/=

noreply@blogger.com (Anonymous) — Thu, 16 Jan 2014 15:14:00 +0000

Safari Tab introduced by greentel

1.2 Ghz Dual Core Processor, 1GB RAM, 8GB Internal Memory

7" inch capacitive OGS Display, 3G, HSDPA, Dual Sim, WiFi, Gravity

Camera

Rear Camera - 2MP

Front Camera - 0.3MP

Opreating System

Andriod 4.1 (Jelly Bean)

Free Issue

Leather Pouch with Key board

Price:- 19,990.00/=

Commercial Bank ATM converts foreign currency into Rupees

noreply@blogger.com (Anonymous) — Wed, 15 Jan 2014 14:45:00 +0000

The Commercial Bank of Ceylon has installed an automated teller machine (ATM) that converts foreign currency into Sri Lanka Rupees at Crescat Boulevard, one of Colombo’s leading shopping malls and can be used anyone.

Located on the walkway between Crescat Boulevard and the Cinnamon Grand hotel, the ATM accepts US Dollar and Euro currency notes and issues their equivalent in Sri Lanka Rupees, making it convenient to many customers, particularly tourists.

Customers could change between US$ 10 or EUR 10 upto a maximum of US$ 200 or EUR 150.

“This foreign exchange ATM does not require an ATM card, and can be used by tourists and the public in addition to customers of Commercial Bank,” the Bank’s Chief Information Officer Rohan Muttiah said in a media statement.

He added that Commercial Bank intends to install more of these ATMs in selected key locations particularly for the convenience of the growing number of foreign visitors to Sri Lanka.

In addition to converting foreign currency, the unit also provides standard ATM services.

The largest private bank in the country, Commercial Bank operates a network of 232 branches and services points and an ATM network of 585 terminals, the largest electronic cash dispensing facility owned by a single bank in Sri Lanka. The bank is also the most awarded financial institution in the country.

Suzuki ALTO 2013

noreply@blogger.com (Anonymous) — Sun, 16 Jun 2013 03:22:00 +0000

AMW introduces brand new Suzuki Alto 2013 in Sri Lanka, and also gives more attractive offers like exchange.

The new Suzuki Alto 2013 is a complete model change from the previous popular version.
The car is manufactured using Japanese technology
Has a host of new standard features and comes in six colour variants,
With interior options of grey or brown.
The car offers a 796cc engine that accelerates from 0 to 60kmph in only 6.4 seconds.
The new model also gives best-in-class mileage of 22.74kmpl as certified by test agency under rule 115 CMVR.

AMW Group Managing Director Samantha Rajapaksa says this would be an ideal opportunity for everyone to experience this ‘Premium Car’. “The new Suzuki Alto 2013 comes with an array of features for a surprisingly competitive price tag. We welcome everyone who’s looking to buy a car that offers the best value for their money, great features, and superior service to visit our showroom and see for themselves what this new car has to offer.”

He added: “We believe that the new Suzuki Alto 2013 will surely become the ‘Premium Car’ in the under 1000cc category.”

“They can also go for a test drive to get a first-hand driving experience. Several company representatives will be present to answer all questions related to the new model such as its new features, technical specifications as well as possible payment plans for purchase. In addition, there will be other interesting activities.”

AMW is the current leader in the motor industry in Sri Lanka, representing established international brands such as Nissan, Suzuki and Suzuki Maruti and a diverse range of automotive services.

With over 60 years of experience in the transport industry and operating in partnership with UAE-based global conglomerate, the Al-Futtaim Group, AMW is also one of the leading multinational automotive Groups in Sri Lanka.

Suzuki ALTO 2013 Introductory Price Rs.1,980,000/= (All Inclusive)

Electricity bill hike from 20 April

noreply@blogger.com (Anonymous) — Sun, 28 Apr 2013 11:16:00 +0000

Electricity Price hike every Sri Lankan faces unexpected worries. May first every trade unions celebration May day but price hike change as April first (April Fool).

Sri Lanka Electricity Price hike method

Below table show how much increased until 90 units (for Example you consume 0 - 30 units increased by 2 rupees) and also how much of rupees decreased your electricity utilization after 90 units (for example you used 210 unit your gain 12 rupees)

Different Between Before calculation method from Now

Before your electricity bill consist rational allocated method that means first thirdy units 3.00 and another thirty unit 4.70. you are using 51 units {(30X3)+(21X4.70)=188.70) method this is not now, new method single Price that means you are using 51 units only six unit per unit (51X6=306.00)

Structural Change of your Electricity bill

Increase your Electricity bill below your using more than 90 units as mean 91 unit your bill increased by 126%.

Gold Price down more

noreply@blogger.com (Anonymous) — Wed, 17 Apr 2013 01:10:00 +0000

Gold Price slash start another economic problem after the 2012 gold prices go down. This week price per 100oz is $1363, down over $200 since Friday's open.

Why this down

In any market, price is determined by the confluence of demand and supply. In many respects supply of gold is relatively fixed. We know the extent of discovered gold reserves and the rate of production. While Cyprus is being forced to dump "excess" gold in order to meet the ever escalating bank bail-out bill, its whole holdings are worth only $750m, hardly enough to move one of the worlds deepest and most liquid markets to this degree.

How to solve Banks

Bank gives loan against gold, now gold value down banks seeking another way because gold down less than bank loan amount so public not interest to recover her gold due to see want to pay more like (Capital + Interest)

Only sentimental families recover her gold others not

Central Bank middle income trap

noreply@blogger.com (Anonymous) — Wed, 10 Apr 2013 13:55:00 +0000

Yesterday Sri Lanka Annual Report - 2012 officially published, that function held on review of Economic growth and also strength. Sri Lanka Gross Domestic Product (GDP) 6.4%

Central Bank Governor Nivard Cabraal yesterday listed 10 key suggestions from the Central Bank if Sri Lanka were to avoid what is called the middle income trap by developing economies.

Lanka finished 2012 with a per capita income of $ 2,923 and is aspiring to reach the figure of $ 4,000 by or before 2016. Noting that the five hub concept + tourism strategy introduced by the ‘Mahinda Chinthana’ would be key to avoiding the middle income trap, Cabraal suggested the following:

1. With external sector becoming more dynamic, active management of foreign currency flows

2. Lowest unemployment rate will pose challenges yet must be maintained or improved

3. Poverty alleviation and inclusive growth has been given priority but this effort needs to improved constantly and consistently

4. Serious commitment by the Government towards sustainable fiscal consolidation must be continued

5. Favourable management of public debt with a target of 65% of GDP by 2016

6. There is greater space for significant improvement in the domestic investment and national savings ratios

7. Developing alternative sources of funding amidst expanding financial sector

8. Greater improvement in labour productivity and innovation

9. Continued focus on massive infrastructure projects to help enhance capacity

10. Further improvements to investor confidence levels

Banking secor play Women life promotion

noreply@blogger.com (Anonymous) — Fri, 08 Mar 2013 12:50:00 +0000

Now days women lead world in every think like political, Economics, IT industries, and also cinema. We hope after the globalization world economic trend helps women become in the world. Sri lanka women plays important roles in Country economic in tourism, Germans, IT industries, politics ect.

After indoor war north east women faces many difficulties not only north east women around the country faces this problem due to war hill income earning men. (Husband, Father, Brothers,...) so Sri lanka government seeking new way to promote women life standard, this is very difficult task but government achieve dynamic target.

How is it possible?

Every one seek how to achieve this is task, Sri lankan government policies and government, non government organizational activities help to achieve this this goal.

Promote women life and Banking / Financial Sector Performance

Sri lanka Banking / Financial Sector play important role in women life, provides employments, provide financial assist, special rate loans.

Here we see what are the benefits from banks.

Name of Institution	Account Name	Benefits
Commercial Bank	Anagi	A special higher interest rate A "members only" pass book with the ‘Anagi’ brand logo An attractive 'Anagi' Shopping Debit Card
Peoples Bank	Vanitha Vasana	You will also be entitled to a Credit Card at a concessionary fee Vanitha Vasana's loan facility Special offers for overseas travel from People's Travels (Pvt) Ltd.
NSB	Sthree	A gold sovereign for 40 lucky winners A cash prize of Rs. 25,000/- as a wedding gift. Free "prarthana" certificate with a face value of Rs. 100,000/- for a one baby Interest concession on pawning advances ATM / Master / Visa Shopping Card facility.

Apple, LinkedIn push tech stocks to late gains

noreply@blogger.com (Anonymous) — Sun, 10 Feb 2013 14:22:00 +0000

Technology stocks posted solid gains Friday, as Apple Inc., LinkedIn Corp. and AOL Inc. fueled positive sentiment that drove most of the sector higher heading into the weekend.

The Nasdaq Composite (US:COMP) gained 29 points, or nearly 1%, to close at 3,194. The benchmark ended the week with a 0.5% gain.

The Philadelphia Semiconductor Index (US:SOX) rose 1.3% and the Morgan Stanley High-Tech Index (US:MSH) edged up about 0.7%.

Apple (US:AAPL) traded up 1.4% to close at $474.98. Analysts are speculating that the company may consider returning more cash to shareholders following its statement Thursday that was given in response to a lawsuit by hedge-fund manager David Einhorn.

The company has maintained that it is sticking by its proposed amendment on its proxy statement to eliminate the ability to issue so-called “blank check” preferred stock without shareholder approval.

LinkedIn (US:LNKD) shares jumped 21% to close at $150.48 — putting the stock at a new high and nearly double its market value at this time last year. The professional social network blew past Wall Street’s targets for the fourth quarter and issued a forecast that was also above analysts’ estimates. See: LinkedIn crushes targets; shares jump

Gene Munster of Piper Jaffray lifted his price target on the stock to $176 from $150, writing in a note that the company “is still in the relatively early stages of fully monetizing its professional network asset and that the company has the path to continue to grow in the mid-double-digit range for at least the next three years.”

AOL (US:AOL) shares rose 7.4% to close at $33.72 after the company reported a 57% jump in net income for the fourth quarter, with revenues above analysts’ forecasts.

Videogame publisher Activision Blizzard (US:ATVI) jumped 11% to close at $13.41 following its own better-than-expected results. Analysts from Macquarie Capital and Sterne Agee upgraded the stock to the equivalent of buy ratings. See: Activision hits big ahead of challenging year

“With the initial 2013 guidance now official, continued strength in core franchises, a solid pipeline of new IP, and the increased likelihood of a more shareholder-friendly capital structure, the next catalysts for Activision are likely positive, in our view,” wrote Ben Schachter of Macquarie in a note to clients.

One notable decliner was Riverbed Technology (US:RVBD) , down nearly 18% to close at $16.56 after reporting a sharp drop in profit and disappointing outlook. Daniel Ives of FBR Capital downgraded the stock to a market perform rating following the results.

“While we had some concerns initially around the OPNET acquisition (October 2012), it appears Riverbed has an even tougher road ahead than we previously thought due to integration issues related to the acquisition, coupled with headwinds on its core WAN optimization business,” he wrote.

Coinstar (US:CSTR) , the owner of the Redbox DVD kiosk business, shed 7% to close at $48.47 after the company reported a decline in earnings and an outlook below expectations. The company said its Redbox service is getting fewer new-release DVDs in the first part of the current quarter.

Greece need More Euro - IMF

noreply@blogger.com (Anonymous) — Sat, 19 Jan 2013 14:28:00 +0000

"There is a gap according to our preliminary projections for 2015-2016" of up to "€9.5bn," Poul Thomsen, the IMF's mission chief for Greece, told a conference call.

The EU and IMF have committed a total of €240bn in rescue loans to Greece since 2010, but with its economy entering a sixth year of recession it is still having trouble making budget ends meet, AFP reported.

"The IMF's policy is that the programme needs to be fully financed for the 12 months ahead... What is key is that the Europeans know there is a gap and they'll have to fill it," he said.

Meanwhile, an IMF report into Greece has concluded that "the rich and self-employed have continued to evade taxes on an astonishing scale and bloated and unproductive state sectors have seen only limited cuts".

"Moreover, labour has shouldered too much of the burden as lower wages have not resulted in lower prices, because of failure to liberalize closed professions and dismantle barriers to competition. While the economy is now re-balancing apace, this is happening mainly through recessionary channels, rather than through productivity boosting reforms. Meanwhile, the mounting sense of social unfairness is undermining support for the program," the report added.

Facebook 100$ for Message to Mark Zuckerberg

noreply@blogger.com (Anonymous) — Sun, 13 Jan 2013 04:30:00 +0000

In 2013 Facebook may be plan how to pick dollars from users. Because Mashable report that If you try to send founder and CEO Mark Zuckerberg a message on Facebook, you will pay $100.

There were sporadic reports in December of Facebook charging various people $100 for the service, but this is the first time we've seen it — and certainly the first time we've seen it applied to the founder.

Business Insider report that,

This morning, we tried to recreate this scenario, but it didn't work. We wrote and sent Zuckerberg a message and never saw the $100 offer. We aren't "connected" with Zuckerberg, either.

What's probably going on here is that Facebook was testing a version of a new feature we've been hearing about for a while now.

At the end of last year, Facebook announced that soon it would charge users $1 to send a message to someone they are not friends with on the service.

See, Facebook would like you to use its messaging service instead of email.

The problem with this plan is that traditionally, Facebook users have only been able to send messages to people they are "friends" with on Facebook.

To fix this issue, late last year, Facebook made it so anyone could message anyone on the service.

But this change opened Facebook users up to spam – something they aren't used to getting through Facebook messages.

So that's why Facebook wants to charge people a dollar to send a message; it's supposed to filter out spam.

Maybe what Taylor saw last night was another version of this plan – perhaps one where users can set their own price for how much it costs to reach them.

Facebook Charge dollar? Not positive

noreply@blogger.com (Anonymous) — Sun, 13 Jan 2013 04:14:00 +0000

Largest Social Website Facebook now moves revenue streams, After the Initial Public Offer (IPO) of Shares facebook faces unexpectedness threats so Facebook takes action time to time for solution threats. Now Face book moves some charges for this website users.

Why Facebook move like

The main think Facebook not adopts other social marketers, other word Facebook think only one as Facebook so he offer New services bases on cost. and not user friendly, Public not follow this rule they try to move where got free and best so they moves other social service tools.

Some Charges Made by Facebook

Facebook theme may be change because facebook theme says

"Facebook helps you connect and Share with the people in Your life"

Facebook moves some charges made from his users we can't says how many of them continues connect that services, Few days before facebook planed to charge some dollars from his users

If Facebook decided to charge 1 dollar per year to use, would you pay for it?

Youthink.com offer this question for the public opinion 74% of peoples said not paid. this is the 3/4 What next facebook lost his 3/4 of users or other wise free for end of world.

Facebook Front Page

SMS gift vouchers from Dialog

noreply@blogger.com (Anonymous) — Fri, 11 Jan 2013 15:20:00 +0000

Sri Lanka’s leading telecommunication services provider Dialog Axiata PLC has launched the first SMS (Short Message Service) voucher in Sri Lanka which allows its subscribers to SMS a wide variety of gift vouchers to friends and loved ones while on the go.

Why This Offer?

Didn’t have the time to buy a gift voucher for a special occasion? Gone are the days when you worried over that missed opportunity. A solution tailor-made for just such an occasion is near at hand.

Gift SMS vouchers are the perfect solution for today’s shoppers. Why? They are instant, convenient, fun, secure and not to mention environment friendly and since most people carry their mobile on them where ever they go, they also have their voucher in their inbox, resulting in a higher redemption rate.

There is nothing worse than going shopping and remembering that gift voucher stuffed in the back of the drawer. Using SMS gift vouchers from Dialog, you can simply go into your inbox and present the voucher in the participating businesses store or enter the reference on an online shopping cart or even forward the purchased SMS voucher as a surprise gift to friends and family.

How To check - Dail #289#

Potential users can view the vouchers available on the system by dialling #289#. Once the vouchers are purchased, the customer will receive a SMS voucher with the serial and PIN number, which on submission of the PIN number, customer can redeem the voucher and collect the goods.

Vouchers can be purchased by adding the transaction value to the Dialog post paid bill or deducted from credit on prepaid connection or even using Star Points. It’s as simple and convenient as that!

Seyloan Bank Sign Partner PAYZA

noreply@blogger.com (Anonymous) — Fri, 11 Jan 2013 14:40:00 +0000

Seylan Bank Plc has signed up with PAYZA paving the way for the setting up of the remittance platform worldwide. PAYZA a Canadian based, worldwide remittance company is one of the leading online payment platforms trusted by people in over 190 countries across the globe.

Commenting at the signing ceremony Mr.Kapila Ariyaratne GM/CEO Seylan Bank stated that Seylan Bank was delighted to partner PAYZA to facilitate the Sri Lankan diaspora overseas on an online remittance platform to Sri Lankans. Alby Abraham, Director PAYZA Asia Pacific was in Colombo to place his signature on the agreement for launching the service shortly.

Seylan Bank & Payza

World Most Powerful Person - Putin

noreply@blogger.com (Anonymous) — Wed, 09 Jan 2013 13:31:00 +0000

International think tank, Eurasia Group, has named the Russian President Mr Vladimir Putin as the world’s 2nd most powerful person.The first position has left vacant, realizing that,there is no proper leader for the world.

This list which is being published by the ‘Foreign Policy’ magazine, is prepared by considering the abilities of the persons who can singlehandedly bring about the changes which significantly affects the lives of large number of people.

Mr Ian Bremmer, the President of Eurasia Group indicates that, the first place was kept vacated since there is no true world leader while the persons who are in power are not facing the global challenges.

Mr Vladimir Putin has received the 2nd place due to the personalized system in the country, and influence the country wields in regional affairs.

Mr Ben Bernanke, the Chief of Special Federal Force has been placed on the third position due to the number of ways that he can influence the U.S economy, as well as the global economy, through it.

Mrs Anjela Merkel, the power which binds Europe, U.S.President Mr Barak Obama,President of European Central Bank, Mr Mario Draghi, and China’s new leader, Mr Xi Jinpin are the other individuals mentioned in this list.

Iranian Spiritual Leader, Ayatollah Khamenei,and Christine Lagrade the Managing Director of the International Monetary Fund, have been tied for the 8th place.

King Abdullah Bin Abd Al Aziz,the ailing ruler of Saudi Arabia is on the 10th place due to his abilities to determine the succession of leadership in the hydrocarbon powerhouse.

Razik Zarook - New Chaiman BOC?

noreply@blogger.com (Anonymous) — Wed, 09 Jan 2013 13:20:00 +0000

Mr. Razik Zarook, a leading lawyer in Matara and Former Chairman of the C.W.E. is to be appointed as the new Chairman of Bank of Ceylon (BOC).

Mr Gamini Wickremasinghe, who was serving as the Chairman of B.O.C., resigned from his post thus creating this vacancy. Mr Zarook is due to be appointed to the relevant post in the near future.

6.8 billion US dollars of foreign reserves - 2012

noreply@blogger.com (Anonymous) — Wed, 09 Jan 2013 12:35:00 +0000

Sri Lanka would have collected about 6.8 billion US dollars of foreign reserves by the end of 2012 which is equal to about 4.4 months of imports, estimates by the Central Bank showed. According to the Cabraal statement during the year our foreign reserve accumulation was prudent, not too excessive.

According to Cabraal reminded about the story of Goldilocks and the three bears, where she was comfortable in the bed of baby bear.

"Sometimes it is not easy to find the exact level of comfort that is needed," Cabraal said.

"I think we have got the right balance. Not too much, not too little. We will be looking at it carefully and moving on we will ensure that Goldilocks is comfortable."

By end November 2012 Sri Lanka had 6.49 billion US dollars of reserves or about 4.1 months of reserves.

Sri Lanka's reserves are above its monetary base of about 490 billion rupees (3.8 billion rupees) indicating that the Central Bank could exchange its rupee liabilities at any time for dollars with cash to spare.

A country that does not sterilize interventions only needs a little more reserve than the monetary base to buffer any cross currency losses.

But a monetary authority that sterilizes interventions with fresh liquidity can bust up large volumes of foreign reserves in a few months. Sri Lanka's central bank runs a soft-pegged exchange rate regime and engages in sterilized foreign exchange sales, creating fresh liquidity to offset interventions. During the most recent crisis, Sri Lanka lost about two billion dollars of foreign reserves.

Sri Lanka also measures months of imports on past data, which may tend to overstate the comfort level. The country has also accumulated large volumes of short term debt, especially rupee denominated Treasuries, which can leave the country at any time. Countries that sterilize foreign exchange sales need to have sufficient reserves to cover short term debt.

During the last balance of payments crisis the Central Bank was able to persuade foreign investors to stay on until corrective measures were put in place.

Cabraal said Sri Lanka had taken its first IMF program to its completion. IMF programs are useful to give direction and also comfort investors.

"Discussions will take place this year to see how our relationship will progress in the future," Cabraal said.

"We would be approaching it from a point of view of ensuring that we will have partnership with the IMF particularly in these times where the world economy is going through a very difficult time."

An IMF team is expected to come on a two week mission in the first half of February to discuss an extended facility and also the annual Article IV consultations.

Oil Import hit US$ 6 Bn - 2012

noreply@blogger.com (Anonymous) — Sun, 02 Dec 2012 04:58:00 +0000

President Mahinda Rajapaksa says, Sri Lanka’s oil import bill during this year is expected to hit a record US$ 6 billion, equal to the amount, the country gains from foreign remittance.

This is compared to US$ 4.63 billion, the Island nation incurred for importing oil during the year 2011 and US$ 3.10 billion spent in 2010.

Rajapaksa says, this situation, a result of high oil prices in the global market, is draining out the limited foreign reserves, the country has.

Reading the 2013 Budget in the parliament, President warned that this situation might result in government having to limit subsiding high oil prices in the local market.

“Corrective measures required to be taken to address these challenges are politically difficult but as a responsible Government we need to take such measures, in the interest of financial stability and development”, Rajapaksa told parliament.

Local energy sector primarily depends on imported fuel, as it does not produce any oil and it also use large quantities of oil to generate electricity via oil powered plants.

President, who is also the Finance Minister of the country says, there is also a danger in relying on oil based power generation strategies.

Sri Lanka, primarily imports its crude oil content from Iran and due to the economic embargo’s imposed by USA on the Middle Eastern country, oil supplies to Island has dried down, which also caused the closure of the Sapugaskanda refinery for several days.

As of now Cairn Lanka, an Indian based firm is carrying out oil exploration activities in the Gulf of Manner Basin to explore potential oil deposits in the country.

According to the company, it has already made successive gas and condensate discoveries.

Racing Cars Tax Rechange

noreply@blogger.com (Anonymous) — Thu, 22 Nov 2012 01:19:00 +0000

"Go-Kart" Vechcles will be liable for the peyment of 55% of CIF value as othe taxes, Other words Sri Lankan government announced that it has only exempted the “Go-Kart”, which can be used for traveling by one person from Excise Duty.

The Government said the importation of ‘Go-Kart’ vehicles will be liable for the payment of 55% of CIF value as other taxes.

It also announced, that the importation of racing cars except for Go-Karts are liable for payment of 200% to 350% of CIF value as taxes, including Excise and Special Provisions duty, depending on the cylinder capacity(CC) of the vehicle.

According to the Government, the objective of the tax concessions for ‘Go-Kart’ is to improve the sports economy and tourism activities and thereby to increase the country’s income.

The latest clarification by the government regarding its 2013 budget proposals comes, following criticism by the opposition, which said that the government has allowed duty free importation of Lamborghini vehicles.

About the "Go-Kart"

A go-kart is a small four-wheeled vehicle. Available in all shapes and forms, from motorless models to high-powered racing machines, some, like Superkarts, being able to beat racing cars on long circuits.

Amusement park go-karts can be powered by 4-stroke engines or electric motors, while racing karts use small 2-stroke or 4-stroke engines. Most of them are single seater but recreational models can sometimes accommodate a passenger.

Sri Lanka Islamic Banking Assets Up

noreply@blogger.com (Anonymous) — Tue, 06 Nov 2012 06:06:00 +0000

Sri Lankan Islamic banking assets would reach $ 1.5 billion from the present $ 250 million in coming years, says Amana Bank Chief Executive officer Faizal Salieh. In Sri Lanka 8 % of Muslims (21.5 million people), and there is a strong demand for Islamic financial products from the Muslim population as well as from non-Muslims.

Islamic finance total assets in Sri Lanka account for 3 % of the total financial assets

Though the local Islamic finance is still at a preliminary stage, it is developing. Local Islamic Finance industry would grow at a double digit rate over medium to long term and the growth is attributed to the increased awareness of faith based concepts and the internalization of the financial markets. Islamic finance total assets in Sri Lanka account for 3 % of the total financial assets of the country, which is very small relative to those in neighboring Bangladesh and Pakistan, while total deposits and loans of local Islamic finance accounts for 5 %. Islamic Finance could play a key role in the development of infrastructure projects and the capital markets of the post war era of Sri Lanka. Amana Bank, Sri Lanka’s only full-fledged Islamic lender, plans to double its branches by expanding in rural areas, forecasting a six-fold growth in demand.

According to Central Bank sources, Sri Lanka has currently five non-Islamic lenders who are offering Shariah-compliant services through booths. The Sukuk market has the potential to attract investors to finance projects such as roads, bridges, ports, airports and other activities in the country. Sovereign Sukuk is a means of attracting funds alternative to conventional sovereign bond. However, lack of qualified professionals in the industry, not only in Sri Lanka, but across the globe has been the major problem faced by the industry and total workforce of the local Islamic finance is estimated to be around 1,500.

Fitch Ratings has rated Bank of Ceylon’s ‘AA(lka)’

noreply@blogger.com (Anonymous) — Fri, 21 Sep 2012 01:45:00 +0000

Fitch Ratings has rated Bank of Ceylon’s proposed subordinated up to Rs. 6 billion debt issue at ‘AA(lka)’.

Fitch says the proposed debentures are rated one notch below BOC’s National Long-Term rating to reflect their subordinated status.

According to the Rating agency, the proposed debentures will have a maturity of five years, with principal repayment as a bullet payment on maturity while coupon payments will be at fixed or floating rates.

Below is the rating release issued by Fitch Ratings Lanka

Fitch Ratings-Colombo/Seoul/Singapore-20 September 2012: Fitch Ratings Lanka has assigned Bank of Ceylon’s (BOC; ‘BB-’/Stable) proposed subordinated debentures of up to LKR6bn a National Long-Term rating of ‘AA(lka)’. A full rating breakdown is provided at the end of this commentary.

BOC’s ratings reflect Fitch’s expectation of support from the government of Sri Lanka (GoSL, ‘BB-’/Stable), if required. This is based on its quasi sovereign status, high systemic importance and role as one of the main bankers to the government. BOC is the largest bank in Sri Lanka and fully owned by GoSL. The Viability ‘b+’ Rating (VR) reflects BOC’s weak capitalisation, improving profitability, increasing loan/deposit ratio and concentration in the public sector. The VR also reflects its domestic franchise being underpinned by its sovereign linkages and extensive branch network.

Any change in Sri Lanka’s sovereign ratings would likely be reflected in the ratings of BOC. An upgrade of BOC’s National Long-Term rating may also result from demonstrated preferential support for BOC. The VR may be upgraded if BOC enhances its capital buffer substantially (including a high loan loss reserve coverage); if the loan-deposit ratio is maintained at 80%-85%, supplemented by medium-term wholesale funding; and if its operating performance and asset quality remain stable. The VR may be downgraded if capital buffer weakens from continued high asset growth, or if a large asset quality downturn from domestic/external macroeconomic shocks leads to capital impairment.

The proposed debentures are rated one notch below BOC’s National Long-Term rating to reflect their subordinated status. The proposed debentures will have a maturity of five years, with principal repayment as a bullet payment on maturity while coupon payments will be at fixed or floating rates, and do not contain any deferral clauses.

The debentures are to be listed on the Colombo Stock Exchange. The issue is aimed at strengthening BOC’s Tier 2 capital base.

Ruwan Silva has resigned as the CEO of Blue Diamonds Jewellery focus EChannelling

noreply@blogger.com (Anonymous) — Fri, 21 Sep 2012 01:37:00 +0000

Ruwan Silva has resigned as the CEO of Blue Diamonds Jewellery Worldwide Plc with effect from 27 September.

The move is believed to be part of internal restructuring within the Company and eChannelling Plc Group, which holds a 15% stake in Blue Diamonds. Sri Lanka Insurance holds a 10.5% stake. The move will enable Ruwan to focus more on eChannelling whilst Deputy CEO Asanga Karunaratne is tipped to be promoted as CEO of Blue Diamonds.

Ruwan is also the eChannelling Plc Deputy Chairman in addition to being the Chairman of British American Technologies Ltd., a key shareholder of eChannelling Plc holding 28%, whilst SLIC owns 25%.

Prior to setting up British American Technologies, Ruwan was the Chief Financial Officer at Sri Lanka Telecom PLC and Chief Financial Officer for Ericsson Algeria and Sri Lanka. He has more than 18 years of experience, cutting across varied industries, such as healthcare, electronics, telecommunications, transportation, IT and banking.

Asanga Karunaratne was appointed an Executive Director of eChannelling PLC in January 2012. He was the Chief Executive Officer of eChannelling Plc. He is a Chartered Marketer with a MBA and has over 25 years of managerial experience. He also has management experience in the manufacturing and service industries. Karunaratne also serves as the Director of ECL Soft Ltd.

Following a capital reduction move, retained losses at Blue Diamonds as at 30 June 2012 amounted to Rs. 46 million, down from Rs. 881 million as at end FY12.

Ten Outstanding Young Persons of Sri Lanka - 2012

noreply@blogger.com (Anonymous) — Fri, 21 Sep 2012 01:25:00 +0000

The Ten Outstanding Young Persons of Sri Lanka (TOYP) Awards for 2012 was held on Wednesday with Economic Development Minister Basil Rajapaksa as the Chief Guest.

Among this year’s recipients were Lieutenant Yoshitha Rajapaksa for personal accomplishment and Deshal de Mel, a young economist and alumnus of Oxford University and London School of Economics attached to the Strategic Business Development Unit of Hayleys Plc for personal improvement.

Other winners of the awards scheme organised by Junior Chamber International (JCI) Sri Lanka were

Roofmart Chairman and Managing Director T. Bandara Jayasundera (business and entrepreneurial accomplishment)
Buddhi Batiks Creative Director Darshi Keerthisena
Think Green Director Sivahar Muthuramalingam (Environment Leadership)
SLIIT undergraduate Ganindu Nanayakkara (technological development)
Rajarata University Head of Biochemistry Department, Faculty of Medicine and Allied Sciences Dr. Faiz Marikar
Consultant Hepatobillary and Gastrointestinal Surgeon and Senior Lecturer Dr. Chandika Liyanage (Medical Innovation)
musician and artiste Ashanthi de Alwis (Contribution to Arts) and
YES FM’s Riyaz Deen Shahajahan (Contribution to Media).

CIC Holdings was the principal sponsor of the 2012 awards scheme.

Mobitel sign two china firms for develop network

noreply@blogger.com (Anonymous) — Tue, 18 Sep 2012 13:00:00 +0000

Mobitel Sri Lanka larger mobile phone and other relate services Provider now looking expanding her service and also Introducing new 4G technology. Past of evens Mobitel sign two agreements between Mobitel and ZTE and another one Mobitel and Huawei

ZTE - Mobitel Agreement.

According to the agreement, ZTE will deploy over 700 2G/3G/4G LTE base stations and transmission equipment for Mobitel's Stage VII Mobile Network Expansion Project. Upon completion of the project, it will be South Asia's first commercial 4G (FDD-LTE) network. ZTE became the major telecommunications equipment vendor for Mobitel after the successful completion of the Stage VI Mobile Network Expansion Project in June 2012, the largest expansion project in the Sri Lankan telecommunications sector.

“We are happy ZTE successfully completed the largest stage of our network expansion, which involved 2G and 3G base stations at over 1 000 sites, in record-breaking time,” said Mobitel CEO Lalith De Silva. “The next major development in our technological footprint through this new expansion will be the introduction of the latest long-term evolution (LTE) standard, which will be the commercial deployment of 4G mobile technology.”

“The fact that Mobitel awarded ZTE with the Stage VII Expansion contract shows that we've achieved a world-leading position with our innovative products and reliable services,” said ZTE Senior Vice-President Zhang Renjun. “We are very happy to help Mobitel roll out the first-ever FDD-LTE-based commercial 4G mobile network in South Asia and further strengthen its leading position as the preferred mobile service provider in Sri Lanka.”

ZTE products have been widely used in Sri Lanka with the company's overall revenue there exceeding $400 million. ZTE will continue to contribute to Sri Lankan telecommunications development by providing high-quality, cost-effective solutions.

Hiawei - Mobitel Agreement

Huawei, another Chinese firm to expand network capacity. Huawei said in a statement that it had inked a deal to renovate and expand Mobitel's network capacity in Sri Lanka's capital Colombo, Galle and Matara, without mentioning the size of the contract.

Sri Lanka raise US dollars - Bond Issues

noreply@blogger.com (Anonymous) — Tue, 18 Sep 2012 01:21:00 +0000

The state debt office said, Sri Lanka has sold US.121.05 million US dollars of 3 year bonds at a weighted average yield of 400 basis points above the 6-month London Interbank Offered Rate

Sri Lanka offered 60 million US dollars of bonds for sale but 121.05 million in bids were received, from foreign and local commercial banks operating in Sri Lanka the debt office said. This received two time grate in offers value.

The 6-month Libor rate was 0.67 percent today. The debt office said the last 3-year bond sale on June 2012 was at 410 basis points above Libor.

Dollar denominated bonds sold to mainly resident investors have become an important source of finance for the state.