BusinessThe 5th edition of the highly successful Intex South Asia textile trade show in Sri Lanka will take place at the BMICH, Colombo next week - on November 13-15. “This year Intex South Asia brings to Colombo for the first time, Cotton Council International (CCI), also known as Cotton US, which is the export promotion arm of the National Cotton Council of America (NCC). Joint Apparel Association Forum Sri Lanka Chairman, Sharad Amalean said, “Sri Lanka is proud to host Intex. He said that, “The Intex South Asia provides a robust platform for untapped South Asian intra-regional trade, by delivering access to industry developments, networking opportunities and strategic initiatives with other global suppliers from across South Asia and the world to help expand industry and business, in one location, under one roof. We are confident that the exclusive networking platform provided by Intex South Asia 2019 will be extremely useful for importers, wholesalers and agents.” TEXPROCIL would be forming Indian Textiles Pavilion for the third time in a row.
November 05, 2019 03:33 UTC
BusinessBrowns Tours, in partnership with 12Go Asia, has launched a total logistics solution for tourists to travel within Sri Lanka thus allowing them to visit distant areas that may have been otherwise missed. “This adds further convenience for tourists to plan their own journey or for local DMCs and hotels to service their clients through Browns Tours’ logistical solutions. Browns Tours will also cater to local corporates by combining exclusive, tailor-made packages at the Browns Hotels with coach services to and from the hotel. This eliminates any further planning burden for corporates as Browns Tours becomes a one-stop shop for all their travel needs. Commenting on the launch, Dishan Perera, CEO – Browns Tours/Chief Business Development Officer Leisure, said, “We believe this new service will open up new avenues for tourism in Sri Lanka.
November 05, 2019 03:22 UTC
NewsIndustry stakeholders last week urged the formulation of a national milk production policy accompanied by a 5-year development plan. By Quintus PereraIndustry stakeholders last week urged the formulation of a national milk production policy accompanied by a 5-year development plan. To fulfill their task and to increase the milk production in the country a new association representing this industry is also bringing down Australian and US experts to offer advice. Dr. Michell told the Business Times that they are market-related dairy farmers working for the Department of Agriculture, US Government and said that they are working with the dairy farmers here in training the farmers in dairy management and how to build best quality. So far they have trained over 200 in fodder production and given them training on best practices.
November 05, 2019 03:00 UTC
BusinessPan Asia Banking Corporation PLC has reported a ‘robust performance’ amidst challenging macroeconomic conditions resulting in an operating profit before all taxes of Rs.780.67 million for nine months ending September 2019, a growth of 36 per cent from the previous quarter. For the quarter ending in September, the bank reported post tax profit of Rs.269.9 million, up 4 per cent from the same period last year, despite higher taxes including debt repayment levy. Pan Asia Bank’s Return on Equity and Return on Assets remain among the highest in the industry with 11.60 per cent and 1.10 per cent respectively by the end of September 2019. The bank managed to control the provisions made for possible bad debts during first nine months, particularly individual impairment charges falling to Rs. 508.26 million from Rs.
November 05, 2019 03:00 UTC
NewsFour persons have been arrested for printing counterfeit currency notes in the Boralesgamuwa area yesterday (Nov 4). Initially, police had arrested an individual who had paid three fake Rs 5000 notes to purchase liquor in the area. Upon questioning, police had uncovered details on the place in which these fake notes had been printed. Accordingly, four individuals had been arrested with seven fake Rs 5000 notes, a laptop and a scanner, believed to have been used in printing the counterfeit currency notes. They are due to be produced before the Nugegoda Magistrate's Court today.
November 05, 2019 02:26 UTC
WorldBritish lawmakers elected Labour’s Lindsay Hoyle as Speaker on Monday to take on the role of refereeing the next parliamentary instalment of the protracted struggle over Brexit. Hoyle, who has been deputy speaker since 2010, was elected after four rounds of secret ballots in a process which took several hours. Since 2017, the ruling Conservative Party has not had a majority in parliament, giving rivals more freedom to challenge the government and the Speaker a big say in the process. “We’ll have to wait and see whether the new Speaker faces similar conditions with Brexit and minority government. If we have a majority government, it might be that actually Commons procedure becomes a little bit less crucial.”(REUTERS)
November 04, 2019 21:11 UTC
The targets of the hacking spree included diplomats, political dissidents, journalists, along with both military and government officials. NSO has defended itself saying it only sells technology to government and intelligence agencies to counter terrorism and crime. Of those allegedly affected by NSO’s Pegasus spyware, 121 are based in India, according to two sources familiar with the matter. Meanwhile, Indian lawyers and activists, who were among those targeted, say they are increasingly concerned about their safety, privacy and state-backed surveillance. “I’m going to court for sure,” said Nihalsing Rathod, a human rights lawyer based in the Indian city of Nagpur.
November 04, 2019 20:48 UTC
NewsCabinet approval has been sought to allocate Rs 300 million from the Treasury to implement the Enterprise Sri Lanka concessionary loan scheme. This is in keeping with certain loan requests made by private universities, and medical faculties, a cabinet proposal of the Finance Ministry said. The ministry in its proposal observed that it had spent some Rs 321 million for Enterprise Sri Lanka exhibitions, that were held in Anuradhapura, and Jaffna. According to the proposal, these funds had been spent by the Finance Ministry from the Consolidated Fund since the contribution of the sponsors were insufficient to cover the cost of the exhibitions. A sums of Rs 221.7 million had been spent for the Anuradhapura exhibition while Rs 159.4 million had been spent for the exhibition in Jaffna.
November 04, 2019 15:45 UTC
The Korean government today (Nov 5), agreed to provide a concessional loan of USD 30 million (Rs 5.4 billion) to uplift the IT sector in Sri L... Features & AnalysisTri-Nation concert for Peace this eveningA Tri-Nation concert for Peace presented by The Voice by Ishan De Lanerolle with the Ao Naga Choir, India and the Fri... Applications for UK Government’s Chevening Scholarship to close on Nov. 5Applications for Chevening Scholarships to study in the UK will close on November 5, 2019, with applications to be su... In pictures : Christmas cake mixing at Taj SamudraThe Taj Samudra recently held its traditional cake mixing celebrations at the Grand Marquee. Designer Nayana Ascharya Peiris among BBC's 100 inspiring women of 2019Designer Nayana Ascharya Peiris has been named among the BBC's 100 inspiring and influential women from arou...
November 04, 2019 13:41 UTC
Former President Chandrika Kumaratunga has said her decision to support presidential candidate Sajith Premadasa has not affected the Sri Lanka Free... Features & AnalysisTri-Nation concert for Peace this eveningA Tri-Nation concert for Peace presented by The Voice by Ishan De Lanerolle with the Ao Naga Choir, India and the Fri... Applications for UK Government’s Chevening Scholarship to close on Nov. 5Applications for Chevening Scholarships to study in the UK will close on November 5, 2019, with applications to be su... In pictures : Christmas cake mixing at Taj SamudraThe Taj Samudra recently held its traditional cake mixing celebrations at the Grand Marquee. Designer Nayana Ascharya Peiris among BBC's 100 inspiring women of 2019Designer Nayana Ascharya Peiris has been named among the BBC's 100 inspiring and influential women from arou...
November 04, 2019 13:18 UTC
Explaining the benefits of this scheme, the EU said the GSP+ incentives have galvanized Sri Lanka to move ahead in producing higher quality sustainable products, follow ethical practices including organic and green production, as well as adopt fair trade practices. Through such value-additions made in backward integration, new employment opportunities and industries have also been created. “The concessions under GSP+ also benefit Sri Lanka’s rural workforce. New export opportunities support the development and enhance the livelihoods of farmers engaged in the country’s agriculture and fisheries industries. According to the EU, following the granting of GSP+, Sri Lanka's exports to the EU have increased more than 20 per cent.
November 04, 2019 10:44 UTC
The economy grew at a slower pace of 2.6 per cent in real terms in the first half of 2019, compared to 3.9 per cent recorded in the corresponding period in 2018. The unemployment rate also increased during the first half of 2019 in line with subdued economic growth. Headline inflation continued to remain within the anticipated range thus far during the year, with occasional volatilities due to supply side developments. Against the backdrop of well anchored inflation and inflation expectations, the CB adopted an accommodative monetary policy stance in 2019, considering sluggish economic growth, the continued slowdown in monetary and credit expansion and global monetary policy easing. “However, forward guidance on monetary policy needs to be tempered by the salary increase in the pipeline,” it said.
November 04, 2019 09:23 UTC
NewsPresidential candidate Anura Kumara Dissanayake today (Nov 4) asserted that he would introduce constitutional reforms to ensure equal public participation in the country’s administration. The National People’s Power (NPP) candidate explained that constitutional changes would be introduced after obtaining public opinion, and would also primarily focus on strengthening human rights. Dissanayake said that failure to level charges, and the inefficiency of the Attorney General’s Department to intervene in these cases, have also caused huge delays in legal proceedings. Meanwhile, the NPP candidate stated that he would adopt a “balanced” and “non-aligned” foreign policy, if voted into power. “All former (Sri Lankan) governments have adopted a foreign policy that is aligned with a powerful country.
November 04, 2019 09:12 UTC
Retail performance was driven by robust revenue growth in the supermarkets business, supported by a notable contribution from new outlets and strong growth in customer footfall. Consumer Foods witnessed growth on account of an improved performance in the Beverages and Frozen Confectionery businesses, driven by growth in volumes and improved profitability on account of higher margins. The report noted that the volume growth momentum prior to the month of September displayed encouraging double-digit growth, although adverse weather impacted volumes in September. The quarter under review marked the first tranche of revenue recognition for the “Tri-Zen” residential development project. Revenue recognition of the project will ramp up over the next few quarters as the project progresses.
November 04, 2019 09:07 UTC
NewsThree foreign envoys presented credential to President Maithripala Sirisena at his official residence today (Nov 4), the President’s Office said in a statement. During the occasion, the President had pointed out that the “free, fair and peaceful Presidential election campaign" has reflected the strength of democracy in the country. He had explained that this situation has been created due to the "broad political transformation" that has taken place in the country under his rule. The evoys who presented credentials are:Rabie Narsh, Ambassador of the Lebanese Republic Maj Gen Chris Eze, Ambassador of the Federal Republic of Nigeria Denis Chaibi, Ambassador of the Delegation of the European UnionThe Ambassadors of Lebanon and Nigeria will be based in New Delhi while the EU Ambassador will be based in Colombo, the statement read.
November 04, 2019 06:29 UTC