Vehicle Registrations Increase 66%
Vehicle registrations in the first half of the year increased by 65.5% year on year (yoy) to 150,587. Sales in June alone increased by 95.3% to 30,033. June sales were driven by motor cycle sales which increased by 79.6% yoy to 18,725 and three wheeler sales by 202% to 8,007. (Source: Central Bank)
Cement Up 17%
Cement consumption in the first half of the year increased by 16.6% year on year (yoy) to 1,793,000 metric tons (mts). In June alone consumption grew by 29.4% yoy to 343,000 mts. (Source: Central Bank)
Nivasie Developers (Pvt) Ltd., the prominent real estate marketers were recently awarded the Merit Award-Extra large Category (National Level) by the Ceylon National Chamber of Industry.
They have been in the industry for nearly a decade excelling their competitors through the trust earned by their customers.
This award will be a remarkable landmark in their long professional journey.
The award was received by Managing Director/CEO Herman Gonsal.
Lanka Milk Foods (CWE) PLC Rights issue which closed recently was oversubscribed.
The rights issue’s success is a confidence vote by the investing community in the company and the policies adopted by it. The issue attracted substantial interest from shareholders, institutional and retail segments, both domestic and foreign.
The company’s Chairman and Director Board extend their thanks to the shareholders for the trust and confidence placed in it. LMF which upholds the highest standards of corporate governance, and professionalism in management, will continue to take the company to new heights and set the pace for Sri Lanka’s dairy industry.
Projects To Restart
Blue Water Hotel Wadduwa’s holding company Union Resorts Ltd. is to go ahead with their stalled eco friendly hotel projects in Wadduwa and Sigiriya shortly.
“Thirty luxury villas in Wadduwa and Sigiriya would be initiated soon after refurbishment, with investments of Rs.450-600 million planned for each of the projects,” General Manager Roshan Perera told The Sunday Leader.
Meanwhile, Blue Water Wadduwa, following the restoration of peace, is enjoying a 100% occupancy at present, with an 85% contribution from UK and the Continent, including from Eastern Europe, while the rest are locals, Perera said.
Rs. 250 million has been invested in Blue Water’s Grand Ballroom, with events and banquet returns been targeted to equal accommodation revenue next year.
Perera said that 30% of the hotel’s total profits for the year are set to come from the grand ballroom.
“We have been receiving many bookings for corporate events and banquets.”
Another Rs.200 million is being invested in refurbishment which is to be completed by next month for the winter season. (NK)
Despite terrorism now been rolled back into history in the island, but 16 months after the war end, human trafficking and human smuggling are two of the social banes of the 21st century to which Sri Lankans are not yet immune.
Human trafficking has been made easier, because the country’s “lax” laws that make possible for women to seek employment in the Middle East, more often than not as lowly housemaids, and thus be open to abuse, as was the recent case of a woman who had nails hammered into her body.
Music TV (MTV), a UK/USA based organization with assistance from USAID, has named Muttiah Muralidaran and Kumar Sangakkara as their “ambassadors” to create awareness in the island of human trafficking, a broad definition that covers exploitation and abuse even after going to employment willingly, as was the case of the “nailed” woman.
Enhanced Capital Requirements
Central Bank has drawn up a programme where licensed commercial banks (LCBs) and licensed specialised banks (LCBs) will have to up their minimum capital to Rs. five billion and Rs. three billion respectively by 2015. However, new banks will have to meet these targets a year earlier, by 2014.
Under the scheme, existing LCBs will have to up their capital to Rs. three billion by end 2011, to Rs. four billion by end 2013 and to Rs. five billion by end 2015. Existing LSBs will have to up their capital to Rs. two billion by end 2011, to Rs. 2.5 billion by end 2013 and to Rs. three billion by end 2015.
New LCBs and LSBs will have to reach those figures by 2010, 2012 and 2014 respectively.
Further unlisted banks will have to go for a listing at least by the end of next year.