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Last updateSun, 21 Jan 2018 8pm

Business News

  The beneficiaries of the Agra-Haara insurance scheme stand at 900,000

 

The beneficiaries of the Agra-Haara insurance scheme for public servants presently stand at 900,000. CEO of the National Insurance Trust Sanath C. de Silva says a total of 2.5 million families, or 10 per cent of the population, are covered by the scheme. According to him, 1,800 million rupees had been spent last year on the beneficiaries. Employees of around 30 state institutions are members of this insurance scheme

The Kankasanthurai Harbour to be upgraded as a ‘Commercial Port’.

The Government of India has come forward to rehabilitate and upgrade the Kankesanthurai Harbour, into a ‘Commercial Port’, at a cost of 45.27 million US dollars. The Ministry of Finance says, this will help to further strengthen the country’s effort to become a regional maritime hub, in the near future.

During the last few years Indian foreign direct investment in Sri Lanka has expanded exceptionally. Presently Indian development assistance mainly focuses on the improvement of economic infrastructural facilities, livelihood development, education, healthcare, capacity building and the economic renewal of Sri Lanka.

The Ministry of Ports and Shipping has observed that the rehabilitation of the Kankesanthurai Harbour would contribute to promote traditional commercial linkages and give an incentive to economic activities, by encouraging trade in northern Sri Lanka.

Kankesanthurai will be the nearest port for all eastern ports in India, as well as for Myanmar and Bangladesh.

China Merchant Port Holdings makes a second payment of 97.365 million US dollars to Sri Lanka Ports Authority

 

China Merchant Port Holdings has made a payment of 97.365 million US dollars to the Sri Lanka Ports Authority as the second tranche of its investment in the Public-Private Partnership on Hambantota port development. Commercial activities of the port were handed over to the Chinese company in December 2017. A first tranche of 292 million US dollars was paid previously. With the second payment, China Merchant Port Holdings has paid 389.462 million US dollars to date. The final payment is scheduled to be paid within the next five months. Ports Authority Chairman Parakrama Dissanayake said CMPort’s investment could be described as a credible vote of confidence in its potential as well as in the economy of Sri Lanka.

“Enterprise Sri Lanka” to come into effect with 15 loan schemes on offer, for young entrepreneurs.

“Enterprise Sri Lanka”, which is one of the main features of the Budget 2018, will be launched from March this year. Young entrepreneurs will be able to obtain credit facilities under concessionary interest rates. Loans can be obtained up to 60 billion rupees, under 15 loan schemes. The 15 different loan schemes that have been proposed include the fields of Agro, fishery, industries and loans for small and medium enterprises. This scheme includes journalists and those who are self-employed, as well.

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Joy Motor Boat Services celebrates 50 years of service

The boat service provider of the Kandy Bogambara lake, Joy Motor Boat Services, celebrates 50 years of service, today. A ceremony was held to mark the golden jubilee today, with the general public enjoying free rides.
Joy Motor Boat Services was founded in 1968. It now functions with 12 staff members and 8 boats.

The Health Minister stresses that a quality health service will be established in the country to provide more concessions to patients

 

Health Minister Dr. Rajitha Senaratna stresses that a quality health service will be established in the country to provide more concessions to patients. Participating in a programme over the SLBC this morning, he said that even the world leaders have praised the government’s systematic measures taken to upgrade the health service in Sri Lanka.

Sri Lanka’s Minister of Health was invited for the World Bank’s annual convention on health sector, held last year. There the World bank granted a sum of 200 million US dollars to further develop the health sector in the country. The Minister said that this is the clear message that the world leaders are satisfactory about Sri Lanka’s National Health programme.

The first Mega Outlet of Sathosa to be declared open in Welisara, today.

The 1st ‘Mega Outlet’ of Sathosa will be declared open in Welisara, today. Prime Minister Ranil Wickremesinghe will be the chief guest. Minister Rishad Batiudeen will also join in the inauguration ceremony. The Ministry of Industry and Commerce intends to launch another 40 mega outlets of this kind, to provide consumers with high quality goods at affordable prices.

The first Mega Outlet of Sathosa to be declared open in Welisara, tomorrow.

The first Mega Outlet of Sathosa will be declared open tomorrow in Welisara. Prime Minister Ranil Wickremesinghe will be the chief guest.

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Sri Lanka Development Bonds, to be issued this year.

Steps have been taken to issue Sri Lanka Development Bonds under the government’s public borrowing programme for 2018. Under the Appropriation Bill number 30 of 2017, the maximum borrowing limit for 2018 is 1,893 billion rupees. 1,313 billion rupees will be obtained from local sources and 580 billion rupees will be obtained from foreign sources.

It was decided to issue the said development bonds under the supervision of Central Bank, for obtaining 3,000 million US dollars.

Minister of Finance Mangala Samaraweera tabled this proposal before the cabinet of ministers today.

The Monetary Board of the Central Bank of Sri Lanka decides to take regulatory actions in view of the weak financial performances of ETI Finance and Swarnamahal Financial Services

The Monetary Board of the Central Bank of Sri Lanka, having considered the weak financial performances of ETI Finance and Swarnamahal Financial Services, decided to take regulatory actions, as a temporary measure, under the provisions of the Finance Business Act No. 42 of 2011, with immediate effect.
This is in a bid to safeguard the interests of the depositors and other creditors of the two companies and to ensure safety and soundness of the financial system
The measures taken are;
1. The appointing of a panel to manage the affairs of both companies.
2. Restricting the withdrawal of maturing deposits and renewing such deposits for a period of six months.
and
3. The Payment of interest due for deposits, as per agreed terms and conditions.
In the meantime, the companies can finalize their negotiations with prospective investors. The Central Bank will facilitate suitable investors as per the applicable laws and regulations. The depositors of the above two companies are further informed that the Central Bank is taking further measures and is closely monitoring the operations of the companies to protect the rights of the depositors. Therefore, the depositors are kindly requested to co-operate with the Central Bank in its effort to ensure the stability of the two companies.

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