Biz Briefs

Money transfers made easy

The Central Bank has relaxed money transfers between NRFC and RFC accounts.

Fees for website registration

The Government has decided to charge a fee of Rs 100,000 for registration of new websites while an annual fee of Rs 50,000 will be charged for renewals.

Laugfs Gas records Rs 942m PAT

Laugfs Gas PLC and its subsidiaries recorded a Profit After Tax of Rs. 942 m according to un-audited financial statements for the year ended March 31, 2012. A payment of the first and final dividend of Rs. 1.50 per share for both Ordinary Voting and Non- Voting shares was held. Chairman Laugfs Gas PLC, W K H Wegapitiya said it was a repeat performance and the fulfillment of the promise made to shareholders at its Initial Public Offering in December 2012.

Wegapitiya said the improved performance was creditable in the backdrop of the local and global business environment,especially due to the upward movement of prices in crude oil markets during the year and also the negative impact made on the bottom lines of Laugfs Gas PLC due to the depreciation of the Rupee against the US dollar.

New Ministry Secretaries

President Mahinda Rajapaksa has appointed 18 Ministry Secretaries and among them are Commerce and Industry Ministry Anura Siriwardene, Civil Aviation Ministry Dr T.R.C. Ruberu, Cooperatives and Internal Trade Ministry G.K.D.Amarawardena and Housing and Construction Ministry P.W. Perera.

Women entrepreneur awards today

The seventh Awards ceremony of the Women's Chamber of Industry and Commerce (WCIC) will be held at 6.30pm todayat the Cinnamon Grand Hotel .. WCIC President Vidyani Hettigoda said that the aim of felicitating women entrepreneurs in the country was to encourage women in business.

She said that there will be micro, small, medium and large category awards as well as merit certificates ,while the main award will be the Woman Entrepreneur Of The Year. Hettigoda said that even if a woman starts a cottage industry it will give her independence as well as money which she can use to save or for home expenses.

Import duty to be slashed

The import duty on potatoes, big onions dried fish, canned fish sugar and sprats will be reduced.

ICRA Lanka assigns stable outlook for LOLC

ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd., an associate of Moody's Investors Service, has assigned an Issuer rating of '[SL] A-' with stable outlook to Lanka Orix Leasing Company PLC.

The rating indicates adequate-credit-quality and the rated entity carries average credit risk.

The rating in Sri Lanka is assigned on an eight-point scale developed specifically for the country, and ranges from '[SL] AAA' to '[SL] D'. This rating scale ranks the relative default risk associated with issuers in Sri Lanka.

Fifth millionaire in Seylan Bank’s ‘Thagi Pita Thagi’ draw

N.S.J. Arachchi of the Nugegoda Branch was the winner of the Rs one million prize in Seylan Bank’s fifth ‘Thagi Pita Thagi’ draw. The fifth batch of winners received their prizes from Seylan Bank Chairman, Mohan Pieris PC, Executive Director R. Nadarajah and General Manager and CEO Kapila Ariyaratne at Seylan Bank’s Head Office in Kollupitiya.

Amana Takaful relocates Negombo branch

Amana Takaful, recently relocated the office premises in Negombo, Chief Executive Officer, Amana Takaful PLC, Ehsan Zaheed said. “Amana Takaful has now embarked on a growth phase and we are pleased to relocate our branch in Negombo where we have enjoyed high demand for the concept,” said Senior Manager Sales and Distribution, Amana Takaful PLC, Nazeem Ghaffoor .

Amana Takaful has been in operation in Negombo since 2005 and has set up a strong position recording a growth of more than 67 percent in Life and General insurance in the last year.

Nokia 110 makes its debut in Sri Lanka

Accessing social media and browsing the internet on your phone in Sri Lanka became more affordable with the new Nokia 110.

The launch of the Nokia 110 in Sri Lanka is another step in Nokia’s strategy to connect the ‘Next billion’ and provide consumers with an affordable phone optimised for internet usage. Users can access Facebook and Twitter directly through the phone’s home screen and use the Nokia 110’s Facebook optimised camera for better social media communication.

Cinnamon Grand has banqueting facilities

Cinnamon Grand Colombo has banqueting facilities and venues that can accommodate board meetings of 10 to weddings with 600 guests, cocktails to corporate events. The Cinnamon Grand’s 10 meeting spaces enable the hotel to offer a wide range of venues for every possible occasion.

Guests could have a customised menu said Cinnamon Grand’s Head of Banquet Sales, Vishadini Fernando. The hotel offers the services of an executive chef on request

Fadna wins at National Agribusiness Awards 2012

Fadna products from Food and Nature (Pvt) Ltd. won an award at the Agri Business Awards 2012 organised by the National Agribusiness Council. The award was for the value added contribution to the agriculture sector by developing innovative and modern herbal tea products by Food and Nature (Pvt) Ltd. Exports Manager, Kevin Rajapakse received the award from Chairman , Board of Management Trustees , NAC Lal de Mel. Secretary General and CEO of the Ceylon Chamber of Commerce, Harin Malwatte is also seen.

Dialog TV launches first HD broadcast

Dialog Television (DTV), the Direct-to-Home (DTH) Digital Satellite TV service recently introduced the first HD (High Definition) broadcast.

HD channels broadcast by DTV will bring world class content comprising movies, sports, action, drama, education and entertainment with HD 1080i Resolution and Dolby Digital surround sound.

Homes subscribing to DTV’s HD service would be additionally empowered with advanced viewing features across 38 channels in the DTV list.

CA Sri Lanka Qatar Chapter AGM

The Qatar Chapter of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) held its third Annual General Meeting recently.

Last year's vice president, Rukshan Karunaratne (ACA) was appointed President for 2012/2013, while Saman Fernando (ACA) was elected vice president. The vice president, general secretary and treasurer were unanimously elected. The immediate past president, Rizwan Yaseen will continue to be a member of the executive committee.

Royal Ceramic upgraded

Royal Ceramic Plc, Eheliyagoda installed a Uniprize lathe machine in the workshop which is being up-graded along with the expansion program.

Allied Trading and Engineering (Pvt) Ltd which introduced Uniprize from the UK has sold many machines to the Sri Lanka Navy and Industrial Development Board. Uniprize Machine Tools Ltd. was set up 15 years ago by Managing Director, Peter Indjov who has over 20 years' experience in the manufacture of machine tools such as centre lathes, milling machines and customising them to suit customers requirement.

'Arogya 2012'

The 'Argoya 2012' exhibition will be held from August 17 – 19, at the BMICH. It will be open to the public on all three days. A special bus service will operate from Borella to Bambalapititya. Projects introduced to combat communicable diseases, success in heart and kidney transplant and other important health-related activities will be exhibited. Entrance will be free for school children.