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New business model to be introduced:
Apparel industry targets additional $1b by 2016
The apparel industry is set to generate an
additional $ 1 b revenue by 2016 with the introduction of a new
business model. “We are confident that with the multi- country
consolidation approach as in Hong Kong and Singapore in place, the
apparel industry could target an additional one billion dollar
income by 2016,” Joint Apparel Association Forum (JAAF) Secretary
General, M.P. Tuli Cooray told Sunday Observer Business.
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‘Financial sector stable despite challenges’
The banking sector was responsive to the needs
of the economy and thereby helped achieve a more rapid and
sustainable economic growth. The sector has become increasingly
competitive and strong in recent years, Central Bank Governor Ajit
Nivaard Cabraal said.
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Lumiere Textiles begins production
Lumiere Textiles Limited, a $ 15 million BOI
(Board of Investment) approved company for the production of knitted
fabric in Sri Lanka commenced delivering fabrics to its first set of
customers recently. The garments made out of this fabric will reach
the stores of a world-renowned retailer soon.
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‘University education should be linked to economic development’
Defence Secretary, Gotabhaya Rajapaksa said that
university education should be linked to the economic development of
the country. In the US post-graduate courses are directly allied to
its economy. Courses of this type conducted by universities are very
important at this juncture of development. The SME sector has an
important role in the economy and programs are needed to improve the
knowledge and skills of the entrepreneurs,
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Banking software solution to expedite Samurdhi network
Sri Lanka Divineguma Department signed an
agreement with Sri Lanka Telecom (Services) Ltd to develop a banking
software solution for networking over 1,500 Samurdhi Bank branches
and Samurdhi societies. Director General of the Samurdhi Authority,
Bandula Thilakasiri said that the networking of the Samurdhi Bank
branches was a long felt need for the efficient management of funds
belonging to Samurdhi beneficiaries.
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Airtel Lanka completes four years
With an investment of over $ 325 million and
continued focus on its Sri Lanka operations, Airtel currently has
1,600 active base stations providing islandwide coverage. Chief
Executive Officer and Managing Director, Bharti Airtel Lanka, Suren
Goonewardene said, "As Airtel completes four years of operations,
overcoming many challenges in Sri Lanka,
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