Biz Briefs

G20 summit concludes today

The two-day G20 summit which opened yesterday will conclude today. It is being attended by world leaders, including those of the US, China and Russia and the focus is on promoting growth.

Australian Prime Minister Tony Abbott said on Friday that leaders would discuss job creation, identifying tax cheats and strengthening the global economy.

Tension with Russia over Ukraine will also draw attention, while campaigners want climate change on the agenda.

In Brisbane, local government workers were given a day off because of the number of travel restrictions in place. Thirteen world leaders arrived in the city on Friday.

– BBC

India, US resolve food security issues

India and the US have resolved their disagreements on food security issues, paving the way for a global trade pact.

The prospect of a global trade deal had faded at a World Trade Organisation (WTO) summit in Indonesia last year, after India said it would not budge on some rules governing food subsidies.

The trade deal was due to take effect in the middle of next year. The breakthrough stems from a bilateral summit in September when Prime Minister Narendra Modi visited the US.

Analysts have estimated the global trade deal could add US $ 1 trillion (£630 billion) to the world economy.

- BBC

Brent crude oil price falls

The price of Brent crude oil has fallen $3.60 - 4.4% - to $77.52, its lowest level in four years. The benchmark US crude oil price is also at a four-year low, after losing $2.57 to close at $74.28.

The price has fallen sharply since the summer and is 30% below its June price.

The drop comes as traders believe members of the OPEC oil exporting countries, which control about 40% of world oil exports will not cut production.

OPEC's 12 member countries will meet this month to discuss the global oil market. Lower oil prices typically prompt OPEC nations, which include the biggest oil exporting nation in the world, Saudi Arabia, to rein back output to limit supply and boost prices and income.

- BBC

ComBank reduces credit card interest rate

The Commercial Bank of Ceylon has reduced interest rates on all credit cards issued by the Bank, from November 5.

The interest rate on outstanding balances on Platinum, Gold, Silver and Classic cards has been reduced from 24% to 22% per annum or 1.83% per month, a Bank official said.

This reduction is in line with the trend of reducing lending rates. It is timely in the context of the approaching festive season and has many promotional benefits, discount packages and zero percent instalment schemes, he said.

Macbertan clinches Platinum Award

Macbertan (Pvt) Ltd, the island's pioneer in the manufacture of expanded polyethylene foam products, clinched the only Platinum accolade out of 500 applicants at the Industrial Excellence Awards 2014, for its contribution to the national economy.

Macbertan is a strategic collaboration between McLarens Holdings Limited and Alliance Finance Co, PLC.The company has been in the business of manufacturing polyethylene foam products and air bubble sheets since 1997.

Macbertan was conferred the Platinum award by the eminent panel of judges comprising leading personalities, academics and professionals representing the Board of Investment (BOI), University of Moratuwa, Sri Lanka Export Development Board and the Ministry of Industry and Commerce.

The Platinum award was received by the company's Chairman, Rohan de Silva and Managing Director, Mrs. Ramani Ponnambalam at the awards ceremony at the Water's Edge recently.