BIZ BRIEFS

Mobitel's MyStore offers Metropolitan products

Metropolitan Office (Pvt) Ltd recently entered into a partnership with Mobitel's MyStore.lk to offer the latest product range of electronic accessories available at Metropolitan.

The recently launched web portal, MyStore.lk which is set to revolutionise the online shopping experience of customers will offer a range of well-known branded products from Metropolitan such as cameras, printers, laptops, tabs and other electronic accessories.

The online store known as a one-stop shop has the added benefit of delivering products right to the customer's doorstep with convenient payment methods.

Australia's economic growth slows

Australia reported weaker-than-expected economic growth between July and September, due largely to a drop in mining investment.

Its economy grew 0.3% in the third quarter, compared to the previous quarter, and was up 2.7% year-on-year, according to official figures.

Economists had expected quarterly growth of 0.7% for the period and year-on-year growth of 3.1%. The Australian dollar fell to a new four-year low on the news.

Analysts said the gross domestic product (GDP) numbers meant the nation's economy was growing below trend, and that the decline in mining investment would be a major hurdle for the economy for the next two years. - BBC

Rise in Asia's wages

The Asia Pacific region has outperformed the rest of the world when it comes to wage growth, according to an International Labour Organisation (ILO) report. Annual average incomes rose 6% in the region, compared to a global average growth of 2% in 2013.

Wages in China have risen the fastest, up 9%, according to the UN body. But despite the big gains, wages in many countries in the region were still much lower than in developed economies.

Even though wages in Asia have risen almost two-and-a-half fold since the beginning of the century, the report said, "One third of the region's workers remain unable to lift themselves and their families above the international poverty threshold of $2 per day." - BBC

ECB to revitalise eurozone economy

The European Central Bank (ECB) has 'stepped up' more stimulus measures aimed at revitalising the eurozone economy, bank president Mario Draghi said.

His comments came after the ECB held interest rates at 0.05%. Draghi said the bank would assess the impact of its present stimulus measures early next year.

He also gave his strongest indication yet that the ECB was willing to buy government debt.

ECB staff "have stepped up the technical preparations for further measures, which could, if needed, be implemented in a timely manner," he said.

HNB debentures oversubscribed

Hatton National Bank's (HNB) offer of 30,000,000, senior unsecured, redeemable, rated debentures which opened on Thursday was oversubscribed and closed on the same day.

The Bank offered the debt with an option to issue up to a maximum of 40,000,000 in the event of an over-subscription of the initial issue.

In a stock exchange filing the Bank said that it had received applications for over Rs. 3 billion and accordingly the initial issues has been oversubscribed.

Fairway Holdings launches apartment complex in Galle

Fairway Holdings recently launched Fairway Galle, an apartment complex, in the heritage city of Galle.

Fairway Holdings, a leader in the field of luxury high-rise development, having introduced many 'firsts' in luxury vertical living solutions, has embarked on its latest venture - Fairway Galle.

Set in the historic city of Galle, with a heritage spanning over three centuries, Fairway Galle is on the exit road to Galle from the Southern Expressway in close proximity to the city and a myriad of significant historical attractions and a wide array of recreational activities.