Biz Briefs

NCCSL 'Meet the Minister Program' on Dec 3

The National Chamber of Commerce has launched the 'Meet the Minister' program on a monthly basis. The first program was held on November 3 at the Chamber auditorium.

This program was launched to help members and the business community to get current information of the business environment, under the relevant Ministry, its future plans, and other related issues pertaining to their sectors. The next program will be on December 3 from 3-4.30 pm with Minister of Local Govt and Provincial Councils, Faizer Mustapha.

The Minister will touch on the opportunities available for the business sector in the Local Govt and Provincial Councils and with regard to information of institutions coming under his Ministry.

CSE launches Central Counter Party

The Colombo Stock Exchange (CSE) hopes to set up institution to act as a Central Counterparty for all secondary market transactions on the CSE. The institution which is fully owned by the CSE will act as a Central Counter Party and guarantee settlement of cash and delivery of securities for all secondary market transactions on the CSE.

This is a ground-breaking initiative launched with the approval of the Securities and Exchange Commission of Sri Lanka (SEC). The Clearing Company will act as a Central Counterparty to guarantee settlement of Equity and Corporate Debt securities traded on the CSE to address a key risk prevalent in the Colombo Stock Market.

At present, for equity securities, the delivery of shares from the seller to the buyer occurs immediately upon execution of the share transaction while the fund settlement to the seller takes place only after three market days from the transaction date (T+3).

ComBank supports Eastern dairy farmers

A capacity building program conducted by the Commercial Bank of Ceylon recently for dairy farmers in Kokkadicholai in the Eastern Province benefited 150 people.

Organised by the Bank's Agriculture and Micro Finance Unit (AMFU) in Kattankudy, its regional office - Eastern and the Kattankudy branch, the program was conducted with the assistance of the Central Bank and other supporting institutions including Nestlé Lanka.

The Commercial Bank has conducted similar programs in Narammala, Galle, Moneragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, Matara, Batticaloa, Ampara, Kurunegala, Jaffna, Vavuniya, Hingurakgoda, Kandy and Point Pedro to provide knowledge to SMEs and micro entrepreneurs.

The Bank's Agriculture and Micro Finance Units are in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya, Kattankudy and Tissamaharama.