Biz Briefs
Lankathilake - Deputy Governor, CBSL
 The Monetary Board of the Central Bank has promoted Assistant
Governor, S. Lankathilake to the post of Deputy Governor of the Central
Bank of Sri Lanka (CBSL) .
Lankathilake has over 30 years of experience in the CBSL in the areas
of economic and price stability, financial system stability and agency
functions.
He has held the position of Assistant Governor in-charge of Bank
Supervision, Supervision of Non-Bank Financial Institutions and
Financial Sector Research Departments and the Financial Intelligence
Unit.
Facebook doubles Q4 profits
 Social media giant Facebook said that profits more than doubled in
the fourth quarter of 2015. Net profit for the three months to December
rose to $1.56 bn (£1.09 bn), up from $701 m.
The company also said that 80% of its advertising revenue came from
mobile advertising, up from 69% a year earlier.
Shares jumped 8.7% in after-hours trading in New York on the better
than expected results. Revenue for the full year jumped 44% to $17.9 bn,
with net profit rising about $800 m to $3.7 bn. - BBC
IPS lecture on Feb. 3
 The Institute of Policy Studies of Sri Lanka (IPS) will hold a
Lecture on ‘Global Production Sharing: Implications for Trade and
Investment’ by Prof. Premachandra Athukorala on February 3, at 3 p.m. at
the IPS auditorium. The lecture will focus on areas of concern on the
country’s current trade and investment policy.
Prof. Athukorala is Professor of Economics, Division of Economics,
Research School of Pacific and Asian Studies, at the Australian National
University. He specialises in the economics of development with a focus
on international capital mobility and financial crises, structural
adjustments and stabilisation reforms, determinants of economics growth,
multinational enterprises and international production, patterns and
determinants of trade flows, and international labour migration.
Apparel factory in Mullaitivu
 The Hirdaramani Group opened a apparel factory in Puthukudiyiruppu,
Mullaitivu last week. The state-of-the-art apparel manufacturing
facility is the Hirdaramani’s Group’s second investment in the North and
the factory is expected to be LEED certified by the end of the year.
Having launched initial operations in March 2015, the factory has now
become a source of employment for approximately 1,000 people. By
providing community members with a variety of job opportunities, the
factory has been instrumental in supporting the recovery and development
of Mullaitivu – the district that was most adversely affected by the
civil war, which ended in 2009.
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Lankaputhra Development Bank (LDB) held its first
‘Entrepreneur Recognition Awards’ in Colombo recently.
Minister of Law and Order and Southern Development Sagala
Ratnayake and Deputy Minister of Public Enterprise
Development, Eran Wickramaratne were the chief guests.
Minister Ratnayake said, “These award ceremonies play an
important role in motivating entrepreneurs to strive for
better performance in their business ventures. The vision of
the Government is to improve Small and Medium-sized
Enterprises (SME) and bring them to the national level.”
Here H.M.D. Champika who won the Best Entrepreneur award in
the ‘Large-scale Industries’ category for her orchids and
gerbera flower venture, receives the award from Minister
Ratnayake. LDB Chairman Lasantha Gunawardene looks on. |
Baurs makes donation
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Baurs Chairman Daetwyler presents the cheque. |
A. Baur & Co (Pvt) Ltd., Chairman Thomas Daetwyler and CEO Lakshman
Niyangoda made a donation to Prof. M.W. Moonwicha of the Ban Dek
Ramindra School (Christian Foundation for the Blind in Thailand under
the patronage of the King of Thailand) during their recent visit to
Bangkok to launch a project funded by Baur Foundation.
Baurs is the oldest Swiss organization in Sri Lanka and is involved
in charitable activities funded by the Baur Foundation.
Millennium Housing to build apartments
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Millennium Housing Developers PLC, a township developer, has ventured
into building apartments with the launch of ‘The Heights’ in Colombo 6.
The groundbreaking ceremony took place on January 27. Here two company
officials cut the first sod at the ceremony. Millenium Housing is a
subsidiary of the Nawaloka Group. Pic: Vipula Amerasinghe |
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The Juce Hotel, a mid-range beach hotel with an 18-bed
dormitory, was opened in Ambalangoda recently. It also has
21 colour-changing rooms, a roof-top bar with a resident DJ,
a chill-out pool, and a beach side pizza corner. Pic: Vipula
Amerasinghe |
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