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| Sunday, 15 June 2003 |
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Indian minister on visit Chief Minister of India's Andra Pradesh Chandrababu Naidu will visit Sri Lanka early July to lay the foundation for an information technology complex in Malabe. He will be coming in a bid to expand Sri Lanka's IT industry on a special request made by Minister of Commerce and Consumer Affairs Ravi Karunanayaka during his visit to India. Naidu, recognised as an innovative IT Guru, will provide internationally recognised IT education to local students, leading them towards obtaining up-to-date knowledge in the global software business. (DAW) Fujifilm lauds Hayleys performance Fujifilm, a leader in the digital photo imaging sector in Sri Lanka, remains committed to sell conventional photo products, utilising the latest technologies in this market, a company executive said in Colombo. Masatoshi Furukawa, Managing Director Fujifilm Regional Services (Singapore) told the ceremony organised by Hayleys Consumer Products Ltd, (HCPL) to celebrate the installation of 25 Fujifilm digital photo mini labs in Sri Lanka, that the company would also make available the very latest digital technology at its disposal without delay to Sri Lanka. Describing HCPL's feat of capturing an 80 per cent share in the digital photo imaging market as a "sterling performance", Furukawa said Fujifilm was pleased with the success of its joint effort with Hayleys to develop the photography market here over the past seven years. HCPL Director and CEO Rizvi Zaheed said: "It is only a matter of time before we achieve the number one spot in all areas related to photo imaging". High-speed Internet connectivity, now a reality High-speed Internet connectivity is now a reality in Sri Lanka with Suntel XDSL. High-speed data connectivity via the Internet is now within the grasp of many due to XDSL's flexibility and reasonable costs. Among Suntel XDSL's many uses are high-speed Internet and e-mail access, where users can access heavy data files such as high resolution imagery, audio and video files; heavy data transferring between companies and individuals; and many e-business applications. Corporate users will find that applying XDSL for online procurement and sales will enable them to cut costs considerably compared to conventional procurement methods. Suntel XDSL uses technology designed and developed by Airspan UK, which enables it to be more flexible. It does not require modems or dial-ups and utilises equal up and download speeds, entitling the user to two cost savings; one not having to subscribe to an Internet service and two not having to incur any dial-up costs on the phone. Even though Suntel XDSL caters mainly to small and medium-sized companies, it can also be used as a high-end domestic connection. NTB Rights Issue approved by CSE The Colombo Stock Exchange (CSE) has approved the Rights Issue of Nations Trust Bank Limited (NTB). The issue entitles shareholders to purchase seven new ordinary shares at a price of Rs. 13 per share for every 10 existing shares held. The shares started trading ex-rights last week. The bank has grown rapidly since inception and has reached peak potential. The new level of capital after the issue will enable it to achieve its projected growth targets in the next few years. The proceeds will increase NTB's core capital from the current level to one billion rupees and base capital to Rs. 1.1 billion. Subsequent to the Rights Issue, the bank's capital adequacy ratio, which is currently at 10.1 per cent, is projected to increase to 16.8 per cent. The bank performed well during the first quarter of this year with the total business turnover growing to Rs. 548 million from Rs. 167 million in the first quarter of 2002. Deposits have reached Rs. 5.3 billion and with the acquisition of Waldock Mackenzie in 2002, the asset base has increased to Rs. 16.6 billion. The steady growth in business volumes has yielded a net profit for the quarter of Rs. 83.4 million. Nations Trust has expanded its delivery points to 21 branches and service counters. |
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