Biz Briefs

CB's projected growth rate 7.5%

The Central Bank of Sri Lanka expects a growth rate of 7.5 percent this year against a 6.5 percent growth rate projected by IMF last week. Governor Ajith Nivard Cabraal said in Mumbai last week that he expects the economy to grow 7.5 percent in 2013.

The IMF expects growth to slow down due to risks from high inflation, lower tax revenue and slow structural reforms.

ComBank donates 75th IT lab

D. S. Senanayake Central College, Uhumeeya, Kurunegala, a school with a history dating back to 1870, received an IT lab from the Commercial Bank. It was the 75th IT lab donated by the bank under its CSR program.

Responding to the school's need of a facility to provide IT education, the Commercial Bank set up a full-equipped and furnished IT Lab under its nationwide IT education project.

HDFC wins ACCA award

HDFC Bank won the Association of Chartered Certified Accountants (ACCA) Sustainability Reporting Award 2012 for the third consecutive year at a ceremony at the Cinnamon Grand recently.

The Sustainability Reporting Award has been kept at the apex of the most recognised corporate recognition schemes in the world, especially in the growing field of sustainability reporting and disclosure.

Seylan Bank debentures oversubscribed

Seylan Bank’s debenture issue which opened on February 14, was oversubscribed within a few hours of opening. The issue closed on the same day.

Seylan Bank was to issue 10,000,000 unsecured, subordinated, redeemable five-year debentures of Rs. 100 each to raise Rs. 1 billion and in the event of over-subscription, to issue a further Rs. 1 billion, taking the total issue to Rs. 2 billion.

Maxxis tyres t3 - 2012 awards in Thailand

Maxxis tyres t3-12 awards night was held recently in Thailand. From left: Chief guest International Sales Director of Maxxis Tyres, Lenny H K Lee, the winner, Director, Ravindra Lanka Auto Service (Pvt) Ltd, H A K Lukshman, Managing Director, Benedictsons (Pvt) Ltd, Sunil Fonseka, Accountant, Ravindra Lanka Auto Service, Ruwan Kumara and Assistant Marketing Manager, Benedictsons, Sameera Galahitiyawa.

PIM opens research centre

The Postgraduate Institute of Management (PIM) has set up a Research Centre in its premises in Colombo 8. The Research Centre, the latest in a series of new initiatives of the institute will be dedicated to strengthen its research and publication activities.

The objectives of the PIM Research Centre, which will be headed by Dr. J. A. S. K. Jayakody, are to direct and manage the research activities of the Institute's MBA and Ph.D students, develop and upgrade the Institute's academic journal, the 'Sri Lankan Journal of Management', conduct research seminars and conferences in the country and launch cross-cultural research programs in the region.

Singer launches Avurudhu promotion

Singer Sri Lanka has launched one of the biggest consumer promotions in all showrooms islandwide.

The Singer Avurudhu Dhana Nidhanaya promotion will reward 101 lucky shoppers with cash prizes amounting to Rs. 20 million in a draw which ends on April 30.

One lucky winner will walk away with Rs. 10 million in cash while 100 weekly winners will be entitled to Rs. 100,000 each.