Biz in Brief

Indian Reserve Bank gets new boss

A former chief economist of the International Monetary Fund (IMF), Raghuram Rajan was appointed the 23rd governor of the Reserve Bank of India last week.

He will succeed D Subbarao whose term expires on September 4.

Analysts hoped that Rajan will help the country's economy to pull out from the current economic slowdown and also bring better coordination between the Central Bank and the North Block. Rajan, is the chief economic advisor at the Ministry of Finance at present. His experience at the Finance Ministry and knowledge of the financial sector, global economy and emerging markets should be of great advantage to the country at this time of difficulty, analysts said.

Rajan, is considered as one of the first to have predicted the 2008 financial crisis three years before it took place.

Record price for Hiniduma tea

Hiniduma Smallholders Tea Factory in Neluwa, Medagama has established an all-time record price at the weekly tea auctions held on August 6 by securing Rs. 970 for a OP1 grade.

This price has surpassed the previous record of Rs. 940.

“Hiniduma Smallholders Tea Factory is renowned for quality pure orthodox teas possessing delicate liquoring characteristics,” a spokesman for the factory said.

RAM reaffirms

Sampath's AA/P1

RAM Ratings Lanka has reaffirmed Sampath Bank PLC’s long and short-term financial institution ratings at AA and P1. The long-term rating carries a stable outlook.

The ratings are supported by the Bank’s healthy asset quality and good market position. On the other hand, the ratings are tempered by the Bank’s average capitalisation.

Overall, Sampath’s asset quality is viewed as healthy owing to gross non-performing loans (NPL) ratio, that compares better to that of its peers, prudent provisioning policy and stringent underwriting and monitoring procedures.

Oviklo International builds eco-friendly children's park

A section of the children's park.

Oviklo International (Pvt) Ltd, a warehousing and logistic service provider, as part of its Corporate Social Responsibility (CSR) program for this year constructed an eco-friendly children's park with all amenities within the new Biyagama police station premises, following a request by the police traffic unit.

Cold Stores launches 'light' range

Elephant House Orange Crush Light, Lemonade Light and Cream Soda Light are the three new flavours to join EGB Light and KIK Cola Light.

“They are manufactured using sweeteners approved by local authorities and the US Food and Drug Administration,” a spokesman for the company said.

Orient Finance introduces top-up card

Orient Finance which has been in business for the past 10 years, has introduced an innovative leasing product, Premium Lease Top-up Card for its customers.

"This is an offer to their valued customers as a token of appreciation and goodwill. Eligible customers can obtain the card which can be submitted to any of the Orient Finance branches to receive cash amounting to the total paid-off on their lease. In effect the lease would be brought back to the original amount," a company spokesman said.

Suneetha Priyadarshani was the first customer to receive a lease facility with the Top Up Card from CEO of Orient Finance, Rajeeva Bandaranaike.

Orient Finance PLC is licensed under the Finance Business Act No. 42 of 2011 by the Monetary Board of the Central Bank of Sri Lanka.

Atlas felicitates best retailers

Ceylon Pencil Co (Pvt) Ltd (Atlas), stationery manufacturer, awarded tours to Bangkok to its best performing retailers at a ceremony at the BMICH recently. Atlas Chairman, Rasakanth Rasiah and CEO Nirmal Madanayake were present. The ceremony felicitated 35 retailers who topped sales figures during the ‘Back to School’ promotional campaign in December, 2012. Here a retailer receives his award from a company official.