Sri Lankan shares slipped on Monday from a more than two-week high as turnover was thin as most investors stayed away ahead of voting on a resolution at the United Nations over its human rights record later this month. The main stock index ended 0.14 percent, or 8.45 points lower at 5,957.61. It had climbed to a two-week high closing in the previous session. Shares of top conglomerate John Keells Holdings PLC fell 1.36 percent to 227.00 rupees.
The Central Bank of Sri Lanka, on behalf of the Government of Sri Lanka, offered to issue
Sri Lanka Development Bonds (SLDBs) of US Dollars 60 million in 3 year tenor to eligible
investors for subscription at a rate of US Dollar 6 month LIBOR plus a margin to be
determined through competitive bidding. The offer was opened from March 03 – 10, 2014 for bidding with the settlement on March
17, 2014. Foreign and local commercial banks operating in Sri Lanka subscribed at the
auction. The offer was oversubscribed by 3.1 times with total bids received amounting to
USD 187 million. Considering the high demand for SLDBs and providing an opportunity
for investors to invest their funds for a longer period, it was decided to accept the entirety
of US Dollars 187 million in 3 year maturity at the market determined rate of USD 6 month
LIBOR plus a weighted average margin of 400 bps. The US Dollar 6 month LIBOR rate as
of March 10, 2014 is quoted at 0.3318 per cent.
The Young Political Leaders Forum of Sri Lanka (YPLFSL) is calling for more representation of Females in Parliament. In a statement to mark the International Women's Day, the young politicians have stressed the importance of looking into matters that disheartens women from joining politics, and the need to ensure that affirmative actions are taken to encourage them to become political leaders. International Women’s Day celebrates the social, political and economic achievements of women while focusing world attention on areas requiring further action. The 2014 theme “Inspiring Change” encourages advocacy for women's advancement everywhere in every way, and calls for challenging the status quo for women's equality and vigilance inspiring positive change.
Malaysia is celebrating its fourth Visit Malaysia Year (VMY 2014) with the theme “Celebrating 1Malaysia Truly Asia” to reflect the diversity in unity of all Malaysians. With the Proboscis Monkey as the mascot for VMY 2014, this will be the biggest and grandest ever tourism celebration with hundreds of events and festivals all lined up to welcome the world. As part of its efforts to raise awareness on the celebration of Visit Malaysia Year (VMY) 2014 globally, Tourism Malaysia is embarking on a Sales Mission to Sri Lanka and India, from 10 March until 20 March.
Emirates, a global connector of people and places, launched its daily, non-stop service between Dubai and Boston on 10th March 2014. Boston becomes the airline’s eighth US destination and the 142th on its global network which links key tourism and trading destinations across six continents. The inaugural flight EK237 departed from Terminal 3, Dubai International at 09:45 hours, carrying a delegation of senior airline executives including: Tim Clark, President, Emirates Airline; Adel Al Redha, Emirates’ Executive Vice President & Chief Operations Officer; Hubert Frach, Emirates’ Divisional Senior Vice President Commercial Operations West; and Hiran Perera, Emirates’ Senior Vice President Cargo Planning and Freighters.
SriLankan Airlines’ FlySmiLes partners Amaya Resorts and Spas to offer exciting benefits for its frequent flyers. With the new partnership, FlySmiLes members will now have the chance to earn and redeem miles for stays at any of the Amaya hotels. Accordingly, one FlySmiLes Mile shall be awarded for every LKR 100 spent at Amaya Hotels for room stays and members can also redeem their Miles for free stays at Amaya hotels.
Once again Spa Ceylon, Sri Lanka’s premier spa lifestyle brand, has been recognized for their exceptional innovation and service in the international Spa Industry by being nominated for the World Luxury Spa Awards, for Service Excellence for the year 2013.
The World Luxury Spa Awards promote official spa participants amongst 141 countries for a period of 1 year in order to create maximum awareness. “We have been nominated to receive an Award in the Luxury Ayurveda Spa Category for Service Excellence and we are indeed gratified that once again Spa Ceylon has put Sri Lanka on the international map”, said Managing Director Spa Ceylon, Shiwantha Dias. Backed by substantial marketing and promotional campaigns, The World Luxury Spa Awards promotes its participants on a global scale by means of an online spa profile hosted by the World Luxury Hotel Awards website, featuring in the Ultimate Spa Guide and media coverage, as well as networking opportunities with our established sponsors and partners. To ultimately raise service standards within the Luxury Spa industry and to create awareness in the global market is the ultimate goal of these awards.
New, innovative ideas to address diverse opportunities and challenges in the apparel, textile and accessories industries are to be presented on Thursday, 20th March at the first ever ‘Pitch Day’ of Disrupt Unlimited, the Brandix Group’s new US$ 1 million Seed Accelerator. The Pitch Day will bring together the first batch of innovators that accepted the challenges submitted to them at the inaugural Disrupt-a-thon of the new venture and their mentors, senior management of Brandix and academics on the panel of judges. The conceptual solutions submitted after four weeks of intense brainstorming, factory visits and technical discussions will be evaluated by the panel and solutions believed to be potentially game-changing will earn their proponents a VIP pass to enter the incubator programme and receive funding and additional mentoring to commercialise their idea.
Sri Lanka's benchmark interest rates will remain steady for the next 2-3 months, Treasury Secretary P.B. Jayasundera said on Monday, downplaying expectations of further near term monetary easing despite weak private sector credit growth. The central bank has maintained an easing bias on monetary policy since December 2012 as it sought to bolster growth and boost demand. It cut both the repurchase rate and the reverse repurchase rate by 125 basis points (bps) each in the 11 months between December 2012 and October 2013. In January, the central bank reduced reverse repurchase rate by a further 50 bps. Both key rates are at multi-year lows.
The CSR Trust of the Commercial Bank of Ceylon has donated 134 multi-function laser printers with fax capability to schools that participated in the Mother Sri Lanka Trust’s ‘Project RUN’ in 2013, making yet another contribution to Sri Lanka’s education sector. The recipients of these printers are the winning schools from 1,000 schools selected for the National Schools Programme by the Ministry of Education and the 950 schools where Mother Sri Lanka clubs are already in operation.
Wellawatte Nithyakalyani Jewellery came forth as a sponsor for the 135th Battle of the Blues, partnering the event by handing over a commemorative gold toss coin to the organizers at the launch held recently at the Ministry of Sports Auditorium. The gold coin will be used at the much celebrated toss of the big match cricket encounter between Royal College, Colombo and S. Thomas’ College, Mt. Lavinia.