http://www.cse.lk/cmt/upload_cse_announcements/7451456900552_.pdf
Wednesday, March 2, 2016
ORIENT GARMENTS (OGL) - CORPORATE DISCLOSURE
LAUGFS GAS (LGL) - CORPORATE DISCLOSURE
http://www.cse.lk/cmt/upload_cse_announcements/5501456909528_.pdf
Tuesday, March 1, 2016
The Body Shop launches in Sri Lanka
Mar 01, 2016 (LBO) – The well-known British Cosmetics company, The Body Shop, has finally set foot in our paradise isle.
“Gone are the days of relying on friends or relatives visiting from overseas to get our hands on a Body Shop pack. Now we Sri Lankans too can purchase our favourite products whenever necessary,” said Stephanie Siriwardhana, Miss Sri Lanka 2011, at the launch event.
The Body Shop has over 3,000 stores in 60 countries and Sri Lanka is now included in that list.
Founded in 1976 by Dame Anita Roddick, The Body Shop introduced fair trade to the cosmetics and toiletries industry in 1987, and was the first cosmetics brand to be recognized under the Humane Cosmetics standard for their “Against Animal Testing” policy.
70 percent of the product packaging does not contain fossil fuels and The Body Shop meets strict biodegradable standards.
The products ranges include “Oils of Life” which uses three seed oils sourced from Egypt, Chile and China and “Spa of the World” which sources its ingredients from Japan, Morocco, Thailand and Africa.
The launch took place on 29th February 2016 at the Water’s Edge with brand ambassador Jacqueline Fernandez, Miss Sri Lanka 2006, speaking a few words about her use of The Body Shop products since she was a teenager.
Speaking on the launch Ashok Pathirage, CEO of Softlogic Group said, “We are thrilled to associate with The Body Shop. In The Body Shop, we have found our kindred spirit: thanks to the synergy of our values, vision and culture, we will have the opportunity to greatly accelerate the business in Sri Lanka.”
Softlogic group holds the franchise for the new store.
Sri Lanka finds more hidden dues of past regime: Ravi Karunanayake
Mar 01, 2016 (LBO) – Sri Lanka has uncovered more dues of the past regime which will affect public finance, Finance Minister Ravi Karunanayake said.
According to Karunanayake, Minister S.B. Dissanayake’s ministry has recently revealed that they have a burden on bills to pay an additional 5,423 million rupees.
With this new addition government has to pay a total of 1,151 billion rupees as unpaid bills of the previous regime.
The minister said that out of this amount, around 60 percent would be foreign debt.
Treasury Secretary Dr. R.H.S. Samaratunga said that this amount also includes liabilities of hedging and SriLankan Airlines.
Finance Minister said the loss in SriLankan Airlines is over 200 billion rupees and contingent liabilities are over 60 billion rupees.
He revealed that they have paid around 110 billion rupees last year from the total overdue.
“When we took over the economy we knew that it was an absolute disaster but we never knew that it will be concealed to this stage,” Karunanayake said.
“Even the IMF was not aware that there was such an undisclosed amount of debt in the country. They had to accept it and we don’t want to hide anything,” he said.
“The IMF is to send a separate forensic team to investigate this matter. We said we’ll pay for them. We also want to take the issue to Parliament.”
A special paper will be presented to the cabinet with newly discovered details asking the ways and means to pay these bills.
Karunanayake said most of these concealed contracts signed on behalf of the government have not followed necessary tender procedures or procurement processes.
Minister added that there are lots of provincial roads that have been offered unsolicited contracts.
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association.
“The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent with Sri Lanka’s participation in BIMSTEC and other forums,” a recent statement from Sri Lanka’s foreign office said.
The statement was issued following the inaugural US – Sri Lanka Partnership Dialogue convened in Washington in February.
Economic discussions highlighted Sri Lanka’s economic priorities and joint cooperation to expand trade flows, increase foreign direct investment, and improve the overall business environment in Sri Lanka, such as fair and transparent competition practices.
Sri Lanka’s delegation appreciated the lifting of the U.S. legislative mandate against supporting Sri Lankan projects at international financial institutions and the U.S. vote in favor of a recent project at the Asian Development Bank, which will deliver 100 million US dollars to Small and Medium Enterprises.
The next Trade and Investment Framework Agreement (TIFA) Council meeting to be held this year should initiate deepened engagement through development of the U.S. –Sri Lanka Joint Action Plan to increase external trade and investment, the statement said.
“This Action Plan, a road map for future work under TIFA, reinforces Sri Lanka’s development strategies and fosters an increased role for foreign direct investment and external trade in Sri Lanka,”
“It also seeks to improve the competitiveness of key industries; promote new industries through innovation; and fully leverage Sri Lanka’s location and skilled workforce.”
The two sides also intend to explore during the TIFA meeting opportunities for exchanging customs information to facilitate the free flow of goods.
Both sides recognize their shared interest in clean energy development and energy security and reiterated their commitment to deepen cooperation to develop and access affordable, clean renewable energy sources.
The United States also agreed to explore ways to support and assist Sri Lanka in the implementation of Sri Lanka’s Climate Action Plan, including adaptation projects.
Officials from the Millennium Challenge Corporation said they would visit Sri Lanka in March to begin discussions on Sri Lanka’s threshold program.
The Export-Import Bank of the United States looks forward to enhanced engagement with Sri Lanka and its private sector, particularly in the area of infrastructure investment, the statement added.
Sri Lanka's Central Bank to sell USD200mn worth development bonds
Mar 01, 2016 (LBO) – The Central Bank will issue 200 million US dollars of development bonds with a tenor of 3 months, 5 months, 1 Year and 2 Years 1 month to local and foreign investors.
The Debt Department said the subscription will be at a floating rate of 6 month LIBOR for USD plus a margin through competitive bidding or at a fixed rate to be determined through competitive bidding.
Minimum investment is 100,000 US dollars with additional investments in multiples of 10,000 US dollars.
The issue will be open for subscription from 3 to 9 March and has a date of settlement of 11 March 2016.
Development bonds are to be issued by the Public Debt Department of Central Bank and exempted from income tax paid in Sri Lanka.
Foreign citizens and entities, non resident Sri Lankans, Sri Lankan dual citizens, authorized dealers in foreign exchange, primary dealers in government securities, BOI specified companies and specified insurance companies are eligible investors.
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