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| Friday, 4 July 2003 |
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Business in brief Ceylinco Life cash bonuses as Pension Policies More than 7,000 long-standing policyholders of Ceylinco Life are to receive free pension plans from the company as a reward for their loyalty. Policyholders who had kept their policies active for 10 and 15 years as at end 2002 would be eligible to receive these pension plans, with substantial start-up contributions of up to Rs 50,000 from the company. This is the second presentation of free pension schemes by Ceylinco Life. Last year, the company awarded free pension schemes to 10,000 policyholders who had completed 10 years or more with the company. Some of the policyholders who received these pension plans and have now completed 15 years would receive a second contribution towards their retirement plans this year. HNB's technical services to Laxmi Bank in Nepal With the consent of the Central Banks of Sri Lanka and Nepal, Hatton National Bank (HNB) has entered into a Technical Services Agreement (TSA) with Laxmi Bank Ltd (LBL) in Nepal to offer them HNB's managerial expertise towards achieving an accelerated development process, the bank said yesterday. LBL is relatively a new Bank in Nepal, having commenced operations in May 2002. It is however, supported and promoted by some of the largest business entities in Nepal, including the Khetan Group and the Shanghai Group. The Bank has been able to achieve operating break-even in a relatively short span of time and has also witnessed impressive growth in the balance sheet. The Bank has procured state-of-the-art technology to deliver banking services and it has sought HNB's assistance to develop its banking business, particularly in the areas of Credit, Treasury Management and Internal Audit. To facilitate the technical assistance, HNB will send suitable staff members (on secondment basis) to work with LBL. HNB has already assigned a senior banker, Lasantha Fernando, who has extensive branch banking experience with HNB, to assume duties as the Deputy General Manager (Laxmi Bank Ltd). Subsequent assignments are expected to take place on need basis after ascertaining LBL's requirements. 'How to reduce electricity costs' The Ceylon Chamber of Commerce has organised a seminar on "How to reduce your Electricity Bill" on July 18 from 1.45 p.m. to 5.00 p.m. at the Ground Floor Auditorium of the Ceylon Chamber of Commerce. The main objective of the seminar is to create awareness among the private sector on how to reduce the cost of electricity by improving energy efficiency and acquainting participating companies with the latest developments in the electricity industry. LCBL sets all-time record Lanka Commodity Brokers Ltd., (LCBL) a new entrant into tea brokering, received overwhelming support from a wide range of buyers at this week's sale of 6.8 million kgs. Strong demand prevailed for the majority of Low Grown teas, while only a selection of better High Grown and Mediums enjoyed improved prices. The Plainer varieties declined value. An all-time Auction record was achieved by a line of Orange Field Pekoe, which fetched Rs. 305 per kg, sold by the new broker Lanka Commodity Brokers Ltd (LCBL), in their maiden catalogue, the company said. Market down: short trading day due to 'technical error' Investors and stock-brokers were panic stricken when the Colombo Bourse Automated Trading System failed due to a technical 'error' last morning. "Trading didn't happen at all during normal hours. Investors were very disappointed over this situation," Stock brokers said. The Colombo Stock Exchange officials later shortened and rescheduled the trading times from 2.30pm to 3.30pm. Brokers said that there was't sufficient time for a full trading session, therefore, the day was rather dull, they said. The Market came down and the ASPI settled down at 998.9 points, down from 1,1011.8. The Milanka index came down to 1,928.4 points from 1,969.4. However, they said: "We are still very positive about the potential in the market, given the sentimental factors. It is a good time for new investors to come in and capitalise on low valued stocks. Among the most traded stocks were Distilleries (369,100), Grain Elevators (108,500) and JKH (148,800). |
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