SEYLAN BANK PLC - SEYB- DIVIDEND ANNOUNCEMENT 26 February 2014

DIVIDEND ANNOUNCEMENT   
26 February 2014
Date of Announcement: - 26.Feb.2014
Dividend per Share: - Rs. 2.25 per share / First & Final Dividend
Financial Year: - 2013
Shareholder Approval: - Required
AGM: - 31.Mar.2014
XD: - 01.Apr.2014
Payment: - 09.Apr.2014
Share Transfer Book Open

NTB’s after tax profit tops Rs. 2 b in 2013

Nations Trust Bank Group recorded a profit after tax of R. 2,127m compared with Rs. 1,951 m in the previous year, a moderate earnings growth of 9%.
The performance was evenly balanced across the business pillars with results demonstrating good underlying momentum despite industry challenges faced in a subdued macro-economic environment. The modest financial performance recorded by the bank was underpinned by a well-diversified business mix minimising earnings volatility and offsetting economic headwinds seen in multiple areas.
The year commenced with weakening credit demand leading to higher liquidity and loan growth falling below anticipated levels in the banking system. The policy rate cuts affected at frequent intervals, to fuel credit growth led to a gradual decline in interest rates as the year progressed.

Slower loan book growth led to excess funds being invested in low-yielding liquid assets with banks witnessing a decline in Net Interest Margins. Non Performing Loans across the industry shot up with the slowdown in economic activity also leading to a substantial rise in impairment charges.
Across the industry NIMs depleted due to the increase in asset yields not commensurating with the rising cost of deposits. The lack of credit demand resulted in excess liquidity being invested in lower yielding Government securities.

Seylan reports Rs. 2.3 b profit after tax for 2013

Seylan Bank’s Profit after Tax reached a record Rs. 2,315 million compared to the Rs. 2,064 million reported in 2012, an impressive 12% growth in PAT for the year ended 31 December 2013.
Profit after Tax for Q-4 2013 (final quarter) was reported at Rs. 780 million as compared with Rs. 466 million for the same period last year reflecting a growth of 67% over Q-4 last year.
Despite slow credit growth and industry wide pressure on interest margins, Net Interest income increased from Rs. 9,014 million to Rs. 9,830 million for the 12 months ended 31 December 2013. Fee and Commission income increased 25.5% from Rs. 1,695 million to Rs. 2,127 million showing a consolidation of the solid growth in core banking activities achieved by Seylan Bank over the past few years.
During the year under review the bank also focused considerably on cost containment.  As a result of many effective cost containment initiatives, total other expenses were reduced by 6% from Rs. 3,299 million in 2012 to Rs. 3,091 million in 2013. Total personnel expenses increased by 13%, due to a salary revision granted to all staff at the beginning of the year.

The bank also successfully implemented a core banking system upgrade in February 2013.  This will have significant cost efficiencies through process improvements to the bank in the coming years. The upgrade will also facilitate many additional functionalities, enabling better product and service delivery to its customers.
The bank grew its deposits base by 14% from Rs. 146.7 billion to Rs. 167.3 billion during 2013 and its net advances portfolio by 9.5% from Rs. 124.7 billion to Rs. 136.6 billion during the year under review.
Even more significantly, despite an industry wide trend of deteriorating asset quality, Seylan is one of the few Banks who was able to improve its asset quality through effective recovery and rehabilitating efforts which resulted in a significant reduction in its Gross NPA (net of IIS) from 12.99% in December 2012 to 10.58% as at end December 2013.

Empire Teas produces official tea caddy souvenirs for Sochi 2014 Winter Olympics

In a landmark accomplishment, which has brought both fame and honour to Sri Lanka, leading tea exporter Empire Teas marked its presence at the Sochi 2014 Winter Olympics as a producer of the official tea caddy souvenirs for this year’s games.
Empire Teas, which is one of the leading tea exporters to Russia over the past few years, was selected by JSC Russian Railways, a National Partner of the Sochi 2014 Winter Olympics, to produce the tea caddy souvenir for the 2014 Winter Olympics currently being held in the Russian coastal town Sochi.
The attractive metal caddies featuring this year’s games mascots, The Polar Bear, The Leopard and The Hare, contains a special blend of Ceylon Orange Pekoe tea, which has been specially created for the Olympic souvenirs.

SEC Chief tells investors to look to fundamentals than merely following the herd

• Says problem is in institutional investors for behaving as followers
• Commends local capital market for having fundamentals in place although not “big league” yet
• Notes local equity market a “compelling one,” opines next target reaching market cap of 50% of GDP

By Shabiya Ali Ahlam
With the Colombo stock market turning bearish in recent weeks, Securities and Exchange Commission (SEC) Chairman Dr. Nalaka Godahewa on Wednesday urged investors to look at fundamentals rather than merely following the herd instinct.
“Most industries are doing well and showing high potential for growth and it is time for us to look at fundamentals and facts over mere trends,” said SEC Chairman Nalaka Godahewa during his address at the Capital Market Conference (CAPM) 2014 organised by UTO Edu Counsult.
Godahewa highlighted that the booking of profits by large foreign players often results in a drop of the market index, which is misunderstood as the beginning of a market downturn, leading people to hit the panic button. Their negative market behaviour then results in a negative trend, he said.
“The problem with retail investors anywhere in the world is that they are mere followers of market trends. They buy when the indices show positive signs and sell when indices show negative signs. This has always been a fact in our market. You can’t blame them. The problem is when our institutional investors also behave the same way. Some of them repeatedly miss opportunities in the market as a result,” asserted Godahewa.
Acknowledging that the local capital market was yet to reach its full potential, the SEC Head however commended it for getting the fundamentals right.
Listing out four pillars essential for the successful development of a capital market – macroeconomic stability, a sound and efficient banking system, solid institutional frameworks, and adequate regulation and supervision – Godahewa expressed: “Even though the capital market of Sri Lanka is still not in the big league, we can proudly say that we already have these fundamentals in place.”

HNB surpasses Rs. 500 b in assets, Rs. 10 b in PBT

Hatton National Bank (HNB) said yesterday it has succeeded in being resilient in 2013 despite the year being one of most challenging for the financial services industry.
“The year 2013 was one of the most challenging years faced by the financial services industry with demand for credit remaining low, margins coming under pressure, asset quality continuing to deteriorate and declining gold prices affecting the pawning business,” HNB said in a statement.
In this backdrop, HNB has successfully weathered the challenges as demonstrated by its credit growth of 16.8% which is well over the industry growth of 8.8%, above industry interest margins, NPA ratio of 3.6% compared to 5.6% for the banking sector and pawning NPA of 1.1% for the Bank against the industry average of 12.7%.
Commenting on the 2013 performance, HNB Chairperson Dr. Ranee Jayamaha stated: “Year 2013 has been one in which our sustainable business model and the collective skills of our team have been put to test on many fronts. The results speak for themselves and are testimony of the resilience of the bank and the collective strength in responding to change and remaining focused.”
Interest income which is by far the largest contributor to the Bank’s total revenue grew by 18% to Rs. 55.7 b driven by the aggressive credit growth achieved by the Bank. While the high interest rates witnessed during major part of 2013 also contributed towards the growth in interest income, the interest write-offs from pawning advances had an adverse impact.

HSBC and Sampath Bank dial $ 100 m deal for SLT

HSBC and Sampath Bank PLC yesterday announced the successful completion of a US$ 100 million five-year term loan facility for Sri Lanka Telecom PLC to upgrade its telecom infrastructure.
HSBC acted as Lead Arranger and together with Sampath Bank participated in raising this loan.
HSBC Sri Lanka and Maldives CEO Patrick J. Gallagher said: “This further demonstrates HSBC’s capability in structuring and arranging deals of this nature. SLT is a key name in the country and for HSBC Sri Lanka as well, and we hope this will further strengthen our relationship and steer SLT towards achieving their development objectives for the benefit of the country.”
This deal stands testimony to HSBC Sri Lanka’s strong track record and capabilities in syndicated debt financing and corporate banking capabilities. It also reaffirms HSBC’s continued commitment to the development of the local telecommunication industry.
Sampath Bank PLC Managing Director Aravinda Perera said: “We have always been an active partner with SLT, providing an internet payment gateway and solutions to SLT’s client base, conveniences via banking channels harnessing Sampath’s edge in technology. Also Sampath Bank has over the years been a partner in syndicated financing for the SLT Group.”

SLIIT 12th Annual Convocation on 27 and 28 February 2014

SLIIT, the leading degree awarding institute will recognise over a thousand undergraduate and postgraduate students at its 12th Annual Convocation. The ceremony will take place at the SLIIT campus in Malabe on 27 and 28 February 2014.
Six local and foreign distinguished personalities will deliver the convocation addresses during the six planned sessions. SLIIT academics, distinguished guests, graduands and their parents will adorn this grand occasion. SLIIT, the largest degree awarding institute will confer the following degrees at its 12th  Annual Convocation;

Samsung debuts wearables and Galaxy S5

Reuters: Samsung Electronics this week unveiled a new smartwatch and fitness band along with the latest version of its Galaxy smartphone, demonstrating how the battleground for innovation is shifting from the hand to the wrist.
The world’s biggest smartphone maker set a trend less than six months ago for wearable devices that link to mobile handsets with its Galaxy Gear watch, which has seen rivals like Sony and Huawei follow in its wake.
The switch in focus also underlines the challenges the South Korean firm is facing. Low-price Chinese rivals are churning out products that look increasingly similar at a time when smartphone sales have started to ease, taking a toll on Samsung’s earnings.
To fight back, Samsung is taking a less glitzy marketing approach to control costs. It has also performed a U-turn, abandoning its previous heavy focus on sweeping hardware improvements to highlight more subtle features in its devices and accessories in a bid to appeal to a wider audience.
“With the Galaxy S5, Samsung is going back to basics,” JK Shin, co-chief executive and president of Samsung’s mobile business, told an audience of Samsung employees, partners and media at the annual Mobile World Congress technology trade show in Barcelona. Samsung will roll out the S5 globally on April 11, with pricing details yet to be disclosed.

Bajaj to launch four-wheel vehicle but it’s not a car

Reuters: It’s got four wheels and seatbelts, but Bajaj Auto, the creator of India’s first quadricycle, would rather you didn’t call it a car.
Bajaj Auto is marketing the RE60 as a more stable and comfortable alternative to the three-wheeled auto rickshaws ubiquitous on India’s roads even though it looks like a small hatchback car and is expected to cost less.
Weight, top speed and other specifications, including safety standards, mean the RE60 will not be classified as a car. But that didn’t stop executives from top automakers such as Tata Motors from comparing it to a car and finding its safety features come up short.
Rajiv Bajaj, the company’s managing director, insists the RE60 is neither a car nor an auto rickshaw. The government is even creating a new classification category for the vehicle, which is expected to be launched within months.

 


“In every market that a three-wheeler is available the quadricycle should be relevant,” Bajaj told Reuters in a phone interview. “Because at the end of the day it provides a very logical upgrade from a three-wheeler for people who want to pay a little more and want to have the comfort and safety of four wheels, four doors, a roof and seatbelts,” he said.

Bourse recovers on bargain hunting; John Keels leads

REUTERS: Sri Lankan shares recovered from a near 10-week closing low on Wednesday on bargain hunting in beaten down shares, snapping a nine-session falling streak, led by the top conglomerate John Keells Holdings.
Foreigners investors bought the island nation’s risky assets on a net basis in an oversold market. The main stock index gained 0.63%, or 36.89 points, to close at 5,872.81, up from its lowest close since 18 December hit in the previous session. The index dropped nearly 7% in the last 15 sessions through Tuesday and has been in oversold territory since Friday, Thomson Reuters data showed. Foreign investors bought a net Rs. 24.5 million of shares on Wednesday, but the bourse has suffered outflows of Rs. 5.41 billion in the past 14 sessions as some offshore funds exited the market.
]It has seen a net Rs. 4 billion of foreign outflows in 2014, after enjoying net inflows of Rs. 22.88 billion last year.

Vidullanka starts Rs. 440 m new mini hydro project

Vidullanka (VLL) announced that it has commenced construction of 1.75MW Rideepana MHPP at an investment of Rs. 440 million in the Badulla District.
The company said that the Rideepana MHPP will be owned by Rideepa Hydro power a fully owned subsidiary of VLL. The power plant is expected to supply 5.7GWh of environment friendly electricity to the national grid.

Touchwood plants guarantees for settlement in Court

Case No. 31/2013/CO filed by K.A.D.L.P. Nanayakkara to wind-up Touchwood Investments PLC was taken up in the Commercial High Court of Colombo on 25 February 2014 where counsel for the Petitioner, the Company sought to be wound up (Touchwood Investments PLC), Securities Exchange Commission, and many other investors of the Company were present in Court.
The CEO of the Company sought to be wound-up, Lanka Kiwlegedara, was also present with few other representatives of the Company. The case was called on 25 February for the purpose of recording a default clause to the terms of settlement recorded in court and for the purpose of filing a list of investors who will be settled in full by the Company sought to be wound-up.
Despite many speculations that the CEO of the Company has left the country to escape from the responsibilities and liabilities undertaken by him, he was present in Court when the case was taken up on 25 February 2014.
Counsel for Touchwood Investments PLC Harsha Amarasekera submitted that the cheques issued for the value of the 1st instalment payable to the Petitioner and seven other creditors will be honoured. Counsel further submitted that property (land) worth approximately Rs. 300 million will be kept as security before the payment of the second instalment. The value of the said property and details of the deeds are to be presented to court on 6 March 2014.

No Facebook ban –Sri lankan President

President Mahinda Rajapaksa yesterday denied his Government was planning to ban the prominent social media platform Facebook.
“We want people to understand social media’s powerful advantages as well as its potential dangers, especially when children use it,” the President said on his official Twitter account, @PresRajapaksa.
President Rajapaksa said that as a Government that has always promoted Information Communication Technologies, it had no intention to ban Facebook in Sri Lanka.
He said the Government was actually working on promoting the safe use of social media, instead of bringing about a ban of the popular site.
Addressing a gathering at a temple in Keragala on Monday, President Rajapaksa expressed similar sentiments, saying simply banning the website would not put an end to cyber crime.
Speculation has mounted about a potential ban of social media websites after two suicides were triggered by content published on Facebook. (DB)

Commercial Bank beats tough 2013 with Rs. 10.445 b net profit

• Turnover up 15.4% to Rs. 73.16 b
• Assets cross Rs. 600 b
• Deposits up 15.5% to Rs. 451.153 b
• Loan book grows 12.30% to Rs. 419.505 b

A characteristically resilient operational performance that gained momentum as the year progressed has enabled the Commercial Bank of Ceylon PLC to end 2013 on a strong note, despite lower demand for credit and thinning margins.
Sri Lanka’s largest private bank has reported profit before tax of Rs. 14.51 billion for the year ended 31 December 2013, on gross income of Rs. 73.16 billion, which was up Rs. 9.764 billion or 15.4% over 2012.
Profit after tax at Rs. 10.445 billion for the full year reflected a noteworthy performance amidst tough market conditions.
Describing 2013 as a period in which a number of factors combined to make it a challenging year for the banking sector, Commercial Bank Chairman Dinesh Weerakkody said: “Against this backdrop, Commercial Bank turned in a healthy performance for 2013, posting strong results against many key indicators.”
“The success of the bank’s performance is also reflected in the Group which comprises of the Commercial Bank, its subsidiaries and associates. The Group post tax profit of Rs. 10.573 billion represents a growth of 4.88%,”he added.

Ray Quinn’s Caveman diet: How super-ripped Dancing On Ice star lost 2 stone in 2 months

HE may be constantly topping the leaderboard on Dancing On Ice but Ray Quinn was celebrating before he even hit the ice after he lost a massive TWO STONE before taking part in the show.

Dancing On Ice star Ray Quinn lost a whopping 2 stone in 2 months. Copyright [AOBPR]

The West End star traded his favourite Chinese takeaways and beers for healthy eating and regular gym visits - and just look at the eye-popping results.

Dhammika’s biz empire opts for China’s Kingsoft over Microsoft!

After successful trials 2,000 PCs at Sampath Bank running on Chinese software; 800 PCs at LB Finance; diversified conglomerate Hayleys is next
If one thought Sri Lanka’s seeming takeover by China is confined to mega infrastructure projects, then there is a fresh business twist with Dhammika Perera’s business empire begining to embrace office software from the land of the dragons over Microsoft.
Following a thorough pre-trial study and analysis as well as successful trial, several of businesses in which Dhammika has considerable stakes have begun to roll out Kingsoft. For example, 2,000 PCs at Sampath Bank are now running on the Chinese software in addition to a further 800 PCs at LB Finance. Diversified conglomerate Hayleys is the next entity which will be rolling out Kingsoft. Dhammika’s business empire includes Royal Ceramic, Vallibel, Delmege Group, Amaya Resorts as well as Pan Asia Bank among others.
Considerable cost saving as well as greater scalability and user friendliness are among primary reasons why the Dhammika’s businesses have embraced Kingsoft.
Kingsoft Office is an office suite for Microsoft Windows, Linux, iOS and Android OS.
Hong Kong-listed Chinese software developer Kingsoft offers four office suites: Kingsoft Office Professional, Kingsoft Office Standard, Kingsoft Office Free and Kingsoft Office Student and Home. The company claims Kingsoft Office Professional 2013 offers features not available in Microsoft Office 2013, and is highly compatible with Microsoft Office file formats.

Janashakthi strengthens customer service in 4 new branch offices

Janashakthi Insurance PLC, which has one of the widest insurance distribution networks in Sri Lanka, recently opened a new branch in Dehiwala and upgraded three branches (Galle, Nittambuwa and Kadawatha) to provide superior service to its customers.
The insurable general public and other commercial establishments in these four cities and surrounding areas will now have an even easier access to a wide array of financial protection plans both in General and Life insurance, including its flagship products Janashakthi Full Option and Janashakthi Life Unlimited.

Sands CEO says to spend “whatever it takes” for casino in Japan

TOKYO (Reuters): Las Vegas Sands Corp Chief Executive Sheldon Adelson said on Monday his company was willing to spend “whatever it takes” to set up a casino project in Japan, one of the largest untapped gaming markets in the world.
Las Vegas Sands is considered a strong candidate to win a license in Japan, should the country open its market to casino gambling, in large part due to the success of its resort in Singapore which has served as a model for Japanese lawmakers.
But with every major global operator targeting Japan, competition is sure to be fierce. U.S.-based MGM Resorts International, Malaysia’s Genting Bhd and Macau casino venture Melco Crown Entertainment are among those also pushing hard for a crack at the market.
“Would I put in $10 billion? Yes,” Adelson said at a media briefing during an investor seminar in Tokyo. “Would I rather do it at seven? Yes.”
Broker CLSA estimates Japan could generate $40 billion in gaming revenues a year, assuming two large integrated resorts are set up in Tokyo and Osaka and 10 smaller sites open across the country in places such as the northern island of Hokkaido and Okinawa to the south.
That would make Japan Asia’s second-largest market for gambling after Macau, which the brokerage said is set to rake in $51 billion this year.

Microsoft resets Windows Phone to reach lower cost markets

Reuters: Microsoft Corp is pushing to reach a far wider audience for smartphones running its Windows Phone software by turning to cheaper chipsets and easing restrictions on how phone makers use its software to encourage them to drive down costs.
Nick Parker, Microsoft’s senior vice president for handset makers, said the changes have attracted a range of new handset makers to build Windows Phones, including South Korea’s LG Electronics, India’s Xola and Karbonn, and ZTE, Foxconn, Lenovo, Gionee and Longcheer.
“We are open for business on Windows Phone to anyone who wants to build a Windows phone,” Parker said at the Mobile World Congress trade fair on Sunday.

Windows Phones typically sell for several hundred dollars a piece, although Nokia’s Lumia 520 handset has an unsubsidised price of about 139 euros in Europe.
The sub-$100 smartphone market, however, is dominated by Google’s Android operating system, which has lower licensing costs, is more adaptable by device makers, and runs on more, and cheaper, chip sets that run radio and other functions.

Physiognomy Of Women

Neck : A smooth, conch like, not very long adds beauty to a woman. This is called as the 'surahidaar' neck. A long necked girl is not lucky. A fleshy and cushion like neck is a sign of widowhood and a very short neck indicates childlessness. A deer like neck shows that she is beloved of all. If the neck is too fat and wide, nature of such woman will be bad and she will involve herself in mischievous actions. Three wrinkles on the neck indicate wealth and good luck.

Shoulders : Not too long, short and fleshy shoulders are considered as lucky. When the shoulders are crooked, fat and hairy, they are an indication of ill luck.

Arms : Straight, hairless, soft, well shaped and fleshy arms generally belong to a lucky lady. If the arms are hairy, hard,stiff and small, the woman is unfortunate. If the veins are clearly visible on the arms, she may lead a miserable life. Thick, rough, bushy hair on the arms indicate widowhood.

Hands : Extraordinary long hands denote ill-luck and may lead to widowhood. Beautiful, soft and delicate hands are a sure sign of wealth and good luck. Rough, unequal, dry hands are a sign of misfortune and life of struggle. If there is sweating in hand, it leads to misfortune.

Pakistani manufactured Toyota Altis cars handed over to Sri Lankan Police and Armed Forces

One-hundred Toyota Corolla (Altis) cars manufactured by Indus Motors Pakistan were handed over to the Sri Lankan Police and the Armed Forces in a ceremony held today at the Ministry of Defence and Urban Development Sri Lanka.
The Secretary Defence and Urban Development Gotabaya Rajapaksa was the Chief Guest at the ceremony which was also graced by the High Commissioner of Pakistan in Colombo Maj Gen (R) Qasim Qureshi, Sri Lankan Army Commander Lt. Gen Daya Ratnayake and Inspector aGeneral of Police Sri Lanka, N.K. Illangakoon. The event was also witnessed by Ali Asghar Jamali and Ismail Ahmed Sethi of Indus Motors as well as Defence Advisor Col. Shaheryar Parvez Butt and Press Attaché Daud Ehtisham.
The Toyota Corrola (Altis) cars are manufactured by the Indus Motor Company Limited (IMC) which is a joint venture between the House of Habib, Toyota Motor Corporation and Toyota Tsusho Corporation, Japan for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since 1 July 1990. The company was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan.
IMC’s 105 acres production facilities located at Port Bin Qasim Industrial Zone near Karachi is a manufacturing site where both Toyota and Daihatsu brands are being manufactured.

What happens when a wild boar goes to war?

During the years of travelling in the jungles there are some animals which have learned to respect – and the wild boar (Susscrofaaffinis) stands above all others.
Very few people give this animal its due respect and if you ask a random person what they think about this animal, the most likely answer would be something edible. In reality the wild boar is one of the most aggressive animals in the wild. There are several reports of angry boars maiming and even killing people.

LOLC to construct spacious new 4-storeyed regional office in Anuradhapura

LOLC, achieving yet another milestone, laid the foundation stone for a spacious new regional office, on own land, located at No. 242, Maithripala Senanayake Mawatha, Anuradhapura recently.
A formal ceremony was organised, at which Gunendra Jayasena, Chief Administration Officer – LOLC Group, Gamini Jayaweera, Assistant General Manager – North and North Central Regions – LOLC Group and Sumeda Kulathilaka, Branch Head – Polonnaruwa – Lanka ORIX Finance PLC together with religious leaders, staff members and well-wishers took part in auspicious activities.

CTC responds to new legislation passed in Parliament

Ceylon Tobacco Company Plc (CTC) yesterday issued its formal response to the Tobacco Products (Labeling and Packaging) Regulations No. 01 of 2012 published by the Minister of Health in the Government Gazette Extraordinary No. 1770/15 dated 8 August 2012 as Amended.
CTC said the regulations together with the amendments were presented to the Parliament by the Honourable Minister of Health and were approved by Parliament on 19 February 2014. The National Authority on Tobacco and Alcohol Act No. 27 of 2006 requires the Minister to table any regulations made under the Act before Parliament after 30 days from publication of such regulation in the Gazette, as a mandatory procedural step.

Supreme Court overrules Appeals Court writ against CJ Shirani Bandaranayake impeachment

• 5-Judge bench overturns Appeals Court writ against PSC findings in Shirani B impeachment
• SC says Court of Appeal has no writ jurisdiction over Parliament
• Overturns former Supreme Court ruling that PSC had no basis in law
• Ruling does not validate impeachment: Weliamuna

By Dharisha Bastians
The Government got one step closer to legalising the sacking of Chief Justice 43 Shirani Bandaranayake when the Supreme Court yesterday overturned a Court of Appeal writ that quashed the findings of a Parliamentary Select Committee (PSC) that probed impeachment charges brought against her.
A five-Judge divisional bench of the Supreme Court ruled that while the Court of Appeal had exclusive jurisdiction over issuing writs, that jurisdiction did not extend to matters of Parliament and its select Committees. The bench ruled that under Article 140 the Court of Appeal had writ jurisdiction over inferior courts but argued that under the provisions of the Sri Lankan Constitution, the Parliament and its select committees could not be regarded as inferior to the Court of Appeal.
The Supreme Court held that Parliament and its select committees would therefore not be amenable to writ jurisdiction.
The verdict was issued yesterday after considering a petition filed by the Attorney General’s Department against the Court of Appeal Writ Certiorari of 7 January 2013, four days before Parliament removed Chief Justice Bandaranayake from office.


The Court of Appeal writ quashed the PSC report on Bandaranayake’s impeachment ‘trial’ that found her guilty on three counts and barred Parliament from further action to remove the Chief Justice based on the flawed findings. The writ was issued the basis that the Supreme Court had just days before declared the impeachment process to be unconstitutional and legally unsound.

President opens Deyata Kirula development exhibition

President Mahinda Rajapaksa ceremoniously declared open the 8th Deyata Kirula National Development Exhibition yesterday at Kuliyapitiya.
The massive development exhibition, held annually since 2006 will be held until 28 February at the Wayamba University Technical College and the Central College of Kuliyapitiya.
The Deyata Kirula exhibition is being held in rural areas with the aim of developing those areas. The exhibition brings massive infrastructure development, especially roads and public facilities to the area slated to hold the Deyata Kirula exhibition.

Sri Lanka stocks fall 0.3-pct - 21-Feb-2014

Feb 21, 2014 (LBO) – Sri Lanka stocks fall 0.32 percent for the seventh consecutive day with losses in the tobacco and diversified stocks, brokers said.

The Colombo benchmark All Share Price Index closed 18.88 points lower at 5,937.28, down 0.32 percent. The S&P SL20 closed 20.26 points lower at 3,237.27, down 0.62 percent. Turnover was 1.07 billion rupees, up from 851.92 million rupees a day earlier, with stocks of 102 firms closing in the red against 65 gainers.
JKH closed 2.10 rupees lower at 212.30 rupees with 420.00 million rupees of an off market transaction contributing to 39 percent of the daily turnover.
The aggregate value of all off market deals accounted for 50 percent of the daily market turnover.
JKH’s W0022 warrants closed 40 cents higher at 56.40 rupees and its W0023 warrants closed 2.00 rupees higher at 61.00 rupees, attracting most number of trades during the day.
Foreigners bought 244.05 million rupees worth shares while selling 682.59 million rupees of shares.
Nestle Lanka ended 79.10 rupees lower at 2,020.90 rupees and Ceylon Tobacco Company closed 12.20 rupees lower at 1,157.60 rupees, contributing most to the index drop.

JANASHAKTHI INSURANCE - DIVIDEND ANNOUNCEMENT-20-Feb-2014

JANASHAKTHI INSURANCE COMPANY PLC
Company ID: - JINS
Date of Announcement: - 20.Feb.2014
Dividend per Share: - Rs. 1.00 per share (Dividend is Subject to Tax) / Final Dividend
Financial Year: - 2013
Shareholder Approval: - Required
AGM: - 28.Mar.2014
XD: - 31.Mar.2014
Payment: - 08.Apr.2014
Share Transfer Book Open

Time and Karma

Rules For a Healthy Living

Coca-Cola’s 5BY20 initiative

In September 2010, The Coca-Cola Company’s Chairman, Muhtar Kent, announced a 10-year global initiative to economically empower five million women entrepreneurs across the company’s value chain by 2020. Women around the world are already pillars of the Coca-Cola business system. Coca-Cola is building on that foundation by implementing programs to help women entrepreneurs throughout the Coca-Cola value chain – from fruit farmers to artisans.
Through 5by20 the most common barriers women face when trying to succeed in the marketplace are addressed. This initiative offers women access to business skills training courses, financial services and connections with peers or mentors – along with the confidence that comes with building a successful business.
Coca-Cola SABCO Sri Lanka is working towards empowering thousands of women as part of the global 5BY20 initiative. Coca-Cola SABCO (South Africa Bottling Company) is one of The Coca-Cola Company’s largest franchise bottlers having a footprint in more than nine countries across the world including Sri Lanka and Nepal in this region. The Coca-Cola SABCO Group is working towards empowering 200,000 women globally, as part of the five million target by 2020.
Coca-Cola Sri Lanka has engaged with over 2000 women since 2012 as part of the 5BY20 program in Sri Lanka.

How easy money can destroy communities and the economy: Wigneswaran’s exposure

Chief Minister of the Northern Province Justice C.V. Wigneswaran has elaborated upon how diaspora remittances have deleterious effects.  He has said that these remittances were having a very adverse impact on the lifestyles of the Tamils in the north. In his view, it was causing irreparable damage to the community, especially young people.
Historically, the north was known as a socially conservative society which attached very high priority to education, a strong work ethic and simple living. The Chief Minister has rightly highlighted that the easy money received from abroad was fuelling consumerism and traditional values were being abandoned.

“Historically, the north was known as a socially conservative society which attached very high priority to education, a strong work ethic and simple living. The Chief Minister has rightly highlighted that the easy money received from abroad was fuelling consumerism and traditional values were being abandoned”
It can be argued that these are modernising trends which are inevitable in a community coming out of a 30-year conflict and being exposed to the globalised world of the internet and satellite television. More worrying is the Chief Minister’s assertion that a new culture was being embraced where youth smoked, consumed alcohol and drugs and were distracted by a looser attitude towards interaction with the opposite sex. At the same time, the traditional work ethic was being eroded.
Justice Wigneswaran, in his speech, stressed the importance of the economic upliftment of the North and urged the youth of the area not to be interested only in migrating abroad or living on remittances from the diaspora.

Port city “pump and dump” deal: Harsha

• Criticises plan to sell land to Chinese company, says prices will fall
• Claims project is not FDI as Govt. will guarantee loan from EXIM bank
• Alleges transactions questionable as company banned by World Bank in 2009, suspicious deals in 7 countries

By Uditha Jayasinghe  
Pinpointing a shocking aberration from good governance UNP MP Dr. Harsha de Silva yesterday laid bare what he termed a “dump and pump” scheme of the Government concerning the proposed US$ 1.4 billion port city project, which is to be developed with a Chinese company banned by the World Bank.
De Silva termed the project “Colombo’s largest land scam” and insisted the project would do harm to the Sri Lankan economy and by extent the people on several points. He charged that the continental shelf to be utilised for the project under international law belonged to the country and that despite previous statements made by President Mahinda Rajapaksa, the Government was planning on selling it outright to a corrupt foreign company.
The Government hopes the construction of a port city along the iconic shoreline of capital Colombo with Chinese input will attract US$20-25 billion of foreign investment. Phase I of the land filling project is expected to start in the next few months and will likely to be completed in 24 months while the project itself will be completed within 39 months.
China Commu-nications Construction Company (CCCC) has come forward to invest in the land filling process and will acquire 170 hectares from the total 233 hectare land area. According to the Cabinet paper approved in November the Sri Lankan Government will receive the remaining acres, which will be up for sale for commercial or recreational purposes.

WhatsApp Founders Become Billionaires

WhatsApp cofounders Jan Koum and Brian Acton are Silicon Valley's newest billionaires thanks to a $19 billion deal with Facebook.

To those who didn't land the job, take heart. These are tweets from a fellow who applied but was rejected for jobs at both Facebook and Twitter. Four years later, and he sells his company WhatsApp to FB for $16 billion in cash and stock, plus another $3bil in restricted stock. Everyone loves a good comeback story.

Basil opens Sri Lanka’s first State-owned gamma centre

Sri Lanka’s first multipurpose gamma radiation workshop was declared open at the Biyagama Investment Zone on Monday. The aim of this centre is to use conducive nuclear technology for the social and economic development of the country.
Minister of Economic Development Basil Rajapaksa was the chief guest at the event. Rajapaksa said that the ultra technological sector would extend a massive contribution to Sri Lanka’s economic development.

Technology and Research Minister Patali Champika Ranawaka said that measures would be taken within the next three years to elevate Sri Lanka through a process of ultra technological activities. The ultimate goal is to turn the country into an international food centre.

Alumex announces Rs. 836 m IPO

• Offers 59.9 m ordinary voting shares to public comprising of offer for subscription tranche of 17.9 m shares and offer for sale tranche of 42 m shares, at Rs. 14 each
• IPO to open on 6 March

By Cheranka Mendis
Alumex Ltd., a subsidiary of the Hayleys Group, yesterday announced that the company will go for a Rs. 838 million Initial Public Offering (IPO), to finance capital requirement to set up a powder coating plant.
The company also hopes that the move will make it eligible for the tax benefit offered by the Government for entities obtaining listing on the Colombo Stock Exchange (CSE) prior to 31 March this year.

The 10th Hayleys subsidiary that would be coming up for successful listing, the company will be listed on the Diri Savi Board of the CSE, offering 59.9 million ordinary voting shares to the public comprising of an offer for subscription tranche of 17.9 million shares and an offer for sale tranche of 42 million shares, at Rs. 14 each.

Microsoft forges partnerships to fight soaring cybercrime

By Sarah Hannan
Microsoft Sri Lanka yesterday partnered with local IT stakeholders, Information and Communication Technology Agency (ICTA) and Sri Lanka Computer Emergency Readiness Team Coordination Centre (Sri Lanka CERT CC) to fight soaring numbers of cybercrime.
According to Sri Lanka CERT CC, from the time the organisation was established in 2007, the number of reported cybercrime incidents has climbed rapidly from 49 to around 200 incidents reported each day, according to Sri Lanka CERT CC Chief Executive Officer Lal Dias.
Last year Microsoft had released a Computer Security Study with a focus on South-East Asia, which established that two out of three new branded computers installed with pirated software at the point of sale were infected with dangerous malware, which were designed to cause serious vulnerabilities.
“Increase of cyber threats and cyber crime incidents has become a negative factor towards the growth of ICT and Internet and there is a need to address the root cause. The Government has taken many policy initiatives to address this problem by enacting the Computer Crimes Act No. 24 of 2007,” ICTA Director Legal Jayantha Fernando noted.

National Chamber seminar on ‘EPF & ETF’

The National Chamber of Commerce of Sri Lanka will hold a half  day seminar on ‘EPF & ETF’ in  the English language on Tuesday, 25 February  2014 from 1:30 p.m. to 5 p.m. at the Chamber Auditorium, No 450, D.R. Wijewardena Mawatha, Colombo 10. The seminar will explain the legal aspects, withdrawal conditions and benefits of EPF and ETF and other information that any employer or employee should know with regard to EPF & ETF. Also the type of employees covered, salaries, allowances and other payments, correct submission of payments and returns, obligations of employers, and procedures of claiming benefits and withdrawals.

Nations Trust Bank launches Leasing Plus, a lease with an OD

Nations Leasing, the leasing arm of Nations Trust Bank PLC recently launched a very unique offer titled Leasing Plus to all its leasing customers. With Leasing Plus, every new lease, hire purchase facility and vehicle loan from Nations Trust Bank entitles the customer to a pre-approved overdraft, the value of which is linked to the face value of the leasing facility.
Priyantha Wijesekera, Head of Leasing of Nations Trust Bank PLC commenting on the launch of the promotion stated: “We are confident that this offer will be an instant hit with the customers. Through this new offer, we are broad-basing the scope of the typical lease to the customer, from just being a tool to finance a vehicle or a machine to one that is now an enabler to fulfill one’s needs and wants.”

Vallibel Finance Premier Center opens in Nugegoda

Vallibel Finance, a member of the Strong Vallibel Group, opened its doors to bustling Nugegoda with the latest addition to its network, Vallibel Finance first ever Premier Center with a large gathering of invitees, well wishers and customers gracing the occasion.
The new Premier Center of Vallibel Finance was inaugurated last week in the heart of Nugegoda by Dhammika Perera, the Chairman of Vallibel Conglomerate who is also the Chairman of Sampath Bank, along with Managing Director of Vallibel Finance Jayantha Rangamuwa.
The respected young corporate leader Dhammika Perera was impressed with the socio-economic prowess of Nugegoda, widely considered as the fastest developing city within the city of Colombo and optimistic about fast growing Vallibel Finance and the new Premier Center in the heart of Nugegoda, that boasts of the ultimate business experience for the company’s demanding clientele built on a superior model of technology and service.

Samsung reinforces leadership, innovation with new products for consumers, biz

• World’s first curved UHD TV, colour laser printer series with NFC capabilities and several other innovative and technologically-advanced products see their debut at Samsung Southwest Asia Forum in Bali

Reinforcing its leadership status and pioneering spirit, Samsung yesterday launched the world’s first curved UHD TV along with several other innovative and technologically advanced products at the World Forum in Bali, Indonesia.
The range of category-defining products unveiled by Samsung Electronics Co., Ltd. at its Southwest Asia Forum in Bali included TVs, home appliances, printing and mobile devices.
Samsung’s U9000 Curved UHD TV provides a wider field of view, a panoramic effect that makes the TV seem even bigger than it is, offering twice the enhanced contrast ratio of a flat TV. Samsung’s Curved UHD TV has a curve of 4,200 radii, making it the most curved TV in the world, and creates the perfect viewing experience so everyone watching the TV can enjoy the best seat in the house.

Mihin Holidays makes your dream holiday a reality

Imagine being secluded away, relaxing by the soft sandy, palm laced beaches or walking down bustling streets and finding great bargains while tasting the most tempting cuisines! If you are thinking of just that, just log on to www.mihinholidays.com to create your perfect holiday getaway with Mihin Holidays.
Mihin Holidays offer tailor made introductory, fixed packages to Seychelles and Jakarta at an attractive price. Apart from these fixed packages, customers have the option of booking air ticket and hotel to other exciting destinations such as Dubai, Sharjah, Bahrain, Madurai and Dhaka, which are all routes operated by Mihin Lanka. While making the booking, customers are able to check the full details of the hotel, compare hotel rates with other hotels located in the same area and check out the information on the city and its tourist attractions.

Bank of Ceylon extends global reach to Victoria, Seychelles

Moving another step forward in fulfilling its strategic aspiration of becoming Sri Lanka’s International Bank, the Bank of Ceylon opened its newest international branch in Victoria, Republic of Seychelles recently.
The new Seychelles branch was opened by the Seychelles Vice-President Danny Faure, Finance Minister Pierre Laporte and the Bank of Ceylon General Manager D.M. Gunasekara.
The Governor of the Central Bank of Seychelles Caroline Abel, the Senior Deputy General Manager BOC P.A. Lionel, Assistant General Manager, Country Head of Seychelles Ranjith Haputhanthri, High Commissioner to Seychelles Esala Weerakoon and other distinguished guests participated at this event.

The Vice-President and the Finance Minister of Seychelles extended their warm welcome to BOC and expressed their confidence in the bank. In addition to Seychelles branch, BOC has overseas branches in Chennai, Male, and a subsidiary in London.
The Bank of Ceylon offers a wide range of financial solutions through the Seychelles branch, including corporate, retail, offshore and internet banking; foreign exchange, deposit accounts and credit facilities for trading, the tourism industry, agriculture and fisheries.

China overtakes India in gold demand in 2013

For the first time India lost its tag of the world’s largest gold consumer to China, which lapped up 1,065.8 tonnes of the precious metal in 2013, says a World Gold Council report.
India’s demand came down to 974.8 tonnes following wide- scale curbs imposed by the government to tame hunger for the precious metal, according to WGC’s ‘Gold Demand Trend 2013’.
Despite the massive increase in customs duty and many restrictions that the Centre put on jewellery imports, India consumed more gold than 2012, when it stood at 864 tonnes.
In China, the total demand stood at 806.8 tonnes in 2012. “While China has put in infrastructure that was in favour of gold, India has turned away from it. In 2014, we are not seeing any role reversal,” WGC Managing Director, India, Somasundaram P R told PTI here.
He said, in 2014 the demand in China is estimated at 1,000-1,100 tonnes while in India it is estimated at 900-1,000 tonnes.

Sri Lanka's Dialog Axiata net up 20-pct

Feb 18, 2014 (LBO) - Profits at Sri Lanka's Dialog Axiata, which has interests mobile, fixed and pay television, rose 20 percent from a year earlier to 1.1 billion rupees in the December 2013 quarter, interim accounts showed.

The group reported earnings of 14 cents per share for the quarter. In the year to December the group reported earnings of 65 cents per share on total profits of 5.1 billion rupees, down from 6.0 billion a year earlier.

Google buys sound authentication firm SlickLogin

 

 SlickLogin showcased its technology at the TechCrunch Disrupt event last year

[BBC]

Google has acquired SlickLogin - an Israeli start-up behind the technology that allows websites to verify a user's identity by using sound waves.

It works by playing a uniquely generated, nearly-silent sound through computer speakers, which is picked up by an app on the user's smartphone.
The app analyses the sound and sends a signal back to confirm the identity.
The technology can be used either as a replacement for a password or as an additional security layer.
SlickLogin confirmed the acquisition on its website but did not provide any financial details of the deal.
"Today we`re announcing that the SlickLogin team is joining Google, a company that shares our core beliefs that logging in should be easy instead of frustrating, and authentication should be effective without getting in the way," the firm said in a statement.
"Google was the first company to offer two-step verification to everyone, for free - and they're working on some great ideas that will make the internet safer for everyone."
Secure logins

21 Amazing Hotels You Need To Visit Before You Die

Take a look at some of the most amazing hotels in the world.
Not everyone can afford holiday in one of these locations, however most of us would love to spend quality time with family or friends in these places. You might want to stay in the room underwater or perhaps enjoy your breakfast from the cave facing the sea.
Everyone will find something interesting.

1. Äscher Cliff, Switzerland

Website: myswitzerland.com

2. Hotel Kakslauttanen, Finland

Website: kakslauttanen.fi

3. Ladera Resort, St. Lucia

Website: ladera.com

4. The Manta Resort, Zanzibar

Image credits: Genberg Underwater Hotels

5. Rayavadee Krabi, Thailand

Website: rayavadee.com

6. Shangri La, Paris

Website: shangri-la.com

Central Bank holds rates steady, wants private sector growth

• Private sector credit grows marginally
• Industry and services record Rs. 200b loan growth y-o-y
• Says room for lending rates to decrease more

The Central Bank kept policy rates unchanged on projections of steady inflation and continued foreign inflows yesterday, but called on the private sector to push for more growth.
The Central Bank decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) unchanged at their current levels of 6.50% and 8%, respectively.
Central Bank Governor Ajith Nivard Cabraal urged businesses to take advantage of the infrastructure development provided by the Government to expand investment and spur growth.
“There has been a fair amount of infrastructure development that has taken place, which has still not yielded the results that we wanted to. There is huge capacity that has been built up over the last couple of years and that capacity also now needs to be utilised a little bit more by the business sector. We will be watching closely to see whether that capacity would now be turned into real economic activity. If that happens, it would give us another growth momentum without the accompanying inflation that could sometimes arise if not,” Cabraal told Bloomberg.

Gamma Knife can be a boon to brain tumour patients; medical tourism in Sri Lanka

The introduction of the ‘Gamma Knife,’ a new technological device, can bring a cost effective cure to hundreds of patients with brain tumours as well as boost medical tourism, according to local healthcare industry experts.
They said that at present in Sri Lanka brain tumours are treated with surgery and often costly. However the ‘Gamma Knife,’ which is a stereotactic radiosurgical device that treats non-invasively malignant and benign tumours in a single patient visit, can be the cost effective answer for Sri Lanka.
Experts said that those knowledgeable about the Gamma Knife process travel to Singapore or India, which are the only two Asian countries which have this technology for treatment.
“If a Sri Lankan hospital can bring this device down which is estimated to cost around $ 3.8 million only, local patients with brain tumours of up to four centimetres can be treated in a cost effective manner. The country will also save valuable foreign exchange, preventing people going to India or Singapore for similar treatment,” experts pointed out.
“By introducing it in Sri Lanka, the country can also strengthen its prospects as a destination for medical tourism,” they added.
Locally, the traditional neurosurgery costs over Rs. 1.5 million whereas it is half the cost in India and Singapore.
Utilising advanced diagnostic imaging and three-dimensional treatment planning software, the Gamma Knife delivers 192 precisely focused beams of gamma radiation to small targets inside the brain. Radiation is only delivered at a single, finely focused point where all 192 beams converge to treat the diseased tissue, while nearby healthy tissue is spared.

Smaller planes in demand as Asia travel boom deepens

SINGAPORE, February 16, 2014 (AFP) - Smaller passenger planes are increasingly in demand in Asia as budget carriers cash in on the region's growing middle classes by expanding their reach to less prominent cities, industry executives say.

So-called "regional" jets -- short to medium-haul aircraft that generally seat under 100 passengers -- were among the best-sellers at the Singapore Airshow which ended at the weekend. Jimmy Lau, managing director of show organiser Experia Events, said demand for smaller aircraft will rise as Asia's burgeoning middle class sustains the growth in air travel that began in metropolitan areas.
"The people who will be likely making good inroads are the Embraers and the Bombardiers who will be selling their smaller regional jets to countries like Indonesia, Thailand and Malaysia," Lau told reporters as the Airshow ended with deals totalling a record $32 billion.
Embraer, the Brazilian plane maker, forecasts that Asia-Pacific carriers will take delivery of 1,500 new jets in the 70- to 130-seat segment over the next 20 years, with a total value of $70 billion. This would represent nearly 20 percent of global demand.

Sri Lanka's DFCC Bank net up 3.8-pct

Profits at Sri Lanka's DFCC Bank group rose 3.8 percent from a year earlier to 791 million rupees from a year earlier helped by fair value gains and interest income, interim accounts showed.

Sri Lanka's Odel net down 40-pct in Dec quarter

Profits at Sri Lanka's Odel Plc, a fashion retailer fell 40 percent to 46.0 million rupees in the December 2013 quarter from a year earlier, amid weaker sales and narrower margins, interim accounts showed.
The firm reported earnings of 17 cents per share for the quarter. In the nine months to December it reported earnings of 72 cents per share on total profits of 195 million rupees up 12 percent. In the nine months sales were down 2.5 percent to 3.4 billion rupees, due to a slowdown in retail sales and the imposition of a value added tax, the firm said.

Cricket: Sri Lanka oust Bangladesh in another T20 thriller

CHITTAGONG, February 14, 2014 (AFP) - Sachithra Senanakaye hit a boundary off the last ball as Sri Lanka secured a dramatic three-wicket win over Bangladesh in the second Twenty20 match in Chittagong on Friday to win the series 2-0.

Having bowled the hosts out for a paltry 120, Sri Lanka stuttered in their reply to lose six wickets for 50 runs by the 12th over at the Zahur Ahmed Chowdhury stadium.
Veteran Kumar Sangakkara and Thisara Perera rebuilt for the world's top-ranked Twenty20 side with a 46-run partnership for the seventh wicket.
But when Sangakkara was snapped up at point off Rubel Hossain for 37, Sri Lanka still needed 25 to win off the last 20 balls.

How the Queen makes money

We put the Queen’s finances under the spotlight. Where does she get her money from and what does she spend it on?

Press Association Images - Embargoed to 0001 Wednesday October 9. Previously unreleased photo dated 27/09/2013 of Queen Elizabeth II sitting at a desk at Balmoral, Royal Deeside, as she signs a message that will travel in the Glasgow 2014 Baton as it is carried throughout the Commonwealth ahead of the Glasgow 2014 Commonwealth Games

Even the Queen is having trouble managing her budget in austerity Britain. Last month it was revealed that Queen Elizabeth II’s rainy day fund was down to its last million.

A report by the Public Accounts Committee revealed the Queen’s advisers were failing to control her finances while the royal palaces were “crumbling”. Both Buckingham Palace and Windsor Castle are reported to be in urgent need of repair with staff routinely catching rain in buckets to protect art and antiques.

As recently as 2001 the Queen’s “reserve fund” was at a healthy £35million but now stands at a paltry £1million. MPs blamed the Royal Family’s advisers for overspending.

Don’t feel too sorry for the Monarch though. Queen Elizabeth II’s rainy day fund may be looking a bit lame but she’s worth a lot more than that – £320million according to the Sunday Times Rich List 2013. 

Where does all this money come from?
Firstly, there’s property – the Queen has one of the largest property empires in the world.

The Queen’s holdings include Balmoral Castle in the Scottish Highlands, Buckingham Palace, Windsor Castle and Kensington Palace. The Crown Estate, the company that owns and manages the sovereign’s land, also owns large swathes of London’s Regent Street, the Royal Parks, Ascot racecourse and 106,000 hectares of farmland. There are also stud farms, a fruit farm and marine land throughout the UK.

Altair awards construction contract to Dubai giant Shapoorji Pallonji

The $ 3 billion construction giant Shapoorji Pallonji, whose contributions to the skylines of planet earth include India’s tallest residential towers – the Imperial of Mumbai – and several skyscrapers of Dubai, has been appointed the main contractor for Sri Lanka’s Altair residential twin tower in Colombo.

The contract awarded to Shapoorji Pallonji International operating out of Dubai, covers construction of the foundations, superstructure and civil works and overseeing finishes for the unique diagrid-supported towers of Altair; a 63-storied tower leaning into a 240 metre, 68-storied vertical tower that will be the centrepiece of South Asia’s first promenade development, on the lake front of the Beira.
Construction of the 400 luxury apartment development designed by the international celebrity architect Moshe Safdie is to be completed in 2017.