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CSE extends trading hours

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The Securities and Exchange Commission of Sri Lanka (SEC) has issued a directive to the Colombo Stock Exchange (CSE) to extend trading hours from next Monday (April 10).

The trading hours are set out below:

– Pre-open session : 09.00 a.m. to 9.30 a.m.
– Open Auction : at 9.30 a.m.
– Regular Trading : will commence at 9.30 a.m.
– Market close : 2.30 p.m.

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Sri Lanka’s first strawberry cultivation model village in Nuwara Eliya

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The Department of Agrarian Development has made arrangements to establish Sri Lanka’s first strawberry cultivation model village in Nuwara Eliya.

The Minister of Agriculture and Plantation Industries, Mr. Mahinda Amaraweera, advised the Department of Agrarian Development to start this strawberry model cultivation village under the program initiated by the government to acquaint the farmers with the new crops that have been exported using new technology. Accordingly, the Department of Agrarian Development took steps to start this strawberry cultivation.

Under this arrangement, 40 farmers in Nuwara Eliya have been selected and arrangements have been made by the Department of Agrarian Development to provide the farmers with the financial allocation, strawberry plants required for cultivation as well as the new technology and water supply required for cultivation.

Especially for this cultivation, one farmer spends about Rs.1.3million of which 750,000 rupees have been provided by the Department of Agrarian Development without any recovery.

The remaining amount of 06 lakhs will be borne by the farmers engaged in the respective cultivation.

Under this, the Department of Agrarian Development will provide an amount of Rs.30 million to these 40 farmers for strawberry cultivation.

This strawberry cultivation is done in net houses in Nuwara Eliya and 40 net houses have been prepared so far. All of these safe houses can be fully automated by a remote control application.

Arrangements have been made to import the strawberry plants required for this cultivation to Sri Lanka before the end of this month. Approximately more than 300 strawberry plants are grown in one net house. The Commissioner General of the Department of Agrarian Development Mr. A.M.H.L.Abeyrathna said that steps will be taken to start cultivation as soon as the plants are received in Sri Lanka.

This strawberry cultivation is going to be cultivated locally as well as for export and the Department of Agrarian Development has already organized the necessary facilities to buy the harvest from the farmers.

Commenting on this, Minister Mahinda Amaraweera said that this first strawberry cultivation model village will be established under the Youth Agricultural Entrepreneurship Village program, which was started with the aim of attracting the youth community to agriculture, especially to generate high yield and income by using new technology, as well as the dollars needed by the country. He also mentioned that earning should be the aim of this work arrangement.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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ITC Ratnadipa Colombo launched (Pics)

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President Ranil Wickremesinghe declared open the super-luxury hotel ‘ITC Ratnadipa Colombo’ which boasts Sri Lanka’s first ever sky bridge ‘AHASA ONE’ connecting two towers at a height of 100m above the ground.

ITC’s Hotel Group, one of India’s leading luxury hotel chains, is reported to have invested close to INR 3,000 crore in the luxury Sri Lankan property, which is being set up under a subsidiary WelcomHotels Lanka. The luxury hotel – ITC Ratnadipa in Colombo – reportedly features about 352 rooms.

The USD 500 million + ITC development, comprising the Sapphire Residences and super-luxury hotel ITC Ratnadipa, occupies pride of place at the centre of Colombo’s most prestigious ocean front location.

Overlooking the Galle Face and the Indian Ocean on one side and the Beira Lake on the other, this landmark is already redefining the city’s skyline.

Speaking at the event,President Ranil Wickremesinghe expressed his dedication to fostering an economic landscape in the nation that would prevent future struggles among its citizens. Emphasizing the swift reconstruction of the economy within a mere two-year span, he underscored his resolve to elevate the standard of living by fortifying the economy’s resilience.

extended a warm welcome, the President said, “ITC welcome to Sri Lanka.” He highlighted the prominent hotels in the vicinity, including the historic Galle Face Hotel which is bestowed as the first five-star hotel in Asia, the Taj Hotel from India and the Shangri-La Hotel from Singapore. He emphasized the significance of the newly established ITC Ratnadipa Hotel, positioned among these esteemed establishments by its height. He mentioned the forthcoming Cinnamon Life project located behind the hotel.

Prime Minister Dinesh Gunawardena, former Presidents Chandrika Bandaranaike Kumaratunga and Gotabhaya Rajapaksa, along with a host of ministers and dignitaries including Minister Ali Sabry P.C., Minister Prasanna Ranatunga, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, former Minister Ravi Karunanayake and Indian High Commissioner to Sri Lanka H.E. Santosh Jha, were among the distinguished guests present at the event. Also in attendance were General Shavendra Silva and the Chairman and Managing Director of ITC Ltd Mr. Sanjiv Puri among others.

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CBSL urged to seek overseas travel ban against Dharmasena

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Chairman of the ‘Magen Ratata’ organization – Sanjaya Mahawatta has submitted a formal complaint to the Governor of the Central Bank of Sri Lanka (CBSL), with regard to the “Pintanna Plantation” cultivation project founded by former cricketer – Kumara Dharmasena.

In his complaint, Mr. Mahawatta says that the project is accepting investment deposits from the public without a license from the CBSL to do so.

Noting that this project has misled the public and accepted deposits violating the provisions of the Part II of the Finance Business Act. No. 42 of 2011, Mr. Mahawattha’s complaint further notes that the project is being advertised on print media and on Facebook.

In a recent media briefing, the CBSL had stated that it is illegal to obtain investments from the public for cultivation projects such as Agarwood, Vanilla, Mango, Teak etc. in the promise of high interest rate returns. The CBSL added that their Non-Banking Financial Institutions Supervision Department has initiated a comprehensive investigation on such companies.

Speaking,  Assistant Governor of the CBSL – K.G.P. Sirikumara had said that it was a criminal offense to go against the rates implemented by the CBSL and accept deposits from the public.

Only companies authorized by the CBSL are legally allowed to accept such deposits, he pointed out.

The CBSL further disclosed that they are looking into details pertaining to the former cricketer’s project.

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