JAT Holdings invests SL-earned USDs in its Bangladeshi Facility

Published

6 months ago

December 15, 2022

editor

JAT Holdings launched a cutting-edge manufacturing facility in Bangladesh recently.

This was launched fulfilling its IPO objective and keeping its pledge to investors, JAT Holdings PLC said.

The end-to-end manufacturing, warehousing and laboratory facility has been strategically located offering efficient and easy access to JAT’s two key markets in Bangladesh, Dhaka and Chittagong.

This facility would bring JAT Holdings closer to its goal of emerging as an internationally acclaimed leader in wood coatings, the company said.

However, economic experts are of the opinion that the Central Bank should pay more attention to these developments.

They pointed out that these investments were done with the USDs earned in the country, and that these developments have contributed to the country’s acute dollar shortage.

They also said that there is no inflow of USDs to the country, especially compared to the goods exported.

They said that it is not a new practice for these businessmen to hide a part of the money earned from exports in neighboring or foreign countries in this manner.

HNB chairperson resigns

Published

3 hours ago

June 10, 2023

editor

In an unexpected development, Hatton National Bank Chairperson Ms. Aruni Goonetilleke submitted her resignation yesterday (Friday) at a special meeting of the board and a new chairperson was appointed.

The move surprised the stock market.

Following her resignation, the board decided to appoint Non-Executive/Non-Independent Director Nihal Jayawardene PC as the new Chairman of HNB, with effect from June 9, 2023.

HNB also announced the appointment of Non-Executive/Independent Director Parakrama Devaka Cooray as a Senior Independent Director of the board of HNB, with immediate effect.

BIZ

LECO subsidiary targets export market

Published

17 hours ago

June 9, 2023

editor

Ante LECO, a subsidiary of the Lanka Electricity Company (LECO), has decided to expand the range of electricity meters being manufactured.

Accordingly, the Ante LECO Metering Company has decided to manufacture three-phase meters and smart meters, in addition to the single-phase meters they currently produce, in a bid to fulfill the entire domestic requirement for these three meters.

Taking to Twitter, Minister of Power and Energy Kanchana Wijesekera revealed that with the expansion, the metering company also expects to target the export market in the future.

Ante LECO, a joint venture between the LECO and Ante Meter Company Ltd. of China, currently produces 250,000 single-phase meters per year, supplying the quantity required by both LECO and the Ceylon Electricity Board (CEB).

Single Phase meters required by CEB & LECO are manufactured in SL by ANTE LECO Metering Company & it produces 250,000 meters annually. This year the company will expanded manufacturing to 3 Phase meters & smart meters.

With the expansion the company plans to fulfill the entire… pic.twitter.com/mRIXIlYe7z
— Kanchana Wijesekera (@kanchana_wij) June 9, 2023

BIZ

Final decision on privatizing SLT, at next Cabinet meeting (Update)

Published

17 hours ago

June 9, 2023

editor

The Government has focussed its attention to the Sectoral Oversight Committee report, which was presented to Parliament today (09), emphasizing the concerns surrounding the potential risk to national security resulting from the privatization of Sri Lanka Telecom.

While acknowledging the factual content of the report, the Government believes that it lacks a logical or scientific data analysis pertaining to the subject matter. To address this deficiency, it is necessary to examine the operation and regulation of information and communication technology service providers in Sri Lanka, analyse financial data related to the sector, understand Sri Lanka’s national ambitions in this field, assess the available capital capacity, and conduct a comprehensive study of global trends.

Furthermore, the Government has reassured that the policy decision taken will not compromise national security, contrary to what is indicated in the report.

Hence, the Government will take a final decision during an upcoming cabinet meeting, considering this report along with recommendations from the information and communication sector.

Additionally, the President emphasizes that the current government’s policy is focused on providing opportunities to the private sector, distancing it from direct government involvement.

(President’s Media Division)

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(previous news: 09^th June 2023, 12:32pm)

Parliament SOC recommends not to privatise SLT

The Sectoral Oversight Committee (SOC) on National Security has said that it does not recommend the privatisation of Sri Lanka Telecom (SLT).

This was stated in a report issued by the SOC on National Security headed by MP Sarath Weerasekera.

The report said that matters sensitive to national security can be exposed through the privatisation of SLT.