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Prime Group offers ‘ultimate’ real estate investment plan

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In a concerted effort to open up its exceptional and diverse housing portfolio to a larger portion of Sri Lankans, the country’s largest property development conglomerate, Prime Group recently introduced a revolutionary payment plan, currently unmatched by any other in the industry. The highly-attractive, industry-first offering assures peace of mind for customers by delivering financial flexibility and empowering them to own their dream home at their convenience.The incomparable scheme opens doors for customers to pay as little as 20% of the housing unit’s total value as a down payment, 25% paid in easy instalments over 30 months and the balance 55% when their new home is handed over to them. All Investors can also enjoy guaranteed capital gain and effective ROI of over 75% during 2.5 years for their initial investment. Further, it allows customers to access non-accessible investments and take advantage of a pre-approved mortgage within 30 months. The easy to grasp scheme was carefully curated by Prime Group with over 26 years of enriched experience in the property sector to enable a larger proportion of financially diverse customers to make a smart, well informed decision with utter convenience to make their dream home a reality. The company’s new offering is first introduced to families and individuals looking to put down roots in the scenic, lush green environs present at 88 Residence Piliyandala, Kahathuduwa, which is now open for reservations.”Prime Group has always been deeply committed to delivering projects that meet the needs of the market and flexible financing is one way we achieve this. Therefore, we are thrilled to launch this exceptional ‘Ultimate Real Estate Investment Plan’ for the first time in Sri Lanka. The bedrock of offering is to enable Sri Lankans to materialise their dream home, without worrying about paying the current required down payment of over 30% upfront, which is a welcome respite during these tough economic conditions,” said Prime Group Chairman Premalal Brahmanage”It should also be mentioned that the salary levels of many Sri Lankans do not often allow them to pay off the rest of the 60% within just 2.5 years.  We wanted to address this concern, by enabling our customers to pay off just 25% of the value of the property within 2.5 years to making these homes more affordable. This means only 45% of the total value has to be paid at the hand over point. For the balance of 55%, customers are able to pay utilising a bank loan which can also be arranged by Prime Group. Most importantly, customers can always purchase these homes as an investment and sell it after 2.5 years with a minimum effective return on investment of 75%. Therefore, we are confident that this unique scheme will open our high quality portfolio of wholesome living spaces open to a broader community of customers, along with the opportunity to proactively manage their finances, in a long-term affordable way.”The 88 Residence Kahathuduwa is a tranquil, luxury living community overlooking an evergreen paddy field in Piliyandala, 500m away from the proposed Ruwanpura Highway, and 2 km from the Kahathuduwa highway entrance as well as 900m to the 120 bus route. The complex hosts a collection of four diverse types of 88 spacious, two- to three-bedroom, one- to two-storey homes prices starting from Rs. 14.5 million, this luxury complex is slated for completion in early 2024. “As the premier real estate developer in the country, it is vital that we play our part in making sure we do all we can to support our customers at a time when there is an increase in demand for affordable housing in prime locations across the island.



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Baltimore bridge collapse: Divers find two bodies in submerged truck

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The bodies of two people have been recovered from a red pickup truck, which was under water where the Baltimore bridge collapsed.

Eight construction workers were on the bridge when a ship struck it, plunging them into the waters below. Two of the workers were rescued on the day, but the search continues for the other four – all presumed dead.

Salvage crews are working to address hazardous materials and accident investigators are on the scene.

Four of the six victims of the bridge collapse have been named so far. At a press conference on Wednesday, Maryland State Police identified Alejandro Hernandez Fuentes, 35, and Dorlian Ronial Castillo Cabrera, 26, as the two workers recovered by divers from inside the truck. Mr Fuentes is originally from Mexico and Mr Cabrera is from Guatemala.

But divers are no longer able to safely navigate the waters because of concrete and debris found in the river, police said. They are now using sonar scans and believe that vehicles that may contain other bodies are “encased in superstructure and concrete” that came down from the bridge, an official said.

Two other missing victims, who are presumed dead, have also been named: Miguel Luna, originally from El Salvador, and Maynor Suazo Sandoval, a Honduran citizen.

Mexico’s Ministry of Foreign Affairs said earlier that two of its citizens were presumed dead – one of whom is now identified as Mr Fuentes – while another was rescued from the water.

One person who was in hospital after being pulled out of the water was released, officials said late Wednesday.

First responders spent hours on Tuesday searching the waters of the Patapsco River for the six construction workers, who were working on potholes on the bridge around 01:30 (05:30 GMT) when the ship crashed into the bridge. The US Coast Guard called off the search around sunset, saying cold water temperatures and hours gone by meant the workers were presumed dead.

Officials have pledged to find the bodies of the men for their relatives. “We’ve got to give these families closure,” Wes Moore, governor of Maryland, told reporters on Wednesday, adding that air, land and water resources had been devoted to the search of the victims. “My promise to them is this: I will devote every single resource to make sure that you receive closure,” he said.

But the operation has been challenging, Coast Guard Vice Admiral Peter Gautier said on Wednesday. Divers have been swimming in chilly waters with metal debris from the bridge that fell in the river. The cargo vessel itself is stable but has over 1.5m gallons of fuel oil and lube oil on board, Mr Gautier said.

Roughly 4,700 cargo containers were also on board, including 56 that contained hazardous materials. “The Coast Guard has moved aggressively to board the vessel, and we have teams on board,” Mr Gautier said.

Jennifer Homendy, chair of the National Transportation Safety Board, said some containers with hazardous materials had been “breached”.

The US Navy plans to use barges with heavy lift cranes – some can carry as much as 1,000 tonnes – to remove parts of the bridge that fell in the water.

Investigations into what went wrong on the ship will be crucial, marine specialist Jim Bellingham told the BBC. “An enormous advantage is that the ship didn’t sink so they’ll get access to bridge records and hopefully recordings of what was going on,” he said. Officials are hoping that a data recorder they took from the ship overnight will provide more information.

The Dali was headed toward Sri Lanka when it lost power all of a sudden and issued a distress call before crashing into the Baltimore bridge.

Officials say the bridge collapse at a key port could pose a risk to global supply chains and the US economy.

Mr Moore said that 8,000 jobs could be affected by the bridge collapse and called the incident a “global crisis”. “The national economy and global economy depends on the port,” he said, noting that $80bn (£63.4bn) of cargo moved through there last year.

Paul Wiedefeld, Secretary of the Maryland Department of Transportation, stressed that replacing the bridge will not be a fast process, but he promised at Wednesday’s press conference that officials are working to “come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running”.

Experts say Key Bridge’s collapse could lead to losses of up to $15m (£11.8m) per day, until the shipping lane is reopened.

US Senator Ben Cardin of Maryland said he was confident “thanks to the Biden administration” the state would get the necessary resources to recover and begin work on a replacement bridge. “Our top priority is to get the shipping lane open because of the impact it has on our country and the global supply chain,” he said.

Investigators are also hoping to determine whether dirty fuel played a role in the deadly crash. Maritime experts say contaminated fuel can cause a ship to black out as it creates problems with the vessel’s main power generators.

(BBC)

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European Chamber Report: Diversity, equity and inclusion crucial for Sri Lanka’s socio-economic development

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Sri Lankan businesses must look beyond the surface to design Diversity, Equity and Inclusion (DEI) strategies that consider broader complexities, if they are to achieve tangible and transformative business results and greater social harmony, says a new landmark report that provides recommendations for businesses to harness the potential of DEI.

The new report “Unlocking the Power of DEI: Diversity, Equity, and Inclusion as a Strategic Imperative for Business Success and Social Harmony” was conducted by the European Chamber of Commerce of Sri Lanka (ECCSL) in partnership with the Strengthening Social Cohesion and Peace in Sri Lanka (SCOPE) program which is co-funded by the European Union and German Federal Foreign Office. The study is an exploratory exercise based on an extensive literature review and interviews with 41 diverse businesses in all nine provinces of Sri Lanka. The study and dialogue at the event aimed to shed light on best practices and how businesses can leverage on existing know how to grow their business potential in modern markets.

The study aligns with the Government’s new Strategy to Promote Inclusive and Sustainable Businesses to Achieve the Sustainable Development Goals in Sri Lanka (ISB Strategy), which was also presented at the event by Chamindry Saparamadu, Director General and CEO of the Sustainable Development Council.

The study was officially presented to the Minister of Justice, Prisons Affairs and Constitutional Reforms, Min. Wijeyadasa Rajapakshe and the Minister of Foreign Affairs, Ali Sabry, as well as Carmen Moreno, Ambassador, Delegation of the European Union to Sri Lanka and the Maldives. The event was also attended by a cross section of Sri Lanka’s businesses as well as government, non-government and international development representatives involved in supporting inclusive economic growth in Sri Lanka.

Speaking at the event, . Carmen Moreno emphasized that “We must all play a part in promoting inclusion and equality. Governments and the public sector must adopt and implement the necessary legislation and public policies to combat all forms of discrimination and promote social justice. But also, the private sector has an essential role to play in building social cohesion and inclusion, starting at the workplace.” She further stated ” Improving business performance is an imperative at a time of crisis, and the report presented today shows clearly the linkages between economic growth, inclusiveness and social justice and the opportunities for businesses in Sri Lanka to embrace diversity and contribute to build a more resilient and prosperous society”.

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Plans underway to reduce electricity charges incurred by Northern farmers

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Minister Amaraweera presides at the launching of major agricultural projects in the North

By Ifham Nizam

Plans are underway to submit a Cabinet paper to reduce electricity charges for farmers using electricity for agricultural purposes in the Northern Province, Agriculture and Plantation Industries Minister Mahinda Amaraweera said.

Amaraweera said recently that the decision was taken in consideration of the strong commitment of the people of the Northern Province to carry out all the work in relation to agricultural development, especially since there are people in the war torn Northern Province who have suffered for three decades due to the war.

Amaraweera added: ‘President Ranil Wickremesinghe is of the opinion that most of the money allocated to the ministries should in turn be provided to the people of the Northern and Eastern Provinces when implementing development activities.

‘People of the Northern Province suffered from the war that lasted 30 years. However, they didn’t give up farming even in the midst of those troubles.

‘Following the statement of the President, the farmers of the Northern Province have made a request to provide some relief when they use electricity in their agricultural activities.

‘Accordingly, steps are being taken to present a Cabinet paper asking for some relief for Northern farmers when electricity is used by them for agricultural purposes.’

The minister made these observations while participating in the inauguration of a Passion Fruit Production Technical Demonstration Park and a Jumbo Groundnut Production Farming Company, which have been installed in connection with the launching of a 100-acre passion fruit plantation in Kilinochchi, Akkarayankulam. The latter was introduced by the Agriculture Sector Modernization Project under the Ministry of Agriculture and Plantation Industries.

Nearly 200 farmers have got into passion fruit cultivation and the passion fruit factory was established with the participation of those farmers and declared open by the minister.

Passion fruit cultivation is being launched, targeting the export as well as the local market. Farmers are growing passion fruit in this farm so that they could obtain more yields by using new techniques.

The minister also inaugurated the factory bringing out jumbo groundnut-based products, involving 500 farmers in the villages of Karachi and Kandawalai in Kilinochchi.

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