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Govt aims to make Sri Lanka a US$ 150bn economy in five years

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State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal recently said that the government was aiming for Sri Lanka to become a US $ 150 billion economy which could be achieved through investments coming into the country over the next five years,

He said so speaking at the 41st National Conference of Chartered Accountants organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).

 “We are developing laws to enable people to invest safely and a governance system which will provide the confidence and integrity for people to see Sri Lanka as a viable destination and we are developing the infrastructure which will enable people to do business better,” he said.

“I would like to see Chartered Accountants in Sri Lanka play a more active role in creating new opportunities for the country by connecting the right people to invest and spur growth,” he said.

 “Talk to your clients and your overseas partners and market Sri Lanka to ensure it is robust once again. We must make Sri Lanka a globally accessible workshop. If we make it a workshop, then I think we will have plenty of opportunities for our people,” he told over 2000 participants who had registered for the 3-day conference from 18th to 20th January 2021.

 For the first time in its history, the National Conference recognised as Sri Lanka’s biggest business summit adopted a hybrid model, with a combination of traditional physical and virtual sessions due to the prevailing global pandemic. The participants comprising of Chartered Accountants including business leaders and c-suite executives connected to the conference virtually from all over the world.

Cabraal said the government is taking steps to open up the Colombo Port City and the Hambantota Port Industrial Zone among many other new initiatives which, according to him, are tremendous opportunities for Chartered Accountants to promote to the world.



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Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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