Pan Asia Bank drives a project to rehabilitate tanks to support local communities
Continuing its efforts to support the lives and livelihoods of people along with preserving the nation’s rich heritage in its newest initiative, Pan Asia Bank is partnering the Irrigation Department to rehabilitate rural area Tanks and Anicuts under the “Wari Saubhagya National Programme”, the first such private-public partnership under this national programme. The project involves rehabilitation of “Mahawewa” in Balagolla wasama in Rambe DO’s division in Kurunegala District, in a rural village called “Egodagama” which is 140km away from Colombo and 36km away from the Kurunegala-Madagalla road. Over 80 farming families live in the village and practice paddy cultivation as their main livelihood. ‘Mahawewa” and “Munhenwewa” tanks which are 19 & 4 acres respectively are fully covered with mud and Eichhornia plants, as result of which, the water capacity of these tanks has fallen to 20% of the total capacity.
This noteworthy project by the Truly Sri Lankan bank- Pan Asia Bank, will increase the water capacity of the tanks and support the 140 acre paddy cultivation in the area while formalizing the irrigation system. The project began on 18th August and is scheduled for completion by 30th September 2021. The entire project cost will be financed by the Ranaviru & Sammana team by allocating their Insurance Income Commission.
Team Sammana took the lead in this regard and this is yet another project that underscores Pan Asia Bank’s positioning as The Truly Sri Lankan Bank.
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
Australia and India set for showdown at The Oval
Thousands flee floods after dam collapse near Nova Kakhovka
Sagala Ratnayaka leads Sri Lanka delegation to 20th IISS Shangri-La Dialogue
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
Business6 days ago
‘ඇය සුරකින AIA’ celebrates one year of empowering half a million women to rise together
News6 days ago
AI demands immediate release of Natasha
Business6 days ago
DFCC Bank provides exclusive free access to DOC 990 for DFCC Aloka accountholders
News7 days ago
Misappropriation of Rs 195 mn: Fort Magistrate clears way for continuation of CID probe
Opinion7 days ago
Features5 days ago
Religious cauldron being stirred; filthy rich in abjectly poor country
Features7 days ago
Please, take charge of Poson celebrations: A proposal to Mahanayake Theras
Opinion5 days ago
Demystifying Buddhism: Need of the hour?