Diana Group plans IPO

Diana Group, manufacturers of biscuits and chocolates based in Matale, has plans to go for an Initial Public Offering, probably in the latter part of 2011with a view to expanding its business and possibly venturing into export business.

Poultry group denies shortage

Imports of chicken and eggs will hit farmers, says association

The All Island Poultry Association (AIPA) has criticised the government’s recent decision to import 2,000 tonnes of chicken and 50 million eggs, a move which they opine as ‘hasty’ and one that could badly hit the local poultry industry.

2011 BUDGET IN A NUTSHELL

The Government has implemented a US$2 billion reconstruction programme in the North. These major reconstruction activities are expected to be completed by 2012.
‘Mahinda Chintana - Vision for the Future’ targets a per capita income in excess of US$ 4,000 by 2016.

It has been targeted to increase private investments from both foreign and domestic sources from the present level of 19-21 percent of GDP to a range of 26 -28 percent over the next 6 years.
 

This together with public investment of around 6-7 percent, the government is confident that total investment can be raised from around 25-27 percent to 32 - 35 percent of GDP, to support the targeted economic growth in excess of 8 percent in the medium term and 10 percent thereafter.

Apparel sector’s major concern ‘not addressed in budget’

Sri Lanka’s apparel stakeholders say they are disappointed that the latest budget has not addressed their key industry concern with regard to the non-implementation of the Exports Development Rewards Scheme (EDRS).

“We are disappointed that the biggest concern of the apparel sector which was the non-functioning of the EDRS was not addressed in the budget,” Sri Lanka Apparel Exporters Association (SLAEA) chairman Rohan Abayakoon told The Bottom Line.

Immediate excise tax hike shocks motor franchisees

By Azhar Razak

Sri Lanka’s brand new motor vehicle franchise holders have expressed shock and anger over the government’s decision made in the Budget 2011 to drastically increase excise taxes with immediate effect, which they say should have only been made effective from January 1, 2011 similar to and in conjunction with other duty revisions.

Sri Lankan student in UK dies in house fire in East Ham

Faizul Ihzan, aged 30 from Sainthamaruthu, Sri Lanka  died on Saturday  during a house fire in East Ham, UK which took place on Friday night (November 12). Firefighters found the body as they were tackling the blaze at the terraced house in Tilbury Road, shortly after 8pm.

His sister and her two children escaped from the fire and were taken to hospital by ambulance suffering from smoke inhalation, a spokesman for London Fire Brigade said.
More than 20 firefighters wearing breathing apparatus tackled the blaze at the family home.