No hesitation to take decisions based on indigenous programme – President’s Independence Day Message

Posted on February 4, 2012 by admin

Our nation is fortunate to celebrate the 64th Independence Day with a genuine sense of dignity about freedom.

 

Today the flag flutters pointing to a new country in the making.  The way is open for an independent economy.  It daily reinforces the nation’s aspiration for a prosperous future.  It has given us freedom to decide upon issues concerning the country and the nation without bowing down before external powers.  I strongly believe that is the immense responsibility he nation entrusted to us.  It is a great pleasure to see the steady consolidation of supreme independence.
The country’s achievements would be secured when opportunities for , co-existence as well as harmonious living are widened.  Sacrifices made so far to reach that objective have to be secured in future too.  We would o longer hesitate to take decisions towards fostering national unity through an indigenous programme of action.  We overcame diverse challenges the country faced with extreme patience.  We have built productive economic, political, defence, trade and cultural links with the international community through friendly contacts.  We must preserve all this by working more rationally, intelligently and patriotically than even before.
Similarly the country should be brought forward developing its value systems.  It is only then that a prosperous life would emerge in a peaceful environment.
The nation’s respect and felicitations should go to all patriots who paid the supreme sacrifice, laying down their lives to overcome the nation’s challenges for the sake of supreme independence.

 

I wish to a bright future!

Courtesy:   

Posted in Latest News | Tagged , , , , , , | Leave a comment

Foundation laid for Rs 700 M hotel project in Jaffna

Posted on February 4, 2012 by admin

Prime D.M Jayaratne and the of Economic Basil laid the foundation Stone for Jetwing Yarl hotel in on Friday
The Rs 700 million project is a joint venture between Mercantile Merchant Bank Ltd, and the Jetwing Group.  Jetwing Yarl hotel is to be constructed on a 46 perch land area on the Old Clock Tower Road, in Jaffna. The star class hotel will have 76 rooms, 14 storied, roof top swimming pool, Presidential Suite. According to the project estimation the construction work is to be completed within 18 months.

 

This hotel will create employment for youth in the area in addition to boosting income and business opportunities to the self-employed, micro enterprises and farmers.

 

Douglas Devananda, Minister of Traditional Industries and Small Enterprise Development, Major General G. A. Chandrasiri, Governor of the Northern Province, Mr. Milinda Moragoda, Mr. Ruwan Samarasinghe, Managing Director, Jetwing Hotels and Ms. Shiromal Cooray, Managing Director of Jetwing Travels (Pvt) Limited also participated on this occasion. Pix by Chaminda Hittatiya

Courtesy:   

Posted in Latest News | Tagged , , , , , , , , | Leave a comment

Sri Lanka increases Rates for the First Time in Five Years

Posted on February 4, 2012 by admin

bank raised interest rates for the first time since 2007 to curb credit growth in the nation and ensure inflation stays low.

 

The Central Bank of Sri CBSL Thursday raised the reverse repurchase rate to 9 percent from 8.5 percent and the repurchase rate to 7.5 percent from 7 percent,

 

The Bank said that the consequent to the increased domestic economic activity, low interest rates, as well as the unexpectedly high energy prices in the international market, the total expenditure on imports increased substantially to US dollars 18.4 billion during the first eleven month of 2011 widening the trade deficit. This was in spite of earnings from exports increasing by 22.2 per cent to US dollars 9.6 billion during the period. Increased earnings from , increased workers’ remittances, and other inflows to the services account helped cushion the impact on the current account deficit, while the Central Bank had to intervene by supplying foreign exchange, on a net basis, to mitigate the undue pressure on the domestic foreign exchange market.

 

“As a result, despite higher inflows of foreign direct investments and inflows to the , gross official reserves (excluding Asian Clearing Union balances) declined to US dollars 5.9 billion by end December 2011, representing the equivalent of 3.6 months of imports.” the bank said in a statement

 

Meanwhile, credit granted by commercial banks to the private sector increased by 34.5 percent, year-on-year, in December 2011, substantially exceeding projections. Provisional estimates indicate that within the credit extended to the private sector by commercial banks, trade related credit and credit driven by import related items such as motor vehicles and consumer durables increased significantly. Import related credit increased by over 34 per cent during 2011, while the increase in credit for export activity was only around 8 per cent during the year. Pawning also displayed a significant increase in 2011. In addition, credit granted to the Government and corporations by commercial banks increased considerably, and in particular, a higher petroleum import bill and the inadequate adjustment to domestic petroleum prices led to increased borrowings by the Ceylon Petroleum Corporation

Courtesy:   

Posted in Latest News | Tagged , , , , , , , , , | Leave a comment

Colombo courts complex will not be relocated – Justice Minister

Posted on February 4, 2012 by admin

Justice Rauff Hakeem, met with the lawyers of the Magistrate’s Court who were protesting under the assumption that the Magistrate’s Courts complex would be relocated and assured them that there were no plans by the of Justice to relocate Colombo courts out of Hulftsdorp or sell the historic courts complex as alleged by them.

 

He informed them that there was a proposal to construct a new of the art building in Hulftsdorp to accommodate several institutions relating to the administration of justice, since the efficient administration of justice had been hampered due to the severe lack of space at the present premises.

 

The minister also assured the lawyers that he would take steps to appoint a committee headed by a judge of the Supreme Court, nominated by Her Ladyship the Chief Justice, the of the Bar Association and a nominee of the minister to consider issues raised by different regional Bar Associations regarding the newly created jurisdictions, that were gazetted.

Courtesy:   

Posted in Latest News | Tagged , , , , , , , , | Leave a comment