First weekly fair at Minuwangoda declared open

Posted on May 21, 2012 by admin

The has taken steps to introduce the Divi Neguma Sathi Pola programme for modernising the main weekly fairs throughout the country to meet consumer requirements, since 80 percent of ’s population live in rural and the plantation areas, said Economic Minister Basil Rajapaksa .
He was addressing a meeting held after the ceremonial launching of the Divi Naguma Sathipola program at the Minuwangoda town Sunday. The extent of main building of the Minuwangoda Sathi Pola built with Economic Development funds is 55,000 square feet with 696 stalls equipped with all modern facilities.  The construction was undertaken by the Western Province Road Development Authority(PRDA).

 

These fairs reflected a way of life and were part of the people’s culture. Therefore President Rajapaksa had entrusted the Economic Development Ministry with the task of modernizing weekly fairs throughout the island, Minister Basil Rajapaksa further said.

 

Minister further said that the President’s objective in launching the Divi Naguma  program is to make the country self-sufficient in food and ensure food security for every citizen and also generate self-employment.  It is with this aim that the Sathi Pola construction program commenced at Minuwangoda, heralding a new era in social progress.

 

As soon as the President entrusted the Economic Development Ministry with this task Western Province Chief Minister Prasanna Ranatunga undertook the responsibility. Thereafter Western Province Road Development Authority General Manager R.M.S. Bandaranaike directed the
work under the supervisionn of Western Provincial Minister Nimal Lansa.   Work on the Minuwangoda Sathi Pola was completed in four months.  Minister Rajapaksa expressed his thanks for a job well done.

 

He stressed the need for keeping the Sathi Pola clean and reminded that it was the responsibility of the Minunwangoda Mayor and councillors. He said that any renovations, repairs and maintenance if required should be done according to proper advice and measures should be taken to ensure that not only people’s needs are met but also public property is protected.

 

Minister Rajapaksa added the fair would serve as a sales point for home grown vegetables and fruits and other local products. Excess products could be sold to traders doing business in other areas He further said that today everything is being done in according to a proper plan.  The projects cover highways and byways, maternal clinics, pre-schools, reservoirs, tanks and irrigation canals, jogging tracks, culverts, bridges and toilets among others.

 

In accordance with the Mahinda Chinthana Vision nine weekly fairs are being built under the Sathipola Project in the Gampaha District with funds provided by the Ministry. The buildings are coming up at Wattala-Bopitiya, Divulapitiya, Badalgama, Negombo-Kamachchode, Dompe-Kirindiwela and Pugoda, Mahara-Malwatu Hiripitiya, Gampaha-, Biyagama-Pattuwila and Minuwagoda. Agrarian Services Minister S.M. Chandrasena, Western Province Chief Minister Prasanna Ranatunga, Provincial Council Minister Nimal Lansa, Deputy Ministers Duleep Wijesekera, Pandu Bandaranayake, Parliamentarian Sudarshani Fernandopulle and a large gathering were present on the occasion.

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SEC resolves NSB Share Purchase issue

Posted on May 21, 2012 by admin

The much hyped controversy about the purchase of The Finance Company (TFC) shares by the Savings Bank has ended with the approval by the Securities and Exchange Commission (SEC) to the transfer of The Finance Company (TFC) shares from NSB back to the sellers.  This resolves the controversial transaction that took place on 27 and has remained in limbo since.

 

The SEC has said that it is continuing with the investigations on the transaction and has assured of firm action against all those who are found to have violated the SEC Act.

 

Given below is the full text of the SEC statement issued in this regard:


Taprobane Securities (Pvt) Ltd. (TSL) and the National Savings Bank (NSB) by letters dated 11 May 2012 made an application to the Securities and Exchange Commission of Sri (SEC) seeking prior approval under Section 28 (1) of the SEC Act to transfer The Finance Company PLC (TFC) shares purchased by NSB on 27 April 2012 on the Stock Exchange (CSE) to persons identified by TSL outside the Trading Floor of the CSE.
TSL in their application undertook to pay Sampath Bank PLC the consideration due on this transaction including the interest due thereon in settlement of the monies due to Sampath Bank for the settlement services rendered by Sampath Bank on the share purchases done by NSB of TFC on the Trading Floor of the CSE on 27 April 2012. NSB in their application also agreed to transfer TFC shares purchased on 27 April 2012 in its entirety to the persons identified by TSL outside the Trading Floor of the CSE. The NSB agreed to allow TSL to pay Sampath Bank the consideration sum due on this share transfer in satisfaction of the amounts due to Sampath Bank for the settlement services rendered on the share purchases transacted by them on the CSE on 27 April 2012.
Sampath Bank too intimated to SEC that the bank will discharge NSB and all parties connected with the impugned transaction, if TSL as undertaken by its letter pays Sampath Bank all sums due to them including interest/levies due thereon.
In terms of Section 28 (1), the SEC has the discretionary power to approve transfers outside the trading procedure of the CSE.
In this backdrop the SEC has granted approval to allow NSB to transfer TFC shares purchased on 27 April 2012 in its entirety to the persons identified by TSL outside the Trading Floor of the CSE. This approval has been granted under exceptional circumstances for the smooth functioning and the system stability of the payment and settlement cycle of the Capital Market of . It is stressed that the SEC will not consider this instance of granting approval to conduct a trade of this nature off the Floor of the CSE as creating precedence.
The SEC is separately investigating the above mentioned transaction and the parties involved in it. Firm action will be taken against all those who are found to have violated the SEC Act.
The SEC is currently studying this entire issue and expects to take a series of appropriate measures, rule and procedure changes to prevent such incidents in the future. The SEC will also intensify its efforts in implementing the Counter Party (CCP) for the CSE which will be the final solution to address settlement failure risk

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Sri Lanka will create history tomorrow by exporting maize

Posted on May 21, 2012 by admin

Tomorrow is a historically important day for as for the first time will be exporting 10,000 metric tons of maize to Taiwan and .

 

Until recent times Sri was producing only 15% of its maize requirement of 210 metric tons per year and the balance was importing.

 

Minister of Agriculture Mahnda Yapa Abeywardene addressing a media conference at the this morning said as instructed by Mahinda to make arrangements to grow everything that can be grown locally, an expeditious programme was introduced to expand growing of 10 local products and maize was one of these products.  He said that accordingly Sri Lanka was able to reap a harvest of 235 metric tons of maize in the Maha season.  As a result of this, the Minister said that arrangements have been made by the private sector company Wayamba Traders who has received orders for maize from Canada, Taiwan and Middle East Countries, to export the excess maize produced to foreign countries.  The Wayamba Traders is a company specializing in imports, exports and local merchandise of ago-commodities such as sesame seeds, black pepper, desiccated coconut, nutmeg, cinnamon, garcinia, soya beans, maize and other agricultural products.

 

Minister Yapa further said that due to the efforts made by the government to encourage farmers to undertake maize cultivation within a period of 3 years Sri Lanka was able to increase maize production by 168%.  He said that other than , Kalutara, Galle and Gampaha districts maize can be cultivated in all other districts in the country and at present maize is cultivated in large scales in the Moneragala and Anuradhapura districts.  The Minister also said that for the of the country -private partnership is required and hence export of these products has been entrusted to the private sector.

 

The Chairman of the Wayamba Traders S.H.Sadikeen addressing the media conference said that a metric ton of maize will be exported for 370 U.S.Dollars.  He said that other than Canada and Taiwan there are demands for maize from several other countries.  He said that they have established forward purchasing agreements with 2,220 farmers in the Anuradhapura district giving them a guaranteed price of Rs. 35 per kilo of maize. Mr. Sadikeen said that export orders have been received from many countries and his company has also made arrangements to export maize flour to Japan.

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Terrorist Demos in New York was a total flop

Posted on May 21, 2012 by admin

Sri ’s Deputy Permanent Representatives to the United Nations in New York Major General Shavendra Silva has said that the demonstration organized by the tiger terrorist Rudrakumaran in New York last Saturday at the time Sri was celebrating the 3rd victory anniversary ended in a complete failure.

 

He has said that more than the previous years, their expectations this year ended in a total flop.  The Major General has said that the terrorist leader Rudkrakumaran despite being resident in New York could not muster even 50 persons to participate in the demonstration.

 

The Major General has said that the terrorists used small children for of pamphlets and people totally ignored it and it seemed no one was keen to take the pamphlets.

 

The Major General has pointed out that even in New York special functions were organized in connection with the 3rd victory anniversary.  Religious programmes were held with the participation of religious leaders of all faiths and blessings were evoked on martyred war heroes.  He has said that a large crowd of all Sri Lankan Nationalities attended these functions.

 

He has also reminded about the strenuous task carried out by the war heroes in rescuing nearly 300 thousand people who were used as human shields by the terrorist outfit.  He said the hand of brotherhood was extended by the war heroes to provide even their own food, sanitary and other facilities to these innocent people.  He has also pointed out that the Sri Lankan forces have discipline and abiding nature that cannot be seen among the forces of any other country.

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