• Exchange Rates
• Unit Trust Prices
• Strong demand for Pekoes, FBOPs
• Handing over of Caterpillar Tractors
• NIBM's Planned Approach to Marketing
• Ferguson Lanka Manufacturing Facility opens June 3

The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of May 29, 1998 were as follows:

The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on May 29,1998 were as follows:

Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on May 29, 1998 were as follows:

Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended May 22th 1998 was 14.7 per cent for all banks. The Lowest Prime Rate among banks during this week was 12.0 per cent.

Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended April 30th 1998 was 9.6 percent.

Strong demand for Pekoes, FBOPs

A total of 5.4 million kgs came under the hammer this week of which Ex. Estate offerings comprised 1.1 million kgs.

At May 27, Low Grown sale, there was strong demand and consequently the majority of teas witnessed a firm to dearer trend in prices. The feature of the sale was the strong demand for Pekoes and FBOPs which gained sharply in value. Last week’s Sale Averages for Low Growns equalled the previous all time record Sale Average of Rs. 148/51 per kg established at the sale of 13.01.98. It is most likely that this week’s Low Grown Sale Average, once computed, would establish a New All Time Record.

Quality of this week’s Ex. Estate offerings was generally inferior to last and consequently, majority of the teas in the higher price bracket declined quite sharply. Shippers to UK, South Africa and Japan operated selectively for the better liquoring teas whilst the below best and plainer sorts were mostly competed for by shippers to the CIS, Pakistan and Egypt.

Eastern Brokers Limited

Handing over of Caterpillar Tractors

The handing over of ten Caterpillar 320B Hydraulic Excavators to M/s Southern Group on 5th May 1998 chalked a significant milestone in the history of development activities in Sri Lanka. This was the first time a local private construction contractor had purchased a fleet of 10 machines of any make at one time. These machines are to be used in major development projects in Sri Lanka. While the local leader United Tractors (UTE) were proud to be associated with the formal handing over ceremony held at their Wattala office complex, it was an equally important occasion for Caterpillar as this sale provided ample proof of the confidence, leading local contractors place on Caterpillar products and services. When M/s Southern Group, decided to modernize their existing fleet of excavators, the obvious choice was Caterpillar because of the proven high productivity of Cat equipment as well as the dependability of its leader UTE.

UTE's key strengths have been its human resources and its ability to solve equipment problems. Its motto "the journey continues even after the sale" only serves to emphasize its objective of providing after market product support to foster long term relationships with customers. - (Press release)

NIBM's Planned Approach to Marketing

The Faculty of Marketing of the National Institute of Business Management inaugurated a five-day Training Workshop titled "A Planned Approach to Marketing" (English medium) targeted to Senior and Middle Level Executives of Private Sector Organizations involved in Marketing and related activities on the 18th of May 1998, at NIBM Head Office.

The training programme was inaugurated by Mr. C. P. Wickremaratne, Senior Manager, Agro Chemicals & Equipment Department, Mackwoods Limited. He also delivered the keynote speech to the workshop participants at the inauguration. The welcome address was made by Mr. N. Sunil Adhihetty, Director Manager Development, Senior Consultant, Faculty of Marketing, NIBM and the Director of the Training Workshop.

Ferguson Lanka Manufacturing Facility opens June 3

The Ferguson Lanka Manufacturing Facility will be opened on June 3 at the Biyagama Free Trade Zone.

Minister of Industries C. V. Gooneratna will declare open the state-of-the-art facility producing high quality garment labels, SWING tickets, self-adhesive labels, woven labels and fabric labels supplying the needs of the garment industry in Sri Lanka.

Ferguson Lanka is a joint venture between Ferguson International PLC (Britain), the Hirdaramani Group and Comcraft Services.

The British company has operations in Hong Kong, China and Malaysia to supply labels of highest quality to world class retailers such as Marks & Spencer, Mothercare, Windsmoor, NEXJ and many others.