      Business Editor : Eriq Dewanarayana |
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The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of June 04, 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 June 04,1998 were as follows:
Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on June 04, 1998 were as follows:
Average Weighted Prime Lending
Rate (AWPLR) and Lowest Prime Rate (LPR) Average Weighted Deposit Rate
of Commercial Banks (AWDR)
*After deducting exit fees applicable for the first year Consumer price increase - Inflation goes up The Colombo Consumers' Price Index (base 1952=100) published by the Department of Census and Statistics for May 1998 was 2295.8. This reflects an increase of 3.2 per cent over April. In the previous three months the Index had declined continuously. The 12 month moving average inflation moved up to 9.2 per cent in May from the previous month's level of 8.9 per cent. When the May 1998 Index is compared with for May 1997, the indicated point to point inflation is 12.1 per cent as against 10.3 per cent in April. The point to point inflation too was on a declining trend in the previous 3 months. The rise in inflation in May was largely an outcome of the increase in food prices by 4.5 per cent in May due to seasonal factors. The prices of rice moved up with the ending of the Maha harvesting season while the price of vegetables moved up due to heavy rains and the approach of the lean season for vegetables. Price increases were also registered for red onions, coconut oil, all varieties of fresh fish, some varieties of dried fish, beef, tea dust, garlic and lime. In contrast, price declines were recorded for dried chillies, coconuts and eggs. Prices in the miscellaneous category declined marginally by 0.2 per cent while prices in the categories of clothing and fuel and light remained unchanged. When the contribution of administered price revisions to inflation is excluded, the underlying annual average inflation is estimated to be around 7.0 per cent in May, 1998. Company Performance Union Assurance Ltd., has recorded an earnings per share of Rs. 1.45 for the three-month period ending on March 31. This represents a 43 cents increase from that of the same period last year. For the year December 31, 1997 EPS stood at Rs. 5.28. The unaudited interim report sent to shareholders shows a profit of Rs. 19,334,000 after tax and transfer to Equalisation Reserve. This is an increase from that of the same period last year. Gross premiums written for the three-month period for both General and Life has also increased to 364,486,000. Union Assurance last year paid a dividend of 20% the company in its reports to the annual general meeting promised further inprovement in its service to customers. The chairman H. Selvanathan in his review for last year said: "The ability of an insurance company to meet its commitments has to be assured not for one or two years, but for several decades. The need for an up to date insurance law and an effective authority not only to regulate but also to act as a catalyst for the development of the insurance industry cannot be over emphasised. It is therefore hoped that the government will enact the new insurance law without further delay. I believe that a new insurance law is an important prerequisite for the insurance industry to face the challenge of the next millennium. Aitken Spence Bonus Issue and Higher Dividend Following the excellent recovery made during the year ended 31st March 1998, Aitken Spence & Company has announced the declaration of an Ordinary Dividend of 15% to be paid on 30th June 1998, the date of the Annual General Meeting. This, together with the interim Ordinary Dividend of 15% already paid, amounts to a 30% Dividend for the current year. These Dividends are tax exempt in the hands of the shareholders, as they are being paid out of tax exempt Dividends received by the company. At the Extraordinary General Meeting held on 1st June 1998, the Directors were authorised to issue Bonus Shares, in the proportion of one new share for every three held. As the Final Ordinary Dividend proposed is on the enhanced capital after the issue of the Bonus Shares, the total quantum of distribution represents an increase of 1.34% over the previous year. It will be recalled that the Financial Year (F/Y) 1997 - 98 had been one of the most successful in recent times. The investment in the two Maldivian resorts and the further upgrading of one of them, namely Rannalhi, with the construction of water bungalows, brought in excellent results. This factor, together with the revival of tourism in Sri Lanka which helped the company's Travels and Hotels sectors and the all round performance of the other sectors, such as Cargo Logistics and Printing, contributed to making F/Y 1997 - 98 a good year. Another significant point which is worth mentioning, is that the company was able to reap the benefits of the programme of downsizing, re-structuring and re-engineering which was introduced last year. — (Company Press Release) The newest branch office of Hatton National Bank was opened by Mr. Rienzie T. Wijetilleke, Managing Director of HNB on May 27, 1998 at Minuwangoda in the midst of a well attended distinguished gathering of invitees consisting of prospective customers. Mr. Wijetilleke in his address at the opening ceremony assured the people of the area that HNB being the largest private commercial bank in Sri Lanka is geared with a professional staff to assist its customers consisting of small, medium and large scale entrepreneurs in their development project professionals etc. to secure a prosperous future. Mr. Wijetilleke also spoke of the keen interest shown by HNB of the youth of the country by creating awareness of the many benefits offered by the bank through its 'Gami Pubuduwa' self employment scheme and giving guidance for youth who have the necessary skills and integrity to step into a bright future. NDB celebrates the Spirit of Enterprise The National Development Bank (NDB) has been playing a pivotal role in supporting entrepreneurs in Sri Lanka. It has been at the forefront of all the key programmes that have encouraged and recognised entrepreneurship in the country. Four years ago, NDB helped initiate 'Entrepreneur of the Year' awards; not only to recognise outstanding entrepreneurs of the country, but to hold them up as examples of courage and determination, to encourage those of us who are less dynamic, to 'go for it'. NDB was the principal sponsor of the inaugural entrepreneur awards organised by the Federation of Chambers of Commerce and Industry in Sri Lanka (FCCISL), and has continued to be a principal sponsor every subsequent year. 'Entrepreneurs are men and women of vision, with the courage of their convictions to see their vision materialise into reality. They have often had to swim against the tide of 'reason' that says, 'it can't be done' - because 'you don't have the money' - or - 'you have no experience'- or - 'you are a woman' - or 'you have no collateral'. To NDB, project viability is of the essence. If it has potential, we champion it. Our success has been the creation of many entrepreneurs, with whom we have, over the years, built a lasting relationship, as they have grown from small to big. We call it the NDB Touch. We celebrate the spirit of entrepreneurship and unstintingly support entrepreneurs to achieve their potential. NDB is proud to recognise the true 'achievers' of our country, as the men and women who drive the economic development of the nation', said CEO, Ranjith Fernando. The SLBDC has succeeded in breaking into the international market in the SAARC Region. Some time ago two consultants from the SLBDC were in New Delhi, India to conduct a CEFE appreciation workshop on Entrepreneurship Development for 30 NGO officials engaged in small and micro enterprise development activities, this was at the invitation of the Self Help Project with the support of GTZ of Germany. More recently two more consultants went to the Maldives Republic to conduct a Management Development Programme for the 30-member management team of a leading manufacturing organisation. The SLBDC, which was founded in 1984, with USAID assistance, with both public and private sector participation, has within a short time become the market leader in the field of services to business, enterprise, industry both in the public and private sectors and to the NGO/CBO community in human resource development, training needs assessment, entrepreneurship training, studies, opinion polls, surveys, business consultancy and general development consultancy in Sri Lanka. The SLBDC has a strategic alliance with the Ceylon Chamber of Commerce. |
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