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| Thursday, 13 January 2005 |
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Business in brief ACL authorised agent for Clipsal products ACL has been appointed as the authorised agent for Clipsal branded electrical accessories in Sri Lanka. Clipsal has a strong brand recognition in Sri Lanka and enjoyed an estimated 70% - 80% share of the electrical accessory market. The Company would initially distribute imported Clipsal brand products in the country and has plans of moving in to manufacturing in the medium term. Microsoft commits over $3.5m for relief efforts Since the tragic events of December 26 and the devastation caused by the Indian Ocean tsunamis, Microsoft has been committed to supporting relief and recovery efforts in the region with financial donations, technical resources, and volunteer time as appropriate. Many employees in the affected areas have already been working hard to support the recovery efforts in a variety of ways and to raise resources for relief agencies. In response to this tragic event, the Company has initially committed over US$3.5 million in financial support for relief and rehabilitation efforts. Microsoft's donation will include $2 million in immediate corporate contributions to local and international relief agencies. UAE donates $500,000 United Arab Emirates (UAE), one of the countries that acted immediately on the tsunami issue, no sooner they heard about this via the international media, through contributions made by the Government via the Red Crescent, by donating US$ 500,000 to purchase medical and relief aid to be distributed among the victims affected by the tidal waves, through the Red Cross Society in Colombo. According to the Red Cross Society in Sri Lanka and other Government officials, this amount has been the largest cash donation the Sri Lankan Government has received from a relief/charity organisation. The United Arab Emirates is one of the first countries to grant such a donation, followed by China, Germany and Spain. ADB, JBIC, World Bank to Visit Tsunami Affected North East The country directors of the Asian Development Bank (ADB), World Bank and senior officers of the Japan Bank for International Cooperation (JBIC), are scheduled to visit the North East today as a part of the ongoing coordinated needs assessment for rebuilding the tsunami affected partsof Sri Lanka. The team of officers will meet Liberation Tigers of Tamil Eelam?s political chief, S.P. Thamilselvan and will visit the much affected Mullaitivu to assess first hand the damage to the area. 'Appreciation of rupee a good sign' The appreciation of the rupee in Sri Lanka is a good sign of the local economy and would bring short and long term economic benefits to the country said visiting United States Congressional delegation Senator Sen. John Corzine. He said that the announcement by some countries to write off loans obtained by Sri Lanka is another reason for the appreciation of the foreign currencies. The situation has been created by the movement of free markets, which too is a good sign and in a situation of this nature governments have very little control," he said. |
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