Business and Economics
Sampath Bank inspires entrepreneurship among Lankan youth

Sampath Bank continued in its steadfast quest to empower the nationís youth, by partnering with the Department of Technical Education and Training to develop the entrepreneurship skills of students who have completed their course of study at various technical colleges across the island.

Five sessions were successfully conducted by the officers of Sampath Bank at Technical Colleges located in Kurunegala, Matara, Beliatta, Polonnaruwa and Kegalle, with a participation exceeding 400 students.

Approximately 250,000 students face the GCE Advanced Level Examination every year, with only about 30,000 being granted entrance to the respective local universities. The remaining students are often provided with Technical & Vocational Training across a range of professional skills and capabilities.

At present 39 Technical Colleges are scattered across Sri Lanka, which fall under the purview of the Department of Technical Education & Training, which in turn functions under the Ministry of Skills Development and Vocational Training.

Hyundai Wia wins $596 mn order from U.S. and European auto makers

Hyundai Wia, a parts-making unit of South Korea's Hyundai auto group, has secured a major order worth 702.1 billion won ($596 million) to supply constant-velocity joints for premium auto companies in Europe and the United States. Company names were not disclosed.

Hyundai Wia said its constant-velocity joints minimized noise and vibration and reduced weight while increasing their rigidity and rotation angle. Fifty-five percent of the parts will be supplied to eco-friendly vehicles. Constant-velocity joints allow a drive shaft to transmit power through a variable angle, at constant rotational speed, without an appreciable increase in friction or play. They are mainly used in front-wheel-drive vehicles. Modern rear-wheel-drive cars with independent rear suspension typically use constant-velocity joints at the ends of the rear axle half shafts and increasingly use them on the drive shaft.

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Japanís Furukawa Electric to join Indonesiaís submarine cable project

Japanís Furukawa Electric Co. has won a full turnkey contract from Indonesiaís state-owned utility together with its local partner to engineer and construct a submarine cable for reducing power generation cost and improving a stable supply of electricity on Bangka Island adjacent to Sumatra Island.

The Japanese electric components supplier said Friday that the contract valued at about 11 billion yen ($101 million) would allow Furukawa Electric and PT Wijaya Karya, or Wika, a state-backed engineering and construction firm, to develop 150-kilovolt cable between the two islands for PT PLN.

Furukawa and its Indonesian partner take about half of the contract value each, a spokeswoman at Furukawa Electric told NNA on Monday.

The project, scheduled to be completed in 2021, aims to replace diesel power system on Bangka Island with electricity to be supplied across the Bangka Strait from Sumatra Island in western Indonesia, Furukawa Electric said in a statement.

The task will reduce power generation costs and improve the stability of the electric supply in the region, it added.

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