All Blogs
Seat Dump
SriLankan Airlines, which plans to add around half a dozen aircraft to its fleet over the next year, says subsidized carriers are dumping seats to the market.The airline CEO told the 9th LBR-LBO CEO forum the country should focus on a ldblquote managed open skies dblquote policy to make Sri Lanka an air hub instead […]
Jetting Off
Jet Airways Ltd., Indias second- biggest domestic airline by fleet size, said its in talks to sell a stake to potential investors to raise funds to expand.“We are talking to various investors,” Executive Director Saroj Datta said in a telephone interview in Mumbai. “No decision has been made yet,” he said, declining to elaborate.rn rnSingapore […]
Watch Out
The Central Bank came out strongly against pyramid style investments, warning public not to park their savings in quick money making schemes.rnrn rnThe banks statement comes afterrnit made a similar warning on Wednesday, rnasking public to be cautious when the opt for high yielding risky investments. rnThe Securities & Exchange Commission too last week issued […]
Forest Fog
Developing countries like Sri Lanka exploit natural resources to grow exports that help pay off foreign debt.Encroachment of forests like Sinharaja by tea plantations and timber firms had to be tolerated to boost exports and generate jobs.rn rnAn Act passed by the US government to help conservation and reduce debt is offering a solution. rn […]
Capital Punishment
The government has set up an agency to independently manage commercial enterprises rather than privatize them as critics slammed it saying across the board state capitalism might not be the best answer to address the differing needs of state institutions.Twelve strategically important institutions including state owned banks, utility and transport sector investments have been brought […]
Growing Wings
National carrier SriLankan Airlines threw the gauntlet at the hotel industry, saying it was ready to broad base into up-market leisure hotels if local industry didnt make a move on. ldblquote If you dont invest in the industry, this airline will, dblquote warned SriLankan Airlines CEO, Peter Hill addressing corporate heads at the ninth LBO-LBR […]
Virtual Money
The World Bank on Thursday signed a US$ 53 million deal with the Republic of Sri Lanka, funds to back its island-wide Information and Communications Technology diffusion project.The funds will be available to the ICT Agency to rollout a number of pilot projects and initiate rural telecommunications projects.rn rnKey elements of the first phase of […]
Mega Deal
Hatton National Bank on Thursday inked a deal to execute a US$ 36.5 mn interest rate swap for power generator Heladhanavi Ltd.Heladhanavi, a joint venture between the Hemas Group and Lakdhanavi, had last July signed up for US$ 47 mn in debt, payable over a seven-year period at three-percent over LIBOR (London Interbank Offered Rate).rn […]
Road Block
Open bids to be called for in June to build the Colombo-Katunayake Highway are on hold, as the government tries to jumpstart the process with former contractor Keagnam.rnrn rnPriority for the project has been shifted to lquote now rather than months down the line, with the new government halting two years of groundwork, to explore […]
Bond Worrys
Sri Lankas commercial banks are in for a rough ride this year with the bond markets falling on top of increased taxes.The banking sectors 2004 first quarter interim results saw commercial banks significantly under-performing the broader market.rn rnSector profits fell over 30 percent year on year and share prices fell on average by 30.8 percent […]