All Blogs
Teething Problems
rnrn The countrys largest telecom operator has failed to bill its customers since last December, due to delays in implementing its new US$ 20 mn billing system.rn With over 830,000 subscribers on its network, SLT is not expected to get is act right until August, says analysts Vajira Premawardhana and Shamlee Hasheem of Lanka OrixrnSecurities.rn […]
Profit Centre
Moving ever closer to a long proposed IPO, Software solutions developer Virtusa Corporation recently completed its Series D round of financing, securing US $20 million. The fourth round of funding for Virtusa was led by Focus Ventures, with participation from existing investors Sigma partners, Charles River Ventures and Globespan Capital Partners.rn rnThe fresh infusion increases […]
Chief Troubleshooter
Sri Lanka Friday named a former United Nations disarmament chief to spearhead new peace talks with Tamil Tiger rebels.Jayantha Dhanapala, a UN undersecretary general for disarmament affairs until last year, was named secretary general of the governments “peace secretariat,” President Chandrika Kumaratungas office said.rn rnDhanapala, a Sri Lankan, was also named a senior adviser to […]
Not For Sale
Sri Lanka will terminate a divestment program initiated by the previous government, the treasury secretary said Friday.But the new government headed by President Chandrika Kumaratunga that came to power last month will increase public spending on poverty-reduction measures, which arent expected to widen the budget deficit, he said.rn rn”Privatization is not the policy of the […]
Risk Return
In its strategy to concentrate its resources to grow its core competencies, the John Keells Group is outsourcing its entire insurance portfolio to Delmege Insurance Brokers.The Delmege-AON partnership that won the contract, will be called on to provide, in addition to regular insurance, specialized services including risk management, loss control and business consultancy.rn rnThe Keells […]
Thumb Tags
Sri Lankans applying to enter the US will be electronically fingerprinted with effect Wednesday, as the US toughens security laws at its embassies and consulates in 120 countries. Together with the standard digital photograph, the fingerprinting process will be the second biometric indicator on all visas to the United States.rn rnldblquote It is designed to […]
Fresh Growth
Sri Lanka shipped out 12 mn kilos more tea in the 1Q of 2004, up from 65 mn kilos exported in 2003.Adding to the good news, the total value of the export orders reached Rs. 18 bn from Rs. 14 bn, increasing the average price per kilo to Rs.234.2 from Rs. 225 in the previous […]
Spoilt Brats
The latest threat to Colombos privileged is small, pesky and deadly. Municipal authorities reveal that Colombo citys better off are under attack by dengue mosquitoes.rnrnThe Colombo Municipal Council (CMC) says that 70 percent of all reported dengue cases in Colombo now come from upper and middle class families.rn rnldblquote Four to five years ago 60 […]
Slight Tremor
Treasury bill rates perked up at this weeks auction, ahead of the Central Banks monthly Monetary Policy meeting on Thursday.Three month paper rose two basis points to 7.79 percent, while six and 12 month paper remained flat at 7.76 percent and 7.71 percent, the Central Bank said Wednesday.rn rnThe bank offered and accepted bids for […]
Small Change
Putting its money where the community level work is, the World Bank today doled out Rs. 4 mn to enhance the work of eight non-governmental organisations (NGOs). The small grants programme deviates from the usual funding style of the World Bank, usually associated with mid sized to massive community projects rolled out by State representative […]