All Blogs
Safe Mode
The Central Bank bought Rs. 4.4 bn worth treasury bills on Wednesday by driving rates down marginally.The bank said the money was needed to improve market liquidity, which fell below Rs. 2 bn in this week.rn rnThe money market had a Rs. 4 bn surplus last week, likely on money withdrawals ahead of the April […]
Flying India
Indias Jet Airways chalked up Colombo as its first international destination on Wednesday, after both governments opened skies recently for bilateral traffic. The airline will initially operate Chennai-Colombo runs, extending this to Bangalore, Mumbai and Thiruvananthapuram within the next two months.rn rnldblquote We have got approval for these three routes, seven flights a week from […]
Sharing Wealth
Hatton National Bank is coming out with an Employee Share Ownership Plan to reward staff and give them a sense of partnership.HNBs Chairman/CEO Rienzie T Wijetilleke says around five percent of its issued share capital will be allocated for the ESOP scheme.rn rnThe banks Rs. 715 mn issued share capital comprises of Rs. 550 mn […]
Show and Tell
Sri Lanka is drumming up support for an annual regional export sector exhibition, kicking off its campaign with a 4-day local event in November 2004. A regional event is expected to foster greater inter-Asian trade and push down trade barriers, while giving local exporters an opportunity to attract regional investment partners.rn rnThe South Asian Association […]
Animal Instinct
Sri Lankas political stage is a muddle of fish, eagles, trishaws, trees, mammoties, electric bulbs, coconuts and many more, all convinced they could do a better job running the country than the government or the main opposition. Splitting up the vote bank at the April 2 polls they may be, but Sri Lankas mushrooming political […]
Splitting Hairs
Despite a slew of recent opinion polls showing a significant lack of confidence in the UNF running of the economy, the party believes a societal shift in voter thinking can still push crucial votes their way.The run up to the April elections has seen a flood of opinion polls by research organisations and NGOs, almost […]
Over The Sahara
Indias Sahara Air flew in its first paid-passenger-flight to Colombo on Monday taking Sri Lanka a step closer to the coveted regional tourism hub status.ldblquote Your government has realised that tourism is the main industry for Sri Lanka and has opened the skies, dblquote said CEO Sahara Airlines Ltd, Uttam Kumaar Bose, at a press […]
Bad Luck
The Mahapola Trust Fund and GTECH filed a counter case in courts Tuesday to fight a fundamental rights petition against the launch of its online lottery. The case is due to be taken up on March 25.The Development Lotteries Board (DLB) got an interim injunction on Monday from the Supreme Court preventing Mahapola from launching […]
Checkmate
Moves by DFCC Bank to invest in National Wealth Corp. were put on hold following defamatory reports by the state media on Tuesday.NatWealth, which is a fully owned subsidiary of the Mahapola Trust Fund, has denied allegations of misappropriation of funds.rn rnState news reports alleged that Rs. 3.16 bn in Mahapola Funds were illegally transferred […]
Socially Accountable
The Institute of Chartered Accountants of Sri Lanka (ICASL) – the countrys auditing standard setting body – is trying to lift the countrys accounting standards a notch higher by embedding Social Responsibility Reporting (SRR) into annual financial reporting.As it is Sri Lanka has one of the strongest legal infrastructure in place when it comes to […]