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Alternate Line
The Development Lotteries (DBL) Board is studying alternate methods to retail lottery tickets online before diving into the computer driven jackpot business. DBL Chairman, J K Fernando told Lanka Business Online on Wednesday that the Board would launch an online lottery with foreign collaboration when the they have identified ways of using its current sales […]
Feeling Lucky
The Development Lotteries Board (DLB) is playing a new lottery ticket to reach a Rs. 1 billion bottom line target by end 2004, after posting a profit of about Rs 750 mn for 2003.The new lottery ticket, Jayoda, will also push up 2004 revenue estimates to Rs.5.2 billion up from Rs 3.7 billion last year. […]
Aid Drip
The Asian Development Bank on Wednesday approved US$ 80 mn to rehabilitate conflict areas – a first such loan since the Tokyo aid parley last year. The Manila based bank will part fund a rehabilitation project in some of the worst affected areas and neighbouring towns, despite peace on the ground reaching a stalemate.rn rnThe […]
Steady Ship
The Central Bank left its key short-term rates unchanged on Wednesday, signalling that it was comfortable with the countrys economic fundamentals.The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy Meeting late Tuesday.rn […]
Good Marks
Fitch Ratings Lanka Ltd (FRL) has assigned SL A national credit rating to the Implied Long-term unsecured Senior Debt of First Capital Treasuries Ltd (FCTL).SL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in […]
Fuzzy Signals
The Central Bank will meet a consortium of investors keen on buying Pramuka Bank on Wednesday evening to shed more light to their complex proposal.Hopes ran high on Tue. that the Central Bank had discussed a proposal put forward by a consortium at its Monetary Policy meeting.rn rnCentral Bank Governor, W A Wijewardene said the […]
Silver Lining
The government plans to take a fresh approach to divest its stake in Shell Gas Lanka Ltd., after its initial attempts fell through.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn ThernTreasury, which owns 49 percent of the gas giant, was earlier hoping to raisernaround Rs. 500 mn by selling its stake.rn RoyalrnDutch Shell, which bought a 51 percent stake in […]
Hat Collection
The government is looking for donor assistance to give the local asset securitisation market some legal teeth.Securitisation allows firms to borrow against future cash flows, which are channelled into a separate legal entity or a special purpose vehicle (SPV). Though asset securitisation has been around since the mid-1990s, local laws do not recognise such transactions.rn […]
Take Off
An annual 6.5 percent growth forecast for the Asian aviation industry has prompted the EU to set up a regional training facility in Sri Lanka.The EU and the European Association of Aerospace Industries (AECMA) are putting in a combined Euro 10 million to develop the skills of national aviation regulators and operators in South Asia […]
Cloud No. 9
The Galle Face Hotel is coming out of the closet with Bryan Adams and is hinting at signs of waking up to changing times.The Galle Face Hotel still manages to ooze its famous old world charm but is now clearly looking at shedding its sleepy image starting early this year backed by the musical magic […]