All Blogs
In 2003
rnrnrnrnrnrnrnIn 2003 is a series of reports on some the significant events that rnunfolded in the economy and in Sri Lankan business during thern rnrnrnrnrn In 2003 is a series of reports on rnsome the significant events that unfolded in the economy and in Sri Lankan rnbusiness during the year. The brunt of many of […]
Mobitel Clarifies
Mobitel Private Ltd said a statement it regretted any embarrassment caused to the Attorney General or the Telecom watchdog as a result of a news item that appeared in the media, early in December, saying a case against the operator had been dismissed after it was withdrawn.Mobitel says it only learnt later that a fresh […]
In 2003 – Under the Banyan
Banyan Tree shelved ambitious plans for Sri Lankas leisure industry and will wait for the current political impasse to pass over. The Group took over management of Deer Park Hotel, a Club and Spa for Colombo Plaza and the reins of Beruwela Walk Inn, in 2003.Banyan Tree also planned to privately raise US$ 20 mn […]
In 2003 Super Chain
Management control and a 40% stake in the state supermarket chain – Sathosa was taken over by a consortium led by Ceylon Biscuits. Richard Pieris, Ceylon Biscuits and Lion Breweries paid Rs. 680 mn to win the deal, beating rivals Cargills and other bidders. The operation was handed over in late Nov.to the consortium and […]
In 2003 – Spin Offs
Downstream petroleum distribution was liberalised this year, being thrown open for three players including state owned Ceypetco. A third player will be selected in Jan., operating alongside CPC and Lanka IOC taking up a third stake in a common infrastructure facility.Come 2004, the Public Utilities Commission will regulate the sector and govern prices; Aviation Fuel […]
In 2003 Game GDP
A first Central Bank study on provincial GDP numbers came out in 2003, showing an uneven, imbalanced regional input to economic growth. The Western Province dominates the list contributing to 46% of national GDP, while the Services sector generates an average 55% of GDP. A high degree of economic activity is concentrated in the Western […]
In 2003
rnrnrnrnrnrnrnNew Page 1rn rnrnrnrnrn In 2003 is a series of reports on rnsome the significant events that unfolded in the economy and in Sri Lankan rnbusiness during the year. The brunt of many of these events will only be felt in rn2004.rn rn For Monday, December 22 we look back rnat developments with:rn rnrn
Stop, Look & PAY
The Western Provincial Council says motorists in the province have defaulted paying revenue license fees valued at more than Rs. 1 billion.One third of the 1.8 million registered motor vehicles in the country are in the Western Province.rn rnBut authorities have found that 375,000 motorists have not paid their license fees.rn rnTo bring them back […]
Will Reveal
Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been […]
Less Is More
A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society. Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation […]