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In Use
Sri Lankas aid utilisation recorded an all time high of nearly US$ 1bn for 2003 and came close to forecast targets despite a politically volatile year that left the peace process in limbo.By end December the total disbursement of grants and loans came to US$ 986 mn compared to US$ 576 mn in 2002 despite […]
Second Line
Sitting fifteen floors up at the World Trade Centre (WTC) in Colombo, 350 new IT professionals will reap inspiration to develop solutions for Virtusas dominantly US based client portfolio. The US based customised IT solutions developer said on Tuesday that the firm was adding a second development centre in Colombo, growing its existing 600 IT […]
Trade off
The Comprehensive Economic Partnership Agreement (CEPA) between India and Sri Lanka is looking to be the latest casualty of the political uncertainty that gripped the country since November.Thailand backed out of a bilateral trade pact earlier this week, refusing to sign it after the Sri Lankan parliament was dissolved.rn rnOriginally the Indo-Lanka CEPA was to […]
What Crisis?
Sri Lankas financial markets are likely to remain rudderless as election campaigning starts putting the budding economic recovery on ice.The stockmarket plunged 124 points wiping off Rs. 30 bn of its value on Monday, as President Chandrika Kumaratunga opted for a snap poll to ease the current political deadlock.rn rnThe Central Bank has forecast the […]
Quick Cash
A sophisticated yet low cost real time on-line money transfer facility has been launched by Commercial Bank of Ceylon, enabling Sri Lankan expatriates to make instant money transfers from many countries. This new money transfer facility, branded ldblquote ComBank e-Exchange dblquote , provides for instant money transfers via a number of reputed financial institutions in […]
Tigers Domain
The LTTE will decide on how it and the territories under its paw would participate in the April 03, 2004 snap polls. The LTTE warned on Monday that it would honour the ceasefire agreement, but warned a snap poll was a setback to the budding peace process.rn rn”Our liberation organisation will rigidly observe the ceasefire […]
Zoo Politics
rnSri Lanka faces another expensive and possibly violent general election nearly four years before its due date leaving the peace process, donor decisions and economic policies in limbo.rnWhile a helpless UNF governments screamed lquote undemocratic and unethical the country is already in the process of breaking up under blue, green and red ranks with all […]
Dont Worry
The UNF government is upbeat of romping back to power with the promise of peace and economic prosperity, despite being caught behind by the President, a senior cabinet minister said.ldblquote We have delivered what we promised to give, that is peace and development. And we will continue with our mandate when we come back to […]
Central Bank Online
Central Bank went online with scripless security settlement system earlier last week as rate uncertainty kept primary dealers away from the secondary market.The new system is integrated with the Real Time Gross Settlement (RTGS) system for settling primary dealer accounts.rn rnCentral Bank will provide a special seat for the Colombo Stock Exchange (CSE) on the […]
Government Power
The government is taking precautionary measures to avert power cuts should the south west monsoon fails to fill the hydro reservoirs.rnThe Energy Supply Committee has already called for Expressions of Interest from emergency power suppliers to shore up the underpowered national grid.rnAny emergency power will cost the CEB much more than the current average selling […]