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Steady Run
The Central Bank, Wednesday, left growth projections of 5.5 percent for 2003 intact, but warned that key structural reforms had to go ahead to maintain the momentum. ldblquote The downside is the slower implementation of structural reforms such as labour reforms, public administration and particularly infrastructure projects means we wont be able to sustain the […]
Closing Shop
State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.rn rnDriven largely by the World Bank, US$ 70 mn in […]
Spilitting Hairs
Sri Lanka Telecoms much talked of marriage with Lanka Bell is getting delayed, as the Treasury has not given its blessings.SLT Chairman, Thilanga Sumathipala says Treasury approval is a mere formality, but the delay, prevents SLT from consolidating Lanka Bell into its 2003 accounts.rn rnldblquote SLT board has approved the acquisition, but we need Treasury […]
Hurry Up
The United States asked top Sri Lankan politicians to hurry up and sort out their differences, as the ongoing political impasse is hurting the peace process.US Deputy Secretary Richard Armitage said the current political impasse in Sri Lanka cannot be allowed to continue, and added that he will consult with the other donor co-chairs — […]
Clean Up
The government will hold off divesture plans for the six regional development banks until 2005, giving time for the banks to clean up their act. rnThe Central Bank in August 2003 mooted plans to divest around 47 percent stake in each of the six RDBs endash Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata. rn rnOn […]
Good Marks
Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are […]
Long Haul
Sri Lanka Telecom (SLT) is forecasting a surge in international call revenue, as an old microwave link with South India was re-established on Monday. The link with Indias domestic call giant Bharat Sanchar Nigam Limited (BSNL) will also offer international connections to neighbouring Nepal, Pakistan and Bangaladesh.rn rnBSNL has a countrywide network services over 43 […]
Shopping Spree
The Colombo office of Emirates has begun sales of travel plus accommodation packages for the ninth Dubai Shopping Festival, which takes place from January 15 to February 15, 2004.A range of competitively priced packages from Emirates Holidays, the leisure management division of the award-winning international airline, enables Sri Lankans to participate in one of the […]
Pensions Wedding
An international consultant is going to help the government to merge the two State pension funds in a bid to draw on the synergies between the two.UK based economic consultancy, Maxwell Stamp has been chosen as the consultant and is already studying how best to merge the funds.rn rnThey are expected to submit a final […]
Love at first SMS
When telephones started, love chats used to be long, but this new SMS culture its just a quickie. Mobile phones have changed us a lot.rnOn his way to work Indika checks on the closing price of a stock that he wants to buy in the share market. rn rnNot only can Indika check up on […]