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The Battle Begins
In the lquote good old days – a by gone era, where kids played with simple toys like paper guns and ran riot in the house chasing a sibling or friend and called it cops and robbers or some war game are over. Times and the technology has changed.Today combat games are played with laser […]
Growing Up
The Seylan Merchant Bank (SMB) Group has reported a three fold growth in pre-tax profits for the third quarter ending Sept. 2003.Consolidated pre-tax profit at Rs 33 million, was up 363 per cent for the period ended September 30, 2003, from Rs 7 million in the corresponding period last year.rn rnThe Groups Net Income also […]
Red Alert
Ahead of World AIDS day on December 1st, the good news is Sri Lankas low AIDS numbers, but the bad news is the countrys high vulnerability to the disease. To stem the tide, the World Bank is considering financing AIDS treatment drugs as part of its ongoing US$ 12.6 mn HIV/AIDS package to Sri Lanka. […]
Another First — Updated
The telecom watchdog on Tuesday came out of cold storage to flex its legal muscle and file charges against Mobitel (Pvt) Ltd for defying regulators orders.This is the first time in history the Telecommunications Regulatory Commission (TRC) has taken an operator to court.rn rnFiling papers at the Colombo District Court, the regulator said that Mobitel […]
Leg Up
The Sri Lankan rupee is on course for a firmer footing against the US dollar, despite recent political cross currents that have shaken the currency.After appreciating some two percent against the dollar, the currency has hit some rough weather due to the ongoing political tussle.rn rnThe rupee closed weaker at 96.00 against the greenback on […]
Lucky Dip
The Mahapola Trust Fund is matching numbers with US lottery solutions provider, GTECH to spin off its own sweepstakes operation next year.Betting Rs. 400 mn on the operation, the Fund will get full ownership and a minimum Rs.500 mn retutn on investments, its Director General, Shamila Perera told Lanka Business Online. rnrnFor its part, GETCH […]
Lifting Up
Ceylinco Life, has achieved record-breaking results in the first nine months of 2003, with a healthy 32 percent growth in premium income.The firm said this week, that premium income had reached Rs.2.24 bn as at September 30, 2003, reflecting a substantial 32 percent growth over the corresponding period last year.rn rnThis was made possible by […]
Rough Ride
Business is booming but the hotels sector is trying to hang on to the good times a little longer, by warding off a looming electricity price hike. The sector is trying to sidestep a proposed change to the electricity tariff structure that would see their energy costs shoot up by half. rn rnThe proposed change […]
Sugar Coated Budget
Analysts say the UNF government offered sweeteners to state employees and pensioners while also announcing a string of taxes most of which will be paid by the corporate sector to gain room to maneuver as a string of provincial councils come up for election next year.The governments New Year resolution could be to win all […]
Closing the Books
The Treasury put away its books on Colombo International School (CIS) Monday, after selling its 49 percent stake for Rs. 86.7 mn to Ceyko Projects (Pvt) Ltd.The sale went through on a Cabinet decision earlier in November to sell the entire minority shareholding in CIS to Ceyko Projects (Pvt) Limited for Rs.86,729,465.rn rnOf the Rs. […]