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Second Rendezvous
The President has asked Premier Ranil to come alone to her chambers for a Tuesday morning rendezvous.The Premier was due to meet the President with other party leaders to find recourse for the current power struggle.rn rnHowever, the President has said she is prepared to meet the PM at 10.30 am on Tuesday on condition […]
Choksys Sweeteners
The UNF government, which has been progressively clubbing the opposite camp with the peace process, is getting ready to open a second front with the budget.This time the targets include farmers and public servants; and high on the mind of Finance Minister K N Choksy, are the armed forces.rn rnldblquote Public officers and those who […]
French Toast
The government on Monday put forward alternative suggestions to solve the lquote Southern political impasse, but declined President Chandrika Kumaratungas offer to form a national government.A French system of power sharing has been mooted to bring about a lquote Southern consensus, which will set the parameters for future peace talks.rn rnKumaratunga has been proposing a […]
Big Bite
Commercial Bank of Ceylon Ltd., has recorded a pre-tax profit (before the special Value Added Tax on Profit) of Rs 1.6 billion for the nine months ended September 30, a growth of Rs. 276.5 million or 20.9 per cent over the corresponding period last year.The special Value Added Tax calculated on the basis of 10 […]
Coming Back
A cultural similarity in the insurance market was a big draw when Life Insurance Corporation of India re-entered the local market.The companys earlier operations were taken over by the government with nationalization of the industry in the sixties.rn rnThe company also had a lot of money left locally to service its existing customers after nationalization, […]
Donor Threat
The countrys top multilateral donors warned that economic and political stability are key to get aid following.Sri Lankas top multilateral and bilateral donors have warned that promised record aid flows could fall sharply unless the government stuck to the peace process and carried out key economic reforms.rn rnLenders to the country pledged a mammoth US$ […]
Clean Seam
The apparel industry is pushing to establish a local certificate that will guarantee buyers of compliance and cutting the cost for small timers. While big apparel exporters have a steady source of orders the small and medium scale factories are struggling to get noticed by the big buyers.rn rnThe industry umbrella organization JAAF is pushing […]
Silent Business
Top business leaders and civil society organizations were staying quiet despite political moves that have jeopardized the peace process and the economic recovery.Analysts criticized business community and other civil society organizations for standing by while political and economic uncertainty mounted in the country.rn rnCritics say businesses were trying to protect their narrow agendas as the […]
Boo Hoo
Suntel wants to buy back Rs 300 mn of its 750mn high yielding medium term debentures, which yield in excess of 22 percent per annum.The wireless operator issued Rs 1 bn worth of debentures in five, six and seven year maturities yielding 22.00 percent, 22.25 percent and 22.5 percent.rn rnNow Suntel wants to buy back […]
Textbook Takeover
A senior Treasury officialrnsaid Friday, that it would sell 49 percent or 490,000 shares to its currentrnowners, priced at Rs. 86.73 mn per piece.rn A total of Rs. 17.7 mn or 10rnpercent of this will be distributed to its 121 employees on the basis of theirrnindividual entitlement, under an earlier management agreement.rn ldblquote Following protractedrnnegotiations […]