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Second Round
IT start up Interblocs has raised over a million dollars in a second round of financing to expand operations overseas.Interblocs specialises in developing software for payment solutions to the financial sector.rn rnA Malaysian IT company has invested the money to take a 20 percent stake.rn rnThe IT startup says they now have a valuation close […]
What You Get
The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]
Gold Road
The government is tipped to raise money from Indian financial institutions to fund the 25 km Colombo-Katunayake Expressway.ldblquote The Indian bond markets are booming and we will most certainly look at raising money in Indian capital markets dblquote , Board of Investment Chairman, Arjunna Mahendran told Lanka Business Online.rn rnThe Colombo-Katunayake highway endash the countrys […]
Long Life
Union Assurance Ltd has reported an upsurge in net profits, largely aided by its booming investment portfolio.For the nine months ending September 2003, the insurance firm says its net profits shot up 2,300 percent to Rs. 99.7 mn.rn rnThe investment portfolio which belongs to its Life and General fund, grew 31.7 percent to Rs. 3.4 […]
In-Flight Bid
Singapores Changi Airport has put an unsolicited bid to take up a 60 percent stake in Airport Aviation Services Ltd (AASL).The bid comes after Changi Airport Chairman, Boon Swan Foo showed interest in managing and developing some of Sri Lankas airports.rn rnIn a meeting with BOI Chairman Arjunna Mahendra recently, Foo had shown interest in […]
Cargo Linking
The blueprint to construct Sri Lankas first dry port at Ragama endash a one-stop logistical hub for container handling, linking up to the seaport by rail, has gone up for cabinet approval. The dry port will ease traffic congestion on Colombos main roads, diverting some 21 percent of domestic container traffic.rn rnAlso called Inland Container […]
Green Tea
September Customs data indicates that US dollar value of tea exports was US$ 504.9 mn, up form the US$ 499.95 mn posted in 02. Commodity brokers credited the increase to a rise in imported tea blending activities, boosting revenues from the category up US$ 6 mn to US$ 20 mn.Dollar earnings for pure Ceylon tea […]
Whizzing Through
The UDA has short listed six parties, one of whom will undertake the construction of a mass transit network for Colombo. The mass transport system will stretch along Galle Road and reach the airport and the outskirts of Colombo city.rn rnOfficials hope to flag off the project in early 2004, but say will first have […]
Security Link
The US will step in with technical assistance to implement the lquote US Container Security Act in Sri Lanka, an initiative sparked by security jitters over shipments to the US.rnrn rnA Memorandum of Understanding (MOU) on the Technical assistance was signed Wednesday between the Government and the US Embassy.rn rnUS based Aerospace Services International Inc. […]
Take One
Logiwiz, a unit of the Hayleys Group, opened shop recently to offer tailor made solutions, end-to-end logistics management and supply chain solutions to the growing manufacturing businesses.rn rnSet up under the Groups transportation arm, Maritime Holdings, the conglomerate infused Rs. 300 mn for the first phase to put up a 100,000 square foot top-of-the-range distribution […]