All Blogs
Paradise Calling
Cathay Pacific could add a fifth flight to Sri Lanka, with cargo and passenger numbers picking up. Airline officials here to celebrate 10 years of operations out of Sri Lanka, say demand in and out of the country is moving up with the peace process taking root. rn rnA bulk of Cathays business out of […]
’85its floating. Really!
The rupees recent rally against the US dollar is the strongest evidence since April 2002 that Sri Lankas currency is really floating, though reassuring noises are coming from Central Bank that the rupee is not likely to appreciate further.rnrnrnrnrnrnrnFrom January 2002 the Euro rose nearly 35rn rnrnrnrnrn From January 2002 the Euro rose nearly rn35% […]
Indian Ringtone
Sri Lanka Telecom (SLT) signed up with Indias teleco operator Bharat Sanchar Nigam Limited (BSNL) to route its international call traffic through Sri Lanka.BSNL has a countrywide network services over 43 million fixed line customers plus its recently rolled out mobile venture has so far attracted over four million users.rn rnA partnership with SLT will […]
Mapping BIA
A top taskforce is in talks with consultancy firms from the US, UK and Malaysia, to draw up bid documents, offering a private stake in the countrys international airport.ldblquote We are trying to identify a consultant to work with the Sri Lankan team to develop Expressions of Interest (EOI) and Request For Proposal (RFP) documents […]
Capital Call
Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.The bank called up the balance two rupees due from each Rs.10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, […]
Cash Injection
Ceylon Hospitals Ltd., the owning company of Durdans Hospitals, got stock exchange approval Thursday to raise Rs. 240 mn through an initial public offering.The hospital is offering 4.5 mn voting shares at Rs. 25 and 6.375 mn non-voting shares at Rs. 20 each to the public this month.rn rnListed on the main board, Durdans will […]
Dusting Cobwebs
Kicking of January 2004, state sector employment policies will be rewritten to drill in productivity and efficiency. The US$ 3 million World Bank funded Public Administrative Management Programme(PAMP) will install a set of new processes, procedures and mechanisms that will govern all subsequent recruitments, transfers, promotions and employment terms and conditions.rn rnThe Ministry of Public […]
Dollar Rain
Aid disbursements for this year from the top three lending institutions to Sri Lanka endash the ADB, the World Bank and JBIC, is expected to reach US$ 1 bn.ldblquote This is as against normal disbursements of US$ 650 mn dblquote , World Bank Country Director Peter Harrold told journalists on Thursday.rn rnldblquote It is through […]
Rising COL
The Colombo District Consumer Price Index (CDCPI) for September shrunk 0.4 per cent to 138.9 over August despite the increase in gas, kerosene and cigarette prices.rnrnThe CDCPI calculated by the Central Bank covers 40 percent of the Colombo Districts lowest income earning households. rn rnThe Central Bank on Wednesday said a price drop in a […]
Shadow Boxing
According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the […]