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Early Retirement
The government plans to retire some of its domestic debt starting next month, due to an influx of dollars into the market.The long-awaited US$ 100 mn loan from Citibank is expected to come through within the next few weeks.rn rnThe five-year syndicated loan, which is backed by Nippon Export Investment Insurance Company of Japan, was […]
Private Help
The countrys top business chamber is trying to raise private sector investments to support the governments development vision.Ceylon Chamber says their annual convention in October will focus on the governments Regaining Sri Lanka vision, which seeks to create two million jobs over the next few years.rn rnThe Chamber hopes that investments by the private sector, […]
Product Extension
Hatton National Bank is expanding its treasury operations with plans to start a fund management unit on the cards.Chairman, Chrishantha Cooray says the asset management company will be formed under aegis of HNB Securities Ltd.rn rnHNB Securities currently handles the banks primary dealer operations. rn rnldblquote We want to grow the fund management business slowly […]
Left Over
The Treasury is selling its residual stakes in 19 firms, 14 of them through the Colombo Stock Exchange. At current trading prices, the stakes in 13 of the 14 listed firms are worth Rs.194.6 million.rn rnThe larger parcels of the listed shares and the five unquoted firms will be sold on an all or nothing […]
Mine Ahead
The United Nations Development Program said Thursday, that they will strengthen ongoing de-mining efforts in the North, with a technical assistance grant of US$ 3.2 mn. Since a ceasefire 19 months ago, there has been humanitarian mine assistance to remove some 1.5 mn landmines still lying buried in private and fertile agricultural lands in the […]
Non-elastic
Lack of funding could kill the rubber industrys research arm warns the Rubber Research Institute. RRI officials estimate that over Rs.23 million is urgently needed to upgrade the age old equipment and to improve other sections at the Institute. rn rnOfficials say without the new equipment, the RRI is unable to develop new research to […]
External Cleansing
The government has sought the Asian Development Bank and World Bank help, to do an impact assessment on the ongoing Samurdhi programme.Donor agencies have been critical of the selection process of welfare beneficiaries, as well as the lack of an exit mechanism, which resulted in more and more householders being added, until half the country […]
Rallying Support
The Ceylon Chamber will mobilise private sector support for the states “Regaining Sri Lanka” initiative though its annual convention, which hopes to take the theme to its next level.The Chamber says local businesses are being risk averse and holding back on their capabilities until a permanent peace was established.rn rnOrganisers say to encourage the private […]
Coming Clean
Seylan Merchant Bank Limited (SMB) has reported satisfactory growth in its financial results for the first half of 2003.In results released this week, SMB reported a consolidated pre-tax profit of Rs 16.7 million, a growth of 148 per cent over the Rs 6.7 million profits reported in the corresponding period of 2002.rn rnSMB also reported […]
Card Games
Fast emerging as a serious player in the local banking segment, Nations Trust Bank on Tuesday launched its own credit card, to add muscle to its growing personal banking business.Nations Trust Bank (NTB) entered into an exclusive agreement with the American Express Bank to re-launch the American Express Card (AMEX) in Sri Lankan rupees. AMEX […]