All Blogs
AASL Grounded
Aviation officials warn that the government would lose over a Rs. 100 mn in revenue annually as a result of new concessions granted to SriLankan Airlines under an MoU signed with Emirates Airlines, the managers of the national carrier.While Emirates agreed to give up exclusive rights it enjoyed in certain areas like catering, the government […]
Toy Story
Local toy makers have had it tough over the last few years with strong competition form China. Exports have plummeted by nearly two thirds.The countrys export development agency says that the problems in the industry are various.rn rnDynagro, a toy maker says that their factory exported some 150,000 wooden musical toys last year.rn rnldblquote We […]
Professional Managers
The Alumni of a top business school is looking for a parliamentary nod to setup a professional body of managers with its own code of ethics.The self-financed Postgraduate Institute of Management (PIM) will be drafting a code of ethics based on good corporate governance for its MBA holders.rn rnIf incorporated the PIM Professionals Association will […]
’85
Mobile service providers expressed concern last week over Mobitel announcement about its plans to launch a digital network.Other players fear that the company would use SLT infrastructure to get an undue advantage.Mobitel is fully owned by SLT.rn rnIndustry players say that anti competitive rules are key to make sure that all deals between Mobitel and […]
Monopoly Class
A new agreement between Emirates and the government to lift catering and ground-handling monopolies at the airport has come under fire, forcing officials to rethink concessions.The state has been lobbying with the Dubai based airline and parent company of national carrier SriLankan Airlines, to renegotiate a ten year monopoly ending in 2008. rn rnThe new […]
Close Scrutiny
The Central Bank has commissioned audit consultants E&Y to do a valuation on six rural development banks up for privatisation.E&Ys mandate includes coming up with a restructuring model, a three-year financial forecast, recommending future changes for its management and set the tone to prepare an information memorandum for private management.rn rnAround 47 percent stake in […]
New Licence
Signalling an economic revival, the Registrar of Companies reports a 35 percent growth in new companies registrations from Jan-June 2003.Of the 1778 new registrations, 1632 are private firms, 41 public, 30 guarantee, 53 associations and 8 peoples companies.rn rnThere were also 12 new foreign companies and one offshore company that sought registrations during the period, […]
Backdoor Withdrawal
Members of the Employees Provident Fund are using the State Mortgage Investment Bank as a conduit for premature withdrawal of their EPF balances.SMIB has the statutory authority to give housing loans against member balances of the EPF and collect defaulted instalments from the EPF.rn rnNearly 17,925 or a massive 32.65% SMIB borrowers had defaulted by […]
Weight Watching
The Airport and Aviation Services, is coming out with a financial package to shed around 1000 excess staff.The voluntary retirement scheme is being firmed and will be capped at Rs.750,000.rn rnThe offer is limited to drivers, labourers and clerical grades. rn rnAASL, which manages the countrys airports, is estimated to have over 1000 labourers and […]
Export Plus
The Sri Lanka Export Credit Insurance Corporations is looking to raise its liability exposure to Rs. 40 bn with the expansion of its product portfolio.Current liability exposure has reached Rs.13 bn, up from around Rs. 4 billion in April this year. rn rnTo support its portfolio expansion, SLECIC Chairman Hemaka de Alwis says a plan […]