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Pouring Dollars
International donors pledged over US$ 4 bn by way of aid at the Tokyo Conference on Reconstruction and Development of Sri Lanka, which opened on Monday morning.Japan, Sri Lankas largest donor opened the floor by pledging a US$ 1 bn to rebuild the economy.rn rnAsian Development Banks President, Tadao Chino offered another US$ 1 bn […]
DEX Next
The Colombo Stock Exchange is going ahead with the launch of its new Debt Trading Board in June with or without access to the primary market for government debt.The exchange, which has been doing mock runs on the new debt trading system the DEX, says a new proposal to sort out an impasse with the […]
Banks In Mousetrap
Technology is offering opportunities to add value and new services to the local banks both foreign and local banks have started offering Internet banking which they hope will also bring down their operating costs. During a typical mid day in Colombo the traffic comes to a stand still.It is not the time to be running […]
Weir Power
Sri Lankas latest hydro power station is due to be commissioned later this month.Despite a small sluice gate and several working days being swept away, the project managers are confident of keeping to the original schedule.rn rnThe Kukule Ganga is only a tributary of the Kalu Ganga. The riverbanks have been washed away after the […]
Pledge Is A Pledge
Donors are expected to offer substantial support at a key aid meeting in Japan despite a lukewarm response from the LTTE. The donor conference in Tokyo will look at the aid requirement for the whole country with most of the monies offered to projects and programs in South of the country.rn rnThe government is expecting […]
Re-routing
The National Transport Commission (NTC) has signed up the Moratuwa University to study the demand for road transport services on inter-provincial routes.Commission in mid April, the Engineering faculty is due to complete the study before September 2003. rn rnNTC officials say they have stopped issuing new inter-provincial route permits since the beginning of the year […]
Impending Marriage
DFCC Bank has completed due diligence work on MERC Bank and is in the process of firming up the financial bid.Financial analysts expect DFCC to inject up to Rs.400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.rn rnDFCC CEO Nihal Fonseka told Lanka Business Online that an announcement […]
Healthy Growth
Union Assurance Ltd said Thursday its consolidated net income grew by a healthy 24.4 percent to Rs. 20.7 mn in the first quarter ended March 31, 2003, compared with the same period in 2002. The firms premium income (Life and General Insurance) also increased by 9.4 percent during the period, from Rs.559.5 mn to Rs.612.3 […]
Warm Cup
Despite torrential rains and heavy flooding on some estates, tea crop intakes in April have reached record levels at 29.38 mn kilos. This is 7.8 percent up on last years record figure of 27.27 mn kilos, Asia Siyaka Tea brokers say. All three elevations e improved on last years levels, most significantly the Low Grown […]
Northern Frontier
The Urban Development Authority (UDA) is moving into Jaffna, rolling out plans to develop urban centres in key Northern towns.ldblquote We are giving priority to urban centres in the North, especially Jaffna, Batticaloa, Kalmunai, Valachennai, Chavakachcheri and Kilinochchi as well dblquote , says Director General of the UDA, K Dharmasiri.rn rnThe UDA has already had […]