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Adding Glitter
As a British colony, Ceylon was favoured for sourcing raw material and other commodities to satisfy the boundless tastes of the English. From its teas to exotic spices all exports went out in raw commodity form.Over half a century after independence, things have changed very little.rnSome of the countrys top exports still go out in […]
Consumer Drive
The Central Bank says consumerism contributed significantly to last years economic revival. Economists pointed out that the country is showing the early signs of a consumer demand driven growth.Economists say a fledging peace process created higher than expected demand for goods and services last year.rn rnldblquote In the past we looked at growth only from […]
The Cabinets Axe
The Cabinet of Ministers rejected a decade old draft Companies Act over its departure from English Law principles.A Cabinet sub committee that had a look at the draft Act, which is based on the New Zealand Companies Act, says it goes against the English Law practiced in the country.rn rnThe corporate and legal profession, which […]
Two on DEXs
Two parties have responded to the Colombo Stock Exchanges call to admit trading members to its new debt trading, the DEX.CSEs Senior Manager Marketing, Rajeeva Bandaranayake says over 20 firms picked up the prospectus, when the earlier deadline ended on April 30.rn rnldblquote We have decided to extend the deadline by another month, as some […]
Safe Hands
The DFCC-Commercial Bank consortium plan to hold their stakes in Eagle Insurance through a holding company, in the event their bid succeeds.Both banks put a joint bid for Eagle Insurance, after its parent company, Zurich Financial Services (ZFS) said it was pulling out of Sri Lanka. rn rnldblquote If we get it, we are looking […]
Building Blocks
The International Finance Corp. (IFC) is looking at further investments in Sri Lankas housing market, as part of its future investment strategy.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn IFC currently has a 15rnpercent stake in NDB Housing, a joint venture between the National DevelopmentrnBank and Housing Development & Finance Corp. of India.rn ldblquote We have been asked by therngovernment […]
Soaring High
The Emirates Group has declared a 74 per cent increase in net profits to US$ 285.7 mn (Dhs1.05 bn) for the financial year ending March 31, 2003, driven by the growing confidence of its customers in the airline and travel-related group of companies.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Emirates Airlines operations alone achieved a staggering 94 per cent […]
Strong Growth
Commercial Bank of Ceylon Ltd., Sri Lankas largest privately listed bank, says its business volumes have grown by nearly 30 percent during the first quarter of this year, despite falling interest rates.rnrnrnrnrnrnNew Page 1rnrnrnrnrnThe bank saidrnWednesday that its net profits rose 9 percent to Rs. 343 mn for the first threernmonths to March 31, 2003, […]
Interim Job
The government has restarted the derailed pension reforms programme, by appointing Channa de Silva to set up the unit for an interim period.De Silvas mandate includes scouting for a CEO to head the Office of Pension Reforms and implement recommendations set out by the Superannuation Reforms Taskforce.rn rnThe mandate for the Pension Office, covers an […]
Perception Problem
rnrnrnrnrnrnApril 2003rnrnrnrnrn Inflationrnrate measured on a 12-months moving average remained static at 9.9 percent inrnApril, from the previous month, the Census and Statistics Dept said onrnWednesday. rn “Onernof the governments major objectives now is to reduce inflation over thernmedium term and reduce inflationary expectations,” Central BanksrnGovernor, A S Jayawardene told reporters on Wednesday.rn ButrnJayawardene said […]