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Little Colombo
A strategy to diversify its business interests will see Asian Hotels Corporation developing its Galle Road front property into Creascat City endash a self sufficient accommodation, entertainment, recreation and lifestyle complex. The management is expected to invest an estimated Rs.100 million over the span of the project, said Asian Hotels Director Viran Perera.rn rnUp to […]
Danish Love
The government on Monday signed up for US$ 60 mn worth of aid from the Kingdom of Denmark to finance key development projects.Around 35 percent of the aid comes as grant money, while the rest is interest free with a 10-year repayment period after commissioning the project, Finance Minister K N Choksy told a news […]
IBIS Through
Six state bus companies were sold to a British consortium on Monday for a deal worth over Rs. 1.4 bn.Treasury Secretary Charitha Ratwatte and IBIS Managing Director, the investor who bought the bus entities last October, Ian Barrette signed off the deal at the Public Enterprise Reform Commission (PERC) office.rn rnUnder the much controversial deal, […]
Builders Inc.
The Urban Development Authority on Monday rolled out its ambitious plans to build low income housing in densely populated Colombo. Ten locations have been earmarked for development of 500sq feet to 1000sq feet apartments. rn rnFunding for the projects have not been finalised, but indications are that the UDA will tap the local market – […]
Surging Ahead
Bank of Ceylon said Monday its profits crossed the billion rupee mark in 2002, despite a slight drop in its turnover.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn rn Financial highlights: rn rn rn Bank rn Group rn rn rn rn 2002 rn (Rs. mn) rn 2001 rn
Light Travel
Plans to ease Colombos mega traffic jams are finally getting off the ground with the Urban Development Authority scouting for investors to set up a mass rapid transit system. The mass transport system will stretch along Galle Road and reach the airport and the outskirts of Colombo city.rn rnAt least four firms have so far […]
Hub BIA
The country is readying it self for record tourist arrivals this year with the industry being the first to benefit from the peace dividend. Tour operators are also looking for a large part of that growth to come from the Asian region and also from the big neighbour India.rnHowever, the industry is also concerned about […]
Conservative Outlook
Peoples Bank however says the Value Added Tax on banks introduced in the budget for this year will add up to over Rs. 600 mn during this financial year.rn rnPeoples Bank posted its highest net profit last year despite providing over Rs. 1.3 bn for possible loan losses.rn rnThe bank said aggressive deposit mobilisation and […]
Golden Handshake
The government is seeking World Bank funding to reduce the public sector cadre by offering them a voluntary retirement package.The government is planning to reduce the number of public servants by around 25 percent over the next few years.rn rnThe talks with the World Bank are aimed at looking for funding for the proposal to […]
Clean Up
Hatton National Bank said Friday its group net profits rose to 486,976 mn despite a hefty 25 percent provisioning for its bad and doubtful debts.Sri Lankas largest private bank said group income grew 3 percent to Rs.11.284 bn from Rs. 10.916 bn in 2001.rn rnThe fee and commission income picked up 22 percent to Rs. […]