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Charging Ahead
Commercial Bank of Ceylon on Tuesday reported a 34 percent net profit growth for the nine months ending September 30.rn rnThe bank said net profits surged to Rs. 952 mn from Rs. 711 mn in 2001 due to higher volumes, prudent management decisions and the removal of a 20 percent surcharge on income tax.rn rnRevenue […]
Going Public
A November Initial Public Offering will see medical services giant Apollo Hospitals list on the main board of the Colombo Stock Exchange.Underwriters and managers to the issue, Hatton National Bank Limited (HNB) told Lanka Business Online that the Apollo IPO would open on November 8, with the listing scheduled for November 20.rn rnThe IPO will […]
Call Through
Sri Lanka quote s largest IPO was fully subscribed and closed on Friday.rn rnGovernment offered a 12% stake in Sri Lanka Telecom with an option to sell a further 3 percent stake in the case of an over subscription.rn rnOnce listed in December or early January the company will become the largest capitalized company in […]
Express Exit
The banking service was purchased outright by NTB while the foreign exchange operations will be done on an AmEx franchise.rn rnTravel services will be delivered through a newly formed joint venture with Mackinnons travels a John Keels Holdings company.rn rnNTB says the cost of acquisition of the 3 main lines of AmEx business was minimized […]
Stress On The Balance Sheet
Audry was forced to leave her job as a Management secretary due to work related stress. Her employer, a leading department store in Britain did not recognize that work related stress could affect employees.rn rnAudry suffered spells of depression and her job performance slumped.rn rnldblquote I got more and more backwards. My family life suffered. […]
To Let
Putting its restricting plans into action the Urban Development Authority (UDA) will let out two of its prime properties in Colombo on long lease to private developers.rn rnInvitations were called over the weekend to put up buildings that combine residential and commercial facilities in Chattam Street in Colombo 1 and on Galle Road, Colombo 3.rn […]
Two Proposals
Two parties had expressed interest to invest in some of the thirteen bus companies the government wants to privatise.The evaluation of the bids are underway with the sale expected to happen next Thursday through the Colombo Stock Exchange.rn rnThe potential investors however have only shown interest in up to nine of the thirteen regional bus […]
Fuelling The North
The World Bank is taking a new approach in lending to the poor.rn rnIt quote s letting the people decide where they want donor money spent. rn rnIn the war ravaged north and east the needs are pretty basic.rn rnPeople want school buildings for their children to study in, irrigation ditches to water their crops […]
Friends from NSB
National Savings Bank launched a savings based pension scheme ldblquote Friends dblquote recently.rn rnThe bank says the account that offers a monthly interest of over nine percent is a good investment since inflation rates are expected to fall to single digit levels.
Unified In Confusion
A committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector.rn rnThe government in its budget proposals announced the plans to set up the agency by merging The Customs, Excise and Inland […]