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NICe Deal
Janashakthi Chairman Chandra Schaffter said the acquisition was funded through a bank loan from Commercial Bank.rn rnJanashakthi earlier, picked up a 51 percent of NIC for Rs. 450 mn. Janashakthi has also picked up the 10 percent stake gifted to NIC quote s employees.rn rnSchaffter says the balance acquisition paves the way for the formal […]
Less Heavy
Deutsche Bank Tuesday reported a 59 percent drop in post tax profits after shedding its personal banking portfolio.
First Lap
Around 17 prospective investors have expressed interest to take a controlling stake in state insurance giant Sri Lanka Insurance Corp (SLIC).rn rnUp to 90 percent of SLIC is up for grabs and the government is keen to get a reputed investor to manage the life and general insurance business. rnrnPotential investors would get the management […]
Stretching Rubber
Out-grower schemes for rubber in non-traditional planting areas are being developed as one way to bridge an expected shortfall in top quality grades for the local rubber products industry. Spearheaded by the Southe Development Ministry, a smallholder project is being developed in Moneragala to produce rubber that will then be processed into high quality grades […]
Freeing Labour
Cabinet has rubber stamped a Labour Ministrys proposal to clear a backlog of 15,000 labour tribunal cases on a lquote 4:2:1 solution.The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month.rn rnTo cut back […]
Out With MICE
rnThe decision was taken at the largest trade show on MICE tourism endash the European Incentive Business Travel Meeting (EIBTM) at which Sri Lanka participates each year.rn rnldblquote The objective in creating the definition is to encourage each meetings industry association to use a consistent message to stimulate better overall industry recognition dblquote , a […]
Debt Call
The Central Bank on Friday sought proposals from reputed international investment banks to raise dollar funds.The government is looking at raising up to US$ 350 mn via long term funds. The issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rnrnBanks have been asked to submit […]
Golden Abode
The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year. rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and […]
Surfs Up
On Friday the shareholders of Associated Hotels Co. Ltd., agreed to sell the beach front property as funds for development was not forthcoming. rn rnCompany Spokesperson Kumar Mallimarachchi told Lanka Business Online that shareholders were unable to pump in additional funds to upgrade the hotel to compete with neighbouring star class hotels. rn rnldblquote Some […]
Recovery Mode
Sri Lankan tea production has swung into rapid recovery mode following a weak first quarter, to end at 181.8 mn kilos to date, up from 3.6 mn kilos the previous year. This follows a pick up in monthly production for each of the three months in the second quarter, which exceeded intakes for the same […]