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Winning the Lottery
The bank quote s Deputy Governor W A Wijewardene said that 714 of its 1,980 officers applied for the voluntary retrenchment scheme, which was aimed at those who had put in 10 years service or those who are over 40 years of age. The package included one month quote s pay for every completed year […]
Adding Layers
Volumes shipped in this period have reached the 271.9 mn kilo mark, a 3.5 percent jump on the 262 mn kilos shipped in 2000. If anything, loss of working days during the election may be the only constraint in reaching the 288 mn kilo target, brokers said.The value of exports at Rs. 56 bn has […]
Clearance Sale
Government is planning to restructure its loss making food retailer endash Cooperative Wholesale Establish endash to return it to profitability in the next two years, for an eventual public listing. CWE has accumulated Rs. 8.2 bn in losses during the past few years, arising from politically motivated pricing policies and low management efficiency. Consumer Affairs […]
Shifting Gear
Public Enterprise Reforms Commission (PERC) is expecting cabinet approval this week to expedite its privatisation program, chairman Dr. P.B. Jayasundara told LBO. “We are developing the privatisation strategies for different sectors and have been assured of top level commitment. PERC is holding extensive discussions with authorities concerned, since many proposed privatisations are not mere overnight […]
Monopoly Money
Over 6 billion notes and nearly 40 billion coins have been distributed to banks, retail shops, and cash machines, which begin dispensing the new currency at 1100GMT.Early indications are that the huge logistical task of distributing the new currency has gone relatively smoothly, with little evidence of either counterfeiting or price rises. The Euro is […]
New Year Resolutions
The government is currently developing an economic policy metrics and plans to present it to donor agencies, to start the Rs. 500 bn Poverty Reduction Growth Facility Programme (PRGF) by June this year, Economic Reforms, Science & Technology Minister Milinda Moragoda said.rnrnPRGF is a reform oriented country assistance program, which is jointly funded by both […]
Ugly Politics
The latest trade union action raised serious concerns among banking sector analysts quote who were critical about the lack pf professional independence for top management at state banks. Prime Minister Ranil Wickramasinghe and Secretary Treasury Charitha Ratwatte are expected to meet JSS officials today to diffuse the situation. rnrnJSS officials were not available for comment […]