Author: lbostgadmin
Forest Fog
Developing countries like Sri Lanka exploit natural resources to grow exports that help pay off foreign debt.Encroachment of forests like Sinharaja by tea plantations and timber firms had to be tolerated to boost exports and generate jobs.rn rnAn Act passed by the US government to help conservation and reduce debt is offering a solution. rn […]
Watch Out
The Central Bank came out strongly against pyramid style investments, warning public not to park their savings in quick money making schemes.rnrn rnThe banks statement comes afterrnit made a similar warning on Wednesday, rnasking public to be cautious when the opt for high yielding risky investments. rnThe Securities & Exchange Commission too last week issued […]
Jetting Off
Jet Airways Ltd., Indias second- biggest domestic airline by fleet size, said its in talks to sell a stake to potential investors to raise funds to expand.“We are talking to various investors,” Executive Director Saroj Datta said in a telephone interview in Mumbai. “No decision has been made yet,” he said, declining to elaborate.rn rnSingapore […]
Seat Dump
SriLankan Airlines, which plans to add around half a dozen aircraft to its fleet over the next year, says subsidized carriers are dumping seats to the market.The airline CEO told the 9th LBR-LBO CEO forum the country should focus on a ldblquote managed open skies dblquote policy to make Sri Lanka an air hub instead […]
Virtual Money
The World Bank on Thursday signed a US$ 53 million deal with the Republic of Sri Lanka, funds to back its island-wide Information and Communications Technology diffusion project.The funds will be available to the ICT Agency to rollout a number of pilot projects and initiate rural telecommunications projects.rn rnKey elements of the first phase of […]
Growing Wings
National carrier SriLankan Airlines threw the gauntlet at the hotel industry, saying it was ready to broad base into up-market leisure hotels if local industry didnt make a move on. ldblquote If you dont invest in the industry, this airline will, dblquote warned SriLankan Airlines CEO, Peter Hill addressing corporate heads at the ninth LBO-LBR […]
Why Watch
The EU election monitors to Sri Lanka says another monitoring mission is not likely unless its repeated recommendations are implemented.The election monitors from the EU packed up their work in Sri Lanka and handed over their report to the Minister of Foreign Affairs Lakshman Kadirgamar on Thursday, with some strong advice.rn rnldblquote The EU would […]
Land Lock
Expats buying land here will be charged a 100% tax, with a committee appointed to recommend action for new land sales and real-estate already sold. The committees advice due in 7 weeks will also cover policies on foreign ownership of other property like condominiums.rn rnFreedom Alliance Minister Anura Dissanayake told reporters in Colombo today that […]
Hunger Pangs
TNT employees around the world will take to the roads on Sunday, to raise awareness and funds against world hunger.TNT International Express employees in 64 countries across 24 time zones will come on to the roads starting from New Zealand to raise awareness about the extent of world hunger.rn rnldblquote The walk will start in […]
Bond Worrys
Sri Lankas commercial banks are in for a rough ride this year with the bond markets falling on top of increased taxes.The banking sectors 2004 first quarter interim results saw commercial banks significantly under-performing the broader market.rn rnSector profits fell over 30 percent year on year and share prices fell on average by 30.8 percent […]
Road Block
Open bids to be called for in June to build the Colombo-Katunayake Highway are on hold, as the government tries to jumpstart the process with former contractor Keagnam.rnrn rnPriority for the project has been shifted to lquote now rather than months down the line, with the new government halting two years of groundwork, to explore […]
Mega Deal
Hatton National Bank on Thursday inked a deal to execute a US$ 36.5 mn interest rate swap for power generator Heladhanavi Ltd.Heladhanavi, a joint venture between the Hemas Group and Lakdhanavi, had last July signed up for US$ 47 mn in debt, payable over a seven-year period at three-percent over LIBOR (London Interbank Offered Rate).rn […]