Author: lbostgadmin
Battered To Be Better
Last year Sri Lankas six top local banks collectively made Rs. 8.3 billion in profits, up from just Rs.2.9.rnbillion in 2001.rnrnrn Behind part of the profitsrnlay bond profits from a falling interest rate environment.rn The Central Bank was able torncut rates because for the first time in almost a decade the Treasurys fiscalrnpolicy was in […]
Bouncing Banks
Sri Lankas top banks emerged stronger in a year of exceptional performance in 2003.Helped by what the Central Bank calls a lquote heroic attempt at fiscal discipline by the Treasury, SrirnLankas banks have rebounded strongly from the economic crises that hit the country in the laternnineties.rn rnPredictably Commercial Bank led the pack on several key […]
Request to Take Off
Local private airline operators based here say they are getting ready to compete with the national carrierrnnext month when a provision in the MOU betweenrnrnSriLankan and the government expires.rnHowever, the regulator, the Civil Aviation Authority has not completed audits on two of the interestedrncompanies who are keen to fly international routes.rn rnExpo Aviation, Lion Air […]
Cry For Peace
His conflict with the president may have pushed Sri Lanka into early elections on April, 2, but Prime Minister Ranil Wickremesinghe says he would rather talk peace with Tamil rebels than wage war with the head of state. Wickremesinghe, 55, said in an interview with AFP that he had no intention of impeaching President Chandrika […]
Waiting Game
The Banks country director, Peter Harrold, said the relatively peaceful run-up to the April 2 vote had been a blessing, but an outbreak of post-election violence would be a blow to growth prospects.rn rn Sri Lanka had been set to record seven to eight percent growth rate this year, but the uncertainty associated with the […]
Crumbling with Age
Old age is catching up with Sri Lanka but taking it slow and easy in comfortable retirement is just not an option available to this islands 19 million people. Sri Lanka needs to post 10 per cent economic growth over the next 15 years to nurse its fast aging population.Sri Lankas lost years of economic […]
Flight Freedom
SriLankan Airlines will use its lquote Fifth Freedom aviation rights to carry passengers from Cochin in India to the Maldives, in July. Fifth Freedom rights allow a registered airline of one state to pick up passengers from another country and put them down in a third state.rn rnIn effect, this means that an airline can […]
Staff Takeover
Local money broking fraternity saw some activity this week with an established firm opting for a joint partner, while another opened shop to expand its financial reach.Bartleet Mecklai & Roy Ltd grabbed headlines this week, when the firm sold a minority interest to a few ex-staff led by Senaka Udugama and David Benedict.rn rnBartleets Chief […]
Taming The Tiger
Sri Lankas political groups enter next weeks elections vowing to bring the Tamil Tigers back to the table, but the parties are poles apart on how to end decades of ethnic bloodshed.Rivals agree that the drawn-out Tamil separatist conflict which has claimed over 60,000 lives is the key issue at the April 2 parliamentary election, […]
Victim Of Peace
The man who is seeking re-election as Sri Lankas prime minister at April 2 polls halted an ethnic war raging for decades, but his handling of the peace process may have landed him in trouble. Ranil Wickremesinghe, 55, has turned the vote into a referendum on his internationally-backed bid to secure a permanent peace deal […]
Crouching Tiger
Sri Lankas elusive Tamil Tiger supremo Velupillai Prabhakaran is not a candidate at next weeks elections, but he could end up calling the shots in parliament.Prabhakaran, 49, has for the first time openly backed candidates from the Tamil minority and was about to clinch political clout at the April 2 vote when his military might […]
Tough Run
NatWealth Corp., says the fund misappropriation allegations in the State media are politically motivated, baseless and a distortion on facts.The retort came Thus., following up the State medias second onslaught on the Mahapola Trust fund management subsidiary.rn rnThe allegations has also halted moves by DFCC to invest in NatWealth, and slowed efforts to grow the […]