Author: lbostgadmin
Listing Debt
The Central Bank has allowed the Employee Provident Fund to list its Rs. 240 bn government treasury portfolio on the CSEs new debt trading system, the DEX.The giant pension fund with over Rs.330 bn in its kitty, is currently negotiating a fee structure with the Colombo Stock Exchange. rn rnLive transactions are expected to start […]
Flying Visit
The US embassy said Mark S Ward, Deputy Assistant Administrator of the Asia and Near East Bureau, USAIDs highest-ranking official covering South Asia, visited the Jaffna Jaipur Center for Disability Rehabilitation (JJCDR) in Jaffna Town. rn rnThe JJCDR, originally known as the Jaipur Foot Program, was founded by local women in 1987 to meet a […]
Not Now
Sri Lankas Tiger rebels have asked for direct reconstruction aid as a political crisis in the government here stalled their peace process, but donors have ruled it out, the World Bank said Thursday.rnThe Liberation Tigers of Tamil Eelam was seeking the concession because the Norwegian-backed peace bid had come under increased strain due to a […]
Party Pooper
Sri Lankas system of party politics is accelerating into action with the President clearing the way to stockpile state resources under the Alliance flag and the UNF scrambling to blow the lid on it.As both sides slug it out, around US$ 184 mn of development funds went under.rn rnOn Wednesday the Presidents dismissed all deputy […]
You Call You Pay
Fixed line and cellular subscribers will pay up to Rs. 5 more per minute for calling a mobile user, possibly from March 1. The additional charge comes with a shift in the national telecom policy where mobile phone users will not have to bear the cost of an incoming call.rn rnInstead, any person making the […]
Korean Chips
Koreas Myunghim Lanka (Pvt) Ltd has signed up to build a US$ 18 mn township development project in Kalutara.The Board of Investment says the 100 percent South Korean investment will be spread over three-years, to give the Kalutara town a face lift.rn rnThe project would evolve in eight phases. rn rnFirst a Public Market with […]
Roadblock
rnThe sacking of Sri Lankas parliament could hold up at least US$ 176 mn in World Bank aid to the island, whose economy is headed for a serious slow down, a Bank official warned Wednesday.rnPoverty Reduction Support Credits amounting to US$ 125 mn were due to be taken up for approval by the World Bank […]
Marching Orders
Sri Lanka President Chandrika Kumaratunga has removed 39 non-cabinet rank junior ministers ahead of parliamentary elections on April 2, a spokesman for her office said Wednesday.rnKumaratunga was sending letters to the ministers informing them of their formal removal following the dissolution of parliament at the weekend which turned the government into a caretaker body, a […]
Ouch
Nawaloka Hospitals says it is forced to nurse a Rs. 85 mn in debt and interest payments as its initial share issue gets delayed due to political theatrics.The hospital, which enjoys a healthy Rs. 125 mn in revenues per month, was hoping to raise Rs.300 mn through an initial public offering.rn rnNawaloka Hospitals (Pvt) Ltd, […]
Steady Ship
DFCC Bank saw a 16 percent rise in net profits for the nine months ending Dec. 2003, largely aided by falling interest rates and revenues from its associated companies.The development financial institution said group post-tax profits topped Rs. 933 mn from Rs. 801 mn reported in 2002.rn rnProfits from the banks own operations grew 69 […]
Wheels Within Wheels
Leasing companies and private bus operators met on Wednesday under the direction of the National Treasury to sort out an administrative mess up of the newly introduced VAT on lease rentals of passenger coaches. rn rnThe Treasury directed leasing companies to set off any VAT payments made by bus operators – on lease rentals signed […]
Annual Chat
South East Asian Central Bankers will meet in Sri Lanka this week for its annual sessions and discuss matters of mutual importance.The Sri Lankan Central Bank is one of the founding members of SEACEN (South East Asian Central Banks), which has grown over the years to 12 members and six observers.rn rnThe SEACEN centre in […]