Author: lbostgadmin
Old is Gold
He expected to face losses during the first year of business but managed to breakeven way before he thought he could. Hes now employing two others in his business too.rn rnAll pensioners dont set up in profitable business with their money like Mr. Thilakaratna did.rn rnMany use their retirement benefit money to give children in […]
Government Power
The government is taking precautionary measures to avert power cuts should the south west monsoon fails to fill the hydro reservoirs.rnThe Energy Supply Committee has already called for Expressions of Interest from emergency power suppliers to shore up the underpowered national grid.rnAny emergency power will cost the CEB much more than the current average selling […]
Central Bank Online
Central Bank went online with scripless security settlement system earlier last week as rate uncertainty kept primary dealers away from the secondary market.The new system is integrated with the Real Time Gross Settlement (RTGS) system for settling primary dealer accounts.rn rnCentral Bank will provide a special seat for the Colombo Stock Exchange (CSE) on the […]
New Floors
Lanka Tiles is trying to break a lquote lowering-revenue-increasing-cost cycle this year by shifting its raw material supply base from West to East and increasing production capacity.Lanka Tiles Ltd (LTL) is Sri Lankas pioneer floor tile producer, manufacturing ceramic glazed floor tiles as its core business and holds 30 percent of the local market.rn rnLast […]
Strings Attached
The United States will float its new foreign aid agency – Millennium Challenge Corporation, in May this year, offering conditional aid for 60 of the poorest countries. Potential candidates will be announced in May, but future aid will be tied to good governance, economic freedom and anti-terrorism efforts.rn rnThe Millennium Challenge Account (MCA) will broadly, […]
Flying Bid
Consultancy firm KPMG Ford Rhodes have been picked as financial advisors to help privatise the Bandaranaike International Airport. The firm will advise the state on structuring the offer, preparing Expressions of Interest and bid documents that is likely to be issued in a month.rn rnThe winning bidder will take up a 35 percent stake in […]
Break Free
Indian telco giant, Videsh Sanchara Nigam Ltd (VSNL) has started routing traffic to Colombo, becoming the first to effectively compete with Sri Lanka Telecom on the international data and voice market.Starting late Tuesday, VSNL started transferring part of its international bandwidth through the SEA-ME-WE III submarine cable.rn rnDirect access to the SEA-ME-WE (which connects South […]
Speed Bumps
But the industry is hard pressed to ride the crest, due to high costs to roll out refurbishment and expansion plans, as it is still recovering from a period of non-profitability.rn rnDespite political hiccups, the ongoing ceasefire agreement saw 500,642 tourists visit the island in 2003, spending over US$ 300 mn in the process.rn rnBoom […]
Black Day
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Quick Fix
The Bandaranaike International Airport re-opened on Thursday morning after temporary shutting down for nearly 10-hours, following a Russian cargo plane crash that damaged the airports only runway and taxi lights. The Civil Aviation Authority said in a statement that the damaged IL-18 cargo carrier has been towed away, with the runway and taxi lights fixed […]
Double Edge
The State is losing an estimated average of Rs. 450 million in revenue each month in its effort to subdue a rise in the cost of living due to higher world market prices.Finance Ministry officials say the current tax and import duty concessions could be met with higher duties for non-essential commodities that do not […]
Long Shot
Development bank DFCC, is counting on its subsidiary Commercial Banks Bangladesh operations to give its bottomline a major boost.Thanks to its Bangladesh unit, Commercial Bank is expected to contribute Rs.539 mn towards DFCCs earnings, pushing its bottomline up by 10.3 percent to Rs. 1.2 bn for the 2004 financial year, says HNB Stockbrokers.rn rnIn the […]