Author: lbostgadmin
Making Love
Politics came to a head last week with a signing of a key alliance deal between the SLFP and the JVP. But commentators said cohabitation still remained the best available option. The SLFP-JVP alliance was quick to criticize the government but had little to offer in terms of alternative proposals.rn rnThe alliance remains sharply divided […]
Alternate Landings
The Board of Investment will call for bids to develop the countrys first alternate airport on a lquote Design Build Turnkey model, in two weeks.A pre-feasibility has been done, but the new developer will be responsible for detailed designs, procurement and building of the airport.rn rnIn building jargon, the owners, in this case the Sri […]
Road Show
The Supreme Court made history this week, rapping the Road Development Authority (RDA) for deviating from its original route for the Southern highway, bypassing laws protecting the environment.rnrnThis was the first time the Sri Lankan law has brought to book a state firm for violation of environmental laws. rn rnThe RDA was taken to courts […]
Yellow Light
A consortium led by the Asia Capital and Richard Peiris Group were given time till July 22 to infuse cash and resurrect Pramuka Savings & Development Bank.As reported by LBO on Wed. the Monetary Board has decided to allow Pramuka to resume business from July 22, subject to its new investors complying with certain concerns.rn […]
Route Re-Shuffle
SriLankan Airlines will scale back its flights on a once lucrative Middle East run, as it fights for space with other no-frills carriers that have begun to ply the route.Carrying mainly labour traffic, the Middle East is among the Airlines top destinations, since it began flying the route some ten years ago.rn rnThe steady stream […]
Buying Time
The Central Bank has extended the suspension of Pramuka by another six months, to give monetary authorities extra time to restructure the bank.ldblquote The six months extension is subject to several conditions. But it gives the bank management the powers to recover loans, dblquote Central Banks Deputy Governor, Manik Nagahawatte told Lanka Business Online.rn rnThe […]
Rural Reserve
The ADB on Wednesday sanctioned a US$ 70 million loan package to kick start the Sri Lanka n rural finance sector.The Program aims to revive the rural economy and promote private-sector led economic growth.rn rnThe program loan will promote policy changes that emphasize good governance and improved operations of rural finance institutions. rn rnDrafting a […]
Light Delay
A proposed light rail system for Colombo is going slow as officials now prepare to roll out a pre-feasibility study with Indian assistance. Policy makers are lobbying for Cabinet approval to commission Indias Metro-rail using Rs.50 mn (Indian rupees) under the Indian line of credit.rn rnThe project so far only has a sketch or a […]
Secure Funds
Asian Finance Ltd has raised Rs. 100 mn by securitising its future cash receivables to fund its working capital.Structured and placed by National Wealth Corp (NatWealth), the issue raises funds by converting Asian Finances lease receivables into liquid and negotiable instruments.rn rnWith its strengths and expertise in the Real Estate Development sphere, the firm has […]
Tailspin
Hopes of securing US$ 80 mn from the International Monetary Fund (IMF) next month has been put off, due to the current turn of events in Sri Lanka, a top official said Tuesday.A review mission led by Jehangir Aziz, Deputy Division Chief of the IMFs Asia Pacific unit, gave the countrys macro fundamentals good marks.rn […]
Left Right Left
The new Janatha Vimukthi Peramuna (JVP) Sri Lanka Freedom Party (SLFP) alliance, if voted in, says it would renegotiate the terms of the US$ 4.5 billion in aid pledged by international donors last year.The Memorandum of Understanding (MOU), the result of over 10 months of conference between the SLFP and JVP, is the first concrete […]
Troubled Times
As the Marxist JVP and the Sri Lanka Freedom party joined camps today, they unveiled a reform agenda including agriculture and local industry led economic growth, devolution of power to the provinces, and defeating the UNF government. rnThe Janatha Vimukthi Peramuna and the SLFP, inked an alliance agreement today,with rumours rife of snap polls.rn rnThe […]