Author: lbostgadmin
Legal Tips
The Employees Trust Fund has sought Auditor Generals advice to dispose part of its loss making equity portfolio.ETF has fully provided for the Rs.600 mn odd portfolio, which largely consists of investments in quoted/unquoted firms made in the early 1990s.rn rnThe Rs. 45 bn Fund, which made over a Rs.4 bn profit last year, is […]
Chinese Whispers
Cathay Pacific will fly daily between Hong Kong and Colombo from March, positioning itself to capture the yet untapped Chinese outbound market endash a key growth area for Sri Lankan tourism.Sri Lanka was given destination status by China last year, with the number of travellers between the countries expected to take off this year.rn rnThe […]
Foreign Pressure
The rebel Liberation Tigers of Tamil Eelam (LTTE) told representatives of donor countries and international aid agencies that the tug-of-war between the president and the prime minister could undermine the truce.rn rnLTTEs political wing leader S. P. Thamilselvan pointed out that President Chandrika Kumaratunga had sacked three ministers just four days after the rebels unveiled […]
Fresh Air
Independent research, the leading financial research and investment service provider to global investment banks and fund managers has recruited Ravi Abeysuriya, Managing Director of Fitch Ratings Lanka Ltd. to head its operations in Sri Lanka. Independent Research (Private) Ltd, branded internationally as lquote Amba which started operations in Colombo last year, currently is in an […]
Road Closed
State owned Road Construction & Development Company (RCDC) has closed up, with all its employees sent on compulsory leave till end January.rn A liquidator has not yet been appointed to dissolve the firm, but a retirement package to shed its 2000 workers, will be rolled out almost immediately, RCDC General Manager, Mr. Sumanaratne, said.rn rnThe […]
On the Spot
Deregulation of motor insurance premiums has fuelled innovation and profits. rnUntil recently motor insurance was unprofitable due to regulation of premiums by the government. Private insurance companies were hesitant to sell motor insurance as a result.rnNow things have changed. The insurance companies now offer many benefits to motor insurance clients-like Ceylinco Insurances On the Spot […]
Freedom Flights
A new aviation policy plans to open skies to fifth Freedom Traffic to make the country an aviation hub.The policy will be effective from 2005 when 3rd and 4th Freedom Air Traffic to the country will also be proactively promoted.rn rnAviation Minister Tilak Marapana said that they would encourage airlines to exploit this opportunity and […]
Mute Market
Secondary market trading in government securities has tapered off to a fraction of last years levels with political uncertainty putting bond dealers on the defensive.Trading in long bonds has ceased while securities in the five-year range are seeing thin trading according to primary dealers.rn rnPolitical uncertainty and the expectation of a spike in rates have […]
Winning Runs
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first eleven months of this year, which saw the trade deficit expand marginally, the Central Bank said Friday.Despite higher export numbers, the trade deficit for November remained flat at US$ 135 mn year on year.rn rnHowever, an overall improvement in […]
One Way Ticket
The Tourist Board rolled out a recently re-costed retirement scheme, capped at Rs. 750,000 to make it more attractive to employees. The scheme has already seen over 170 takers, with Tourist Board officials saying they need to trim its 410 strong workforce to an ideal 100 people.rn rnldblquote The cabinet has approved the new Voluntary […]
Band Aid
The Central Bank is expected to meet the consortium of investors keen on reviving Pramuka Bank for another round of talks early next week.With the suspension of Pramukas licence coming up next Thursday, the bank and its legal team are also expected to meet up with the Attorney Generals Dept.over the weekend, to decide on […]
Back to Base
The National Security Council has grounded all helicopter and floatplane operations that were given the recent go-ahead, until further notice.ldblquote The Security Council has suspended helicopters and float plane operations and they are yet to get back to us as to when they can resume, dblquote Secretary to the Civil Aviation Ministry, Cecil Amerasinghe told […]