Author: lbostgadmin
Cloud No. 9
The Galle Face Hotel is coming out of the closet with Bryan Adams and is hinting at signs of waking up to changing times.The Galle Face Hotel still manages to ooze its famous old world charm but is now clearly looking at shedding its sleepy image starting early this year backed by the musical magic […]
Take Off
An annual 6.5 percent growth forecast for the Asian aviation industry has prompted the EU to set up a regional training facility in Sri Lanka.The EU and the European Association of Aerospace Industries (AECMA) are putting in a combined Euro 10 million to develop the skills of national aviation regulators and operators in South Asia […]
Hat Collection
The government is looking for donor assistance to give the local asset securitisation market some legal teeth.Securitisation allows firms to borrow against future cash flows, which are channelled into a separate legal entity or a special purpose vehicle (SPV). Though asset securitisation has been around since the mid-1990s, local laws do not recognise such transactions.rn […]
ERP Burp
Computers started making an impact on business productivity and speed over two decades ago. Manufacturing companies were some of the first to get software packages to help them automate and better plan the process while enterprise wide deployment happened afterwards with Enterprise Resource Planning or ERPs.rn rnBut experts say the challenge is to get computer […]
Tour de Farce
Even before the dust settles on 2003, the tourism industry is gearing up to break last years arrivals record this year.Sri Lanka Tourist Board officials say they expect the numbers to continue their upward trend.rn rnHowever, the industry says a change in the course of the peace process and continuing political instability could derail plans.rn […]
Bad Grade
Sri Lanka is set to score very low in a second review of the peace process by the international donor community set for January 23. The first review in September 2003 pleased donors, who, at the June Tokyo donor confab tied US$ 4.5 billion in aid to progress with the peace process. rn rnCabinet Spokesperson […]
Fine Incoming
The telecom watchdogs case against Mobitel (Pvt) Ltd is likely to be settled out of court, with the cellular operator suggesting a compensation package, which includes paying a million rupee fine. Sources close to the deal told Lanka Business Online on Friday that the cellular operator has also agreed to bear the regulators legal fees […]
Wired Jackpot
Starting March, the National Lotteries Board will retail Sri Lankas first online lottery ldblquote Rapido dblquote through over 150 agents in the Western Province.Retailing at Rs 30 a piece with the chance of winning upto Rs 600,000 every fifteen minutes, NLB Chairman Mohan Wijesinghe says the new game will tap into the large segment of […]
Funding Skills
Legislation to set up a Human Resource Endowment Fund is in the works, offering needy students stipends on a voucher scheme, for vocational training. rnThe US$ 40 mn Fund was mooted in the 2003 budget, with a proposal at the time to impose a levy on companies paying 30 percent of corporate tax.rn rnModalities are […]
New Page
The government is looking at amending laws to allow foreign investors into the corporate debt market, without liberalising the capital account.Foreigners are currently restricted to equity investments. They can also invest in government debt through unit trust.rn rnOver the years, capital market players have been lobbying for a policy shift, as direct access to the […]
Calling Colombo
HSBC Group is pumping US$ 30 mn to set up its seventh group service centre in Sri Lanka, which will generate employment and put the country on the map as a serious contender in the global call centre business.Situated near the Chandra Silva stadium in Kotte, the call centre and back office unit would be […]
Taking Money
Parliament is due to pass a new law in February, to round up all financial institutions currently not governed by the Central Bank. The new system will legalise and supervise all small scale financing activity including lending and taking public deposits.rn rnCentral Bank last year named about 40 firms who were accepting deposits outside its […]