Author: lbostgadmin
Whizzing Through
The UDA has short listed six parties, one of whom will undertake the construction of a mass transit network for Colombo. The mass transport system will stretch along Galle Road and reach the airport and the outskirts of Colombo city.rn rnOfficials hope to flag off the project in early 2004, but say will first have […]
No Kidding
Mobile phones arent the only things Nokia is into, the cell phone giant is now gearing to wire up Sri Lankas telco industry. On Tuesday Nokia said it had signed up with Sri Lankas diversified giant John Keells (JKH) to push its range of GSM and other next generation cellular network infrastructure solutions here and […]
Safe House
The Labour Ministry will tap into a pool of Rs. 6.5 bn in dormant EPF monies, for seed capital to set up an Unemployment Insurance Fund for retrenched workers.ldblquote The Rs.3 bn fund will be topped up with an employer contribution of 0.15 percent and employee contribution of 0.1 percent on the last drawn salary […]
Big House
A US$ 1 billion housing project is being cemented to construct 100,000 homes, with the three locations already short listed for development. Amona Peace Development Private Limited, the BOI joint venture between Amona Sdn Bhd., and a Lankan entrepreneur will initially develop a 720 unit apartment complex at an estimated cost of US $ 10 […]
Zipped Up
The Commercial Bank of Ceylon has pumped in Rs. 100 mn to upgraded its IT infrastructure and processes, with one of the latest retail banking solutions in the world, to underpin future growth and expansion initiatives.The bank has installed the ICBS (International Comprehensive Banking System) Version 7.2 developed by Fiserv, which has been designed to […]
Skywards
Maintaining a positive growth trend over the past few months, Sri Lankas export earnings posted a double-digit growth for the first eight months of this year, a momentum that will help achieve better than forecasted year-end growth.The positive sentiment contributed to a rise in exports and a higher import bill in August.However, the trade deficit […]
Weeding Out
The Urban Development Authority (UDA) has drawn plans to dispose a number of its property holdings that dont reap a minimum Rs. 1000 monthly rent, under a policy level decision taken to streamline its operations.UDA Chairman, S Amarasekera says the decision will free resources for other development work and generate funds for capital investments.rn rnThe […]
VRS Watch
Sri Lanka Telecom is offering counselling services and tips on investing in financial products to its 1,300 employees, who took up an early retirement scheme this year.Outgoing employees took home between Rs.150,000 to Rs. 1.1 mn under the package, SLT said in a statement on Monday.rn rnStaff opting for the VRS qualified for a rental […]
Sticky Situation
The Appeal Court on Monday threw out the governments tax amnesty law, saying it lacked legal teeth to become enforceable.Under the present Constitution, once parliament endorses a legislative amendment, it has to be endorsed by the Speaker.rn rnPetitioner Nihal Sri Ameresekera, a Chartered Accountant and Business Consultant says, the Speaker had not certified the Inland […]
Round II
Seylan Bank is raising over a billion rupees in debt, to meet its capital adequacy requirements.The bank said a billion rupees will be raised through a five-year debenture, with the option of raising a further Rs. 500 mn in the event of an oversubscription.rn rnThe issue carries a monthly fixed rate of 9 percent, 10 […]
Luxury Bells
A Sri Lankan undertaker that launched a luxury funeral service for those seeking a prestigious and safe final journey is offering the deluxe package for weddings too, a press report said Sunday.The funeral firm which imported one of the worlds safest cars to drive the dear departed to the final resting place is also hiring […]
Welfare Cap
S M Tennakoon, a senior public official has been appointed as Chairman to the new Welfare Benefits Board.Tennakoon functioned as the Government Agent in Matale and Kandy Districts and served later as Secretary to the Ministry of Mahaweli Development. rn rnThe Finance Ministry says Tennakoon will also function as the Boards Commissioner.rn rnOther Board members […]