Author: lbostgadmin
Study Buddy
The Food & Agriculture Organisation (FAO) has asked Sri Lanka to join India or Kenya, if it plans to study the unique variances between tea growing elevations. Sri Lanka called on the FAO to fund the research project at the Inter-Governmental Group (IGG) meeting on tea earlier this year. Tea industry officials say FAO has […]
Safe House
The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]
Expensive Retirement
The Treasury plans to seek parliamentary approval shortly, to raise the governments Rs. 316 bn total borrowing limit by around Rs. 50 bn.Of the fresh issues, Rs. 33.4 bn will come from converting expensive Rupee Loans, which carry a call option, into low cost long-term bonds.rn rnMostly held by captive sources like the state pension […]
Engagement Ring
Sri Lanka Telecom on Tuesday took a step further to seal its marriage to Lanka Bell, by agreeing to start work on a due diligence study, its Chairman said.The dominant fixed access operator has been courting Lanka Bell for the past few weeks and last month signed a non-disclosure agreement to actively pursue the relationship.rn […]
Wishy-washy
Fraud, mismanagement and a lack of funds is driving the Fisheries Harbour Corporation to the brink of extinction. rnrnThe Corporations financial statements for 2002 reveal that it is struggling to generate even up to 50 percent of its recurrent expenditure from its operations. rn rnIn addition, gross misappropriation of funds, other irregularities in its accounts […]
Undertaker Shifts Gear
Jayaratne VIP Services (Private) Limited this week launched its upmarket service with a two-page colour advertisement announcing the “prestigious” send-off with pomp and pageantry.rn rnThe dead would be driven in one of the worlds safest cars, a brand-new Volvo, while the bereaved can ride in a smaller Volvo S-80. rn rnThe custom-built black Volvo hearse, […]
Snakes & Ladders
The hotly debated deal, to partially privatise 13 cluster bus companies, will hit the road within the next few weeks, with the governments privatisation arm scouting for fresh investors.The move comes after the controversial British consortium IBIS, called off its bid to buy a 39 percent stake in six cluster bus companies.rn rnThe six companies […]
Twin Sharing
Domestic charter flight giants Lion Air and Expo Aviation are within days to seal the hatch on a deal, to cross market their services.The airlines will fly on a shared schedule and will cross sell seats through their agents in Colombo and Jaffna.rn rnBoth firms feel the deal will help grow the industry and make […]
Bids Galore
The Central Banks maiden 20-year treasury bond issue was snapped up at 6.08 percent as investors put in bids for Rs.4.24 bn.The issue carried a coupon of seven percent.rn rnHowever, the bank offered and accepted bids for Rs. 1.035 bn. rn rnThe issue will extend the yield curve from the present 15 years to 20-years, […]
Mute Button
The Telecom regulator and top government bureaucrats held a public discussion on a new regulatory structure as other operators opposed SLTs plans to acquire Wireless Local Loop (WLL) operator Lanka Bell.Telecom watchdog TRC together with support from the public interest program unit of the Economic Reforms Ministry is planning an overhaul of telecom regulation.rn rnExperts […]
Code For Corporates
Members of a committee appointed by the securities watchdog plan to propose measures that will improve the dismal corporate governance practices in listed companies.The SEC appointed committee would have its first meeting soon to discuss how it will approach the issue.rn rnMembers of the committee say the biggest challenge facing them is to see how […]
More Shine
Your chances of finding gems are higher in Sri Lanka than anywhere else in the world, because Sri Lanka has the highest density of gems to land ratio in the world.But at present gem mining is limited to certain areas in the country.Re-mining of the same land is exhausting resources in places like Ratnapura and […]