Author: lbostgadmin
First Draft
Finance Minister K N Choksy told parliament on Wednesday that the government hopes to spend Rs. 352.7 bn in 2004 for development work.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Ofrnthis, Rs. 209.1 bn will be spent on recurrent expenses to maintain publicrnservices and Rs. 143.6 bn on capital expenses.rn Capitalrnexpenditure on foreign funded projects will be raised to Rs. […]
Frequent Flyer
SriLankan Airlines will add two more A340s to its fleet to cater to growing passenger numbers in the coming winter season. The fleet expansion will allow SriLankan to add eight more frequencies to key European destinations and Malaysia.rn rnOfficials say they are anticipating a significant pick up in demand on the routes where frequencies were […]
Growth Cell
Cellular operator Celltel Lanka, pumped in a further US$ 4 mn to beef up its capacity and extend its reach along the South and Eastern coast.The fourth phase of its GSM expansion, will see the countrys second largest cellular operator increase its base stations from 170 towns to 250 towns.rn rnCelltel, which pioneered the pre-paid […]
Water Test
A forward market interface for the agro sector is part of an initial set of ten pilot projects, picked to kick off the e-Sri Lanka initiative. The pilot projects will test the waters before embarking on a grand scale migration towards electronic information dissemination, rural and state sector empowerment.rn rnThe Information Communications and Technology Agency […]
Quick Fix
Ceylon Hospitals Ltd., the owning company of Durdans Hospitals, plans to use some of its IPO proceeds to expand its satellite labs.The hospital is raising Rs. 240 mn this month to retire some debt, add another 27 beds and put in new state-of-the-art equipment.rn rnThe hospital is offering 4.5 mn voting shares at Rs. 25 […]
Bush Tourism
The tea plantation industry has identified 20 estate bungalows as potential sites for boutique tourist retreats. Mooted in conjunction with the Sri Lanka Tourist Board, the project is also encouraging other plantation companies to diversify into tourism under an Asian Development Bank project that is looking to spread the risk and increase the profit centres […]
Spinning Dollars
The Treasury of Sri Lankas largest state bank on Monday, snapped up the entire issue of the countrys first dollar denominated two-index linked commercial paper.Hayleys MGT Knitting Mills Ltd., the textile arm of the Hayleys Group, became the first local company to come out with a US$ 700,000 three month commercial paper.rn rnThe risk averse […]
Gloom Over Glitter
Jewelry Industry is banding together in an effort to add value to products while capitalizing on the image of the Ceylon Sapphire.rnWhile the country has a reputation for top quality sapphires very few of them get set into jewelry here. Even fewer go out with local branding.rn rnDiamonds are a girls best friend-add a bit […]
Dollar Collar
Most of Sri Lanka quote s international trade is done in dollars (US) and significant movement in the US$-Rs rate, affects the pricing of both imports and exports.The rupee appreciated against the dollar over the last two months in line with the US currency quote s weakness against major currencies over the last eighteen months […]
Key Treasuries
Twenty-year government treasuries will hit the market on the 20th of this month, but debt market experts say the extended yield curve has failed to stimulate the corporate bond market.The yield curve that barely extended to two years has been extended to fifteen years by the issue of long-term treasuries.rn rnPublic debt department officials say […]
Indian Ringtone
Sri Lanka Telecom (SLT) signed up with Indias teleco operator Bharat Sanchar Nigam Limited (BSNL) to route its international call traffic through Sri Lanka.BSNL has a countrywide network services over 43 million fixed line customers plus its recently rolled out mobile venture has so far attracted over four million users.rn rnA partnership with SLT will […]
’85its floating. Really!
The rupees recent rally against the US dollar is the strongest evidence since April 2002 that Sri Lankas currency is really floating, though reassuring noises are coming from Central Bank that the rupee is not likely to appreciate further.rnrnrnrnrnrnrnFrom January 2002 the Euro rose nearly 35rn rnrnrnrnrn From January 2002 the Euro rose nearly rn35% […]