Author: lbostgadmin
Paradise Calling
Cathay Pacific could add a fifth flight to Sri Lanka, with cargo and passenger numbers picking up. Airline officials here to celebrate 10 years of operations out of Sri Lanka, say demand in and out of the country is moving up with the peace process taking root. rn rnA bulk of Cathays business out of […]
Banyan Shoot
Banyan Tree on Friday picked up its third Sri Lankan leisure venture, taking up a majority holding in John Keells Holdings Beruwala Walk Inn, the parent company of Hotel Swanee. The global leisure industry giants paid Rs.47.75 per share for the 69.9% stake and will now work with JKH to refurbish and reposition the seaside […]
Longer Horizon
The Central Bank will launch its maiden 20-year treasury bond this month with an issue of Rs. 1 bn due on October 20.Superintendent Public Debt Dept, Dharma Dheerasinghe said the bank was hoping to raise Rs. 7.7 bn through Octobers borrowing programme.rn rnldblquote We have now revised it to include the 20 year issue, which […]
Dollar Rain
Aid disbursements for this year from the top three lending institutions to Sri Lanka endash the ADB, the World Bank and JBIC, is expected to reach US$ 1 bn.ldblquote This is as against normal disbursements of US$ 650 mn dblquote , World Bank Country Director Peter Harrold told journalists on Thursday.rn rnldblquote It is through […]
Dusting Cobwebs
Kicking of January 2004, state sector employment policies will be rewritten to drill in productivity and efficiency. The US$ 3 million World Bank funded Public Administrative Management Programme(PAMP) will install a set of new processes, procedures and mechanisms that will govern all subsequent recruitments, transfers, promotions and employment terms and conditions.rn rnThe Ministry of Public […]
Cash Injection
Ceylon Hospitals Ltd., the owning company of Durdans Hospitals, got stock exchange approval Thursday to raise Rs. 240 mn through an initial public offering.The hospital is offering 4.5 mn voting shares at Rs. 25 and 6.375 mn non-voting shares at Rs. 20 each to the public this month.rn rnListed on the main board, Durdans will […]
Capital Call
Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.The bank called up the balance two rupees due from each Rs.10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, […]
Mapping BIA
A top taskforce is in talks with consultancy firms from the US, UK and Malaysia, to draw up bid documents, offering a private stake in the countrys international airport.ldblquote We are trying to identify a consultant to work with the Sri Lankan team to develop Expressions of Interest (EOI) and Request For Proposal (RFP) documents […]
Mobile Edge
Mobitel unveiled its ambitious plans and its new logo that will battle the elements to capture over one million customers before 2005. Mobitel Chairman Thilanga Sumathipala told guests at the launch ceremony that internal estimates showed that the cellular market would reach three million customers within the next three years, with his firm servicing over […]
Hilton – For Sale
The Treasury on Wednesday confirmed it would sell its 64% stake in Hilton Colombo. The holding company of Hilton Colombo, Hotel Developers (Lanka) Limiteds Chairman Ajith Dias told shareholders that the the Treasury will dispose its holding as part of its economic reforms programme.rn rnAnalysts say the state will look for a strategic buyer to […]
Shadow Boxing
According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the […]
Rising COL
The Colombo District Consumer Price Index (CDCPI) for September shrunk 0.4 per cent to 138.9 over August despite the increase in gas, kerosene and cigarette prices.rnrnThe CDCPI calculated by the Central Bank covers 40 percent of the Colombo Districts lowest income earning households. rn rnThe Central Bank on Wednesday said a price drop in a […]