Author: lbostgadmin
Hot Teas
Ceylon Tea Services is calling on the government to support a common brand name for the tea trade, through a package of incentives similar to the early 1980s offer.The Dilmah brand rode off the support given in the 1980s programme, today to become a leading international brand. Company officials say it is still not too […]
Aid Spend
Cabinet Spokesperson Prof., G L Peiris says the government expects nearly US$ 1 billion of the US$ 4.5 billion in aid pledged at the June Tokyo conference to flow into the Sri Lankan economy before end 2004.The increased aid follow has prompted policy makers to increase the allocation to key sectors roads and rural electricity. […]
Netting The LTTE
International donors to the country are trying to set up a mechanism through, which the LTTE could directly get involved in aid disbursement to the North and East.Japanese envoy Yasushi Akashi told the press that they hope to identify a mutually acceptable solution to this problem soon.rn rnldblquote We hope they will work in such […]
Durdans Comes Out
Durdans Hospitals is planning to go public next month.The hospital started in 1945, as one of the first private healthcare ventures in the island, will seek to raise Rs.240 mn through the IPO.rn rnThe money will go towards adding more floor space and upgrading equipment at the hospital.rn rnThe shares will be issued at a […]
Re-Planning Colombo
Over US$ 300mn in Foreign Direct Investment is expected by the end of the year, one of the highest inflows during recent years. The national investment promotion agency BOI says that the country is now attracting investments from all over the world with strong inflows from the Asian region.rnStrategies to attract investments are also seeing […]
Light Readings
Half the countrys population has electricity supplied by the main power grid. Authorities say they plan to raise this level to about 80 percent of the population within the next few years. However, drawing power lines to rural areas far from main cities is going to be difficult.rn rnExperts say that alternative ways to light […]
ACCAs Call
An international accounting body is calling for state regulation to improve corporate governance and best practices of local companies.Association of Chartered Certified Accountants (ACCA) say a proper regulatory framework resulting in better corporate governance would also enable the country to attract overseas investors.rn rnACCAs head of Risk Management Paul Moxey will be addressing these and […]
Port Call
Two of the largest port operators in the region are keen to invest in the Jaya Container Terminal (JCT) operated by the Ports Authority. Hutchison Port Holdings and PSA the state owned Singaporean port operator has already shown interest to the BOI to invest in the booming Colombo port.rn rnWestport of Malaysia, which is part […]
Shrinking Fast
Sri Lankas trade deficit for the first seven months of this year shrank to US$ 824 mn as the countrys import bill galloped ahead of export earnings.The Central Bank said on Friday that cumulative export earnings during the period rose 18 percent to US$ 2.871 bn, while the import bill picked up by eight percent […]
Aid Review ~ 01
Japans special envoy Yasushi Akashi says the government and the LTTE need to resume talks urgently. Akashi said the donor community is expecting the two parties to resume talks within the next few weeks.rn rnAkashi made his observations at the close of the first follow up meeting to the Japan donor conference in June. rn […]
Share Swap
Sri Lanka Telecom has traded in its Rs. 138 million interest free loan given to Mobitel, for an equity stake in the cellular operation.SLTs Board of Directors also approved Rs. 500 million in fresh capital infusion into the cellular operator, increasing its investment in the subsidiary by Rs. 638 million or 63.8 million fresh shares […]
I Will Tell
Distressed depositors of the failed Pramuka Savings & Development Bank say that they are complaining to Courts that the Central Bank is not properly carrying out judicial orders.Pramuka Bank has failed to attract serious investor interest, after Central Banks deadline lapsed on Wednesday.rn rnOn Friday, depositors wrote to the Monetary Board complaining that they had […]