Author: lbostgadmin
Card Games
Fast emerging as a serious player in the local banking segment, Nations Trust Bank on Tuesday launched its own credit card, to add muscle to its growing personal banking business.Nations Trust Bank (NTB) entered into an exclusive agreement with the American Express Bank to re-launch the American Express Card (AMEX) in Sri Lankan rupees. AMEX […]
Coming Clean
Seylan Merchant Bank Limited (SMB) has reported satisfactory growth in its financial results for the first half of 2003.In results released this week, SMB reported a consolidated pre-tax profit of Rs 16.7 million, a growth of 148 per cent over the Rs 6.7 million profits reported in the corresponding period of 2002.rn rnSMB also reported […]
Changing Faces
The Tourist Board says visitors need to take away a piece of their experience in Sri Lanka when visiting the vast attractions the island has to offer. Officials say Sri Lankan handicrafts are largely limited to the elephants, masks and beach memorabilia, giving the visitor few options to remember the sites they have visited.rn rnSmall […]
New Lease
Readywear Industries and subsidiary United Motors drove into the leasing sector on Monday looking for a three per cent market share by March 2004. Orient Financial Services Corporation Limited will initially limit services to leasing and hiring facilities, later expanding to offer other options available with a fully fledged leasing company.rn rnStarting off with an […]
Spring Cleaning
The Commercial Bank of Ceylon Ltd., reported a group pre-tax profit of Rs. 936.9 million for the first half of 2003, an increase of Rs 101.6 million or 12.15 per cent over the corresponding period last year.The Bank said this pre-tax profit was arrived at after making a loan loss provision of Rs. 302.2 million, […]
Controlling Ringtones
The telecom watchdog TRC gave Sri Lanka Telecom (SLT) permission to fully own a mobile services provider under condition that all transactions are done at arms length.rn rnIndustry players say that this is not the case.rn rnCross subsidies are already being given by SLT in terms of interest free loans and long periods to settle […]
Cabnapped
Taxi fares have been falling rapidly even as associated costs like fuel, telephone and vehicle prices have rocketed. Take look at a typical Colombo wall with posters.Take a closer look at the posters and you start to notice patterns. rn rnPatterns of numbers. rn rnWhat is funny about these numbers is that they are catchy […]
IFC Support
The private sector financing arm of the World Bank says it will stand by to support the Peoples Bank, when the government privatises the state banking giant.The International Finance Corporation Representative Sanjiva Senanayake says IFC is ready to work with the private sector partner that wins Peoples Bank.rn rnIFC says it is willing to work […]
Dead End
Government is going to wind up the operations of a state owned road construction firm in a bid to encourage private sector competition.Road Construction and Development Company (RCDC) is planning to offer a voluntary retirement deal to its 2000 employees before its operations are wound up.rn rnThe Treasury has agreed to fund the VRS and […]
Freeway Ahead
The countrys investment promotion agency has signed up external consultants to help kick start the Colombo-Katunayake expressway project.The consultants will provide financial and technical advice on the feasibility of the project.rn rnConstruction of the half-built expressway was halted with the government deciding to go for a public private partnership after getting cash strapped.rn rnThe Board […]
Good Marks
The ADB on Friday revised its export growth targets for 2003 upwards to 10 percent from an earlier 6 percent, but warned of power shortages eating into early gains by 2004. rnldblquote Export performance should be more robust than anticipated in the beginning of the year with the recovery of Sri Lankas main export markets […]
Weaving Houses
Singapores Shing Kwan Group, Overseas Realty Ceylons key shareholders, on Friday signed up to develop the former Wellawatte Spinning Mills site.In a statement, Overseas Realty said they would invest Rs. 150 mn through a joint venture company with the Bank of Ceylon to develop the property.rn rnShing Kwan Investment (Singapore) Ltd. (Overseas Realtys investment holding […]