Author: lbostgadmin
Rural Rescue
rnrnrnrnrnrnThe rural and informal private sector should step up their investmentsrnand business initiativesrnrnrnrnrnTotal investment inrn2002 dropped 0.7 per cent to 21.3 per cent of Gross Domestic Product (GDP) ofrnwhich private investments accounted for 16.7 per cent of GDP a 0.5 per cent risernover the previous year.rn The Central Banksrnsay investments was far below the investment […]
Perception Problem
rnrnrnrnrnrnApril 2003rnrnrnrnrn Inflationrnrate measured on a 12-months moving average remained static at 9.9 percent inrnApril, from the previous month, the Census and Statistics Dept said onrnWednesday. rn “Onernof the governments major objectives now is to reduce inflation over thernmedium term and reduce inflationary expectations,” Central BanksrnGovernor, A S Jayawardene told reporters on Wednesday.rn ButrnJayawardene said […]
Interim Job
The government has restarted the derailed pension reforms programme, by appointing Channa de Silva to set up the unit for an interim period.De Silvas mandate includes scouting for a CEO to head the Office of Pension Reforms and implement recommendations set out by the Superannuation Reforms Taskforce.rn rnThe mandate for the Pension Office, covers an […]
Strong Growth
Commercial Bank of Ceylon Ltd., Sri Lankas largest privately listed bank, says its business volumes have grown by nearly 30 percent during the first quarter of this year, despite falling interest rates.rnrnrnrnrnrnNew Page 1rnrnrnrnrnThe bank saidrnWednesday that its net profits rose 9 percent to Rs. 343 mn for the first threernmonths to March 31, 2003, […]
Soaring High
The Emirates Group has declared a 74 per cent increase in net profits to US$ 285.7 mn (Dhs1.05 bn) for the financial year ending March 31, 2003, driven by the growing confidence of its customers in the airline and travel-related group of companies.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Emirates Airlines operations alone achieved a staggering 94 per cent […]
Cable Co
Capping off its work to liberalise access to international bandwidth, the Telecommunication Regulatory Commission (TRC) is trying to moot a cost and pricing methodology for its use.The TRC called on a consultant to draw up a cost methodology, a cost template and recommend tariffs for the disbursement and use of international leased circuits.rn rnThe TRC […]
Viral Attack
Coming in at Rs. 5000.00 for a Norton AntiVirus software suit, Symantec Corporation prepares to encourage the use of original software in Sri Lanka.rnrnRecognised as the world leader in internet security solutions, Symantec officially entered the Sri Lankan market through a Ceylinco Group subsidiary endash CNT International. rn rnSri Lanka is identified as the second […]
Rating Lanka
Capitalising on the ongoing peace dividends, the government is once again talking of seeking a sovereign rating for Sri Lanka, with plans to issue the mandate as early as July this year.The government has been keen on a sovereign rating on many occasions, but has backed down due to the problem of timing.rn rnThe tentative […]
Rescue Operation
DFCC Bank is tipped to inject around Rs. 400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.DFCC Bank on Monday said it was conducting a due diligence study on the small privately held MERC Bank, with the intension of acquiring it.rn rnMERC Bank started off with a Rs. […]
New Innings
Capital Alliance Ltd., the newest entrant to the Primary Dealer fraternity, plans to tap the outstation market to promote government debt.The Central Bank on Tuesday appointed Capital Alliance as its third non-banking primary dealer.rn rnA primary dealer is a distributor of treasury bills/bonds and participates in the primary and secondary markets of government securities.rn rnCapital […]
Quick Flow
The Asian Development Bank plans to raise its annual contributions to Sri Lanka to about US$ 250 mn and is also keen the government steps up its aid disbursement ratio.The regional development banks assistance to Sri Lanka averages at around US0 mn a year.But in 2002, the banks lending programmed topped US$ 240 mn, with […]
Border Crossing
Sri Lankas trade deficit widened to Rs. 271 million by February, fuelled by higher imports of consumer and intermediary goods.The Central Bank on Monday said the total import bill for 2003 had reached Rs.1.03 billion, an 18 per cent increase over 2002, while exports peaked at Rs. 767 million up from Rs. 714 million in […]