Author: lbostgadmin
Golden Handshake
The government is seeking World Bank funding to reduce the public sector cadre by offering them a voluntary retirement package.The government is planning to reduce the number of public servants by around 25 percent over the next few years.rn rnThe talks with the World Bank are aimed at looking for funding for the proposal to […]
Conservative Outlook
Peoples Bank however says the Value Added Tax on banks introduced in the budget for this year will add up to over Rs. 600 mn during this financial year.rn rnPeoples Bank posted its highest net profit last year despite providing over Rs. 1.3 bn for possible loan losses.rn rnThe bank said aggressive deposit mobilisation and […]
Hub BIA
The country is readying it self for record tourist arrivals this year with the industry being the first to benefit from the peace dividend. Tour operators are also looking for a large part of that growth to come from the Asian region and also from the big neighbour India.rnHowever, the industry is also concerned about […]
Jungle Management
The immaculate splendour of an exotic luxury resort carefully woven around the tranquil and wild beauty of the Deer Park Hotel, is being transformed into a Banyan Tree Group managed retreat. A deal finalised earlier in March will see Jinasena Group handing over the management of its Giritale hotel property to the Banyan Tree Group […]
Spring Cleaning
The Employees Trust Fund is talking to potential buyers to dispose its 20 percent stake in NAMAL, a leading unit trust management company.NAMAL or National Asset Management Ltd has around Rs.2.3 bn under its management.rn rnChairman Dinesh Weerakkody told LBO that ETF is keen to expand its own fund management operations and also invest in […]
Clean Up
Hatton National Bank said Friday its group net profits rose to 486,976 mn despite a hefty 25 percent provisioning for its bad and doubtful debts.Sri Lankas largest private bank said group income grew 3 percent to Rs.11.284 bn from Rs. 10.916 bn in 2001.rn rnThe fee and commission income picked up 22 percent to Rs. […]
Working Late
Cabinet cleared four amendments to the Shop and Office Act, supporting nighttime employment and an increase in workman compensation.If passed in Parliament in May, shops can remain open past 10 pm, while female workers will be allowed to work late nights, Labour Minister, Mahinda Samarasinghe told journalists.rn rnThe amendments also support employing female staff on […]
Sinhala Chat
The next release of Microsoft Windows will include Sinhala text support, a Council For Information Technology (CINTEC)committee is working on the details to get there. CINTECs Sinhala Font Committee Chairman, Dr.Gihan Dias told Lanka Business Online that Microsoft would look at including Sinhalese text support in its next version of Windows.rn rnMeanwhile, the Committee is […]
Billionaires Club
State-run Peoples Bank hopes to transfer about Rs. 9 bn of its hard-core large non-performing loans to the upcoming asset management company.The bank managed to bring down its old bad loan portfolio by 9 percent to Rs. 23,105 mn in 2002. But nearly 40 percent of this portfolio is proving difficult to recover, as they […]
Wider Gap
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Trade deficit expanded to US$ 150 mn in Januaryrnfrom US$ 131 mn in the same period 2002, largely due to higher import costs, thernCentral Bank said on Tuesday.rn ldblquote Export growth was supported by a strongrnperformance of industrial exports, mainly machinery, mechanical and electricalrnequipment, and textiles and garments, dblquote the bank said.rn […]
Yen Deposits
Sri Lanka on Tuesday signed up for Rs. 26.1 bn in long-term funds from the Japanese government to develop key sectors in the economy.The loan carries a 2.2 percent interest rate payable over a 30-year period, inclusive of a ten-year grace period, Finance Minister K N Choksy told journalists.rn rnJapanese Ambassador Seiichiro Otsuka says the […]
Roving Eye
The Employees Trust Fund is knocking on regulators doors to expand its investment reach, as the local capital markets offer limited scope.The Rs. 40 bn state Fund, saw its revenues hit Rs.5 bn in 2002, for the first time since its inception in 1981.rn rnRevenue growth largely came from capital market gains (Rs. 73.2 mn), […]