Author: lbostgadmin
Water Wonderland
Colombos only entertainment complex is heading for a wet look, as its new owners make Rs. 1.5 billion investment plans for its future.Apparel giant Excel Global Holdings paid Rs. 100 mn to Link Holdings Limited and the Union Bank for full control of Millennium Park this week.rn rnUnder a first phase development plan, Excel will […]
Bond Scramble
Three and four-year bond yields plunged around 30 basis points today as dealers scrambled to grab the bonds.The weighted average yield of the 3 year bond fell 28 basis points to 10.06 %, while the 4 year bond yield fell 31 basis points to 10.07%.rn rnThe two one and a half billion medium term bond […]
One to Nothing
Interest for a stake in the lotteries business has dwindled to one bidder, from nearly 40 contenders vying for the gamble at the start of the process in December 2002. Leading bluechip firms, game operators (casinos and bookkeepers) and international lottery managers were among the firms interested, PERC officials said in an earlier in January […]
Mpowering Production
Trade chambers and companies are trying to convince financial institutions to cut lending rates in line with the government policy of single digit interest rates. Progress however has been slow.rnrnrn Companies are keen to minimise interest costs onrnterm and working capital loans.rnrnrn Consultancy firms specialising in improving thernsupply chain however say there are other ways […]
Money Talks
The Kopp Ceciles say this time theyve found heaven in their vacation. They are enjoying the peace and quiet of a secludedrnsmall boutique hotel in the southern Sri Lanka. The stuff picture postcards arernmade of.rnrnrn Most of all, they are enjoying the individual care andrnspace that they are receiving. It is costing them more than […]
Healthy Profits
State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn rnThe company earmarked for […]
Looking Pretty
Savings giant NSB got a top SL AAA credit rating from Fitch Ratings Lanka. The rating denotes the highest credit quality and maximum safety.rn rnThe national savings bank becomes only the second bank in the country after Citibank, to get the top credit ranking.rn rnNearly 80 percent of the deposits at the national savings bank […]
Hot Air
Government plans to make Sri Lanka an air-hub after finalising a deal with the management partner of the national carrier.State aviation officials are drawing up a cabinet paper recommending freer access for airlines to the countrys airports.rn rnThese plans come amidst ongoing discussions between the government and Emirates Airlines to renegotiate the national carriers privatisation […]
Big Catch
The Ministry of Fisheries is pushing for new infrastructure to harbour foreign vessels fishing in international waters off Sri Lanka. Thernproposal along with a number of other projects is part of a ten year plan setrnout by the Ministry to tap the potential of the industry in its 2002 NationalrnFisheries Policy, Development Plan and Progress […]
Triple Deck
National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]
Family Planning
SriLankan Airlines could add up to four new aircrafts to its fleet this year as new destinations come on line. rnSriLankan Airlines Head of Commercial G T Jayaseelan told Lanka Business Online that two long haul aircrafts could be brought in to service the proposed Rome and Beijing routes later this year.rn rnJayaseelan says that […]
Home Loans
The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. The total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs.1.2 million including the land. rn rnUDA lands in and around […]