Author: lbostgadmin
Dry Run
The countrys largest city is running short of water as the state looks to the private sector to bridge a widening gap in supply to Greater Colombo.A privately operated and managed 40 MGD endash Million Gallons per Day (185,000 cubic metre) treatment plant is to take off on the right bank of the Kelani River.rn […]
U-Turn
The Seylan Merchant Bank (SMB) Group has posted a 122 percent growth in profits after reporting a loss in 2001.The Groups pre-tax profits rose to Rs.11.3 mn for the period ending Dec.31, 2002 from a Rs. 51.7 mn loss in 2001. rn rnThe Banks pre-tax profit grew 104 percent to Rs. 2.2 mn from a […]
I Do
New interconnection policies may require external gateway operators to make minimum traffic commitments with network operators. The Telecommunications Regulatory Commission (TRC), on Friday published the draft interconnection framework, a base document that will guide operators to negotiate charges for accessing and providing access to telecom networks.rn rnThe interconnection framework is the missing jigsaw in a […]
Life Support
Life Insurance Corp. of India has secured regulatory approval to start a life insurance unit in Sri Lanka.Teaming up with the Bartleets Group, LIC has invested Rs.100 mn to purely cater to the local life insurance business.rn rnLIC controls 75 percent of The Life Insurance Co (Lanka) Ltd with Bartleets owning the balance.rn rnCEO R […]
Reforms Take Top Slot
Financial and public sector reforms are high on the list of the upcoming IMF backed structural adjustment program in March.rn rnIMF resident representative Jeremy Carter says Sri Lanka has to trim its bloated public sector, which is the largest in the world in per capita terms.rn rnSri Lanka is likely to get about sixty five […]
Five-Year Outlook
The country quote s export development agency is putting together an action plan to push annual export growth in to double digits.rn rnThe Export Development Board says the five-year plan will look at eight strategic areas to drive growth. The board is hoping to drive the exports sector to grow at 13 percent annually.rn rnldblquote […]
Lip Service Only
Local investor confidence was shaken recently first when a licensed savings bank collapsed and then as the securities regulator commenced an insider dealing investigation against its own chairman.However, the crises had little effect on the stock market.Banking stocks in fact gained in anticipation of good earnings reports while Aitken Spence stocks, at the heart of […]
Stars For Lotteries
Just before the national lottery is slated to move into private hands the lotteries board is unveiling a new code of behaviour. Officials say the board is going to launch a media campaign warning people against dicing with their last penny.rn rnThe National lotteries board will also stop its agents from selling lotteries to minors.rn […]
New Future With Seylan
The bank tied up with an international bonds specialist Tyndall Corporation in Australia to get expertise for the venture.rn rnThe bank will initially pool US$ 16 mn or one forth of its foreign currency deposits into an offshore fund for the operation.rn rnTyndall says futures and options trading will help the bank get a higher […]
What Firms Want
Sixty per cent of the private sector is betting on a three to five per cent growth in the economy for 2003, below government forecasts.rn rnA wistful 58 per cent expect prices to swell within a range of seven and eleven per cent in 2003.rn rnThe findings are responses to an International Monetary Fund (IMF) […]
Communal Records
The population registry is touted as a first step in implementing e-governance in Sri Lanka and forming an integral part of the e-Lanka initiative. rn rnThe registry will combine state records of the Sri Lankan population now idling in different state departments.rn rnThe database will provide all state departments with ready access to records needed […]
Structural Support
Sri Lanka is to receive up to US$ 400 mn, which amounts to 100 percent of its SDR quotas, under the International Monetary Fund quote s Poverty Reduction and Growth Facility.rn rnThe long-term loan package is linked to the government quote s three-year economic reform programme spelt out in the Regaining Sri Lanka paper and […]