Author: lbostgadmin
Axe On Dollars
The government has drastically cut its planned commercial dollar borrowings in the wake of large aid flows and promised long term structural adjustment loans.The treasury, which was planning to borrow up to US$ 350 million in the international markets, has cut that amount to US$ 100 million, which is expected later this month.rn rnCitibank that […]
What of IT?
Millennium Information Technologys client list was propped up with two new big accounts in 2002, but two other clients going bust contributed to a Rs. 605.31 mn loss for the year. The company also saw its distribution costs soar to Rs.419.65 mn from Rs. 57.00 mn in 2001, while administrative expenses shot up to Rs.316.95 […]
Bailout Plan
Vanik Inc., which has delayed payment on its listed debentures, says it is hoping to pay interest as soon as some planned debt collections come in.Vanik has also come up with a new restructuring plan, which they are hoping to present to their bankers.rn rnThe plan involves waiving off accumulated interest and releasing some of […]
Cruising South
The first phase of the Colombo-Matara Highway kicked off today with the contract handed over to Japanese based construction company, Kumagai-Gumi.The first phase of the four-year project is being entirely funded by the Asian Development Bank at a cost of Rs.8.6 bn.rn rnThe four-year project comes at a total cost of Rs. 21 bn, with […]
The Next G
Six licences to test and develop 3G cellular services are on offer, valid for one year for strictly non-commercial trial purposes. The Telecommunications Regulatory Commission (TRC) on Thursday sought entrepreneurs to test and develop third generation (3G) cellular services.rn rnTRC Assistant Director H.W.K. Indrajith told Lanka Business Online that the licences would not be restricted […]
Gambling Ethics
The National Lotteries Board, in its 40th year hopes to promote responsible spending and restrictions selling and employing children under 16. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs.6.2 billion at the end of […]
Bumper crop
Tea production is expected to touch the 308-mn kilo mark for 2002 brokers predict, given improved harvests in November the same year.For the eleven months ending November, crop intakes reached 281 mn kilos, up five percent on the 268 mn kilos the year before.If all goes as expected, crop intakes will surpass record levels of […]
Balance Sheet
The proposed Public Finance Act is to be pushed through to Cabinet as an urgent bill, as Parliament resumes work in the New Year. The new Bill raises financial reporting standards for public enterprises and gives legal backing to existing financial regulations.rn rnAs it exists, all financial regulations are compiled into a book of administrative […]
Traffic Patrol
Consultants appointed to study Sri Lankas frequency spectrum commenced work in December 2002 and are expected to submit the final report before May 2003. D.J Associates, the consultants appointed for the task will look at the countrys spectrum management mechanism and propose strategies to better utilise the scarce resource, while also recommending policies and third […]
Game GDP
The authors, Dr. Anila Dias Bandaranaike, D Wasantha and T M Z Mustaliph of the Central Banks Statistics Dept. have developed a methodology to compile provincial GDP numbers at current factor cost prices from 1996-2000. The present estimates are compiled with a one-year lag.rn rnProvincial shares of national GDP are important yardsticks to measure the […]
Cashing In
Coming through a battering last year, all signs are that tourists are flocking back with arrivals shooting up a massive 86 percent in the third quarter 2002, over last year.The recovery is however on the back of a very weak base last year that saw arrivals crippled after September 11 and the attack on the […]
Next Halt
The last day to submit expressions of interest for the 39 percent stake in the remaining seven bus companies have been put off till January 10, 2003. The original deadline was set for December 20, 2002.rn rnPublic Enterprise Reform Commission (PERC) Director General Deepal Guneratne told Lanka Business Online that three parties had shown interest […]