Author: lbostgadmin
Close Watch
Colombo Dockyard appointed safety supervisors to improve working conditions in its docks. The company, which is seeking new opportunities in boat building and dry dock operations, says the improved safety conditions will also help increase productivity. rn rnThirty specially trained safety supervisors were appointed while a safety management system has been implemented company wide.rn
Human Quota
The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]
Seeing White
Setting the base for the donor meeting on November 25 in Oslo, the government is releasing a white paper outlining urgent funding needs. rn rnThe paper sets out priority areas where funding is needed including the requirements for housing projects for resettlement, road and other basic infrastructure facilities and community development projects. rn rnTo expedite […]
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Setting Sail
Colombo Dockyards heeding to the call of peace is setting sail in search of new business, looking at more challenging assignments. The company is already in the running to service off shore oilrigs and manufacture speedboats for overseas clients.rn rnCompany officials say, the halt in the 19-year ethnic conflict has given them the opportunity to […]
Stopgap
State run Bank of Ceylon has lent US$ 75 mn to the government help bridge the budget deficit.The one-year loan is priced at 192 basis points above the six-month London interbank offered rate.rn rnThe government had opted for the loan after the Treasury put off a planned roadshow to raise funds up to US$ 150 […]
Late Call
Sri Lanka Telecom on Monday pushed back its IPO debut to November 28, while finalising the issue price at Rs. 15.00.The Colombo Stock Exchange (SEC) informed stockbrokers on Monday that the prospectus would come out on November 15, while the opening the subscription list on November 28.rn rnThe CSE also approved SLTs application to list […]
Double Growth
The results, for the six months to Sept. 30 2002, again shows Emirates bucking current trends affecting the airline industry, with an operating revenue of Dhs 4.3 bn, representing strong growth of 27 percent compared to Dhs 3.4 bn in 2001, the airline said in a release Monday.rn rnEven though overall seat capacity increased by […]
Higher Elevation
The Central Bank plans to raise the minimum capital requirement for primary dealers by Rs. 50 mn.Under the existing guidelines, dealers are expected to set aside Rs.150 mn in capital.rn rnThe Central Bank has told primary dealers last Friday that it is keen to raise the bar to Rs. 200 mn by next March.rn rnThe […]
Short Break
The Central Bank has deferred its planned roadshow to raise dollar funds for the government.The US$ 100 mn fund raising exercise was due to kick off on Monday, but top Central Bank officials said the date has been deferred pending progress from the next round of peace talks and a recent cut in US interest […]
Affordable Houses
Employees Provident Fund monies will be lent for lower middle class housing loans with a treasury subsidy.rn rnOf the Rs. 3 bn in loans the government plans to provide up to Rs. 1 bn through the Housing Development Finance Corporation or HDFC.rn rnOne and a half billion rupees are expected to be channeled through the […]