Author: lbostgadmin
Going Bananas
A tissue cultivation project to grow and sell banana chips became the first recipient of a government funded rural revival fund.rn rnSet up under the aegis of the Rural Economy Ministry, the Rural Economy Resuscitation Fund kicked off Thursday with a pledge to empower rural producers.rn rnThe Treasury has infused Rs. 100 mn as seed […]
Podi Salli
The Sri Lankan government will go in front of a select band of bilateral donors end November to muster financial support for its preliminary development work in the North and East.rn rnCabinet spokesperson, Prof G L Peiris says the government is working with the Liberation Tigers of Tamil Ealam on identifying immediately needed development work […]
Home Extensions
Despite a lack of hype, Lanka Cellular Services, a subsidiary of Hutchison Whampoa Limited will roll out three more GSM switches in Colombo, Kandy and Galle as part of its ongoing network expansion.Hutchison, primarily operating an Analog service, has already deployed a number of Global Standards for Mobile communication (GSM) switches outside Colombo.rn rnThe three […]
Wider Scope
Ceylinco Securities & Financial Services says it plans to get into the investment-banking sector.rn rnCurrently handling all types of investment related work, the firm says it has applied to the Central Bank for a specialized banking licence.rn rnWith eight branches strategically located islandwide, Ceylinco Securities provides a range of services including, stock broking (through Ceylinco […]
Busing It
Peoples Leasing on Wednesday raised Rs.250 mn by securitising part of its Rs.4 bn lease portfolio.rnrnStructured by Capital Alliance, the four-year note was snapped up by top private sector institutions, Peoples Leasing, CEO D P Kumarage told Lanka Business Online.rn rnWhile the funds will go somewhat towards easing the company quote s maturity mismatch, Kumarage […]
Steaming Ahead
The economy notched a trade surplus in August, driven by a strong performance in the textile and apparel sectors, the Central Bank said Tuesday.rn rnThe bank said the surplus of US$ 110 mn in August came thanks to US$ 568 in export revenues and US$ 458 mn in import costs.rn rnHowever, export earnings for the […]
Northern Link
Sri Lanka Telecom says it has completed the initial phase of developing the dilapidated telecommunications network in Jaffna.Project Hope, which was to provide 4000 new telephone lines in Jaffna peninsula, has now been expanded to 5,300.Out of these lines Jaffna will have 3,600 while Point Pedro 1,700, SLT said in a statement Tuesday.rn rnSince launching […]
Faster Clicks
Intel Corp Tuesday introduced its highest performing desktop microprocessor, the new versions of Pentium 4 chip.At speeds now up to 2.8 GHz, the new processors allow computer users to enjoy broadband audio and video content, games, music, photos and movies.rn rnldblquote The latest Pentium 4 processors, when combined with Intels newest chipsets and the latest […]
Fair Deals
A separate Monopolies and Mergers Commission is being spun off from the new Consumer Protection Act, Fair Trading Commission (FTC) officials said.Modelled on similar anti-trust legislation in other countries, the new Consumer Protection legislation is being split into two, with mergers and monopolies under a separate authority.rn rnIn theory, the new commission will be given […]
Snail Road
The government plans to award the contract to build the Colombo-Matara superhighway later this month, top officials said.Transport Minister Tilak Marapane says construction on the long protracted Southern highway is likely to begin as early as November.rn rnThe Manila based Asian Development Bank has come forward with a US$ 90 mn loan while the government […]
Air Pocket
Under the airport expansion plan covering some 700 acres, the two runways will have to be constructed leaving a 1.8 km distance. The distance is necessary to allow two of the biggest aircrafts to land at the same time.These jumbo planes are capable of carrying up to 500 passengers in addition to cargo.rn rnThe airport […]
Central Bankquote s serendipity
The Industries sector, which accounts for over a quarter of the island quote s GDP, contracted by over one percent in the second quarter according to the latest Central Bank data.rn rnIndustries were hard hid by both lack of demand in the international markets and problems at home like the power-cuts. rn rnldblquote Industrial sector […]