Category:
Balancing Act
Sri Lankas trade deficit for March expanded marginally, as the countrys import bill galloped ahead of export earnings, the Central Bank said Wednesday.Trade deficit for March grew US$ 70 mn to US$ 223 mn in 2004, as foreign inflows from tourism, ports, private transfers and net inflows of portfolio investments eased the pressure on the […]
Green Exchange
The Banks Public Debt Dept., sought offers from the market to raise US$ 250 mn worth of Sri Lanka Development Bonds.rn rnThe Central Bank will roll over US$ 91.5 mn worth of paper when it comes up for renewal on June 28 and issue fresh bills for the balance US$ 158.5 mn. rn rnThe issue, […]
Seamless Exit
Emirates, the Dubai-based international airline, rolled out its new global electronic ticketing system last week, ushering in coupon-free travel to and from Colombo and 26 other destinations throughout its global network. This will provide Emirates passengers travelling to and from Sri Lanka with a convenient, secure and paper-less ticket option for the first time.rn rnEmirates […]
Changing Winds
Shifting its revenue balance away from interest-income, Seylan Bank will introduce new fee-based products to its current product offer. SeyLink, its version of bancassurance was launched this week in this effort, with its group company Ceylinco Life, to offer life assurance and other life related products to customers in over 60 branches.rn rnThe service has […]
Pyramid Warning
The Sri Lanka Banks Association (SLBA) warned the public not to invest in get-rich-quick pyramid schemes, which may result in losses.Pyramid schemes are money making methods that have one person recruiting several others, with each person paying a recruitment fee, or overpriced goods.rn rnThe build up of the network of participants, starting from one person, […]
Holding Steady
Sri Lankas foreign reserves took a 2.2 percent dip in March, slightly above a 5.7 percent drop in January 2004, according to latest data released by the Central Bank.rnrn Officialrnor Central Bank reserves slipped to US$ 2,261.5 mn, while total reserves, whichrnalso includes private holdings, rose 3.0 percent to US$ 3,313.3 mn.rn SrirnLanka has to […]
Running Late
The government component in the proposed Colombo South Harbour projects has propelled to about US$ 300 million from around US$ 220 million quoted earlier.The new Freedom Alliance Government is expected to start courting bilateral donors for the funds by June.rn rnThe additional costs are to cover reclamation work in the proposed port, space that will […]
Distant Lights
Light House Hotel is hoping to double its earnings for the current financial, though somewhat restrained by limitations in room capacity, a broker report says.Earnings by Light House grew steadily during the last couple of years and the nine months results of the financial year 2004 have already hit the full year 2003 levels.rn rnldblquote […]
Upside Down
The government is taking a second look at the labour retrenchment package due to stiff opposition from unions and employers, a top minister said.The previous government pushed through a labour retrenchment formula together with an insurance scheme in the guise of an 18-month dole.rn rnIn the run up to Aprils polls, the former Labour Minister […]
Breaking The Ban
Sri Lankas Tamil Tigers have asked India to reconsider its extension of a ban on the rebels imposed over the assassination of former premier Rajiv Gandhi.The Tamil National Alliance, the rebels proxies in parliament, said the ban raised the concern of the islands minority Tamils about Indias commitment to ending the three decades of bloodshed […]
Steady Walk
A growth in fee-based income and faster recoveries helped the Bank of Ceylon double its bottomline for the quarter ending March 31, 2004.The state-run banks net profits jumped 109.6 percent to Rs. 371 mn, over Rs. 177 mn reported during the corresponding period 2003.rn rnBut the banks revenue was flat during the year at Rs. […]
Fly Away Peter’85
Colombo is unusual for a capital city in having a large number of wetlands.rnAround Kotte for example a number of wetlands still remain.rnBut these natural assets are deteriorating by the day. rnWhile in developed countries billions are being spent on re-creating nature reserves to enhance the quality of life of city dwellers, Sri Lankans are […]