Category:
Fired Up
The Samurdhi movement came under fire for being over politicised and for its mediocre track record by a committee set up to review public institutions.But Samurdhi Director General Sunil Navaratne says the authority is being restructured with performance related targets being set to both employees and bank branches.rn rnPerformance will be judged on the sole […]
Flight Schedule
The government will advertise shortly for private investors to manage its upper airspace, offering also, operations and maintenance at the Bandaranaike International Airport. ldblquote We have taken a decision to re-advertise for upper airspace management together with operations and maintenance at the BIA as a single package dblquote , an official said.rn rnIncluded in the […]
Fast Track
Union Assurance Ltd has posted a mammoth 227 percent growth in net profits for the first six months ending June 2003.Post tax profits for the period rose to Rs. 61.4 mn as against Rs. 18.8 mn in 2002.rn rnConsolidated Revenue grew 16.3 percent to Rs. 1.07 bn during the period under review.rn rnUALs total investment […]
Second Chapter
The Ceylinco Consolidated Group on Friday signed up with Rating Agency Malaysia Berhad or RAM, to launch Sri Lankas second credit rating agency.rnrnLanka Ratings Ltd will be jointly owned by Key Ratings Ltd (51 percent) and RAM 49 percent.rn rnThe company has an initial share capital of Rs. 35 mn.rn rnldblquote The joint venture will […]
Hot Wiring – Updated
The telecom industry is buzzing of an impending marriage between Sri Lanka Telecom and Lanka Bell, the third private fixed operator.Industry analysts expect a memorandum of understanding to be signed within the next few weeks, but sources close to both telecom operators refrained from commenting over the possibility of such a move.rn rnTalks of a […]
Early Retirement
The government plans to retire some of its domestic debt starting next month, due to an influx of dollars into the market.The long-awaited US$ 100 mn loan from Citibank is expected to come through within the next few weeks.rn rnThe five-year syndicated loan, which is backed by Nippon Export Investment Insurance Company of Japan, was […]
Private Help
The countrys top business chamber is trying to raise private sector investments to support the governments development vision.Ceylon Chamber says their annual convention in October will focus on the governments Regaining Sri Lanka vision, which seeks to create two million jobs over the next few years.rn rnThe Chamber hopes that investments by the private sector, […]
Product Extension
Hatton National Bank is expanding its treasury operations with plans to start a fund management unit on the cards.Chairman, Chrishantha Cooray says the asset management company will be formed under aegis of HNB Securities Ltd.rn rnHNB Securities currently handles the banks primary dealer operations. rn rnldblquote We want to grow the fund management business slowly […]
Left Over
The Treasury is selling its residual stakes in 19 firms, 14 of them through the Colombo Stock Exchange. At current trading prices, the stakes in 13 of the 14 listed firms are worth Rs.194.6 million.rn rnThe larger parcels of the listed shares and the five unquoted firms will be sold on an all or nothing […]
Mine Ahead
The United Nations Development Program said Thursday, that they will strengthen ongoing de-mining efforts in the North, with a technical assistance grant of US$ 3.2 mn. Since a ceasefire 19 months ago, there has been humanitarian mine assistance to remove some 1.5 mn landmines still lying buried in private and fertile agricultural lands in the […]
Non-elastic
Lack of funding could kill the rubber industrys research arm warns the Rubber Research Institute. RRI officials estimate that over Rs.23 million is urgently needed to upgrade the age old equipment and to improve other sections at the Institute. rn rnOfficials say without the new equipment, the RRI is unable to develop new research to […]
External Cleansing
The government has sought the Asian Development Bank and World Bank help, to do an impact assessment on the ongoing Samurdhi programme.Donor agencies have been critical of the selection process of welfare beneficiaries, as well as the lack of an exit mechanism, which resulted in more and more householders being added, until half the country […]