Category:
Untangling Wires
The monopoly fixed line operator quote s call rates were last raised by 15 percent in May, as per the pact signed between the government, and NTT of Japan in 1997. rnThe deal allowed for domestic tariffs to be raised over four years, starting from June 1998. The first 25 percent increase came in June […]
New Lease
HNB securities issued unsecured subordinated debt to its owners the HNB group to carry out the recapitalization. rnCEO Rienzi Wijetileke told Lanka Business report that the money was injected in June after the primary dealer suffered heavy losses in its portfolio. rnHNB securities, a fully own subsidiary of the HNB group turned around posting a […]
Oxidising Tea
At the laboratories of the tea research centre, scientists are brewing a new cup of tea.They are testing the properties lquote Ceylon Tea grown in various regions of the island. Tea Board officials are hoping they will produce the marketing and branding break through the industry has been waiting for. ” If we could prove […]
UDA Debentures
The Urban Development Authority wants to kick start the construction industry by leveraging its massive real estate holdings.The UDA has an estimated ten billion rupees worth of land in and around Colombo city. The government agency, which is part of the Western Provincial Development Ministry, wants to release some of its land to developers.It also […]
The Urge To Merge
Janashakthi, which originally bought 51 percent NIC acquired the balance 39 percent held by the Treasury this week for 287 million. rnldblquote We have been working on the merger ever since we have bought the shares, dblquote the Chairman of the company Chandra Schaffter says. rnldblquote We have also bought the shares of the staff, […]
Dozen Inquiries
Up to 90 percent of SLIC is up for grabs with the government keen to get a reputed investor to manage the life and general insurance giant. rnThe Potential investors would get management control with a possible option to buy the ten percent stake held by the employees. rnThe formal sale process is expected to […]
Rest Assured
Monies for the fund will come on quarterly basis from a 0.2 percent cess on Life Funds and 0.4 percent cess on premium incomes of the General Funds, Insurance Board of Sri Lanka Director General, Dr.Dayanath Jayasuriya said Friday. rnrnPremium incomes for 2001 stood at Rs. 16,858 mn or a 1.2 percent of GDP. Premiums […]
Fast Track
Cabinet has rubber stamped a Labour Ministry proposal to clear a backlog of fifteen thousand labour tribunal cases on a fast track basis. The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month. rnThe […]
Peace dividends
ldblquote We expect a resurgence of economic activity in consequence to the commencement of these talks, dblquote Prof.G. L. Pieris said in a media briefing last week. rnldblquote Soon after the talks the Prime Minister will preside over a high profile investor forum meeting in New York. The Secretary General of the UN Mr.Kofi Annan […]
Spring Cleaning
Ministry efforts to set up an office of pension reform are already moving ahead, with a tripartite advisory committee to address all stakeholder issues.rn rnThe joint structure of government, employers and worker unions will thrash out concerns regarding retirement benefits and what is seen as a changing government role in the country quote s retirement […]
NICe Deal
Janashakthi Chairman Chandra Schaffter said the acquisition was funded through a bank loan from Commercial Bank.rn rnJanashakthi earlier, picked up a 51 percent of NIC for Rs. 450 mn. Janashakthi has also picked up the 10 percent stake gifted to NIC quote s employees.rn rnSchaffter says the balance acquisition paves the way for the formal […]
Less Heavy
Deutsche Bank Tuesday reported a 59 percent drop in post tax profits after shedding its personal banking portfolio.