Category: Industry
Déjà vu
Operating losses at the Ceylon Electricity Board is threatening to snowball to Rs.18 billion by year end, as costs of generation soar with no new power plants in sight. Operating losses at the Ceylon Electricity Board is threatening to snowball to Rs. 18 billion by year end, as costs of generation soar with no new […]
Adopted Kids
US based AIG Insurance shed its Rs.8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday.US based AIG Insurance shed its Rs. 8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday. Hayleys […]
Escape Route
Trying to squirm out of paying mounting subsidy bills, Treasury has told state oil giant Ceypetco that it is liable to pay its claims, only if it declares a loss.Trying to squirm out of paying mounting subsidy bills, Treasury has told state oil giant Ceypetco that it is liable to pay its claims, only if […]
Dead End
Sri Lanka on Thursday scrapped plans to allow free incoming calls to mobile phones, despite phenomenon success among its Asian neighbours, the telecom watchdog said.Sri Lanka on Thursday scrapped plans to allow free incoming calls to mobile phones, despite phenomenon success among its Asian neighbours, the telecom watchdog said. Mobile operators have been lobbying for […]
Secret Sauce
A US based venture capitalist says Sri Lanka has it own ‘secret sauce’ in the ICT arena and should use that to tap the US$ 100 billion global outsourcing business.A US based venture capitalist says Sri Lanka has it own ‘secret sauce’ in the ICT arena and should use that to tap the US$ 100 […]
Sri Lanka acts to boost tourism revenue
Faced with a decline in tourist spending, Sri Lanka is trying to shift away from dependence on beach lovers and budget travelers and lure more well-heeled tourists. Faced with a decline in tourist spending, Sri Lanka is trying to shift away from dependence on beach lovers and budget travelers and lure more well-heeled tourists. Hotels […]
Dutch Built
Sri Lanka’s northern most port – Kankesanturai will get a 45 million euro makeover courtesy of the Dutch government.Sri Lanka’s northern most port – Kankesanturai will get a 45 million euro makeover courtesy of the Dutch government. Cabinet spokesperson and Health Minister Nimal Siripala de Silva on Wednesday said the Sri Lankan government agreed to […]
Renewable Bonds
The government plans to roll out a “Renewable Energy Support Bond” for Rs.2 billion in 2006 to raise funds supporting rural electrification through renewable energy, Finance Minister Sarath Amunugama said Tuesday.The government plans to roll out a “Renewable Energy Support Bond” for Rs. 2 billion in 2006 to raise funds supporting rural electrification through renewable […]
Coming Together
Ministers of South Asian countries keen to promote tourism met in Colombo after Sri Lanka expressed interest to join the region grouping that was financed by the ADB.Ministers of South Asian countries keen to promote tourism met in Colombo after Sri Lanka expressed interest to join the region grouping that was financed by the ADB. […]
Business As Usual
Commercial Bank will expand its off-shore banking operations outside the country after raising US$ 65 million from international capital markets.Commercial Bank will expand its off-shore banking operations outside the country after raising US$ 65 million from international capital markets. The bank which is already lending actively in the Maldives is looking at other markets like […]
Candy Man
Sri Lanka plans to lean on foreign aid and debt relief to trim its deficit, though Tuesday’s budget will be sugar coated to woo voters in the run up to next week’s keenly contested presidential poll.Sri Lanka plans to lean on foreign aid and debt relief to trim its deficit, though Tuesday’s budget will be […]
Cake Walk
Sri Lanka’s Hatton National Bank said Monday that it posted a 777 percent growth in post tax profits for the three-months to Sept 2005.Sri Lanka’s Hatton National Bank said Monday that it posted a 777 percent growth in post tax profits for the three-months to Sept 2005. Group net profit for the third quarter was […]