Category: Industry
Cozy Union
India’s state-run Oil & Natural Gas Corp. is planning to form a joint venture with Sri Lankan state-run company Ceylon Petroleum Corp. to take up exploration in Southern India’s Cauvery basin, reports the Economic Times newspaper Tuesday India’s state-run Oil & Natural Gas Corp. is planning to form a joint venture with Sri Lankan state-run […]
Gem Float
The Ceylinco group got another foot into the local gem and jewellery industry by floating a new company to finance gem trading and mining. The Ceylinco group got another foot into the local gem and jewellery industry by floating a new company to finance gem trading and mining. “We will not be competing with the […]
Drain Gain
Brain drain has its upside says a new UN Economic and Social Survey, contributing generously to a developing countries external reserves.Brain drain has its upside says a new UN Economic and Social Survey, contributing generously to a developing countries external reserves. Sri Lanka’s private remittance adds up to about 7.75% of GDP, ranking it with […]
Drip Aid
Sri Lanka signed up for Rs. 26.1 bn worth of concessional aid from Japan to promote economic stabilization and development, the Finance Ministry said Wednesday.Sri Lanka signed up for Rs. 26.1 bn worth of concessional aid from Japan to promote economic stabilization and development, the Finance Ministry said Wednesday. The loans will carry a concessional […]
And Counting….
The Lanka IOC issue had attracted more than Rs. 24 bn, or more than 1 percent of GDP, even before all the postal and regional stock exchange applications were counted. Foreign applications had topped US $ 95 mn. “We are very encouraged by the foreign investor response,” says Vajira Kulathilaka, Head of NDB Investment Bank, […]
Oil Dollars
Sri Lanka will get Asian Development Bank help for its up-coming bidding round to auction off potential blocks off the Mannar coast, for oil exploration. Sri Lanka will get Asian Development Bank help for its up-coming bidding round to auction off potential blocks off the Mannar coast, for oil exploration. Sri Lanka has applied for […]
Robin Hood
Government promises to give positive interest rates to savers but the budget revealed a plan to short-change state pension funds.Government promises to give positive interest rates to savers but the budget revealed a plan to short-change state pension funds. The Finance Minister said in the budget the government plans to convert rupee loans to low […]
Down Hill Ahead
Sri Lanka Insurance which was privatized last year says 400 employees have taken up a Voluntary Retirement Scheme (VRS) during the last few months. Sri Lanka Insurance which was privatized last year says 400 employees have taken up a Voluntary Retirement Scheme (VRS) during the last few months. The company employs 2000 people and says […]
We too; We too
Government is planning to raise a record Rs. 26 billion through privatization and asset sales next according to the Finance Ministry. Government is planning to raise a record Rs. 26 billion through privatization and asset sales next according to the Finance Ministry. If achieved, the amount will be a record for privatization and asset sales. […]
Deadly Bounce
A budget bombshell to part classify advertising and promotional expenses as taxable income has put the industry and its allied services in a spot, with advertisers also grumbling of a plethora of taxes.A budget bombshell to part classify advertising and promotional expenses as taxable income has put the industry and its allied services in a […]
Come On
Sri Lanka Thursday urged civil servants to work an extra hour saying it had the “dubious honour” of being the nation with the world’s highest number of public holidays. Sri Lanka Thursday urged civil servants to work an extra hour saying it had the “dubious honour” of being the nation with the world’s highest number […]
PERC to invite bids for Hilton in January
Sri Lanka’s privatisation body Thursday said it will invite bids in January for the government’s majority stake in Hotel Developers Lanka Ltd. Sri Lanka’s privatisation body Thursday said it will invite bids in January for the government’s majority stake in Hotel Developers Lanka Ltd. “We are in the process of preparing the offer-for-sale document. We […]