Category: Industry
Upping It
The Central Bank says it hopes to raise up to US$ 400 mn in bonds shortly, to bridge the budget deficit and ease the pressure on the local debt market.The bank had earlier planned to raise US$ 250 mn. But delays in aid disbursements and a weak rupee has prompted a change of plans.rn rn”The […]
Piggy Bank
The Chartered Institute of Management Accountants (CIMA) Sri Lanka will roll out a student loan scheme for the first time, covering the entire cost of tuition and subscription fees for each stage. rnThe loan of up to a maximum of Rs. 300,000, will be given to interested students on a staggered basis, and is extended […]
Masala Recipe
Experts from Indian Bank are flying in next month to help out with giving alternate proposals to revamp the technically insolvent Peoples Bank.The Indian bank became a natural choice, after it opted to restructure itself, sans any form privatisation or capital infusion from the State.rnrn”We have had a few discussions with the Indian bank and […]
Quick Cash
Commercial Bank of Ceylon has tied up with Xpress Money, to provide Lankan expatriates facilities to transfer funds to Sri Lanka instantly. With this arrangement, remitters in any part of the world would be able to gain access to Commercial Banks 121 strong on-line network of branches and 176 ATMs.rn rnCommenting on the appointment of […]
Who Did It?
A major fire broke out at the government Printers Dept., late Saturday, and officials are not sure if its an accident or sabotage.Situated in Borella, Colombo, the department publishes all official documents ranging from ballot papers to gazette notifications.rn rnBut the ballot papers for the upcoming polls have already been printed and delivered to the […]
Purring Off
Lion Air is swapping its large Avro aircraft for a smaller Shorts plane as it scrambles to stay afloat amidst falling passenger numbers.The airline presently shares the domestic aviation market with Expo Aviation and Serendib Air.rn rnWhen the government re-opened the domestic aviation sector, Lion Air and Expo Aviation were among the first to offer […]
Chug Chug
The Transport Ministry is going on reverse gear, repelling the Railways Authority Act and replacing it with fresh legislation.Transport Minister Felix Perera told Lanka Business Online that Cabinet on Wednesday had given him the go ahead to repeal the Railway Authority Act and introduce new legislation.rn rnThe new Act will look to revert to the […]
Harvesting Time
Sri Lanka Telecom Ltd. may reap substantially higher revenue if an international call routing agreement with Indias Bharat Sanchar Nigam Ltd. takes effect, Asia Securities said in a research report Thursday.Earnings for the fixed-line operator could increase by at least Rs.500 mn in 2004 if Bharat Sanchar Nigam makes use of the international call routing […]
Pricey Jam
Traffic jams in and around Colombo are not just driving people insane with frustration; its costing the country a thumping Rs 20 bn a year.ldblquote The congestion cost in Sri Lanka is around Rs 20 bn a year and this is just a conservative estimate, dblquote Professor Amal Kumarage from the National Transport Commission (NTC) […]
Talk Shop
Insurance consultant Chandra Fernando thought very little when he signed up for a Dialog GSM connection on March 30, 1995.The 54 year old Fernando recounts that he just walked into the Dialog Arcadia Shop out of curiosity, after hearing about the new GSM cellular network.rn rnHe said he was lured by a pretty sales girl […]
Repair Job
Local transport authorities want to scrap the current system of private mass transport for a more service oriented and easy to monitor system. The National Transport Commission (NTC) says reliability of services of private buses has deteriorated, while idling buses, rivalry and accidents have increased.rn rnContrary to popular belief, even productivity in the private mass […]
Mobile Mania
With taxes slashed and handsets smuggled in, Sri Lanka is becoming a mobile phone paradise where even the islands prisons are awash with cell phones.With the price of handsets falling by about 35 percent this year, owning a mobile has never been so affordable in Sri Lanka, where vegetable vendors, taxi drivers and pavement hawkers […]