Category: Industry
Shuffling The Pack
SriLankan Airlines is pushing to expand its portfolio through fifth freedom rights to Nepal and Bangladesh, while keeping a close tab on rising jet fuel prices, which may put a drag on its balance sheet this year.rnrnFifth freedom or lquote beyond rights, refers to the right of an airline from one country to land in […]
Foreign Call
Indian IT services giant Videsh Sanchara Nigam Ltd (VSNL) is finalising its service offer for Sri Lanka, with initial plans to push out an international calling card by August. Separate cards for calling Sri Lanka and to call out of the island is planned, VSNL sources told LBO on Friday.rn rnVSNL is currently procuring an […]
Open Minds
Human resource (HR) personnel need to come out of the box and integrate more to improve corporate performance, says three of Sri Lankas leading businessmen. The CEOs were addressing HR personnel at the National HR Conference organised by the Institute of Personnel Management (IPM).rn rnThe CEO Forum comprising Hill, Omar and Amarasuriya agrees that HR […]
Comfort Zone
Seylan Bank has secured an A-(sri) national rating for its long-term senior debt from Fitch Ratings Lanka.At the sametime, Fitch has also given Seylans outstanding subordinate debentures a BBB+ (sri) rating.rn rnIn term of priority, deposit holders and senior debt obligations are ranked higher than subordinated debentures. Though debenture holders rank above preference and ordinary […]
On Loan
The External Resources Dept., is negotiating with Japanese funding agencies for a fresh US$ 85 mn credit line for the small and medium scale industry. If approved the Japan Bank of International Cooperation (JBIC) will replace the US$ 65 ADB credit line now fully utilized by the Sahanya low interest-lending scheme. rn rnThe ADB facility […]
Bussing It
An action plan to re-haul bus transport and enforce regulation on a decentralised, largely out-of-control sector, is being rolled out by the National Transport Commission over the next few weeks.ldblquote Buses are a Rs. 30 bn industry and a very large component doesnt have the management and the regulation that it deserves dblquote , Chairman […]
Cooling Summer
The Connaissance Group is to make the best of the hot weather, enticing outbound Indian travellers with a summer promotion at its hotels.The Group is targeting a 5 mn strong Indian outbound market to fill up hotels in an ordinarily slow season, where occupancies hover around 45-50 percent.rn rnrnrnldblquote Outbound travel from India in the […]
New Feather
Sri Lanka has been selected to the 34 member Inter-governmental Group of Experts on International Standards of Accounting & Reporting (ISAR) at a recent UN session.ISAR was created by the Economic & Social Council of the United Nations in 1982, and is serviced by UNCTAD.rn rnIt is the only inter-governmental working group devoted to accounting […]
Very Bad
Central Bank on Wednesday issued a fresh warning against unauthorised deposit taking, as the public continued to chase after higher return for their savings. The top financial sector governing body says some firms are operating regardless of the Banks instructions to stop the illegal practice and continued to offer high interest rates to attract unassuming […]
City Life
Chinese millionaire Tao Shing Pee is 88, but his more than half-a-life-time love affair in tropical Sri Lanka is still going strong endash in fact Tao is willing to lavish more money and attention than ever on his tropical love.rnrn On Tuesday, Tao, know in Sri Lanka for developing rnColombos landmark building – the World […]
Talent Spotting
Venture capitalist, Aureos Lanka Advisers, has launched a US$ 10 mn fund to invest in ongoing projects in Sri Lanka and Bangladesh.Formerly known as Ajoyana Fund Management, Aureos plans to invest between US$ 500,000 to US$ 3 mn in a wide array of business activities, the firm said in a statement Tuesday.rn rnThe Fund is […]
Password Protected
Do you have the four-digit PIN code for your ATM or the password to your mail account? Do your know who else has it? Hackers and freely available password hacking software are giving away passwords and all the secrets seemingly locked away safely by the alphanumeric code we call passwords.Venkateh Swaminathan is in Colombo today […]