Category: Industry
Coming To Colombo
Sri Lankan aviation authorities have cleared Abu Dhabi based industry newcomer, Etihad Airways to fly daily to Colombo from March 03.Area Manager for Sri Lanka and the Maldives, Kumar de Silva says Etihad will take off with three weekly fights to Colombo with the main stray of initial sales coming from the migrant labour population.rn […]
After Polls
The telecom watchdog says it will decide when to implement a caller party pays (CPP) regime after April 12, 60 days from when it first announced the additional rates fixed-line users would pay to call a mobile. The 60 day time lag to promote public awareness is a licence condition and was earlier set aside […]
Whos The Fool?
A new law to label food items gets activated from April 1, giving traders barely a month to redesign their packaging materials.April is certainly looking to be an eventful month for the local business sector.rn rnOn top of general election mayhem and disruptive New Year work breaks, everyone in the business of putting food on […]
Bits and Baggage
Waving in traffic from the web, the Tourist Board will try to lure elusive travelers from the US, Canada and Australia, with a portal for online transactions. The three markets together account for just over 40,000 tourists of the half a million that visited the country last year, with no focused promotions in these areas […]
Tripling Over
Hatton National Bank Ltd said Tuesday its full year group profits nearly tripled as it notched gains from its bond portfolio, despite hefty provisioning. Group post-tax profits jumped to Rs.1.571 bn for the year ending Dec.31, 2003, from Rs. 486.976 mn during the corresponding period.rn rnThe bank itself crossed the billion rupee mark for the […]
Call Forwarding
The roll out of a free incoming to mobile phones regime is being pushed back once again, this time to allow for greater public awareness. The telecom watchdog on Feb. 12 said the Caller Party Pays (CPP) regime would be effective from March 1, with fixed line users paying up to Rs. 5 more for […]
Jumping High
Ceylinco Life has ended fiscal year 2003 achieving its declared goal of crossing the three billion rupee mark in premium income.In results released this week, the company said premium income had grown 29 per cent to Rs.3.042 bn in the year ended December 31, 2003.rn rnThis performance was made possible by a 51 per cent […]
Private Tours
Privately owned helicopters could come to the rescue in medical and natural disasters and fly in to transport shipping crew between land and sea before long.Helicopters are due to make a comeback to Sri Lanka skies after initial groundings in 1995 and the new arrivals will not be limited to tourist transport.rn rnDeccan Aviation Lanka […]
Love From India
The promoters of Indias first Mass Rapid Transport (MRT) system have offered to help the government to set up a similar system to help ease congestion in Colombo.Delhi Metro, Indias first MRT has submitted a feasibility study report to the government, which has been accepted in principle.rn rnOfficials from Delhi Metro Rail Corporation were quoted […]
Life Cycle
The Treasury last issued the letter on March 13 2003, with the hope of finding fresh investors and to allow the bank to continue its normal banking operations.rn rnSince a top-level restructuring team was brought in over two-years ago, the bank has been able to cut its Rs. 6 bn negative networth to Rs. 2 […]
Taking Bets
Working towards meeting a mid year target to launch Sri Lankas second online lottery, the Aitken Spence endash Getch Corp., partnership will invest Rs. 1.2 bn through the Board of Investment in their local operation.Aitken Spence Getch., will provide turnkey lottery management services including the installation, operation, and maintenance of the online and instant central […]
Second Round
Private bus owners are lobbying the government to remove VAT payments slapped on lease rentals of registered buses.Currently, around 17,500 private passenger buses are in operation and over 90 percent of them are bought on a lease.rn rnMost owners opt to re-lease their buses, to meet costs of refurbishment and spare parts. Funds are also […]