Category: Industry
Bending Rules
The government will amend its newly minted labour retrenchment formula to raise the maximum compensation ceiling from 30 to 50 months of salary.rnrn The new ceiling will apply to all firms with a net profit of more than Rs. 100 mn and governed by a collective agreement, Labour Minister Mahinda Samarasinghe said Thursday.rn rnThe changes […]
Netting It All
Top air cargo equipment maker Bridport Aviation, is using its Sri Lankan production base to tie-up new markets in Asia.Bridport already claims a third of the global market for cargo pallet nets, or 75,000 nets a year, with its old 30,000 square feet plant.rn rnIts 400 percent expansion in the Wathupitiwala Export Processing zone off […]
Extended Version
The HRM Enterprise Version 4.0 is a highly versatile, fully web based system and is database independent.It is flexible and scaleable to any organisation leaving room to plan, define, and change to suit to its structure. rn rnThe new version provides a Self Serving facility to all staff in the organization to access their personal […]
Small Change
The state is looking at absorbing up to about 25 percent or as much as half the cost of laying rain guards for rubber trees on smallholder estates this year. Laying the plastic skirt-like rain guards over the areas to be tapped protects it in heavy rainfall areas like the Ratnapura and the Kalutara districts.Increasing […]
Going Offline
Stepping up its presence from a standalone internet service provider, Eureka on Tuesday said it has repositioned its business to become an IT solutions provider. Eureka says it has redesigned its business model over four years to offer anything from PC maintenance to more complex corporate data and software solutions.rn rnChief Executive Dilendra Wimalasekere says […]
Different Lines
The telecom watchdog is looking at giving payphone operator Tritel, a facilities based licence to allow it to penetrate deeper into the rural areas. Tritel has been calling for a facilities based licence since 1999, to expand into rural areas that are not serviced by other telecom network operators. rn rnTritels service deployment is currently […]
Quick Dip
Conglomerate Hemas Holdings delved deeper into the tourism sector on Monday to pick up a 47 percent slice in Associated Hotels, the owning company of Lihiniya Surf Hotel.Veteran hotelier George Ondaatjies Mercantile Investment Group had sold his entire 2.6 mn parcel at Rs. 40 per share.rn rnThe family controlled companys core strengths lie in health […]
Bits of Crime
The long overdue Computer Crimes Bill is low on ram, but more laws are on the way to legalise digital signatures and set minimum security standards for electronic transactions. ldblquote The Electronic Transaction Act, that will legalise digital signatures, is now at the Legal Draftsman, dblquote said Senior State Counsel, Dilrukshi Wickramasinghe on Thursday addressing […]
You Call You Pay
Fixed line and cellular subscribers will pay up to Rs. 5 more per minute for calling a mobile user, possibly from March 1. The additional charge comes with a shift in the national telecom policy where mobile phone users will not have to bear the cost of an incoming call.rn rnInstead, any person making the […]
Korean Chips
Koreas Myunghim Lanka (Pvt) Ltd has signed up to build a US$ 18 mn township development project in Kalutara.The Board of Investment says the 100 percent South Korean investment will be spread over three-years, to give the Kalutara town a face lift.rn rnThe project would evolve in eight phases. rn rnFirst a Public Market with […]
Ouch
Nawaloka Hospitals says it is forced to nurse a Rs. 85 mn in debt and interest payments as its initial share issue gets delayed due to political theatrics.The hospital, which enjoys a healthy Rs. 125 mn in revenues per month, was hoping to raise Rs.300 mn through an initial public offering.rn rnNawaloka Hospitals (Pvt) Ltd, […]
Steady Ship
DFCC Bank saw a 16 percent rise in net profits for the nine months ending Dec. 2003, largely aided by falling interest rates and revenues from its associated companies.The development financial institution said group post-tax profits topped Rs. 933 mn from Rs. 801 mn reported in 2002.rn rnProfits from the banks own operations grew 69 […]