Category: Industry
Flying Birds
SriLankan Airlines air taxi service, called SriLankan Air Taxi, which took off in December 2003, has added two more destinations to its network. rnrnThe air taxi now flies to Anuradhapura and Hingurakgoda in the north central province in addition to its four other destinations.rn rnThe airlines amphibious eight-seater, Cessna Caravan seaplane takes off from Sri […]
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 […]
Wheels Within Wheels
Leasing companies and private bus operators met on Wednesday under the direction of the National Treasury to sort out an administrative mess up of the newly introduced VAT on lease rentals of passenger coaches. rn rnThe Treasury directed leasing companies to set off any VAT payments made by bus operators – on lease rentals signed […]
Second Line
Sitting fifteen floors up at the World Trade Centre (WTC) in Colombo, 350 new IT professionals will reap inspiration to develop solutions for Virtusas dominantly US based client portfolio. The US based customised IT solutions developer said on Tuesday that the firm was adding a second development centre in Colombo, growing its existing 600 IT […]
Quick Cash
A sophisticated yet low cost real time on-line money transfer facility has been launched by Commercial Bank of Ceylon, enabling Sri Lankan expatriates to make instant money transfers from many countries. This new money transfer facility, branded ldblquote ComBank e-Exchange dblquote , provides for instant money transfers via a number of reputed financial institutions in […]
Strings Attached
The United States will float its new foreign aid agency – Millennium Challenge Corporation, in May this year, offering conditional aid for 60 of the poorest countries. Potential candidates will be announced in May, but future aid will be tied to good governance, economic freedom and anti-terrorism efforts.rn rnThe Millennium Challenge Account (MCA) will broadly, […]
Flying Bid
Consultancy firm KPMG Ford Rhodes have been picked as financial advisors to help privatise the Bandaranaike International Airport. The firm will advise the state on structuring the offer, preparing Expressions of Interest and bid documents that is likely to be issued in a month.rn rnThe winning bidder will take up a 35 percent stake in […]
Break Free
Indian telco giant, Videsh Sanchara Nigam Ltd (VSNL) has started routing traffic to Colombo, becoming the first to effectively compete with Sri Lanka Telecom on the international data and voice market.Starting late Tuesday, VSNL started transferring part of its international bandwidth through the SEA-ME-WE III submarine cable.rn rnDirect access to the SEA-ME-WE (which connects South […]
Quick Fix
The Bandaranaike International Airport re-opened on Thursday morning after temporary shutting down for nearly 10-hours, following a Russian cargo plane crash that damaged the airports only runway and taxi lights. The Civil Aviation Authority said in a statement that the damaged IL-18 cargo carrier has been towed away, with the runway and taxi lights fixed […]
Amber Light
Sri Lankas long-awaited sovereign rating has fallen victim to the ongoing political drama, with authorities opting to put the brakes on the issue once again.After toying with the idea for years, the government gave the greenlight late last year, to seek a country rating from at least two international rating agencies endash Standard & Poors […]
One Voice
Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn rnldblquote The IMF and the World Bank has agreed […]