Category: Industry
Soothing Balm
Finance Minister K N Choksy has appointed a committee to look into raising salaries of the Police force.Salaries of the armed forces and the police, were revised upwards from January, as part of an overall increment for government employees.rn rnBut the police force is not too happy with the 10 percent or Rs. 1,250 increment. […]
Port of Call
The Sri Lanka Ports Authority (SLPA) has set sail a proposal that will allow it to operate ports in foreign shores.SLPA Chairman, Dr. Parakrama Dissanayake told Lanka Business Online on Monday that the Prime Minister had approved the proposal by its management.rn rnThe proposal seeks to expand its services to operate overseas ports as part […]
See Me
Dialog GSM says it is planning to create competition in international submarine bandwidth. Last Friday the IFC gave US$ 50 million in loan funding to the fast expanding mobile operator.rn Dialogs parent, Malaysia Telecom, a shareholder of the SEA-ME-WE 3 cable, initially invested US$ 140 million and has committed a further US$ 90 million.rn rnIFCs […]
Alternate Landings
The Board of Investment will call for bids to develop the countrys first alternate airport on a lquote Design Build Turnkey model, in two weeks.A pre-feasibility has been done, but the new developer will be responsible for detailed designs, procurement and building of the airport.rn rnIn building jargon, the owners, in this case the Sri […]
Road Show
The Supreme Court made history this week, rapping the Road Development Authority (RDA) for deviating from its original route for the Southern highway, bypassing laws protecting the environment.rnrnThis was the first time the Sri Lankan law has brought to book a state firm for violation of environmental laws. rn rnThe RDA was taken to courts […]
Route Re-Shuffle
SriLankan Airlines will scale back its flights on a once lucrative Middle East run, as it fights for space with other no-frills carriers that have begun to ply the route.Carrying mainly labour traffic, the Middle East is among the Airlines top destinations, since it began flying the route some ten years ago.rn rnThe steady stream […]
Rural Reserve
The ADB on Wednesday sanctioned a US$ 70 million loan package to kick start the Sri Lanka n rural finance sector.The Program aims to revive the rural economy and promote private-sector led economic growth.rn rnThe program loan will promote policy changes that emphasize good governance and improved operations of rural finance institutions. rn rnDrafting a […]
Light Delay
A proposed light rail system for Colombo is going slow as officials now prepare to roll out a pre-feasibility study with Indian assistance. Policy makers are lobbying for Cabinet approval to commission Indias Metro-rail using Rs.50 mn (Indian rupees) under the Indian line of credit.rn rnThe project so far only has a sketch or a […]
Legal Tips
The Employees Trust Fund has sought Auditor Generals advice to dispose part of its loss making equity portfolio.ETF has fully provided for the Rs.600 mn odd portfolio, which largely consists of investments in quoted/unquoted firms made in the early 1990s.rn rnThe Rs. 45 bn Fund, which made over a Rs.4 bn profit last year, is […]
Chinese Whispers
Cathay Pacific will fly daily between Hong Kong and Colombo from March, positioning itself to capture the yet untapped Chinese outbound market endash a key growth area for Sri Lankan tourism.Sri Lanka was given destination status by China last year, with the number of travellers between the countries expected to take off this year.rn rnThe […]
Fresh Air
Independent research, the leading financial research and investment service provider to global investment banks and fund managers has recruited Ravi Abeysuriya, Managing Director of Fitch Ratings Lanka Ltd. to head its operations in Sri Lanka. Independent Research (Private) Ltd, branded internationally as lquote Amba which started operations in Colombo last year, currently is in an […]
Road Closed
State owned Road Construction & Development Company (RCDC) has closed up, with all its employees sent on compulsory leave till end January.rn A liquidator has not yet been appointed to dissolve the firm, but a retirement package to shed its 2000 workers, will be rolled out almost immediately, RCDC General Manager, Mr. Sumanaratne, said.rn rnThe […]