Category: Industry
Freedom Flights
A new aviation policy plans to open skies to fifth Freedom Traffic to make the country an aviation hub.The policy will be effective from 2005 when 3rd and 4th Freedom Air Traffic to the country will also be proactively promoted.rn rnAviation Minister Tilak Marapana said that they would encourage airlines to exploit this opportunity and […]
One Way Ticket
The Tourist Board rolled out a recently re-costed retirement scheme, capped at Rs. 750,000 to make it more attractive to employees. The scheme has already seen over 170 takers, with Tourist Board officials saying they need to trim its 410 strong workforce to an ideal 100 people.rn rnldblquote The cabinet has approved the new Voluntary […]
Band Aid
The Central Bank is expected to meet the consortium of investors keen on reviving Pramuka Bank for another round of talks early next week.With the suspension of Pramukas licence coming up next Thursday, the bank and its legal team are also expected to meet up with the Attorney Generals Dept.over the weekend, to decide on […]
Back to Base
The National Security Council has grounded all helicopter and floatplane operations that were given the recent go-ahead, until further notice.ldblquote The Security Council has suspended helicopters and float plane operations and they are yet to get back to us as to when they can resume, dblquote Secretary to the Civil Aviation Ministry, Cecil Amerasinghe told […]
Feeling Lucky
The Development Lotteries Board (DLB) is playing a new lottery ticket to reach a Rs. 1 billion bottom line target by end 2004, after posting a profit of about Rs 750 mn for 2003.The new lottery ticket, Jayoda, will also push up 2004 revenue estimates to Rs.5.2 billion up from Rs 3.7 billion last year. […]
Alternate Line
The Development Lotteries (DBL) Board is studying alternate methods to retail lottery tickets online before diving into the computer driven jackpot business. DBL Chairman, J K Fernando told Lanka Business Online on Wednesday that the Board would launch an online lottery with foreign collaboration when the they have identified ways of using its current sales […]
Be Specific
The consortium of investors keen on reviving Pramuka Bank, were set a Thursday morning deadline to submit a more detailed proposal.Central Bank and its consultants, audit firm E&Y, met the consortium led by the Asia Capital Group and National Wealth Corp. on Wednesday evening, to seek clarifications on their complex restructuring proposal.rn rnThe proposal mooted […]
Banks and Robbers
The Rajarata Development Banks (RDB) decision to interdict the entire staff at its Medirigiriya branch after it was robbed at gunpoint recently will be met by protests by the employees of all six regional development banks.The Ceylon Bank Employees Union Development Bank Branch says the management nor the police investigating the heist have evidence indicating […]
Silver Lining
The government plans to take a fresh approach to divest its stake in Shell Gas Lanka Ltd., after its initial attempts fell through.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn ThernTreasury, which owns 49 percent of the gas giant, was earlier hoping to raisernaround Rs. 500 mn by selling its stake.rn RoyalrnDutch Shell, which bought a 51 percent stake in […]
Fuzzy Signals
The Central Bank will meet a consortium of investors keen on buying Pramuka Bank on Wednesday evening to shed more light to their complex proposal.Hopes ran high on Tue. that the Central Bank had discussed a proposal put forward by a consortium at its Monetary Policy meeting.rn rnCentral Bank Governor, W A Wijewardene said the […]
Take Off
An annual 6.5 percent growth forecast for the Asian aviation industry has prompted the EU to set up a regional training facility in Sri Lanka.The EU and the European Association of Aerospace Industries (AECMA) are putting in a combined Euro 10 million to develop the skills of national aviation regulators and operators in South Asia […]
Calling Lanka
The Board of Investment is mooting changes to the BOI Act for bigger tax holidays encouraging call centres to relocate here. rnCurrently Sri Lanka trails behind neighbouring countries like India and the Philippines as potential centres for Business Process Outsourcing (BPO).rn rnHigh electricity costs and until recently – inflexible labour laws restricting overtime for women […]