Category: Industry
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 […]
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 […]
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 […]
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 […]
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 […]