Category: Industry
No Problem
The first test run of the Central Banks Scripless Securities Settlement System (SSSS) went thought without a hitch on Tuesday.The first set of firms participating in the test routed routine transactions through the system, parallel to their present manual trading process.rn rnThree more groups will test the system in the coming weeks, facilitating a pre […]
Cloud No. 9
Dubai based Emirates Airlines will invest US$ 1.8 bn into glamorising its new fleet of Airbus 340-500s as it revamps its long-haul flights.The service began December 1, when 14-hour non-stop flights to and from Sydney, Australia took off, with plans to fly to North America (New York) from 2004.rn rnThe new aircraft carry 12 First […]
Flight Delay
Friction between the President and the Premier has pushed back a December deadline to offer private investors a stake in the Bandaranaike International Airport.Privatisation of the Bandaranaike International Airport has been on the cards as a phase three of ongoing expansion efforts, on the basis of a private-public partnership.rn rnThis includes expansion of the terminal […]
Alternative Routes
Software giant Microsoft, is setting up a fully-fledged local arm to offer products at discount rates and to set up a development unit.Microsoft Sri Lanka Ltd will distribute specific licence products and the firm will also be making the world standard lquote Windows software available in both the Sinhalese and Tamil languages under its Language […]
Tele-Learning
Despite an over 90 percent literacy rate, Sri Lanka ironically enough, still ranks among the lowest in the world in terms of access to higher education.rn rnThough 200,000 people sit the A/L exam every year, only about 90,000 qualify and just two-percent actually enter the hallowed halls of learning.rn rnThis is as against regional average […]
Get Closer
In a statement late Friday, the Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAAMB) says the Ceylon Theatres Group failed to consolidate Lanka Ceramics financial statements during the financial years ending March 31, 2002 and 2003.rn rnThe auditors have qualified their report in this respect, SLAAMB says. rn rnldblquote Users of the financial statements […]
Coming Soon
Central Bank Governor A S Jayawardene says it is a prudential requirement, which increases transparency and accountability.rn rnSo far a handful of local banks have gone public with their credit ratings from Fitch Ratings Lanka Ltd.rn rnOf the few, Citibank NAs local arm and National Savings Bank sports a SL AAA rating from Fitch. Citibank […]
Rooms Available
Around 60 State owned rest houses, previously managed by the Urban Development Authority and other government agencies, are scheduled for a change of management under a cluster-lease concept.These rest houses that are scattered all over the country will be parcelled into clusters of three or four and leased out for a 30 year period to […]
Coastal Trip
The Asian Development Bank has come forward with a US$ 20 mn loan to uplift the living standards of people in the Eastern Province.The loan, for the North East Coastal Community Development Project, will help conflict-affected coastal communities in the three eastern districts – Trincomalee, Batticaloa, and Ampara – improve livelihoods on a sustainable basis […]
Private Garage
State owned Lakdiva Engineering Ltd. endash repair and re-conditioning arm for state buses, is to be put up for private investment, as part of the re-haul of the Central Transport Board. Lakdiva Engineering is entirely state owned, and currently operates a factory that repairs and re-conditions bus bodies belonging to the state owned Bus Companies. […]
Tele Bond
Sri Lanka Telecom hopes to tap the overseas market to raise up to US$ 100 mn via bonds for its expansion plans next year.The issue, which is likely to come out next March or April, will be the first overseas debt paper to be offered by any Sri Lankan firm.rn rnldblquote The size of the […]
Population Pills
Sales of the morning-after pill are soaring at 30,000 packs a month, as lquote Postinor takes over from males reluctant to snap on that condom.rn Only 3.3 percent of males use condoms, with birth control largely geared toward females – an imbalance the Family Planning Association is trying to alterrn rnldblquote Males still think family […]