Category: Industry
Close Tabs
The insurance watchdog is seeking Finance Ministry approval to start a dedicated insurance supervision division.Presently, the Insurance Board of Sri Lanka (IBSL) has only two consultants on its cadre. The rest are shared with the Securities & Exchange Commission (SEC) secretariat.rn rnldblquote A dedicated insurance unit within IBSL will enhance the effectiveness of supervision, dblquote […]
Good Job
The Ministry of Labour announced on Thursday, that over 2,500 unemployed graduates are assured of permanent employment within the private sector under its Sarasavi Saviya programme.Sarasavi Saviya, a programme that re-trains and finds placements in the private sector for unemployed graduates, reported that within three months the programme had gone beyond its targets for one […]
Brick Hunt
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbulk of state housing banks shares are held with the National HousingrnDevelopment Authority.rn ldblquote Theyrnown around 90 percent and they have indicated that they want to sell up to 30rnpercent, dblquote HDFC Banks CEO, C A Sarathchandra told a public accounts reviewrnon Thursday.rn Sarathchandrarnhopes to privately place the shares within the next […]
Cherry Picking
Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank.ldblquote It wont be an open tender process, dblquote Bank Chairman Lal Nanayakkara told members of the Public Review Committee at the Finance Ministry on Thursday.rn rnldblquote Investors will be carefully screened and […]
Parental Consent
Sri Lanka Telecoms board on Wed. gave its blessings to acquire wireless local loop operator Lanka Bell.The dominant fixed line operator declined to name the bid price, but industry analysts put a price tag of just under US$ 20 mn based on per-line cost assumptions for Lanka Bells 44,000 customers.rn rnSLT will initially take a […]
First Steps
The first steps in a million dollar deal to link small and medium entrepreneurs with European markets got off the ground late Wednesday.Initiated by European Industrial Services, the promoters hope to channel in around US$ 50 mn worth of investments through joint ventures or wholly owned subsidiaries.rn rnEuropean Industrial Services (EIS) has tied up with […]
Labour Of Love
Sri Lanka and Malaysia on Tuesday inked a special pact to allow more blue-collar Sri Lankan workers find employment in Malaysia. The two countries signed a Letter of Intent on Tuesday agreeing to initiate the required back end procedures.rn rnThe Letter of Intent, that follows fast on the heels of a Memorandum of Understanding (MoU) […]
New Insights
Armed with four of the best, a newcomer research company is preparing to catapult Sri Lanka into 21-century number crunching. Independent Research, the local arm of a recently formed international partnership called Amba Outsourcing, arrived in Sri Lanka in September after checking out possibilities in India, Malaysia and the Philippines.rn rnNow, three months later, the […]
Worthy Cause
The local business community is joining country musicians from two continents next month, to raise funds for three-rural schools in Hambantota.Back in a new lquote wild west format, Sri Lankas longest-running country and folk music concert hopes to raise Rs.250,000 to build a reading room/library facility in three selected schools.rn rnThe Sunday Times Business Club […]
Interesting Option
Peoples Bank says it will consider lowering interest rates on some Rs. 12 billion outstanding from the Ceylon Electricity Board, if a proposed debt-restructuring plan seeking payment guarantees for part of the loan goes through.The debt restructuring plan covers a Rs.7 billion medium term loan, to be eventually settled by tapping into CEBs monthly collections.rn […]
Rural Outreach
Once a week, Shantha embarks on a journey; a journey that takes him across rivers, paddy fields, mountains and over 20 kilometers away from his home to a place where he can use a computer, surf the internet and check his Hotmail account.Shantha is only one in a thousand other Sri Lankan youths confined to […]
Building Bubble
A new 210 unit, 21 floor apartment complex is in the making under a Rs. 5 bn Board of Investment (BOI) venture between Hong Kong based Sunshine (Far East) Ltd.and Premier Pacific in Sri Lanka. The Premier Pacific Topaz (Pvt) Ltd., project due for completion in early 2006 has mapped out 16 different layouts ranging […]