Category: Industry
Changing Faces
The Tourist Board says visitors need to take away a piece of their experience in Sri Lanka when visiting the vast attractions the island has to offer. Officials say Sri Lankan handicrafts are largely limited to the elephants, masks and beach memorabilia, giving the visitor few options to remember the sites they have visited.rn rnSmall […]
New Lease
Readywear Industries and subsidiary United Motors drove into the leasing sector on Monday looking for a three per cent market share by March 2004. Orient Financial Services Corporation Limited will initially limit services to leasing and hiring facilities, later expanding to offer other options available with a fully fledged leasing company.rn rnStarting off with an […]
Spring Cleaning
The Commercial Bank of Ceylon Ltd., reported a group pre-tax profit of Rs. 936.9 million for the first half of 2003, an increase of Rs 101.6 million or 12.15 per cent over the corresponding period last year.The Bank said this pre-tax profit was arrived at after making a loan loss provision of Rs. 302.2 million, […]
Controlling Ringtones
The telecom watchdog TRC gave Sri Lanka Telecom (SLT) permission to fully own a mobile services provider under condition that all transactions are done at arms length.rn rnIndustry players say that this is not the case.rn rnCross subsidies are already being given by SLT in terms of interest free loans and long periods to settle […]
IFC Support
The private sector financing arm of the World Bank says it will stand by to support the Peoples Bank, when the government privatises the state banking giant.The International Finance Corporation Representative Sanjiva Senanayake says IFC is ready to work with the private sector partner that wins Peoples Bank.rn rnIFC says it is willing to work […]
Dead End
Government is going to wind up the operations of a state owned road construction firm in a bid to encourage private sector competition.Road Construction and Development Company (RCDC) is planning to offer a voluntary retirement deal to its 2000 employees before its operations are wound up.rn rnThe Treasury has agreed to fund the VRS and […]
Freeway Ahead
The countrys investment promotion agency has signed up external consultants to help kick start the Colombo-Katunayake expressway project.The consultants will provide financial and technical advice on the feasibility of the project.rn rnConstruction of the half-built expressway was halted with the government deciding to go for a public private partnership after getting cash strapped.rn rnThe Board […]
Weaving Houses
Singapores Shing Kwan Group, Overseas Realty Ceylons key shareholders, on Friday signed up to develop the former Wellawatte Spinning Mills site.In a statement, Overseas Realty said they would invest Rs. 150 mn through a joint venture company with the Bank of Ceylon to develop the property.rn rnShing Kwan Investment (Singapore) Ltd. (Overseas Realtys investment holding […]
First Steps
Pakistani based Union Bank Ltd plans to pump in over Rs. 250 mn to its newly acquired Sri Lankan operation.The bank made its maiden foray into the international markets, by recently acquiring Mashreq Banks Sri Lankan operation.rn rnldblquote We believe the growing bilateral trade between the two countries as well as Sri Lankas expanding economic […]
Low Key
State run Bank of Ceylon is talking to a potential investor to sell off a bulk of its Pakistani branch operations.Sources said Dawood Bank Ltd has agreed to take up 85 percent of the Bank of Ceylons US$ 17.3 mn paid up capital.
Safe Options
IBM says upto 80 per cent of IT related expenses were on maintenance and repairs after the initial purchase, leaving only a 20 per cent of spend on hardware and software. However, IBM say PC manufactures pay not enough attention to repairs and maintenance when designing a new computer.rn rnA range of PCs that take […]
Road Talk
The Malaysian government is in talks to fund the Rs.30 bn Colombo-Kandy Highway, on a Build, Own and Transfer basis (BOT), starting 2005. Malaysian officials are expected to come back with a proposal to assist the project, with construction of the highway likely to be contracted out to a Malaysian party.rn rnThe government has developed […]