Category: Industry
Sharpening Skills
The Asian Development Bank is helping Sri Lanka to reduce the mismatch between worker skills and labour market demands, through a US$ 600,000 technical assistance (TA) grant to prepare a human resources investment project.The grant is from the Japan Special Fund, financed by the Government of Japan.rn rnThe TA will study the technical education and […]
’85
Mobile service providers expressed concern last week over Mobitel announcement about its plans to launch a digital network.Other players fear that the company would use SLT infrastructure to get an undue advantage.Mobitel is fully owned by SLT.rn rnIndustry players say that anti competitive rules are key to make sure that all deals between Mobitel and […]
Professional Managers
The Alumni of a top business school is looking for a parliamentary nod to setup a professional body of managers with its own code of ethics.The self-financed Postgraduate Institute of Management (PIM) will be drafting a code of ethics based on good corporate governance for its MBA holders.rn rnIf incorporated the PIM Professionals Association will […]
AASL Grounded
Aviation officials warn that the government would lose over a Rs. 100 mn in revenue annually as a result of new concessions granted to SriLankan Airlines under an MoU signed with Emirates Airlines, the managers of the national carrier.While Emirates agreed to give up exclusive rights it enjoyed in certain areas like catering, the government […]
When youre talking’85
Mobile service providers expressed concern last week over Mobitel announcement about its plans to launch a digital network.Other players fear that the company would use SLT infrastructure to get an undue advantage.Mobitel is fully owned by SLT.rn rnIndustry players say that anti competitive rules are key to make sure that all deals between Mobitel and […]
New Licence
Signalling an economic revival, the Registrar of Companies reports a 35 percent growth in new companies registrations from Jan-June 2003.Of the 1778 new registrations, 1632 are private firms, 41 public, 30 guarantee, 53 associations and 8 peoples companies.rn rnThere were also 12 new foreign companies and one offshore company that sought registrations during the period, […]
Close Scrutiny
The Central Bank has commissioned audit consultants E&Y to do a valuation on six rural development banks up for privatisation.E&Ys mandate includes coming up with a restructuring model, a three-year financial forecast, recommending future changes for its management and set the tone to prepare an information memorandum for private management.rn rnAround 47 percent stake in […]
Monopoly Class
A new agreement between Emirates and the government to lift catering and ground-handling monopolies at the airport has come under fire, forcing officials to rethink concessions.The state has been lobbying with the Dubai based airline and parent company of national carrier SriLankan Airlines, to renegotiate a ten year monopoly ending in 2008. rn rnThe new […]
Backdoor Withdrawal
Members of the Employees Provident Fund are using the State Mortgage Investment Bank as a conduit for premature withdrawal of their EPF balances.SMIB has the statutory authority to give housing loans against member balances of the EPF and collect defaulted instalments from the EPF.rn rnNearly 17,925 or a massive 32.65% SMIB borrowers had defaulted by […]
Green Paper
The government has rolled out its first draft of a national eco-tourism policy, mapping out development guidelines for mushrooming, unregulated eco-tourism outfits. A Norwegian sponsored study begun early this year developed the blueprint for eco-tourism development, identifying also, five pilot projects in the Southern region.rn rnPublic debate has already begun, with the Tourism Ministry calling […]
Good Start
DFCC Bank said Wednesday its net profits grew by 14 percent to Rs. 305 mn during the first quarter of this year.The bank said benefited from low cost deposits and cheaper long-term credit lines, which in turn helped narrow the gap with lower lending rates.rn rnIncome during the period rose marginally to Rs. 975 mn, […]
Picking Up
Standard Chartered Bank said Wednesday that credit demand had picked up marginally, despite an upturn in economic growth this year.The bank said total loans and advances had grown by 20 percent during the first six months of this year.rn rnGrowth largely came from big-ticket deals like a US$ 70 mn loan for Mobitel and working […]