Category: Industry
Product Extension
Hatton National Bank is expanding its treasury operations with plans to start a fund management unit on the cards.Chairman, Chrishantha Cooray says the asset management company will be formed under aegis of HNB Securities Ltd.rn rnHNB Securities currently handles the banks primary dealer operations. rn rnldblquote We want to grow the fund management business slowly […]
Private Help
The countrys top business chamber is trying to raise private sector investments to support the governments development vision.Ceylon Chamber says their annual convention in October will focus on the governments Regaining Sri Lanka vision, which seeks to create two million jobs over the next few years.rn rnThe Chamber hopes that investments by the private sector, […]
Rallying Support
The Ceylon Chamber will mobilise private sector support for the states “Regaining Sri Lanka” initiative though its annual convention, which hopes to take the theme to its next level.The Chamber says local businesses are being risk averse and holding back on their capabilities until a permanent peace was established.rn rnOrganisers say to encourage the private […]
External Cleansing
The government has sought the Asian Development Bank and World Bank help, to do an impact assessment on the ongoing Samurdhi programme.Donor agencies have been critical of the selection process of welfare beneficiaries, as well as the lack of an exit mechanism, which resulted in more and more householders being added, until half the country […]
Non-elastic
Lack of funding could kill the rubber industrys research arm warns the Rubber Research Institute. RRI officials estimate that over Rs.23 million is urgently needed to upgrade the age old equipment and to improve other sections at the Institute. rn rnOfficials say without the new equipment, the RRI is unable to develop new research to […]
Card Games
Fast emerging as a serious player in the local banking segment, Nations Trust Bank on Tuesday launched its own credit card, to add muscle to its growing personal banking business.Nations Trust Bank (NTB) entered into an exclusive agreement with the American Express Bank to re-launch the American Express Card (AMEX) in Sri Lankan rupees. AMEX […]
Coming Clean
Seylan Merchant Bank Limited (SMB) has reported satisfactory growth in its financial results for the first half of 2003.In results released this week, SMB reported a consolidated pre-tax profit of Rs 16.7 million, a growth of 148 per cent over the Rs 6.7 million profits reported in the corresponding period of 2002.rn rnSMB also reported […]
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, […]
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 […]
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 […]