Category: Industry
Creating Wealth
National Wealth Corporation, the governments new wealth management agency, is offering its expertise to government institutions, private firms and high networth individuals.The corporation, established as a wholly owned subsidiary of the Mahapola Trust Fund (MTF), will also seek private equity later on, to strengthen its operations. rn rnldblquote What we intend to do is to […]
HSBC Believes
A top HSBC executive says the banks operations in emerging markets like Sri Lanka play an important role in adding value to their global network.While some foreign banks have shut down their operations in the island HSBC is counting on the country becoming an Asian economic powerhouse.rn rnldblquote Sri Lanka could explode one day and […]
Tug-O-War
Shippers and exporters are pushing hard for legislation to resolve a long standing billing dispute with ship agents and owners.Shippers say the charge is being used by shipping lines to make profits, while making the countrys exports uncompetitive.rn rnThe Shippers Council has abandoned talks with ship agents to resolve a long running dispute to get […]
Edu.Online
An ADB sponsored project will roll out a series of distance education tele-centers countrywide, so students left out of the state system can get those degrees online.rnrn The Asian Development Bank (ADB) today, approved a US$ 45 mn loan for a lquote Distance Education Modernization Project, to increase access to distance and on-line learning.rn rnThe […]
Pirates Ahoy
Exporters are calling the inclusion of a significant part of lquote on the ship expenses to the terminal handling charge (THC), technically a recovery of land based cost, as unfair and anticompetitive.A breakdown of the THC shows that upto US$ 81 of the US$ 148 levy for a 20 foot container was for discharging and […]
Switching Station
Telia AB of Sweden is replacing its representative and the Managing Director in its Sri Lankan venture Suntel Limited from July 1.After four years at the top, Hugo Cederschiold will hand over the reigns of Sri Lankas second largest fixed telephone service provider to Mrs. Lillemor Larsson, from the parent company and a Director on […]
Reforms Ahead
The World Bank, Tuesday, approved a US$ 40.3 mn credit line to re-structure Sri Lankas tertiary education sector.rn The no-interest credit line from the International Development Association (IDA) will be spread over 40 years with a ten-year grace period. rn rnThe government will fund the balance project cost of US$ 10.7 mn.rn rnThe project to […]
Hello Neighbour
Indian telco giant Videsh Sanchar Nigam Limited (VSNL) is seeking the telecom regulators approval to set up a US$ 40 mn venture in Sri Lanka.Initially offering international calls, VSNL Lanka Limited will expand its offering to include other data and voice services later.rn rnThe Board of Investment has forwarded VSNLs proposal to the Telecommunications Regulatory […]
Moving Online
SriLankan Airlines is moving its website to a .aero internet domain from its present .lk internet address. .aero is a new Internet domain name (like .com, .net, .org) exclusively reserved for the aviation community, rn rnSriLankan will be among over 3000 names registered with the .aero suffix including, airlines, aviation industry news services, engineering and […]
Hoist the Sails
Port officials on Monday called on Danish firms to build the Oluvil Port, on the East coast of Sri Lanka.The Euro 28 million project will be funded entirely by The Danish International Development Agency (DANIDA).rn rnThe contract will see a 1.5 kilometre breakwater, the roads within the port, an ice plant and cold storage, a […]
Re-routing
The National Transport Commission (NTC) has signed up the Moratuwa University to study the demand for road transport services on inter-provincial routes.Commission in mid April, the Engineering faculty is due to complete the study before September 2003. rn rnNTC officials say they have stopped issuing new inter-provincial route permits since the beginning of the year […]
Healthy Growth
Union Assurance Ltd said Thursday its consolidated net income grew by a healthy 24.4 percent to Rs. 20.7 mn in the first quarter ended March 31, 2003, compared with the same period in 2002. The firms premium income (Life and General Insurance) also increased by 9.4 percent during the period, from Rs.559.5 mn to Rs.612.3 […]