Category: Industry
Active Partners
The Asian Development Bank (ADB) on Monday approved a Technical Assistance grant of US$ 500,000 to prepare country driven private sector development strategies for emerging nations. Sri Lanka is among four countries to participate in the programme which seeks to increase the private sectors role in long term growth and poverty reduction.rn rnOther countries to […]
Picking Up
Seylan Banks Group profits have shot up more than 50 percent, for the period ending March 31, 2002.rnrnrnrnrnrnNew Page 1rnrnrnrnrn rn First quarter Group profits for the periodrnending March 31, 2002rn rn rn rn rn rn rn rn rn
Birds And Bills
A top nature conservation organisation says it is working closely with the private sector to bring the true benefits of eco-tourism to the conservation efforts in the country.The Field Ornithological Group of Sri Lanka (FOG), which is an affiliate of Birdlife International, says true eco-tourism is not just a bunch of tourists going on a […]
Eagle Eye
Commercial Bank and DFCC plan to put in a strong bid for a majority stake in Eagle Insurance after losing a battle to get control of SLIC.Zurich Financial Services together with NDB, holds a majority stake in the company.rn rnHowever, Zurich announced its intentions of exiting the local market, after the company hit a bad […]
Tourist Guide
The tourism sector is high on the list of investment possibilities of a visiting International Finance Corporation team. IFC is the private sector investment arm of the World Bank.To date it has an exposure of over US$ 100 mn, mainly in financial markets and infrastructure projects in Sri Lanka.rn rnOf the total, almost 30 percent […]
Building Blocks
The International Finance Corp. (IFC) is looking at further investments in Sri Lankas housing market, as part of its future investment strategy.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn IFC currently has a 15rnpercent stake in NDB Housing, a joint venture between the National DevelopmentrnBank and Housing Development & Finance Corp. of India.rn ldblquote We have been asked by therngovernment […]
Safe Hands
The DFCC-Commercial Bank consortium plan to hold their stakes in Eagle Insurance through a holding company, in the event their bid succeeds.Both banks put a joint bid for Eagle Insurance, after its parent company, Zurich Financial Services (ZFS) said it was pulling out of Sri Lanka. rn rnldblquote If we get it, we are looking […]
Interim Job
The government has restarted the derailed pension reforms programme, by appointing Channa de Silva to set up the unit for an interim period.De Silvas mandate includes scouting for a CEO to head the Office of Pension Reforms and implement recommendations set out by the Superannuation Reforms Taskforce.rn rnThe mandate for the Pension Office, covers an […]
Strong Growth
Commercial Bank of Ceylon Ltd., Sri Lankas largest privately listed bank, says its business volumes have grown by nearly 30 percent during the first quarter of this year, despite falling interest rates.rnrnrnrnrnrnNew Page 1rnrnrnrnrnThe bank saidrnWednesday that its net profits rose 9 percent to Rs. 343 mn for the first threernmonths to March 31, 2003, […]
Soaring High
The Emirates Group has declared a 74 per cent increase in net profits to US$ 285.7 mn (Dhs1.05 bn) for the financial year ending March 31, 2003, driven by the growing confidence of its customers in the airline and travel-related group of companies.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Emirates Airlines operations alone achieved a staggering 94 per cent […]
Rescue Operation
DFCC Bank is tipped to inject around Rs. 400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.DFCC Bank on Monday said it was conducting a due diligence study on the small privately held MERC Bank, with the intension of acquiring it.rn rnMERC Bank started off with a Rs. […]
Cable Co
Capping off its work to liberalise access to international bandwidth, the Telecommunication Regulatory Commission (TRC) is trying to moot a cost and pricing methodology for its use.The TRC called on a consultant to draw up a cost methodology, a cost template and recommend tariffs for the disbursement and use of international leased circuits.rn rnThe TRC […]