Category: Industry
Early Release
State run Bank of Ceylon has announced an across the board, early retirement scheme for its 9,000 odd staff.The announcement was made in response to requests from unions to allow employees with family commitments to leave early without losing their pension rights.rn rnEmployees who reach 50 years of age and have put in 20 years […]
Money Spinner
Guardian Investment will raise Rs. 130 million through a 1:5 rights issue to fund its portfolio expansion.The Ceylon Gurdian Investments Trust Limiteds Director P C P Tissera told LBO that new investment options could include power and infrastructure projects, in addition to stocks.rn rnThe company is also re-evaluating its investment policy in order to restructure […]
Gateway To Success
Experts say the country will have to diversify its export base in the face of stiff price competition from other large exporters like China. Some companies have already started going higher up the export value chain, franchising local IT development skills to the international market.rn rnGateway Institutes Kids Computer School for Kids is pioneering in […]
Click Online
Key stakeholders in the private sector, government and the donor community are getting together to set up a Development Portal, aligned with a larger World Bank development initiative.The web site portal is being billed as an important link in the government e-Sri Lanka initiative.rn rnThe web site plans to connect the countries development partners from […]
Search Party
A team from Sri Lanka Insurance Corp.s technical partner ING Financial Institution, has started an eight-week task to look at the insurance firms key operations.At the end of the first phase next month, the taskforce will recommend changes to SLICs board on issues ranging from overall strategic direction, commercial management and distribution of its insurance […]
Xpress Delivery
Asymmetric Digital Subscriber Line (ADSL) described as an “always on” board band connection, offers subscribers continued high speed internet connectivity at relatively low costs through existing phone lines*. (*see detailed description below)rn rnPut in place at a cost of Rs. 100 million, ADSL will initially be offered in the Colombo and Greater Colombo area.rn rnSuntels […]
New Leaf
Sri Lanka Export Credit Insurance Corp (SLECIC) is tinkering with its Act to allow it to raise public funds and offer refinance facilities.Cabinet has already approved the changes and SLECIC is awaiting parliamentary approval to convert itself into a limited liability company.rn rnSLECIC Ltd, as the firm will be known, plans to raise around two […]
Try Again Later
The international call access code auction has run aground with regulators now eying a late June date for the event. Industry officials say despite a working model being in place, a number of other issues need to be resolved before the auction.rn rnThe list of chores include registering a web address, the terms and conditions […]
Helicopter Ride
Lankas top accounting body is giving its membership tips on how to add value to its products and services at its annual forum next week.The Chartered Institute of Management Sri Lanka Division will focus on ldblquote Repositioning Sri Lanka Globally dblquote at its annual conference from May 29-30.rn rnldblquote We selected four topics on how […]
Forging Ties
Janashakthi Insurance has sought regulatory approval to complete its merger with National Insurance Corp.Once the Insurance Board of Sri Lanka approves the merger, Janashakthi will need to go before the Colombo District Court to officially seal the name change.rn rnldblquote NIC will be known as Janashakthi Insurance and we hope to wrap up the paper […]
Question Mark
The Carsons and JKH Groups recent acquisition of Aitken Spence shares in Union Assurance Ltd has got the securities watchdogs attention.The Securities & Exchange Commission says it is looking into the issue as to whether both parties acted in concert and triggered the Takeovers & Mergers code.rn rnPresently, Carsons owns 36.91 percent and JKH owns […]
Coin Jam
Money clogged up due to coin jams in Tritel payphones will go to charity in the provinces they come from, the Maharagama Cancer Hospital the first to benefit. Tritel officials say, since it was impossible to return the money to the people who lost it to the payphone, they have decided to donate it to […]