Category: Industry
Wealth Management
The government has formed a new company to manage fee and fund-based activities of state corporations including the Mahapola Trust Fund.National Wealth Corporation will be a 100 percent government owned entity, but staffed by top private sector professionals, Commerce & Consumer Affairs Minister, Ravi Karunanayake told LBO on Friday.rn rnldblquote With interest rates coming down […]
Number Crunching
The printing industry could see a leap in orders by June this year as the telecom sector rolls out a ten digit number change. Phone numbers across the island will see up to four more numerals added before the existing numbers to total ten digits.rn rnThe new numbers will have a three digit area codes […]
Testing Numbers
The Asian Development Bank has selected Sri Lanka as one of the test beds, for a survey on economic data gathering based on purchasing power equivalence.The project is part of the global International Comparison Programme (ICP) to calculate purchasing power parities (PPP) of countries.rn rnThis will allow comparisons between countries of the levels of economic […]
Contingency Plans
National carrier SriLankan Airlines said on Thursday, it has cancelled all flights to Kuwait and re-routed flights to its European destinations with immediate effect due to US led attacks on Iraq.Flights to other Middle East destinations remain unchanged, but all flights to Kuwait will terminate at Dubai, the airline said in a statement.rn rnSriLankan said […]
Water Wonderland
Colombos only entertainment complex is heading for a wet look, as its new owners make Rs. 1.5 billion investment plans for its future.Apparel giant Excel Global Holdings paid Rs. 100 mn to Link Holdings Limited and the Union Bank for full control of Millennium Park this week.rn rnUnder a first phase development plan, Excel will […]
Bond Scramble
Three and four-year bond yields plunged around 30 basis points today as dealers scrambled to grab the bonds.The weighted average yield of the 3 year bond fell 28 basis points to 10.06 %, while the 4 year bond yield fell 31 basis points to 10.07%.rn rnThe two one and a half billion medium term bond […]
One to Nothing
Interest for a stake in the lotteries business has dwindled to one bidder, from nearly 40 contenders vying for the gamble at the start of the process in December 2002. Leading bluechip firms, game operators (casinos and bookkeepers) and international lottery managers were among the firms interested, PERC officials said in an earlier in January […]
Healthy Profits
State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn rnThe company earmarked for […]
Looking Pretty
Savings giant NSB got a top SL AAA credit rating from Fitch Ratings Lanka. The rating denotes the highest credit quality and maximum safety.rn rnThe national savings bank becomes only the second bank in the country after Citibank, to get the top credit ranking.rn rnNearly 80 percent of the deposits at the national savings bank […]
Hot Air
Government plans to make Sri Lanka an air-hub after finalising a deal with the management partner of the national carrier.State aviation officials are drawing up a cabinet paper recommending freer access for airlines to the countrys airports.rn rnThese plans come amidst ongoing discussions between the government and Emirates Airlines to renegotiate the national carriers privatisation […]
Triple Deck
National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]
Family Planning
SriLankan Airlines could add up to four new aircrafts to its fleet this year as new destinations come on line. rnSriLankan Airlines Head of Commercial G T Jayaseelan told Lanka Business Online that two long haul aircrafts could be brought in to service the proposed Rome and Beijing routes later this year.rn rnJayaseelan says that […]