Category: Industry
Rolling Business
Bluechip firms are top contenders for a stake in the Sri Lankan lquote sweep industry and are among 30 parties who have taken bid documents, their ticket to battle for the management of offline lotteries of the National Lotteries Board.The Public Enterprises Reform Commission (PERC) in the spirit of the past holidays has extended a […]
Yankee Ties
Eleven local Information, Communication and Technology (ICT) firms will head for the US next week, a mission to woo new business and investment. The weeklong USAID programme will take the local troop to top Information Technology (IT) firms and other IT driven industries in the Washington and Silicone Valley areas.rn rnMeetings will include an appointment […]
Paid Pensions
The new contributory pension fund for public servants has not got parliamentary approval as unions opposing the deal have sought legal action.The present Employees Provident Fund Act will be amended to include the new Public Service Provident Fund.rn rnThe new pension scheme will kick in from January 1, 2003, with new recruits to the public […]
Air Lock
Talks that started last year with US based Lockheed Martin for Air Traffic management, could bear fruit with an MOU to be signed shortly with the Board of Investment. In 2002, the BOI got an unsolicited proposal from a consortium including Lockheed Martin & Airways to take over the upper airspace management.rn rnThe proposal also […]
On Top Gear
Villa Ocean View, a member of the Ceyko Group, has completed a Rs. 100 mn refurbishment programme in time to ride the wave of resurgence in tourism.The Wadduwa hotel said it has quadrupled the capacity of its banquet hall from 150 to 600 guests, refurbished its 67-room superior wing, re-laid the deck of its swimming […]
Another Trophy
HSBC added another trophy to its acquisition collection by taking over the sole agent for Diners Club credit cards in Sri Lanka and the Maldives.Diners Club is the worlds first credit card.The Citigroup of the USA currently handles its operations. A high-end American credit card, Diners Club is used mainly as a corporate entertainment card.rn […]
Holy Union
Union Bank hopes to issue preference shares to a consortium of new investors, as part of its efforts to re-capitalise.The consortium led by Sampath Bank plans to inject Rs. 600 mn to prop up Union Banks balance sheet.rn rnSampath will inject Rs. 150 mn, with the balance split between National Savings Bank and Singapore based […]
Crisscrossing Lanka
A network of highways is on the cards connecting Jaffna, Anuradhapura and Matara and with the commercial capital Colombo.The contract signing for the first of these the southern expressway linking Colombo with Matara took place recently.rnThe southern highway is partly funded by the Asian Development Bank.rn rnldblquote In addition there are other expressways proposed. One […]
What of IT?
Millennium Information Technologys client list was propped up with two new big accounts in 2002, but two other clients going bust contributed to a Rs. 605.31 mn loss for the year. The company also saw its distribution costs soar to Rs.419.65 mn from Rs. 57.00 mn in 2001, while administrative expenses shot up to Rs.316.95 […]
Bailout Plan
Vanik Inc., which has delayed payment on its listed debentures, says it is hoping to pay interest as soon as some planned debt collections come in.Vanik has also come up with a new restructuring plan, which they are hoping to present to their bankers.rn rnThe plan involves waiving off accumulated interest and releasing some of […]
Cruising South
The first phase of the Colombo-Matara Highway kicked off today with the contract handed over to Japanese based construction company, Kumagai-Gumi.The first phase of the four-year project is being entirely funded by the Asian Development Bank at a cost of Rs.8.6 bn.rn rnThe four-year project comes at a total cost of Rs. 21 bn, with […]
The Next G
Six licences to test and develop 3G cellular services are on offer, valid for one year for strictly non-commercial trial purposes. The Telecommunications Regulatory Commission (TRC) on Thursday sought entrepreneurs to test and develop third generation (3G) cellular services.rn rnTRC Assistant Director H.W.K. Indrajith told Lanka Business Online that the licences would not be restricted […]