Category: Industry
Gambling Ethics
The National Lotteries Board, in its 40th year hopes to promote responsible spending and restrictions selling and employing children under 16. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs.6.2 billion at the end of […]
Traffic Patrol
Consultants appointed to study Sri Lankas frequency spectrum commenced work in December 2002 and are expected to submit the final report before May 2003. D.J Associates, the consultants appointed for the task will look at the countrys spectrum management mechanism and propose strategies to better utilise the scarce resource, while also recommending policies and third […]
Cashing In
Coming through a battering last year, all signs are that tourists are flocking back with arrivals shooting up a massive 86 percent in the third quarter 2002, over last year.The recovery is however on the back of a very weak base last year that saw arrivals crippled after September 11 and the attack on the […]
Next Halt
The last day to submit expressions of interest for the 39 percent stake in the remaining seven bus companies have been put off till January 10, 2003. The original deadline was set for December 20, 2002.rn rnPublic Enterprise Reform Commission (PERC) Director General Deepal Guneratne told Lanka Business Online that three parties had shown interest […]
Desperate Plea
Pramuka Banks depositors association on Monday appealed to President Chandrika Kumaratunga to intervene and re-open the failed bank.Members walked up to the Presidents House to hand over the letter but were unsuccessful as the President was not in.rn rnPresident of the association Palitha Gamage says the Central Bank should take full responsibility for the failure […]
Booking Profits
Hatton National Bank on Monday sold part of its controversial stake in Sampath Bank through a private transfer on the Colombo Stock Exchange.The 19 percent parcel was disposed at Rs.80 per share or at Rs. 680 mn. The sellers were HNB (4.1 mn), HNB EPF (2.2 mn) and Smart Development (2.08 mn).rn rnAnother 10 percent […]
Kandy Link
Bids to construct the Colombo Kandy expressway closed Monday, with thirteen parties expressing interest for the project.Early December, the Board of Investment sought investors to finance, construct and manage the highway on a Build, Own and Transfer (BOT) basis.rn rnThe BOI said the project should not exceed a 25-year period.rn rnThe new highway, like the […]
Who Pays?
Fixed phone subscribers could pay between Rs. 2.63 to Rs. 6.12 more if all incoming calls to mobile phones are made free from Jan.01. The telecom watchdog is however facing strong resistance from all operators who say the tariffs are unreasonable.rn rnIn hopes of resolving the deadlock, the regulator is holding a marathon session of […]
Tour De Farce
The future of the tourism industry hangs loose as travel associations squabble over as to that should represent the industry.Some in the trade have already made representations to the government challenging the status of the newly established Tourism and Travel association.rn rnThe association formed with government patronage was thought to comprise both the travel agents […]
Little Solace
Depositors of the collapsed Pramuka Savings & Development Bank are likely to get a third of their money back once the liquidation process starts to roll in.Smalltime depositors who had invested up to Rs. 50,000 are likely to get most of their capital back. But for others who invested millions, their capital is likely to […]
No System Risk
Officials say the collapse of Pramuka Bank will not pose a systemic risk to the financial sector, as most commercial banks did not have links with the failed bank.Finance Minister K. N. Choksy told LBR on Tuesday (17 Dec.) that the financial system could withstand the effects of Pramuka Banks liquidation.rn rnAs Pramuka was the […]
Low Cost Loans
Government has put up Rs. 3 billion to provide low cost housing loans in a bid to raise the levels of house ownership in the country.Specialized housing banks like HDFC and the NDB Housing Bank will lend the government funds.rn rnHousing loans will carry a 10.5 percent annual interest to the end customer. The scheme, […]