Category: Other

Central Bank said it is leaving its growth forecast for next year unchanged at 6 percent despite continuing uncertainty in both the political and peace fronts.It however warned that prolonged uncertainty could jeopardize economic growth. rn rnThe wealth creators in the economy, the private sector, that saw higher returns on their investments in the last […]

In Baththalangunduwa if you see someone going with a mamoty and a bucket dont think he is going to his vegetable plot or the paddy field. In fact, he wont even be a farmer; most probably he would a fisherman.He would probably be carrying a mamoty and a make-shift plastic bucket to have a bath.rn […]

When telephones started, love chats used to be long, but this new SMS culture its just a quickie. Mobile phones have changed us a lot.rnOn his way to work Indika checks on the closing price of a stock that he wants to buy in the share market. rn rnNot only can Indika check up on […]

An international road show to offer blocks for oil exploration in the Mannar Basin is expected to kick off early next year. Model Petroleum Resource Sharing Agreements and model exploration licences have already been developed.India is keen to take over an initial two blocks through state owned Oil and Natural Gas Corp., if Sri Lanka […]

The telecom watchdog flexed its muscle and took Mobitel to the Magistrates Courts for violating the regulators directive. Mobitel launched its GSM network in November investing Rs.200 mn in the first phase. The TRC said its tariffs were anticompetitive, a claim Mobitel denies.The Magistrate will re-summon the case on Jan., 12, allowing time for further […]

The government sold off its holding in Sri Lanka Insurance Corp. to the Distilleries consortium for Rs. 6.05 bn. The new owners plan to list SLIC in two-years, to pave the way for the Dutch ING Group to take up an equity stake.A four-member team from ING, has started work to give SLIC a facelift, […]

Sri Lanka will venture overseas with its first attempt at branded rubber – Lankaprene, a premium quality crepe product. The low protein product is positioned as an alternative to synthetic options that is petroleum based and so priced higher. Sri Lanka is the only producer of crepe rubber in the world. Lankaprene will be used […]

rnrnrnrnrnrnrnIn 2003 is a series of reports on some the significant events that rnunfolded in the economy and in Sri Lankan business during thern rnrnrnrnrn In 2003 is a series of reports on rnsome the significant events that unfolded in the economy and in Sri Lankan rnbusiness during the year. The brunt of many of […]

Sri Lankas first indexed backed commercial paper, linked to the All Share Price Index, was issued to the market on Wed. Structured by National Wealth Corp., the initial Rs. 100 mn paper was issued by Lanka Orix Leasing and Mercantile Leasing. Referred to as the lquote Bull & Bear paper, the initial tranche was snapped […]

An Emirates-Govt. MOU to lift ground handling and catering monopolies has come under fire, forcing officials to rethink concessions. Officials say the MOU in effect prevents new players, through a continuing monopoly on terminals, ramp handling and key passenger routes. The MOU will also eat into Airport revenue through lost franchise fees from SriLankan, with […]

After months of intense courtship, Sri Lanka Telecom said it plans to take full control wireless local loop operators Lanka Bell. SLT declined to name the bid price, but industry analysts put a price tag of just under US$ 20 mn for Lanka Bells 44,000 customers.SLT will pump new money into Lanka Bell, to deploy […]

Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank. Chairman Lal Nanayakkara says screened partners may be invited to invest, instead of having a tender that is open to all comers.With a Rs. 3 bn equity deficit, and a Rs. 8 […]