Category: Special Reports

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 […]

Reckitt Benckiser (Lanka) Ltd put up shutters for its in-house manufacturing and logistics plant with immediate effect, due to haemorrhaging losses. Popularly known for its products like Dettol, Mortein, Harpic and Disprin, Reckitts profitability has plunged in recent years due to intense competition.Reckitt says it will outsource 80% of its supplies through third parties locally. […]

rnrnrnrnrnrnrnNew Page 1rn 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 these events will only be felt in rn2004.rn rn For Monday, December 22 we look back rnat developments with:rn rnrn

A first Central Bank study on provincial GDP numbers came out in 2003, showing an uneven, imbalanced regional input to economic growth. The Western Province dominates the list contributing to 46% of national GDP, while the Services sector generates an average 55% of GDP. A high degree of economic activity is concentrated in the Western […]

Downstream petroleum distribution was liberalised this year, being thrown open for three players including state owned Ceypetco. A third player will be selected in Jan., operating alongside CPC and Lanka IOC taking up a third stake in a common infrastructure facility.Come 2004, the Public Utilities Commission will regulate the sector and govern prices; Aviation Fuel […]

Management control and a 40% stake in the state supermarket chain – Sathosa was taken over by a consortium led by Ceylon Biscuits. Richard Pieris, Ceylon Biscuits and Lion Breweries paid Rs. 680 mn to win the deal, beating rivals Cargills and other bidders. The operation was handed over in late Nov.to the consortium and […]

Banyan Tree shelved ambitious plans for Sri Lankas leisure industry and will wait for the current political impasse to pass over. The Group took over management of Deer Park Hotel, a Club and Spa for Colombo Plaza and the reins of Beruwela Walk Inn, in 2003.Banyan Tree also planned to privately raise US$ 20 mn […]

The Ceylon Electricity Board (CEB) is likely to develop the 40 MW Broadlands hydro power plant instead of allowing a private company to do it as planned earlier, a CEB official said.Broadlands is one of the last Laxapana cascades and is significant in terms of power generation, water management and irrigation, according Ranjith Fonseka, AGM […]

It is beginning to look a lot like Christmas; certainly’85 for traders down Main Street. Traders of Main Street in Colombo Fort have decided to keep shops open till midnight and have lighted up the street to draw more Christmas shoppers in an effort to fight against the plush shopping malls and the satellite shopping […]

Brace yourself for some absurd bit of news ’85The Municipal Council is sitting on the idea of charging tax each time you visit the loos! The CMC says it flushes down Rs. 250 mn annually to maintain the system.Colombo city is trying to clean up its act for the umpteenth time endash this time through […]

Consolidation in the financial sector over the last few years has resulted in small banks that were struggling for survival being taken over by the larger players. Banking sector analysts say the trend will continue leaving half a dozen banks dominating the financial landscape.rn rnBut it is not just the banking operations that are seeing […]

Consolidation in the financial sector over the last few years has resulted in small banks that were struggling for survival being taken over by the larger players. Banking sector analysts say the trend will continue leaving half a dozen banks dominating the financial landscape.rn rnBut it is not just the banking operations that are seeing […]