Category:
Growing Wings
National carrier SriLankan Airlines threw the gauntlet at the hotel industry, saying it was ready to broad base into up-market leisure hotels if local industry didnt make a move on. ldblquote If you dont invest in the industry, this airline will, dblquote warned SriLankan Airlines CEO, Peter Hill addressing corporate heads at the ninth LBO-LBR […]
Virtual Money
The World Bank on Thursday signed a US$ 53 million deal with the Republic of Sri Lanka, funds to back its island-wide Information and Communications Technology diffusion project.The funds will be available to the ICT Agency to rollout a number of pilot projects and initiate rural telecommunications projects.rn rnKey elements of the first phase of […]
Mega Deal
Hatton National Bank on Thursday inked a deal to execute a US$ 36.5 mn interest rate swap for power generator Heladhanavi Ltd.Heladhanavi, a joint venture between the Hemas Group and Lakdhanavi, had last July signed up for US$ 47 mn in debt, payable over a seven-year period at three-percent over LIBOR (London Interbank Offered Rate).rn […]
Road Block
Open bids to be called for in June to build the Colombo-Katunayake Highway are on hold, as the government tries to jumpstart the process with former contractor Keagnam.rnrn rnPriority for the project has been shifted to lquote now rather than months down the line, with the new government halting two years of groundwork, to explore […]
Bond Worrys
Sri Lankas commercial banks are in for a rough ride this year with the bond markets falling on top of increased taxes.The banking sectors 2004 first quarter interim results saw commercial banks significantly under-performing the broader market.rn rnSector profits fell over 30 percent year on year and share prices fell on average by 30.8 percent […]
Hunger Pangs
TNT employees around the world will take to the roads on Sunday, to raise awareness and funds against world hunger.TNT International Express employees in 64 countries across 24 time zones will come on to the roads starting from New Zealand to raise awareness about the extent of world hunger.rn rnldblquote The walk will start in […]
Land Lock
Expats buying land here will be charged a 100% tax, with a committee appointed to recommend action for new land sales and real-estate already sold. The committees advice due in 7 weeks will also cover policies on foreign ownership of other property like condominiums.rn rnFreedom Alliance Minister Anura Dissanayake told reporters in Colombo today that […]
Why Watch
The EU election monitors to Sri Lanka says another monitoring mission is not likely unless its repeated recommendations are implemented.The election monitors from the EU packed up their work in Sri Lanka and handed over their report to the Minister of Foreign Affairs Lakshman Kadirgamar on Thursday, with some strong advice.rn rnldblquote The EU would […]
Inching Up
Three month treasury rates edged up at Wednesdays auction, stoked on by market appetite for debt paper with shorter tenures.The Central Bank said that three-month yields inched up one basis point to 7.83 percent, while six and one-year paper remained flat at 7.78 percent and 7.75 percent respectively.rn rnA total of Rs. 6,906 mn worth […]
Local Anesthesia
Sri Lankas roads are crying out for some serious medicine, but the Highways Ministry is tending the road network with sticking plasters, since it cant afford surgery.Sri Lanka has an extensive road network of more than 90,000 km, but most of it is also over 50 years old.rn rnMaintenance and rehabilitation of these roads, and […]
Under the Wing
Eagle Insurance paid some Rs. 145 mn for International Finance Corporations (IFC) 15 per cent stake in Union Assurance, in a deal that went through the Colombo bourse on Wednesday.IFC has been trying to exit the holding for about a year now.Industry sources said John Keells Holdings and Carsons Cumberbatch together sharing a 73 per […]
Warning Bells
The Securities watchdog on Wednesday threatened legal action against members firms who promote pyramid schemes as potential investments.The watchdog says it does not sanction or approve promotion of investments/participation in pyramid schemes or schemes of similar nature, by any firm or person licensed, registered or regulated by the Securities & Exchange Commission (SEC).rn rnldblquote The […]