Category:
Freedom Flights
A new aviation policy plans to open skies to fifth Freedom Traffic to make the country an aviation hub.The policy will be effective from 2005 when 3rd and 4th Freedom Air Traffic to the country will also be proactively promoted.rn rnAviation Minister Tilak Marapana said that they would encourage airlines to exploit this opportunity and […]
Any Takers?
Saddled with debts of over Rs. 11 bn, the CEB is coming to the market again to securitise its future cash flows by borrowing over a billion rupees.CEB tapped the capital markets last year and raised Rs.1.4 bn through securitised paper, though it still relies on expensive bank overdrafts for working capital.rn rnIncidentally, the CEB […]
Back to Base
The National Security Council has grounded all helicopter and floatplane operations that were given the recent go-ahead, until further notice.ldblquote The Security Council has suspended helicopters and float plane operations and they are yet to get back to us as to when they can resume, dblquote Secretary to the Civil Aviation Ministry, Cecil Amerasinghe told […]
Band Aid
The Central Bank is expected to meet the consortium of investors keen on reviving Pramuka Bank for another round of talks early next week.With the suspension of Pramukas licence coming up next Thursday, the bank and its legal team are also expected to meet up with the Attorney Generals Dept.over the weekend, to decide on […]
One Way Ticket
The Tourist Board rolled out a recently re-costed retirement scheme, capped at Rs. 750,000 to make it more attractive to employees. The scheme has already seen over 170 takers, with Tourist Board officials saying they need to trim its 410 strong workforce to an ideal 100 people.rn rnldblquote The cabinet has approved the new Voluntary […]
Winning Runs
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first eleven months of this year, which saw the trade deficit expand marginally, the Central Bank said Friday.Despite higher export numbers, the trade deficit for November remained flat at US$ 135 mn year on year.rn rnHowever, an overall improvement in […]
Banks and Robbers
The Rajarata Development Banks (RDB) decision to interdict the entire staff at its Medirigiriya branch after it was robbed at gunpoint recently will be met by protests by the employees of all six regional development banks.The Ceylon Bank Employees Union Development Bank Branch says the management nor the police investigating the heist have evidence indicating […]
Be Specific
The consortium of investors keen on reviving Pramuka Bank, were set a Thursday morning deadline to submit a more detailed proposal.Central Bank and its consultants, audit firm E&Y, met the consortium led by the Asia Capital Group and National Wealth Corp. on Wednesday evening, to seek clarifications on their complex restructuring proposal.rn rnThe proposal mooted […]
Alternate Line
The Development Lotteries (DBL) Board is studying alternate methods to retail lottery tickets online before diving into the computer driven jackpot business. DBL Chairman, J K Fernando told Lanka Business Online on Wednesday that the Board would launch an online lottery with foreign collaboration when the they have identified ways of using its current sales […]
Feeling Lucky
The Development Lotteries Board (DLB) is playing a new lottery ticket to reach a Rs. 1 billion bottom line target by end 2004, after posting a profit of about Rs 750 mn for 2003.The new lottery ticket, Jayoda, will also push up 2004 revenue estimates to Rs.5.2 billion up from Rs 3.7 billion last year. […]
Aid Drip
The Asian Development Bank on Wednesday approved US$ 80 mn to rehabilitate conflict areas – a first such loan since the Tokyo aid parley last year. The Manila based bank will part fund a rehabilitation project in some of the worst affected areas and neighbouring towns, despite peace on the ground reaching a stalemate.rn rnThe […]
Steady Ship
The Central Bank left its key short-term rates unchanged on Wednesday, signalling that it was comfortable with the countrys economic fundamentals.The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy Meeting late Tuesday.rn […]