Category:
Uphill Battle
Despite a recent economic upturn, Sri Lankas somewhat under developed capital market are yet to pose a serious competition to the local banking sector. The commercial banking sector accounts for 64 percent of the total assets in the Sri Lankan financial system.rn rnIn terms of size, most of the banks are relatively small and undercapitalised […]
Big Deal
Prime Minister Ranil Wickremasinghes US visit will bring Sri Lanka once step closer to building a free trade area spanning two continents.The Comprehensive Economic Co-operation Agreement (CEPA) between India and the Sri Lanka which is due to be signed in less than six months, will further integrate Sri Lankas economic ties with her giant neighbour.rn […]
Fund Manager
The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]
Blooming
Like most couples planning to take the plunge Deepali and Nishan wanted everything to be perfect on their wedding day.Deepali was especially keen to have the most gorgeous bouquet possible – a far cry from when flowers were mostly used as offerings at temples.rn rnFlorists say that demand in the local market for flowers for […]
Under Audit
An international governance watchdog Transparency International has asked the government to carefully study the proposed establishment of an Audit Commission to assure the independence of the Auditor General. It however says there is no doubt that Sri Lankas auditing framework needs improvements.rn rnTransparency, which fights corruption, says that stakeholders should be consulted before major changes […]
Second Round
IT start up Interblocs has raised over a million dollars in a second round of financing to expand operations overseas.Interblocs specialises in developing software for payment solutions to the financial sector.rn rnA Malaysian IT company has invested the money to take a 20 percent stake.rn rnThe IT startup says they now have a valuation close […]
What You Get
The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]
Gold Road
The government is tipped to raise money from Indian financial institutions to fund the 25 km Colombo-Katunayake Expressway.ldblquote The Indian bond markets are booming and we will most certainly look at raising money in Indian capital markets dblquote , Board of Investment Chairman, Arjunna Mahendran told Lanka Business Online.rn rnThe Colombo-Katunayake highway endash the countrys […]
Long Life
Union Assurance Ltd has reported an upsurge in net profits, largely aided by its booming investment portfolio.For the nine months ending September 2003, the insurance firm says its net profits shot up 2,300 percent to Rs. 99.7 mn.rn rnThe investment portfolio which belongs to its Life and General fund, grew 31.7 percent to Rs. 3.4 […]
In-Flight Bid
Singapores Changi Airport has put an unsolicited bid to take up a 60 percent stake in Airport Aviation Services Ltd (AASL).The bid comes after Changi Airport Chairman, Boon Swan Foo showed interest in managing and developing some of Sri Lankas airports.rn rnIn a meeting with BOI Chairman Arjunna Mahendra recently, Foo had shown interest in […]
Cargo Linking
The blueprint to construct Sri Lankas first dry port at Ragama endash a one-stop logistical hub for container handling, linking up to the seaport by rail, has gone up for cabinet approval. The dry port will ease traffic congestion on Colombos main roads, diverting some 21 percent of domestic container traffic.rn rnAlso called Inland Container […]
Green Tea
September Customs data indicates that US dollar value of tea exports was US$ 504.9 mn, up form the US$ 499.95 mn posted in 02. Commodity brokers credited the increase to a rise in imported tea blending activities, boosting revenues from the category up US$ 6 mn to US$ 20 mn.Dollar earnings for pure Ceylon tea […]