Category:
Done Deal
The Peoples Bank board has agreed to sell its 62 percent stake in its venture capital arm to the Janashakthi Group for Rs. 165 mn.The deal to formalise Peoples Venture Investment Co.is due to be wrapped up in the next few weeks. rn rnThe Janashakthi Group presently control the balance 38 percent, through its investments […]
Water Tight
Often exploited, fought over, and colossally under priced, water has become the stuff of international politics. As Sri Lanka wages peace, it is wading through its own issues of sharing and trading its water between new regional boundaries. Water management to date has unfortunately been everyones responsibility, with a staggering 40 different Acts and 20 […]
Direct Link
The US Treasury has lent an official to give technical expertise to start off the new Public Debt Management Office.The Public Debt Management Office is due to take off next year, with officials reporting directly to the Finance Minister, said Treasury Secretary, Charitha Ratwatte.rn rnTo give legal status to this office, the government plans to […]
Development Money
The Asian Development Bank (ADB) on Monday pledged US$ 105.3 million to support two projects linked to education and water and sanitation.The Distance Education Modernization Project will attempt to bridge the gap between the countrys postsecondary education system using technological advances through a million equivalent loan.rn rnThe project is expected to increase access to distance […]
Scrip less deals
A new electronic system to settle inter bank transactions will come on line as scheduled next month with new interest free liquidity support offered by Central Bank.Bank officials say that an Intra day Liquidity Facility (ILF) will be made available to banks in settling their dues on the new Real Time Gross Settlement system.rn rnThe […]
Rest In Peace
The government urban planning agency (UDA) is considering the full or part sale of over 40 Rest Houses under its ownership.The urban development authority says it is looking for proven hotel chain managers to take an equity stake and manage the rest houses.rn rnThe agency is keen to attract one or more top hotel chains […]
Home Sweet Home
House ownership is on the rise but experts say the country is far from meeting the demand of 70,000 new units needed annually. Policy makers are however trying to kindle a boom in the sector by clearing legal bottlenecks and making housing more affordable.A housing drive in the late 80s took development and infrastructure to […]
Loan Way To Go
Demand for credit has been on a steady rise this year with the Central Bank saying that growth year-on-year could hit 13% -almost double the last years figure.Bankers who are reporting healthy profits for the half year just ended however say demand could still improve and that the big contributions to the bottomline is still […]
Cut The Cut Throats
Telecom watchdog – the Telecommunication Regulatory Commission (TRC) – is getting advice on identifying and handling dominant players, which is key to effective competition in the industry.Singapore based Spectrum Strategy Consultants have been picked to help the TRC formulate a set of guidelines for the purpose also expected to help in regulating anti competitive behavior.rn […]
Counting Pennies
Private sector credit demand has been on an upward trajectory this year, with the Central Bank expecting year-end growth to hit 16 percent.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbank on Friday cut its key short-term interest rates by 75 basis points, tornprovide better lending opportunities to the private sector.rn The overnight repurchase rate or the reversernrepo, was cut […]
Tax Free
Asian Hotels will merge with fully owned subsidiary Crescat Developments (CDL) to take up recent tax relief offered to help under performing industries. The government in March offered the concessions for companies to merge with non-performing industries.rn rnThe merger will give the two firms an additional three year tax holiday and customs duty and exchange […]
Fresh Cuppa
The ultimate goal of being a leading international brand has brought a new entrant to the local tea marketing fraternity – J V Gokal Ceylon, the Indo-Lanka BOI venture of J V Gokal & Company India will commence tea bagging operations in September. Initially packing a country origin tea, the firm will develop a full […]