Category:
Table For Six
Peoples Bank has shortlisted six consultancy firms to carry forward its restructuring plan.The government wants to commercialise the bank as a single unit or split the bank into three viable sub-units.rn rnThe six firms have to come up with proposals by mid-June, spelling out how they plan to roll out the banks restructuring models.rn rnFirms […]
Nomad Connect
On the heels of a state policy on spectrum use and the roll out of cheap wireless internet access, Intel launched its new age mobile personal computer. Intels officials promise longer battery life and outstanding wireless performance with the firms new Centrino mobile technology enable computers, launched on Friday in Sri Lanka.rn rnThe PC is […]
Safety Valve
Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Finance Minister K N Choksy said Thursday.Inland Revenue has set up a special unit under a deputy commissioner to deal with the declarants.rn rnTax experts say businessmen have an unprecedented opportunity to clear […]
Slight Dip
Sri Lanka Telecom on Thursday reported lower profits for the first quarter ending March 31, a sign that the opening of the international voice market has affected its bottomline.SLTs earlier had a monopoly on international calls, which accounted for about 40 percent of its total revenue.rn rnNet profits for the period slipped to Rs. 755 […]
Small Bite
The Colombo Stock Exchange is talking to Central Bank to get access to 5 percent of the primary government securities market.If approved, the move would amount to CSE accessing the primary government securities market without being appointed a primary dealer.rn rnldblquote Its a model similar to what is happening in India, dblquote explains Hiran Mendis, […]
Under The Banyan
The Deer Park Hotel will only be the first of a number of Banyan Tree Group getaways in Sri Lanka.Nihal Jinasena, Chairman of the Jinasena Group told LBO that the Banyan Tree officials had hinted their interest to develop more properties with the group in Sri Lanka.rn rnDeveloping a 1-kilometre beach stretch owned by Banyan […]
Early Release
State run Bank of Ceylon has announced an across the board, early retirement scheme for its 9,000 odd staff.The announcement was made in response to requests from unions to allow employees with family commitments to leave early without losing their pension rights.rn rnEmployees who reach 50 years of age and have put in 20 years […]
MICE Lounge
Meetings and conference travelers are thronging to Sri Lanka, overshooting expected targets to 18 percent of all tourist arrivals in 2003.ldblquote Already at mid year we are 60 percent over target and we expect that we can capture 18 percent of tourist arrivals this year. This is more than the 15 percent we projected for […]
Call Me
Keen to grow its rural customer base, Hutchison Telecom is offering free incoming calls for a minimum monthly bill of Rs. 499.00.The minimum charge including rental will leave the customer with Rs. 324.00 worth of calling time. rnrnHutchisons Telecom Chief Executive Tirukumar Nadarasa says studies within their customer base show that free incoming call was […]
Money Spinner
Guardian Investment will raise Rs. 130 million through a 1:5 rights issue to fund its portfolio expansion.The Ceylon Gurdian Investments Trust Limiteds Director P C P Tissera told LBO that new investment options could include power and infrastructure projects, in addition to stocks.rn rnThe company is also re-evaluating its investment policy in order to restructure […]
Pirates Ahoy
Parliament is expected to push through the long over due Intellectual Property Act by mid June.Parliament gave the Act a preliminary hearing on May 22 with officials now expecting the Prime Ministers interest in the new legislation to accelerate the process.rn rnAn out of court dispute resolution mechanism is among the highlights in the new […]
Quicksand
A pilot project to mine Sri Lanka’s seabed off the Western coast for offshore sand to sustain a flagging construction industry, has gone up for Treasury approval.Spearheaded by the Coast Conservation Department of the Fisheries Ministry, the initial project cost to the tune of US$ 5 mn, is to be funded by the Dutch Government.rn […]