Category:
Triple Deck
National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]
Big Catch
The Ministry of Fisheries is pushing for new infrastructure to harbour foreign vessels fishing in international waters off Sri Lanka. Thernproposal along with a number of other projects is part of a ten year plan setrnout by the Ministry to tap the potential of the industry in its 2002 NationalrnFisheries Policy, Development Plan and Progress […]
On Air
The Science & Information Technology Ministry says the consultant has to write out the terms of reference or TOR for the new regulator.rn rnThe TOR will set the base for another consultant to draw up guidelines on how the cable and the broadcasting industry will be policed.rn rnThe fresh piece of legislation will replace the […]
Home Loans
The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. The total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs.1.2 million including the land. rn rnUDA lands in and around […]
Cargo Business
SriLankan Cargo, the cargo arm of SriLankan Airlines, has handled the largest volume of transhipment cargo in January 2003 since July 2001.The volume of transhipment cargo handled in January totalled 1,341 metric tonnes, the airline said on Wednesday.rn rnSriLankan Cargos contributes around 14 percent to the airlines group revenues.rn rnSriLankans fleet currently comprises two Airbus […]
Oil Clog
Airfares will go up by up to US$ 10 per sector from Wednesday, as carriers try to cover rising fuel costs. Fuel prices since January have shot up from 86 US cts to 106 US cts in March ignited by the rising tension in the Middle East.rn rnAirfares to India will only go up by […]
Catch Up
The Asian Development Bank (ADB) is giving US$ 150,000 by way of technical assistance to carry out a survey on Sri Lankas business climate.ADB on Wednesday said the study would look at Sri Lankas investment climate and productivity aims to foster private sector development that contributes to long-term poverty reduction.rn rnThe survey will look at […]
Mark Up
Sate insurance giant Sri Lanka Insurance Corp. (SLIC) posted a provisional Rs. 753 mn profit for 2002, despite rising reinsurance premiums.Net earnings in 2001 were Rs. 1.16 bn, an unusual year when it booked heavy investment income of Rs. 700 mn. rn rnThe company earmarked for privatisation next month said its premium income grew by […]
Varsity Basics
A World Bank project to revamp tertiary education, pegging university funding to performance for the first time, will be rolled out by May this year.The US$ 43 mn project funded by the World Bank will see the project through its implementation, spread over a five-year period.rn rnSignificant is that universities are now being held up […]
A/L Revision
Lessons from Tharuna Aruna scheme for the unemployed graduates will help structure a new project aimed at the G.C.E. Advanced level qualified labour population.The Asian Development Bank (ADB) has agreed to a US $ 10 million allocation for the project, Minister of Employment and labour, Mahinda Samarashighe said on Tuesday.rn rnSamarashghe said the project was […]
Fresh Notes
Capitalising on recent budget initiatives, Nextventures Ltd, is seeking Rs. 300 mn through a private placement to start a new fund.Nextventures Fund One (Pvt) Ltd is a close-ended fund with a five-year life period.rn rnThe fund will mainly invest in lquote knowledge and technology based companies like software, e-commerce, networking, wireless, Internet infrastructure and so […]
Green Talk
The International Finance Corp (IFC) has offered a US$ 10 mn term loan facility to strengthen Commercial Banks lending portfolio.ldblquote We are finalising the terms and conditions, and the funds will go towards our medium-term dollar loans and other foreign currency lending facilities, dblquote Commercial Banks DGM, Ranjith Samaranayake told LBO. rn rnSri Lankas largest […]