Category:
Holy Union
Union Bank hopes to issue preference shares to a consortium of new investors, as part of its efforts to re-capitalise.The consortium led by Sampath Bank plans to inject Rs. 600 mn to prop up Union Banks balance sheet.rn rnSampath will inject Rs. 150 mn, with the balance split between National Savings Bank and Singapore based […]
Axe On Dollars
The government has drastically cut its planned commercial dollar borrowings in the wake of large aid flows and promised long term structural adjustment loans.The treasury, which was planning to borrow up to US$ 350 million in the international markets, has cut that amount to US$ 100 million, which is expected later this month.rn rnCitibank that […]
Crisscrossing Lanka
A network of highways is on the cards connecting Jaffna, Anuradhapura and Matara and with the commercial capital Colombo.The contract signing for the first of these the southern expressway linking Colombo with Matara took place recently.rnThe southern highway is partly funded by the Asian Development Bank.rn rnldblquote In addition there are other expressways proposed. One […]
From E to C-commerce
Electronic commerce is making a splash in the apparel sector. Modern garment factories are sharing a lot of data with their suppliers and customers.Whats different is that there is very little human interaction in the whole process. E-commerce is also doing a lot more than simply saving money for these businesses.rn rnIt has become something […]
Cruising South
The first phase of the Colombo-Matara Highway kicked off today with the contract handed over to Japanese based construction company, Kumagai-Gumi.The first phase of the four-year project is being entirely funded by the Asian Development Bank at a cost of Rs.8.6 bn.rn rnThe four-year project comes at a total cost of Rs. 21 bn, with […]
Bailout Plan
Vanik Inc., which has delayed payment on its listed debentures, says it is hoping to pay interest as soon as some planned debt collections come in.Vanik has also come up with a new restructuring plan, which they are hoping to present to their bankers.rn rnThe plan involves waiving off accumulated interest and releasing some of […]
What of IT?
Millennium Information Technologys client list was propped up with two new big accounts in 2002, but two other clients going bust contributed to a Rs. 605.31 mn loss for the year. The company also saw its distribution costs soar to Rs.419.65 mn from Rs. 57.00 mn in 2001, while administrative expenses shot up to Rs.316.95 […]
Bumper crop
Tea production is expected to touch the 308-mn kilo mark for 2002 brokers predict, given improved harvests in November the same year.For the eleven months ending November, crop intakes reached 281 mn kilos, up five percent on the 268 mn kilos the year before.If all goes as expected, crop intakes will surpass record levels of […]
Gambling Ethics
The National Lotteries Board, in its 40th year hopes to promote responsible spending and restrictions selling and employing children under 16. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs.6.2 billion at the end of […]
The Next G
Six licences to test and develop 3G cellular services are on offer, valid for one year for strictly non-commercial trial purposes. The Telecommunications Regulatory Commission (TRC) on Thursday sought entrepreneurs to test and develop third generation (3G) cellular services.rn rnTRC Assistant Director H.W.K. Indrajith told Lanka Business Online that the licences would not be restricted […]
Game GDP
The authors, Dr. Anila Dias Bandaranaike, D Wasantha and T M Z Mustaliph of the Central Banks Statistics Dept. have developed a methodology to compile provincial GDP numbers at current factor cost prices from 1996-2000. The present estimates are compiled with a one-year lag.rn rnProvincial shares of national GDP are important yardsticks to measure the […]
Traffic Patrol
Consultants appointed to study Sri Lankas frequency spectrum commenced work in December 2002 and are expected to submit the final report before May 2003. D.J Associates, the consultants appointed for the task will look at the countrys spectrum management mechanism and propose strategies to better utilise the scarce resource, while also recommending policies and third […]