Category:
Counting Heads
State welfare schemes will get a face-lift from mid next year with the enforcement of a new Welfare Benefits Law.The new law attempts to better target deserving recipients by setting up one agency to coordinate all welfare spending. Government says better targeting will help cut welfare spending by half. Earlier benefit schemes like food stamps, […]
Road Show
Nearly two-dozen institutional investors have been lined up in Hong Kong and Singapore for presentations on the SLT IPO.rn rnSri Lanka Telecom is counting on foreign investors to grab a significant part of its IPO expected to generate up to Rs. 4 bn, if a full 15% stake is sold. rn rnOnce listed SLT will […]
Human Quota
The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]
Seeing White
Setting the base for the donor meeting on November 25 in Oslo, the government is releasing a white paper outlining urgent funding needs. rn rnThe paper sets out priority areas where funding is needed including the requirements for housing projects for resettlement, road and other basic infrastructure facilities and community development projects. rn rnTo expedite […]
Stopgap
State run Bank of Ceylon has lent US$ 75 mn to the government help bridge the budget deficit.The one-year loan is priced at 192 basis points above the six-month London interbank offered rate.rn rnThe government had opted for the loan after the Treasury put off a planned roadshow to raise funds up to US$ 150 […]
Setting Sail
Colombo Dockyards heeding to the call of peace is setting sail in search of new business, looking at more challenging assignments. The company is already in the running to service off shore oilrigs and manufacture speedboats for overseas clients.rn rnCompany officials say, the halt in the 19-year ethnic conflict has given them the opportunity to […]
Short Break
The Central Bank has deferred its planned roadshow to raise dollar funds for the government.The US$ 100 mn fund raising exercise was due to kick off on Monday, but top Central Bank officials said the date has been deferred pending progress from the next round of peace talks and a recent cut in US interest […]
Higher Elevation
The Central Bank plans to raise the minimum capital requirement for primary dealers by Rs. 50 mn.Under the existing guidelines, dealers are expected to set aside Rs.150 mn in capital.rn rnThe Central Bank has told primary dealers last Friday that it is keen to raise the bar to Rs. 200 mn by next March.rn rnThe […]
Double Growth
The results, for the six months to Sept. 30 2002, again shows Emirates bucking current trends affecting the airline industry, with an operating revenue of Dhs 4.3 bn, representing strong growth of 27 percent compared to Dhs 3.4 bn in 2001, the airline said in a release Monday.rn rnEven though overall seat capacity increased by […]
Late Call
Sri Lanka Telecom on Monday pushed back its IPO debut to November 28, while finalising the issue price at Rs. 15.00.The Colombo Stock Exchange (SEC) informed stockbrokers on Monday that the prospectus would come out on November 15, while the opening the subscription list on November 28.rn rnThe CSE also approved SLTs application to list […]