Category:
Street Wise
The project, spearheaded by the Industries Ministry, has already begun in Nikaweratiya, with a 12-mile stretch being developed with Rs.150 mn in private sector funds.rn rnldblquote These will be dedicated industrial roads for future industrial development. The duty of investors will have their individual compounds developed in line with future needs, such as housing units […]
Banking On Locals
The bank needs Rs. 13.5 bn to cover Rs. 6 bn past losses and bring its Tier I capital in line with local standards.rn rnGiven the relatively weaker balance sheet of Peoples quote Bank, senior officials mapping the bank quote s restructuring strategy believe it would be easier to interest a local consortium than a […]
Over And Above
Sri Lankas largest private bank, Hatton National Bank (HNB), said its debenture was oversubscribed by a little over Rs. 1 bn when the issue opened Tuesday.“We saw a strong demand from our retail customers for the shorter maturities of five and seven years.But the demand for the longer end 10 years came from institutional investors,” […]
Counting Bed Tickets
Sri Lankas health policy is gradually evolving, as the government studies the possibility of introducing paying wards into a so far, entirely subsidised health sector.Two task forces at the Health Ministry are working on a suitable model to convert around 10 percent of the beds in state hospitals into paying wards.rn rnThe World Bank and […]
Literary Overdrive
Less than a year after the launch of her first 10 books, this John Robert Powers model, Harvard lecturer and tech wizard has published ten more in a phenomenal burst of literary zeal.Seven of the new books deal with Ms Wirasinhas specialized subjects, computers and Information Technology, but in a characteristic display of versatility, she […]
Online Outing
Initial talks with the Malaysian government saw the formation of a joint working group set up to identify Sri Lanka quote s Information Communication and Technology (ICT) needs.rn rnProjects identified by the committee include online registrations of ID quote s, drivers licence, passports, EPF, ETF, birth, death and marriage certificates. rn rnA Multimedia University is […]
Untangling Wires
The monopoly fixed line operator quote s call rates were last raised by 15 percent in May, as per the pact signed between the government, and NTT of Japan in 1997. rnThe deal allowed for domestic tariffs to be raised over four years, starting from June 1998. The first 25 percent increase came in June […]
New Lease
HNB securities issued unsecured subordinated debt to its owners the HNB group to carry out the recapitalization. rnCEO Rienzi Wijetileke told Lanka Business report that the money was injected in June after the primary dealer suffered heavy losses in its portfolio. rnHNB securities, a fully own subsidiary of the HNB group turned around posting a […]
Oxidising Tea
At the laboratories of the tea research centre, scientists are brewing a new cup of tea.They are testing the properties lquote Ceylon Tea grown in various regions of the island. Tea Board officials are hoping they will produce the marketing and branding break through the industry has been waiting for. ” If we could prove […]
UDA Debentures
The Urban Development Authority wants to kick start the construction industry by leveraging its massive real estate holdings.The UDA has an estimated ten billion rupees worth of land in and around Colombo city. The government agency, which is part of the Western Provincial Development Ministry, wants to release some of its land to developers.It also […]
The Urge To Merge
Janashakthi, which originally bought 51 percent NIC acquired the balance 39 percent held by the Treasury this week for 287 million. rnldblquote We have been working on the merger ever since we have bought the shares, dblquote the Chairman of the company Chandra Schaffter says. rnldblquote We have also bought the shares of the staff, […]
Dozen Inquiries
Up to 90 percent of SLIC is up for grabs with the government keen to get a reputed investor to manage the life and general insurance giant. rnThe Potential investors would get management control with a possible option to buy the ten percent stake held by the employees. rnThe formal sale process is expected to […]