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Fraud Advice
The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange who is conducting a foreign exchange fraud investigation, referred the matter to the Bureau.The Fraud Bureau has sought Attorney General’s advice on how to proceed with the GoldQuest case, after the Controller of Exchange […]
Back To The Wheel
The government has scrapped reform plans for utilities like electricity, petroleum and water.rnA donor funded government agency Public Interest Program Unit (PIPU) setup to speed up reforms will be wound-up at the end of the month.rn rnThe agency helped set up the Public Utilities Commission (PUC), a multi sector regulator that is ready to regulate […]
Who Did It?
A major fire broke out at the government Printers Dept., late Saturday, and officials are not sure if its an accident or sabotage.Situated in Borella, Colombo, the department publishes all official documents ranging from ballot papers to gazette notifications.rn rnBut the ballot papers for the upcoming polls have already been printed and delivered to the […]
Recycling Debt
The Central Bank says it will re-issue Rs. 7 bn worth of two-year treasury bonds and Rs.44,837 mn in treasury bills to the debt market, as part of its borrowing programme for July.Of the Rs. 46,837 bn worth of treasury bills maturing, the bank has opted to re-issue only Rs.44,837 bn worth of paper. The […]
Purring Off
Lion Air is swapping its large Avro aircraft for a smaller Shorts plane as it scrambles to stay afloat amidst falling passenger numbers.The airline presently shares the domestic aviation market with Expo Aviation and Serendib Air.rn rnWhen the government re-opened the domestic aviation sector, Lion Air and Expo Aviation were among the first to offer […]
Naked Truth
Visiting Singaporean Premier asked Sri Lanka to come up with an overall competitive package and not just incentives, if it wants to lure foreign investors.“Sri Lanka is a good place to invest in, but it is not the only place,” Prime Minister Goh Chok Tong, told a gathering of local business people in Colombo on […]
Chug Chug
The Transport Ministry is going on reverse gear, repelling the Railways Authority Act and replacing it with fresh legislation.Transport Minister Felix Perera told Lanka Business Online that Cabinet on Wednesday had given him the go ahead to repeal the Railway Authority Act and introduce new legislation.rn rnThe new Act will look to revert to the […]
Harvesting Time
Sri Lanka Telecom Ltd. may reap substantially higher revenue if an international call routing agreement with Indias Bharat Sanchar Nigam Ltd. takes effect, Asia Securities said in a research report Thursday.Earnings for the fixed-line operator could increase by at least Rs.500 mn in 2004 if Bharat Sanchar Nigam makes use of the international call routing […]
Hideaway
Sri Lankas government admitted Thursday that somernmilitary personnel supported and possibly sheltered a renegade rebel leaderrndespite Tamil Tiger warnings that such acts would damage efforts to end thernislands 19-year civil war.rnIn March, rebel leader Vinayagamoorthy Muralitharan, also known asrnKaruna, broke away from the main Liberation Tigers of Tamileelam faction,rntaking with him 6,000 of the separatist […]
Not Their Style
The Freedom Alliance Government says recent security scares are not the LTTEs style, but suspect other interested parties working to frighten citizens and foreign investors. Media spokesperson and Minister of Shipping and Aviation Mangala Samaraweera told reports on Thursday that recent security scares are more of a conspiracy to create a fear psychosis within the […]