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Weaving Houses
Singapores Shing Kwan Group, Overseas Realty Ceylons key shareholders, on Friday signed up to develop the former Wellawatte Spinning Mills site.In a statement, Overseas Realty said they would invest Rs. 150 mn through a joint venture company with the Bank of Ceylon to develop the property.rn rnShing Kwan Investment (Singapore) Ltd. (Overseas Realtys investment holding […]
Good Marks
The ADB on Friday revised its export growth targets for 2003 upwards to 10 percent from an earlier 6 percent, but warned of power shortages eating into early gains by 2004. rnldblquote Export performance should be more robust than anticipated in the beginning of the year with the recovery of Sri Lankas main export markets […]
Road Talk
The Malaysian government is in talks to fund the Rs.30 bn Colombo-Kandy Highway, on a Build, Own and Transfer basis (BOT), starting 2005. Malaysian officials are expected to come back with a proposal to assist the project, with construction of the highway likely to be contracted out to a Malaysian party.rn rnThe government has developed […]
Safe Options
IBM says upto 80 per cent of IT related expenses were on maintenance and repairs after the initial purchase, leaving only a 20 per cent of spend on hardware and software. However, IBM say PC manufactures pay not enough attention to repairs and maintenance when designing a new computer.rn rnA range of PCs that take […]
Cess Less
The Tariff Advisory Council (TAC) says that the import cess charged on luxury goods, should not be channelled towards the Export Development Board (EDB). The government charges duties over 45 percent on liquor, cigarettes and cars, but the monies are mainly used to meet the EDBs running expenses.rn “The cess is an indirect tax on […]
Airport Express
Road Development Authority says concession documents for the Colombo endash Katunayake Expressway project will be ready in 16 weeks.PriceWaterhouseCoopers and Snowy Mountain Engineering Corporation (SMEC), were contracted to develop the legal framework on Wednesday.rn rnThe previous administration decided to build the expressway with its own funds, despite being severely cash strapped, after donors and private […]
Done Deal
The Peoples Bank board has agreed to sell its 62 percent stake in its venture capital arm to the Janashakthi Group for Rs. 165 mn.The deal to formalise Peoples Venture Investment Co.is due to be wrapped up in the next few weeks. rn rnThe Janashakthi Group presently control the balance 38 percent, through its investments […]
Water Tight
Often exploited, fought over, and colossally under priced, water has become the stuff of international politics. As Sri Lanka wages peace, it is wading through its own issues of sharing and trading its water between new regional boundaries. Water management to date has unfortunately been everyones responsibility, with a staggering 40 different Acts and 20 […]
Direct Link
The US Treasury has lent an official to give technical expertise to start off the new Public Debt Management Office.The Public Debt Management Office is due to take off next year, with officials reporting directly to the Finance Minister, said Treasury Secretary, Charitha Ratwatte.rn rnTo give legal status to this office, the government plans to […]
Development Money
The Asian Development Bank (ADB) on Monday pledged US$ 105.3 million to support two projects linked to education and water and sanitation.The Distance Education Modernization Project will attempt to bridge the gap between the countrys postsecondary education system using technological advances through a million equivalent loan.rn rnThe project is expected to increase access to distance […]