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Clean Slate
Hatton National Bank has become stricter in classifying its non endash performing loans, adding Rs 9 bn to the category.rnrnrnrnrnrnNew Page 1rnrnrnrnrn GrossrnNPLs climbed to a massive Rs. 14.3 bn up from just Rs 5.1 bn reported lastrnyear.rn In arncurious move, part of the classification came as a lquote correction to the 2001rnaccounts, which were […]
Sweet Teas
Buyers set aside developments in the Middle East to step up buying at Tuesdays low grown tea auctions, pushing up prices in the process. Brokers said that buyers were paying at least Rs 5.00 over last weeks prices, a welcome development for low grown plantations and leaf suppliers ahead of the Sinhala Tamil New Year. […]
Free For Air
Questions are being raised over a 20 Mhz of frequency allocation in the 1800 Mhz spectrum range to Electroteks Private Limited for free. Reliable sources close to the Telecommunications Regulatory Commission (TRC) said that Themia Hurulle, Director General of the Commission had approved the allocation at the previous frequency spectrum meeting, against the wishes of […]
Canal Express
Colombos waterways could soon be a hive of activity with a Canadian firm studying its potential as an alternative to road transport. The Canadian firm recently concluded a preliminary study and has now signed an agreement with the Urban Development Authority for a detailed study.rn rnResults of the study are due in six months and […]
Blanket Cover
A recently completed draft policy for the port and shipping sector is proposing to link all agencies working to serve the industry into one umbrella organisation. rnThe maritime authority will oversee regulation and represent the foreign trade sector as the apex body among a long list of other tasks.rn rnThe proposal forms part of the […]
New Year Tidings
The Swedish government on Monday agreed to lend Rs. 3.083 bn towards economic and social development projects.Spread over a three-year period starting 2003, this is the largest ever grant assistance allocated to Sri Lanka under Swedens new country assessment strategy.rn rnldblquote The new country assistance strategy is broadly built on peace, democracy, human rights and […]
Next Debut
New owners plan to list Sri Lanka Insurance Corporation next year after restructuring the company.A consortium led by Distilleries Company and Aitken Spence offered over Rs.6 bn for the state insurance giant in the largest privatisation by the UNF government.rn rnThe new owners say they will sell a stake through an IPO next year to […]
Expensive Business
Sri Lanka has always been a hot spot for beach lovers. But the trend is changing. Niche tourism markets are starting to make a mark with first signs of the country emerging as a popular eco, adventure and Ayurvedic holiday destination. rnIn the last of a series on the travel and leisure industry, we look […]
Airwaves On Sale
The government is planning to make the process of radio spectrum allocation to telecom firms more transparent in future. With the fast growth in wireless telecoms, some sectors are running out of spectrum space.rnAt one time however government had a policy of not charging high fees for spectrum, based on the principle that high start […]
Property Boom
Prime government land could soon be released for development to the private sector under a new plan to put them to more productive use. The government, which is the largest landowner in the country, plans to implement the scheme with donor support.rnA top investment bank has already been given the mandate to come up with […]