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Paid Pensions
The new contributory pension fund for public servants has not got parliamentary approval as unions opposing the deal have sought legal action.The present Employees Provident Fund Act will be amended to include the new Public Service Provident Fund.rn rnThe new pension scheme will kick in from January 1, 2003, with new recruits to the public […]
Yankee Ties
Eleven local Information, Communication and Technology (ICT) firms will head for the US next week, a mission to woo new business and investment. The weeklong USAID programme will take the local troop to top Information Technology (IT) firms and other IT driven industries in the Washington and Silicone Valley areas.rn rnMeetings will include an appointment […]
Lending Cheap
The Central Bank on Tuesday cut key short-term rates by 75 basis points in line with its policy of lowering lending rates.The bank lowered the reverse repurchase rate (reverse repo) to 11 percent and the repurchase rate (repo) to 9 percent. These are the lowest rates since May, 2000. rn rnThe Central Bank expects financial […]
Another Trophy
HSBC added another trophy to its acquisition collection by taking over the sole agent for Diners Club credit cards in Sri Lanka and the Maldives.Diners Club is the worlds first credit card.The Citigroup of the USA currently handles its operations. A high-end American credit card, Diners Club is used mainly as a corporate entertainment card.rn […]
On Top Gear
Villa Ocean View, a member of the Ceyko Group, has completed a Rs. 100 mn refurbishment programme in time to ride the wave of resurgence in tourism.The Wadduwa hotel said it has quadrupled the capacity of its banquet hall from 150 to 600 guests, refurbished its 67-room superior wing, re-laid the deck of its swimming […]
Labour Law
A blueprint for the proposed social security net for redundant workers is in its final stages, with International Labour Organisation (ILO) consultants to submit their proposals by mid January.ldblquote The ILO consultants will submit their first draft proposal on the social security net programme. The draft will include alternate strategies for implementing the programme, dblquote […]
Holy Union
Union Bank hopes to issue preference shares to a consortium of new investors, as part of its efforts to re-capitalise.The consortium led by Sampath Bank plans to inject Rs. 600 mn to prop up Union Banks balance sheet.rn rnSampath will inject Rs. 150 mn, with the balance split between National Savings Bank and Singapore based […]
Axe On Dollars
The government has drastically cut its planned commercial dollar borrowings in the wake of large aid flows and promised long term structural adjustment loans.The treasury, which was planning to borrow up to US$ 350 million in the international markets, has cut that amount to US$ 100 million, which is expected later this month.rn rnCitibank that […]
Crisscrossing Lanka
A network of highways is on the cards connecting Jaffna, Anuradhapura and Matara and with the commercial capital Colombo.The contract signing for the first of these the southern expressway linking Colombo with Matara took place recently.rnThe southern highway is partly funded by the Asian Development Bank.rn rnldblquote In addition there are other expressways proposed. One […]
From E to C-commerce
Electronic commerce is making a splash in the apparel sector. Modern garment factories are sharing a lot of data with their suppliers and customers.Whats different is that there is very little human interaction in the whole process. E-commerce is also doing a lot more than simply saving money for these businesses.rn rnIt has become something […]