Category: Industry
Under Scrutiny
Accounting experts say local companies should invest more in voluntary social and environmental reporting, since indifference could be costly. It is cheaper for companies to clean up their act and behave in a socially and environmentally responsible fashion now, than wait for the government to enforce regulations, say experts.rn rnldblquote The (international) markets will soon […]
New Deputy At Central Bank
Dr. Ranee Jayamaha succeeded Mr. P.M.Nagahawatte, Deputy Governor who retired from the Central Bank on April 18, 2004.This is the first time a lady has been appointed to hold this position of the Bank.Dr. Jayamaha has been in the Bank for 32 years with wide experience in the Economic Research Department, Banking Development Department and […]
Commercial Buy
National Development Bank (NDB) picked up a 29 per cent stake in its associate company NDB Bank (NBL), as part of its strategy to merge with the commercial banking entity.Fridays acquisition effectively takes NDBs stake in the commercial banking operation to 51.5 per cent and above the 30 per cent takeovers and mergers code threshold.rn […]
Working Out
A change in the US political scene could result in Sri Lanka losing out on foreign investment that comes in as outsourcing projects like call centers.In-house politics are bad enough but trade analysts now caution that politics across the Atlantic could be just as painful, thanks to the spotlight catching the subject of outsourcing.rn rnldblquote […]
Teaching Teachers
Investment in teacher training in Sri Lanka is paying off with signs of improvement in both teaching and learning, says the German Technical Cooperation (GTZ) office.Recent studies show that over 70 per cent of primary school teachers in the Central Province now use learner centred teaching compared to 11.6 per cent 3 years ago.rn rnThe […]
Local Bound
Local inbound travel operators will have yet another travel distribution system at their disposal to help increase tourist arrivals to a record 600,000 visitors this year. The Galaxy global travel distribution system gives wholesale-priced hotel rooms and transfers to retail travel agents and other travel professionals worldwide, enabling them to immediately access, book, confirm and […]
Left Alone
The Central Bank left its key short-term rates unchanged on Thursday, but cautioned that a higher than estimated budget deficit, from 6.8 per cent to 7.3 per cent of GDP could pressure the governments borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 […]
AA Grade
Fitch Ratings upgraded its rating for Bank of Ceylons (BOC) Implied Long-term unsecured Senior Debt to SL AA (S L Double A) from a SL AA- (S L Double A minus), reflecting the State baking giants financial profile over the last couple of years.SL AA long-term rating denotes a very low expectation of credit risk. […]
Pitching In
Ten flood damaged rural health centres in the Matara district were reopened for patients on Thursday, with a US$18,000 USAID aid injection for rehabilitation. The rehabilitation of the health centres were initiated by a US$ 18,000 grant to the SouthernProvince Health Sector Authority of Matara, a US Embassy statement said.rn rnThe grant also provided for […]
LIC IPO Soon
Life Insurance Corporation of India is planning to offer a 20 percent stake of its local subsidiary to the public soon.LIC India Managing Director told LBR that the company would also be listed on the Colombo Stock Exchange after the IPO.rn rnBoth major shareholders of the company, LIC and the Bartleets Group will reduce their […]
Sailing Off
Colombo Dockyards is sailing off on new business routes to stay comfortably afloat as its shipbuilding and repair operation gets weather trodden. Revenues from shipbuilding fell 96 per cent from Rs.2.5 bn to Rs. 91 mn in 2003, as orders for new ships dried up.rn rnCEO and Chairman Koich Yamanaka said some of main setbacks […]
Potty Business
As a last ditch attempt to preserve dwindling water reserves, the Colombo Municipal Council (CMC) rolls out a pilot project on Thu. to fix a meter on each City toilet.A senior CMC official said that: ldblquote Given the huge wastage of treated, drinking quality water in Colombo city being used to flush toilets with, dblquote […]