Category: Industry
Back to Base
The National Security Council has grounded all helicopter and floatplane operations that were given the recent go-ahead, until further notice.ldblquote The Security Council has suspended helicopters and float plane operations and they are yet to get back to us as to when they can resume, dblquote Secretary to the Civil Aviation Ministry, Cecil Amerasinghe told […]
Band Aid
The Central Bank is expected to meet the consortium of investors keen on reviving Pramuka Bank for another round of talks early next week.With the suspension of Pramukas licence coming up next Thursday, the bank and its legal team are also expected to meet up with the Attorney Generals Dept.over the weekend, to decide on […]
One Way Ticket
The Tourist Board rolled out a recently re-costed retirement scheme, capped at Rs. 750,000 to make it more attractive to employees. The scheme has already seen over 170 takers, with Tourist Board officials saying they need to trim its 410 strong workforce to an ideal 100 people.rn rnldblquote The cabinet has approved the new Voluntary […]
Banks and Robbers
The Rajarata Development Banks (RDB) decision to interdict the entire staff at its Medirigiriya branch after it was robbed at gunpoint recently will be met by protests by the employees of all six regional development banks.The Ceylon Bank Employees Union Development Bank Branch says the management nor the police investigating the heist have evidence indicating […]
Feeling Lucky
The Development Lotteries Board (DLB) is playing a new lottery ticket to reach a Rs. 1 billion bottom line target by end 2004, after posting a profit of about Rs 750 mn for 2003.The new lottery ticket, Jayoda, will also push up 2004 revenue estimates to Rs.5.2 billion up from Rs 3.7 billion last year. […]
Alternate Line
The Development Lotteries (DBL) Board is studying alternate methods to retail lottery tickets online before diving into the computer driven jackpot business. DBL Chairman, J K Fernando told Lanka Business Online on Wednesday that the Board would launch an online lottery with foreign collaboration when the they have identified ways of using its current sales […]
Be Specific
The consortium of investors keen on reviving Pramuka Bank, were set a Thursday morning deadline to submit a more detailed proposal.Central Bank and its consultants, audit firm E&Y, met the consortium led by the Asia Capital Group and National Wealth Corp. on Wednesday evening, to seek clarifications on their complex restructuring proposal.rn rnThe proposal mooted […]
Silver Lining
The government plans to take a fresh approach to divest its stake in Shell Gas Lanka Ltd., after its initial attempts fell through.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn ThernTreasury, which owns 49 percent of the gas giant, was earlier hoping to raisernaround Rs. 500 mn by selling its stake.rn RoyalrnDutch Shell, which bought a 51 percent stake in […]
Fuzzy Signals
The Central Bank will meet a consortium of investors keen on buying Pramuka Bank on Wednesday evening to shed more light to their complex proposal.Hopes ran high on Tue. that the Central Bank had discussed a proposal put forward by a consortium at its Monetary Policy meeting.rn rnCentral Bank Governor, W A Wijewardene said the […]
Joint Decision
The Joint Business Forum(JBiz) sat on a second round of pow-wows , this time attended by religious and NGO groups, on a course of action to end the prevailing political sulks endash and decided to slap the countrys leadership with an ultimatum.After over two hour of discussion with religious and civil society representatives, JBiz decided […]
Calling Lanka
The Board of Investment is mooting changes to the BOI Act for bigger tax holidays encouraging call centres to relocate here. rnCurrently Sri Lanka trails behind neighbouring countries like India and the Philippines as potential centres for Business Process Outsourcing (BPO).rn rnHigh electricity costs and until recently – inflexible labour laws restricting overtime for women […]
Cloud No. 9
The Galle Face Hotel is coming out of the closet with Bryan Adams and is hinting at signs of waking up to changing times.The Galle Face Hotel still manages to ooze its famous old world charm but is now clearly looking at shedding its sleepy image starting early this year backed by the musical magic […]