- Synergic
player or corporate shell?
What
will NDB do with asset rich CDIC?
Will CDIC, the Capital
Development and Investment Company Ltd., of which
the National Development Bank now holds over 75%,
be allowed to wither away and be reduced to a
corporate shell?The
company's managing director and chief executive,
Mr. Tennyson Rodrigo, thinks this is likely
although no formal decision on its future has yet
been communicated to the company by its majority
stakeholder. (full story)
- Tourist
Board defers lease rental
Intercontinental
owner's losses now total Rs. 453 million
Although Hotel Services
(Ceylon) Ltd., the owners of the Hotel Ceylon
Intercontinental, has reported another loss
during the year ended March 31, 1998, the
chairman of the owning company is optimistic that
the hotel would be operated profitably during the
current financial year."With
the progressive improvements in the tourist
arrivals, and based on current performance, it is
expected that your hotel would be operated
profitably throughout the current year. All
indications are that provided conditions in and
around the Colombo remain as they are, there
would be a return to greater profitability,'' the
chairman, Azmi Wan Hamza, has reported to
shareholders. (full story)
- Liberalization
of trade
Although globalization has been
hailed as a panacea for all the economic ills of
developing countries, the fact of the matter is
that the benefits of trade and investment
associated with globalization are unevenly
distributed. Globalization through liberalization
opens up markets but those who can exploit the
open markets are those countries which have the
goods and services in demand on tap, and they are
the developed and the newly industrializing
countries which have advanced agriculture and
industry, in most cases developed and operated by
transnational corporations or their affiliates. (full text)
- Cut-throat
competition among hotels
Tangerine
profitable despite heavy interest
One of Sri Lanka's
leading hoteliers has complained about the
on-going price war that has depressed prices in
the resorts and strongly urged that government
should consider a moratorium on new rooms until
"this situation has been remedied.'' (full story)
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- Obligations
to preference shareholders formidable
Royal
Palms profitable as hotel becomes fully
operational
Royal Palms Beach
Hotels Ltd., among the newer five-star beach
resort operators along the southern coast, has
posted a net profit for the second successive
year during the year ended March 31, 1998, which
its chairman, Mr. George Ondaatjie, described as
a year of "steady growth.''He said that from 77 rooms the previous
year, the hotel has commenced full operations
with 120 rooms now being sold. All rooms except
for four suites are now operational, Ondaatjhie
said. (full
story)
- Marapona on
Maharaja's main board
Mr. Gamini Marapona,
P.C. has been appointed to the main board of the
Maharaja Group with effect from Sept. 23, a
company announcement said. He is the first
non-executive director to be appointed to the man
board, it said.Marapona
who had an outstanding school career at S.
Thomas' College, Mt. Lavinia, excelled in both
studies and sports winning the coveted Victoria
Gold Medal for the best all round student. (full story)
- Asian economic
crisis makes ripples here
Those who thought that
there will be no adverse effects on our economy
from the S.E. Asian crisis must now recognise
that we have now experienced a stock market
collapse similar to those which characterised all
the S.E. Asian countries. Of course it took one
year for our stock market to collapse due to the
lack of liquidity in the market unlike in the
S.E. Asian countries where market capitalisation
was very much higher, there were many more active
players and where short selling was in vogue.
Anyway, the collapse is now an established fact
and the market is likely to remain for quite some
time inspite of brokers attempts to talk up the
market. A gain of 4 - 5 points in a day or two is
insignificant and is caused by day to day
imbalances in the market which are always
corrected. (full
text)
- Rohini quits
UAL board
Mrs. Rohini Nanayakkara
who last week assumed duties as chief executive
officer of the Seylan Bank, has resigned from the
board of Union Assurance Ltd. with effect from
Sept. 30, the Colombo Stock Exchange announced.
Mr. A.L.Devasurendra who was alternate to Mrs.
Nanayakkara on the UAL board has also resigned,
the CSE said. (full story)
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