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Pushing North
Mar. 08 (AFP) – Sri Lankan mobile phone company Celltel Wednesday announced plans to invest 100 million dollars to bring services to the island’s embattled northeast, but not in areas controlled by Tamil rebels. -Amal Jayasinghe: win98win@Â Celltel, which launched an analogue network in 1989 to become the first phone company in South Asia to […]
Green Money
Mar08 (LBO) – The Treasury is to fork out a subsidy for wood based electricity generation, making tariffs for dendro-power higher and more investor-attractive. State utility, Ceylon Electricity Board (CEB) pays private developers who supply electricity to the national grid, on the basis of a Standard Power Purchase Agreement. Suppliers like mini-hydros are paid on […]
Alternate Fuel
Mar08. (LBO) — Sri Lanka’s fuel station operators are warning potential industry newcomers of the downside of petroleum retailing in an effort to halt further fragmentation of the industry. The Petroleum Dealers’ Association, which represent the over 600 fillings stations island-wide, said the business is becoming unviable as new filling stations spring up too close […]
Buckled
Mar. 07 (LBO) — The monetary board of Sri Lanka’s central bank is now short of one member as a procedural snag has held up the appointment of a replacement.The Monetary Board, which guides the country’s economic direction by setting policy interest rates now consists of Chairman (and Central Bank Governor) Sunil Mendis, Treasury Secretary […]
Smooth Landing
Mar. 07 (LBO) – Sri Lanka’s Distilleries Group said Tuesday that they have picked up the controlling stake in the island’s pioneering unit trust management company, National Asset Management Ltd or NAMAL from DFCC Bank. The Distilleries Group, controlled by business tycoon Harry Jayawardena currently runs its own fund management unit called Aegis which largely […]
Redial
Sri Lanka Telecom’s mobile subsidiary is vying to double its subscriber base by end 2006, launching a new low tariff prepaid package this week. Mobitel Lanka Private Limited on Monday launched a new prepaid service, which along with its new GSM network, is expected to double its 45,000 customer base by year end. Mobitel chief […]
Picking Crumbs
Mar 07 (LBO) – The Treasury has settled Rs. 500 million in unpaid subsidy bills due to Lanka Indian Oil Corp., weeks after the company’s accounts took a hit to make provision for the unpaid claims. “We received a part payment of Rs. 500 million on March 01 from the Treasury,” K Ramakrishnan, Managing Director […]
Sri Lanka’s John Keells scouts new Maldivian property
Mar. 06 (LBO) – Sri Lanka’s largest hotel operator, John Keells Holdings, is in the process of picking up another Maldivian resort to add to their growing hospitality chain, a top official said Monday. JKH, which is splashing billions of rupees to re-brand key properties, has been scouting for a new Maldivian property to replace […]
Hedging Risks
Mar. 06 (LBO) – Commercial Bank of Ceylon has sought expertise of a foreign actuarial to structure a pension buyback scheme for employees, officials said Monday. Sri Lanka’s most profitable local commercial bank has taken this option to hedge risks against a future rise in interest rates. “Most pension plans in Sri Lanka are structured […]
High Jump
Mar.06 (LBO) – Sri Lanka’s Hatton National Bank said Monday that it posted a 134 percent growth in post tax profits for the full-year ended December 2005. Group net profit for the full-year was Rs. 1.77 billion over Rs. 755 million reported in 2004 below market expectations of Rs. 2.0 billion. Net profits for the […]