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Who needs money?
Minimum capital requirement for commercial banks was raised five fold to Rs.2.5 billion by the Monetary Board.Minimum capital requirement for commercial banks was raised five fold to Rs. 2.5 billion by the Monetary Board. Banks have till 2007 to meet the new capital targets but have to raise minimum capital to Rs. 1.5 billion by […]
Slippery Grounds
Ceylon Petroleum Corporation says its operations are not viable unless the government sticks to the pricing formula agreed to as part of the sector restructuring.Ceylon Petroleum Corporation says its operations are not viable unless the government sticks to the pricing formula agreed to as part of the sector restructuring. CPC is waiting for confirmation the […]
Tigers free seized Sri Lankan soldier
Tamil Tiger rebels Sunday released a government soldier they had captured overnight in Sri Lanka’s eastern district of Trincomalee, local officials said. Tamil Tiger rebels Sunday released a government soldier they had captured overnight in Sri Lanka’s eastern district of Trincomalee, local officials said. The rebel Liberation Tigers of Tamil Eelam (LTTE) handed the soldier […]
Powerful quake sparks new disaster panic in Indonesia
A powerful earthquake measuring 6.7 on the Richter scale struck off the west coast of Indonesia’s Sumatra island Sunday sparking panic among people fearing a repeat of the tsunami disaster, officials said. A powerful earthquake measuring 6.7 on the Richter scale struck off the west coast of Indonesia’s Sumatra island Sunday sparking panic among people […]
Tension mounts in Sri Lanka amid moves to salvage peace bid
Tension has escalated in Sri Lanka’s restive northeast even as peace broker Norway was set to launch a fresh attempt to keep the two sides engaged in talks, officials and diplomats said Sunday.Tension has escalated in Sri Lanka’s restive northeast even as peace broker Norway was set to launch a fresh attempt to keep the […]
Tsunami cost to tourism far less than 9/11 attacks: industry leaders
The impact of the tsunami disaster on tourism in 2005 will be about 40 times less than that of the September 11 attacks on the United States, industry leaders said Friday at the opening of the World Travel and Tourism summit.The impact of the tsunami disaster on tourism in 2005 will be about 40 times […]
HSBC structures foreign exchange link derivative deal for Brandix
HSBC Global Markets, a unit of HSBC Group, structured a derivative instrument for Sri Lanka’s Brandix Lanka Ltd in a deal worth US$ 8.5 mn (£ 4.5 mn). HSBC Global Markets, a unit of HSBC Group, structured a derivative instrument for Sri Lanka’s Brandix Lanka Ltd in a deal worth US$ 8.5 mn (£ 4.5 […]
Pay Up
Sri Lanka’s Central Bank on Friday raised the minimum capital requirement for commercial banks by 400 percent to promote a robust and stable financial system.Sri Lanka’s Central Bank on Friday raised the minimum capital requirement for commercial banks by 400 percent to promote a robust and stable financial system. Licensed commercial banks will have to […]
Up, Up
Workers’ remittances are a key source of foreign exchange for developing countries, at more than 100 billion dollars a year and expected to rise, but transaction costs remain high, experts and officials say.Workers’ remittances are a key source of foreign exchange for developing countries, at more than 100 billion dollars a year and expected to […]
China Calls
Private fixedline operator Lanka Bell, signed up for a US$ 400 mn equipment deal with China’s Huawei Technologies Co., Ltd, to deploy a low cost rural network.Private fixedline operator Lanka Bell, signed up for a US$ 400 mn equipment deal with China’s Huawei Technologies Co., Ltd, to deploy a low cost rural network. The wireless […]