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Spadework
Sri Lanka Telecom said it was pumping Rs. 600 mn to float a fully owned subsidiary endash Telecom City (Pvt) Ltd.SLT said the capital injection would come in on a staggered basis to suit progress and development of the project.rn rnIn the first instance, it has been decided to pay up Rs. 2.50 per share […]
Emergency Merit
The Power Ministry is calling upon the Sri Lankan public to collect merit for their after-life by saving power, while industrialists with generators will also get cash into the bargain, if they use their own power.The Ceylon Electricity Board, Sri Lankas power utility which runs into power shortages every few years, is now trying to […]
Funding Live
Standard Chartered Bank said on Wednesday that it was the lead arranger to a US$ 86 mn seven-year syndicated loan facility to fund Mobitel (Pvt) Ltd.s expansion drive.Eight local banks participated in the US dollar/Sri Lanka rupee syndication, while the Swedish Export Credit Agency, or EKN, had given it “partial support”.rn rnThe syndication partners included […]
Not Fair
Sampath Bank chief has rapped authorities for continuing to look at financial instruments as a convenient source of raising revenue.The banking sector currently forks out 15 percent of their earnings as Value Added Tax.rn rnThe charge was brought in last year, fixed at 10 percent computed on total gross emoluments paid to employees and the […]
Play Phone
Mauj, an Indian based mobile content provider made its first foray into the local market, launching a Java based cricket game for mobiles. However, the game will not be available in Sri Lanka until local network providers sign up with Mauj to distribute its content.rn rnRicky Ponting Cricket 2004, launched Tuesday is only one of […]
Red Herring
The ambitious new regulations on food labelling and advertising could turn out to be an April fools joke, as the trade pushes to delay its implementation, while the Health Ministry pussyfoots the issue. The regulations, due to come into force on April 1, sets out new legal standards for the labelling and advertising of food […]
Standing Up
Transparency International, an NGO that fights corruption worldwide says the country needs to make lquote abuse of public resources during elections a criminal offense.Local politicians freely use government resources like vehicles, official residences and government employees in their election campaigns.rn rnldblquote Merely commenting on it will not be enough. We want the media also to […]
No Kidding
Local media is full of questionable advertising aimed at kids, something stakeholders are not paying enough attention to.Companies spend billions of rupees to market products to children whose spending power is on the rise.rn rnHowever, the ad industry has also been grappling with the ethical implications of advertising to kids who experts say cant make […]
Roads End
All assets of state owned construction firm Road Construction and Development Company (RCDC) is to be packaged and sold off following its shut down last year. State privatization arm PERC has called for consultants to help value the assets including plants, machinery, quarries and workshops, which can be sold as ongoing commercial concerns.rn rnThe consultants […]
Good Recovery
Recoveries and defaulters turning a new leaf in good economic conditions drove Bank of Ceylons profits up in 2003, though a gap in its pension fund is dragging profits down.As recoveries gathered pace, its Non-Performing Asset (NPA) ratio fell to 13 percent in 2003 from 15 percent, while outstanding gross NPAs fell to Rs.17.1 bn […]