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Going Offline
Stepping up its presence from a standalone internet service provider, Eureka on Tuesday said it has repositioned its business to become an IT solutions provider. Eureka says it has redesigned its business model over four years to offer anything from PC maintenance to more complex corporate data and software solutions.rn rnChief Executive Dilendra Wimalasekere says […]
Alliance Calling
Wooing support for its ticket to govern the country, the newly formed SLFP-JVP alliance flirted with the Colombo based business and international community on Tuesday. The gala two-hour PR campaign, the first major public appearance since the alliance was signed in late January was mooted to ally fears of an anti-private sector regime in the […]
Saffron Power
Nationalist party, Sihala Urumaya said Tuesday that it was exclusively fielding Buddhist monks to contest the 225 seats up for grabs at snap parliamentary elections.rnThe Party said it will bank on saffron power for the April 2 elections called by President Chandrika Kumaratunga after she dissolved parliament nearly four years ahead of schedule on February […]
Get Going
The four co-chairs of peace have expressed disappointment over the current political situation and repeated their call on the Sri Lankan government to resume peace talks. The co-chairs turned down a government request to de-link the peace element from the aid package, in the light of the current political situation and a breakdown in peace […]
Grand Slam
Sri Lankas Prime Minister has accused the countrys president of jeopardising a ceasefire with Tamil rebels and scuttling economic recovery in his first public address since his government was sacked 10 days ago. “The presidents action has jeopardised the ceasefire agreement. The economy has suffered a severe blow,” Prime Minister Ranil Wickremesinghe said in his […]
Flat Out
Treasury bond yields for two-year papers remained flat, despite Mondays auction being oversubscribed, the Central Bank said.The bank offered Rs. 1 bn, but accepted only bids for Rs.476 mn. The bank received offers for Rs.2.766 bn. The coupon rate was 7.95 percent.rn rn -LBO Newsdesk: LBOEmail@rnrn
Dusting Cobwebs
The Merchant Bank of Sri Lanka (MBSL) is exploring ways to wipe off its accumulated losses through a balance sheet clean up process.The bank is contemplating converting Rs. 800 mn worth of preference shares issued to Bank of Ceylon, into ordinary shares.rn rnThe move, if approved, would wipe off Rs. 1.4 bn in accumulated losses. […]
Moral Support
A state bank crept into the foreign exchange markets on Tuesday morning to shore the rupee up, to prevent it from touching the psychological 100.00 rupee barrier against the US dollar.The rupee fell to 99.25 against the US dollar in early Tuesday trade, after closing at 98.95 against the greenback on Monday.rn rnThe Central Bank […]
Quick Dip
Conglomerate Hemas Holdings delved deeper into the tourism sector on Monday to pick up a 47 percent slice in Associated Hotels, the owning company of Lihiniya Surf Hotel.Veteran hotelier George Ondaatjies Mercantile Investment Group had sold his entire 2.6 mn parcel at Rs. 40 per share.rn rnThe family controlled companys core strengths lie in health […]
Different Lines
The telecom watchdog is looking at giving payphone operator Tritel, a facilities based licence to allow it to penetrate deeper into the rural areas. Tritel has been calling for a facilities based licence since 1999, to expand into rural areas that are not serviced by other telecom network operators. rn rnTritels service deployment is currently […]