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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 […]
Chicken Safe
Lunchtime at KFC outlets is not as rushed as it used to be a few weeks ago these days. People are staying away from poultry based products due to the bird flu that has sent goose bumps across Asia killing 19 of the 25 infected people in Thailand and Vietnam.rn rnThe worldwide scare has got […]
Back to Basics
The problem with subsidies is that the rich enjoy them as much as the poor. The cross subsidy on diesel is a classic example.Owners of fuel guzzling sports utility vehicles enjoy a significant portion of the subsidy.rn rnMoney spent on subsidies and free services like water and education are often enjoyed by the richest quintile […]
Project lquote Put Off
The Colombo Commercial Company property facing the Beira Lake is owned by the UDA.A part of the property has been given on a 50-year lease to the Commercial Company while the rest of it is on a shorter lease, which ends next year.rn rnThe lease agreements have forced potential investors to talk to the Colombo […]
Listing Debt
The Central Bank has allowed the Employee Provident Fund to list its Rs. 240 bn government treasury portfolio on the CSEs new debt trading system, the DEX.The giant pension fund with over Rs.330 bn in its kitty, is currently negotiating a fee structure with the Colombo Stock Exchange. rn rnLive transactions are expected to start […]
Bits of Crime
The long overdue Computer Crimes Bill is low on ram, but more laws are on the way to legalise digital signatures and set minimum security standards for electronic transactions. ldblquote The Electronic Transaction Act, that will legalise digital signatures, is now at the Legal Draftsman, dblquote said Senior State Counsel, Dilrukshi Wickramasinghe on Thursday addressing […]
Good Tidings
The US Agency for International Development said it has finalised a five-year US$ 120 mn plan to support peace and reform in Sri LankaVisiting USAID Deputy Assistant Administrator Mark Ward said the new strategy demonstrates Washingtons commitment to lquote sticking to Sri Lanka so long as progress is made towards peace and economic reform.rn rnHe […]