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The telecom watchdog flexed its muscle and took Mobitel to the Magistrates Courts for violating the regulators directive. Mobitel launched its GSM network in November investing Rs.200 mn in the first phase. The TRC said its tariffs were anticompetitive, a claim Mobitel denies.The Magistrate will re-summon the case on Jan., 12, allowing time for further […]

An international road show to offer blocks for oil exploration in the Mannar Basin is expected to kick off early next year. Model Petroleum Resource Sharing Agreements and model exploration licences have already been developed.India is keen to take over an initial two blocks through state owned Oil and Natural Gas Corp., if Sri Lanka […]

An Emirates-Govt. MOU to lift ground handling and catering monopolies has come under fire, forcing officials to rethink concessions. Officials say the MOU in effect prevents new players, through a continuing monopoly on terminals, ramp handling and key passenger routes. The MOU will also eat into Airport revenue through lost franchise fees from SriLankan, with […]

Sri Lankas first indexed backed commercial paper, linked to the All Share Price Index, was issued to the market on Wed. Structured by National Wealth Corp., the initial Rs. 100 mn paper was issued by Lanka Orix Leasing and Mercantile Leasing. Referred to as the lquote Bull & Bear paper, the initial tranche was snapped […]

Sri Lanka will venture overseas with its first attempt at branded rubber – Lankaprene, a premium quality crepe product. The low protein product is positioned as an alternative to synthetic options that is petroleum based and so priced higher. Sri Lanka is the only producer of crepe rubber in the world. Lankaprene will be used […]

Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank. Chairman Lal Nanayakkara says screened partners may be invited to invest, instead of having a tender that is open to all comers.With a Rs. 3 bn equity deficit, and a Rs. 8 […]

After months of intense courtship, Sri Lanka Telecom said it plans to take full control wireless local loop operators Lanka Bell. SLT declined to name the bid price, but industry analysts put a price tag of just under US$ 20 mn for Lanka Bells 44,000 customers.SLT will pump new money into Lanka Bell, to deploy […]

rnrnrnrnrnrnrnIn 2003 is a series of reports on some the significant events that rnunfolded in the economy and in Sri Lankan business during thern rnrnrnrnrn In 2003 is a series of reports on rnsome the significant events that unfolded in the economy and in Sri Lankan rnbusiness during the year. The brunt of many of […]

lquote Twas the 12 days of Christmas and lovers in that timeless carol, braved high seas (with a fat wallet) to bring their true love 12 unusual gifts. Care to follow their lead the local way? A Partridge in a Pear tree rnThe Grey Partridge is found north of Puttalam, according to Gehan de Silva […]

Reckitt Benckiser (Lanka) Ltd put up shutters for its in-house manufacturing and logistics plant with immediate effect, due to haemorrhaging losses. Popularly known for its products like Dettol, Mortein, Harpic and Disprin, Reckitts profitability has plunged in recent years due to intense competition.Reckitt says it will outsource 80% of its supplies through third parties locally. […]