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Wishy-washy
Fraud, mismanagement and a lack of funds is driving the Fisheries Harbour Corporation to the brink of extinction. rnrnThe Corporations financial statements for 2002 reveal that it is struggling to generate even up to 50 percent of its recurrent expenditure from its operations. rn rnIn addition, gross misappropriation of funds, other irregularities in its accounts […]
Engagement Ring
Sri Lanka Telecom on Tuesday took a step further to seal its marriage to Lanka Bell, by agreeing to start work on a due diligence study, its Chairman said.The dominant fixed access operator has been courting Lanka Bell for the past few weeks and last month signed a non-disclosure agreement to actively pursue the relationship.rn […]
Bids Galore
The Central Banks maiden 20-year treasury bond issue was snapped up at 6.08 percent as investors put in bids for Rs.4.24 bn.The issue carried a coupon of seven percent.rn rnHowever, the bank offered and accepted bids for Rs. 1.035 bn. rn rnThe issue will extend the yield curve from the present 15 years to 20-years, […]
Twin Sharing
Domestic charter flight giants Lion Air and Expo Aviation are within days to seal the hatch on a deal, to cross market their services.The airlines will fly on a shared schedule and will cross sell seats through their agents in Colombo and Jaffna.rn rnBoth firms feel the deal will help grow the industry and make […]
Bloom Time
Sri Lankas primary dealers signed up with Bloomberg to set up a bond-trading platform.At the moment the scripless securities system is not yet operational, but the electronic trading platform itself takes away some of the risks of the old market.rn rnldblquote In a bond market normally you deal on the word of mouth- the traders […]
More Shine
Your chances of finding gems are higher in Sri Lanka than anywhere else in the world, because Sri Lanka has the highest density of gems to land ratio in the world.But at present gem mining is limited to certain areas in the country.Re-mining of the same land is exhausting resources in places like Ratnapura and […]
Code For Corporates
Members of a committee appointed by the securities watchdog plan to propose measures that will improve the dismal corporate governance practices in listed companies.The SEC appointed committee would have its first meeting soon to discuss how it will approach the issue.rn rnMembers of the committee say the biggest challenge facing them is to see how […]
Mute Button
The Telecom regulator and top government bureaucrats held a public discussion on a new regulatory structure as other operators opposed SLTs plans to acquire Wireless Local Loop (WLL) operator Lanka Bell.Telecom watchdog TRC together with support from the public interest program unit of the Economic Reforms Ministry is planning an overhaul of telecom regulation.rn rnExperts […]
Smooth Operator
Primary Dealers in government debt will be asked to raise their capital next year, as the Central Bank tries to strengthen the dealer network.The new regulations for dealers who operate in the primary government securities market comes, as the Central Bank steps up its drive to deepen the debt market.rn rnAt the moment primary dealers […]
Coming Out Party
So far, the bank has written to international rating agents, like Citibank and J P Morgan who currently have a local presence, about playing an advisory role in the rating process.rn rnPlans for a sovereign rating have been pending for several years, but have always been put off because of the war. rn rnBut a […]