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Fitch Is Watching
Hattion National Bank, Sri Lankas largest privately held commercial bank, had its long-term SL A national rating, put on a ratings watch by Fitch Ratings Lanka on Wednesday.This rating action follows the ongoing review by FRL, and reflects a weaker capital position, given the significantly increased levels of reported NPLs. rnThe increase was largely due […]
Riding a Chopper
The Civil Aviation Department says it is talking to the Ministry of Defence and Airport authorities to issue the permits.rn rnCommercial helicopter services were banned in the late 1980s due the then intensifying civil war between the LTTE and government forces. rn rnSenior Civil Aviation Department officials say the five firms are looking to setup […]
Pilot Test
ADB on Wednesday approved a technical assistance (TA) grant of US$800,000 to pilot test two community information networks that will bring vital information to the poor and disabled in two districts of Sri Lanka. The grant, from ADBs Poverty Reduction Cooperation Fund, will establish the networks to link district offices, schools, training institutes, job placement […]
Debt Call
Housing Development Finance Corp. has teamed up with debt dealer Capital Alliance to take financial instruments to the provinces. rnldblquote Depositors in the provinces have few opportunities outside banks to put their money, though large volumes of savings are waiting to be tapped, dblquote says HDFC Chief Sarathchandra. rn rnHDFC will sell capital market securities […]
Quashed
The Appeal Court in its verdict at Wednesday mornings hearing has quashed Central Banks decision to liquidate Pramuka Bank.Court has also asked the regulator to explore other options to revive the Bank through powers available under section 76 of the Banking Act and also reconsider proposals made by the Depositors Association with the aid of […]
Easy Money
The six Regional Development Banks are pooling their efforts to make low interest capital infusions into the rural economy. On offer are low interest rates starting at 9%, easy repayment schemes and loans on individual skill and not physical collateral.rn rnThe operation, a brain child of the Minister of Rural Economy, will also seek to […]
Building Reserves
To develop its long term lending portfolio, Hatton National Bank (HNB)will raise up to Rs. 2 bn through a 5 year debenture issue.Housing and real-estate will be among the key areas the Bank will focus on building with the fresh funds.rn rnThe issue will also bridge the shortfall created in retiring its previous debenture that […]
VAT Slips?
The Value Added Tax continues to disappoint with revenues again falling short of expectations, with rising refunds eating away at collection.ldblquote Refunds under the of input credit under GST/VAT has increased from 12 per cent in 2002 to 14 per cent in 2003, dblquote Finance Minister K N Choksy said making his comments on the […]
Sustaining Power
Limited energy supply could hinder a so far promising economic recovery over the next few years, Central Bank officials warned today.rn rnldblquote If the economy continues to grow at a healthy pace, we are concerned as to where the power will come from to sustain it, with emergency power also coming to an end by […]
On Target
The Sri Lankan economy grew by 5.5 percent in the first quarter of 2003, up sharply from growth of 0.1 percent in the same period last year, Finance Minister K N Choksy said Monday. “All the main sectors of the economy showed resilience and greater output,” Choksy said making his comments when releasing the governments […]