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Safe Hands
The Mahapola Trust Fund has floated a fully owned subsidiary to manage its fee and fund based activities.The new firm, National Wealth Corp. (NWC), will invest all funds in government securities. NWC is also seeking a primary dealer licence.rn rnCommerce & Consumer Affairs Minister, Ravi Karunanayake says top private sector professionals will staff the new […]
Hunt For Rupees
Commercial Bank said Thursday it was raising a billion rupees through a five-year preference share issue to strengthen its shareholder funds.The bank said 50 mn cumulative, redeemable, preference share will be issued at Rs.10 with the option of raising a further 50 mn on the same terms, in the event of an over subscription.rn rnThe […]
Ele House Brew
Brewing through the synergies of John Keells and Elephant House is a ready to drink tea product that could hit the local market in end 2003. Tested and developed under the conglomerates tea marketing arm endash Gordon Frazer & Company, the firm is currently testing its brew, sources close to the firm told Lanka Business […]
Getting Bigger
The century old local operation of HSBC, has stepped up its distribution channels to tap medium size firms and consumer banking operations.As competition heats up and margins shrink, the bank has lined up a range of products and services lquote to share the wallet size of its core customers.rn rnA state of the art customer […]
Boiling Cup
The banking sector is willing to prop up the tea industry by lending up to Rs.1.25 billion to buy teas unsold at weekly auctions.The bail out plan was put together by the newly formed Tea Association of Sri Lanka (TASL), who has to float a new independent firm to utilise the loan. The new firm […]
Swan City
Nivasiepura, one of the large suburban housing developments in the country, has announced the launch of a new two-storey semi-luxury model to its range in a major enhancement of options to customers.The new model home branded Swan comprises three bedrooms, two bathrooms, living and dining areas, TV lounge, pantry, maids room and toilet, a spacious […]
Knock Knock
National Savings Bank is asking for a foreign currency banking licence (FCBU) to tap migrant workers and expatriate Sri Lankans.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Thernstate savings giant estimates that local banks cover only 40 percent of the FCBUrnoperations.rn ldblquote Wernare expecting Central Banks approval as we feel we can offer a gamut ofrnproducts ranging from savings, deposits, […]
Clean Slate
Hatton National Bank has become stricter in classifying its non endash performing loans, adding Rs 9 bn to the category.rnrnrnrnrnrnNew Page 1rnrnrnrnrn GrossrnNPLs climbed to a massive Rs. 14.3 bn up from just Rs 5.1 bn reported lastrnyear.rn In arncurious move, part of the classification came as a lquote correction to the 2001rnaccounts, which were […]
Sweet Teas
Buyers set aside developments in the Middle East to step up buying at Tuesdays low grown tea auctions, pushing up prices in the process. Brokers said that buyers were paying at least Rs 5.00 over last weeks prices, a welcome development for low grown plantations and leaf suppliers ahead of the Sinhala Tamil New Year. […]
Free For Air
Questions are being raised over a 20 Mhz of frequency allocation in the 1800 Mhz spectrum range to Electroteks Private Limited for free. Reliable sources close to the Telecommunications Regulatory Commission (TRC) said that Themia Hurulle, Director General of the Commission had approved the allocation at the previous frequency spectrum meeting, against the wishes of […]