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Penny Wise
The telecom regulator has hired Frontier Economics Ltd to do a cost study on mobile and fixed termination rates between operators.The operators and the Telecommunications Regulatory Commission (TRC) jointly mooted the study in February, after operators failed to agree on new interconnection rates put forward by operators.rn rnIndustry experts say a proper cost study on […]
First Dip
The World Bank is expected to release the first US$ 100 mn tranche from its poverty reduction strategy to the government in early June.The funds come under the broader agenda of the banks country assistance programme for US$ 800 mn spread over a four-year period.rn rnAnnouncing its largest ever aid package to Sri Lanka on […]
New Spirits
The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn rnThe consortium is made up of the Distilleries […]
Changing Act
Plans to set up a common regulator for the communication and information sectors have been activated with a draft bill now available. The draft bill accommodates the rapid changes taking place in the industry and is in line with the states ICT development agenda. rn rnState officials say the bill is aimed to create a […]
Public Poll
A proposal to have a referendum to test the pulse of the people on the ongoing peace process has got the governments attention.Civic groups have approached the government to table a lquote Peace Bill, which spells out details of the ongoing peace initiatives before legislators.rn rnBut the government is keen to get a feedback on […]
DEX Brokers
The Colombo Stock Exchange on Wednesday sent out calls to admit trading members to trade on its new debt trading system, the DEX.Trading members are second tier brokers, with access limited to dealing in corporate debt and government securities.rn rnProspective members need a minimum Rs. 25 mn capital and the capacity to develop clientele for […]
Going Gone
Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs.600 mn more than the original assessment of […]
Bad Weather
This weeks low grown auction average could slip below Rs.130, down from Rs. 147.46 for February. Brokers say that buyers stepped up orders marginally at the weekly auctions, but preferred to stay at previously low prices.Producers with little choice and desperate to liquidate their stocks to meet payments to leaf suppliers ahead of the Sinhala […]
Labour Export
Asian countries producing the world migrant worker population will lobby for free labour migration at future trade negotiations with developed economies.rnThe move was proposed by the Indian deligation at the Labour Migration Ministerial Consultations for Countries of Origin in Asia held in Colombo on April 1 and 2.rn rnTen regional delegations agreed to back the […]
No Votes
Seylan Bank plans to raise about a billion rupees in this year through a combination of equity and debt to boost its capital adequacy.The bank said Monday it is issuing quoted non-voting shares at a premium, but stopped short from disclosing the price or quantum.rn rnThe new shares on offer will be subject to regulatory […]