All Blogs
Still falling
Long term bond yields fell again at this weeks auction, with the Rs 2000 mn issue being oversubscribed around three times.The weighted average ten-year yield fell to 7.71% (48 basis below January auction) and 15-year yield fell to 7.63% (down 145 basis points).rn rnThe secondary market was already trading around these levels, with traders having […]
Pocket Banking
Celltel subscribers who bank with Sampath Bank can virtually carry their bank in their pockets, through an innovative SMS-based facility launched this week.Cell Banking SMS is an advanced, secure mobile communications link provided to all Celltel GSM users jointly by Celltel and Sampath Bank, to provide an instant real-time transaction facility that can be activated […]
Bonded
Bond dealers are expecting the Monetary Board to cut benchmark Overnight rates next week as inflation continues to fall.Bond traders who have been making super profits over the last few months are counting on a 0.5 percent cut in the Repo and Reverse Repo rates.rnrnWhile gains on portfolios come from falls in interest rates, some […]
EPF, ETF Merger
The two state pension funds, the EPF and the ETF are going to be merged next year in a bid to draw on synergies between the two.A consultant is expected to be appointed by the end of this month to look at how best to merge the funds that together will manage over Rs.320 bn.rn […]
Who Is The Winner?
A consortium of state institutions led by the Bank of Ceylon (BoC) has expressed interest in taking over undercapitalised Peoples Bank. The National Savings Bank (NSB) and the Employees Trust Fund (ETF) together with BoC have expressed interest in Peoples Bank according to highly placed sources.rn rnConglomerate John Keells Holdings is also said to be […]
Kapuwas Dilemma
The traditional kapuwa or marriage broker may be slowly going out of the scene, but certainly not his services.Local businessmen have now started to give a new face to the old kapuwa, with claimed higher rates of success.rn rnA number of match making and marriage services have sprouted in and around Colombo offering a variety […]
AMC Bite
An asset management company primarily created to take over half the dud loans of Peoples Bank will come with a bite that is stronger than the bark.According to a draft new law, companies that owe more than half their debts to the AMC can be taken over and run or liquidated by a special administrator.rn […]
Bitter Pill
Upcoming laws to buyout dud loans of financial institutions, has wide ranging powers including prison terms for directors who fail to comply and powers to the asset management company to takeover a firm if its debts fall below 75 percent of its assets.However, critics say the draft piece of legislation is riddled with holes, and […]
Magic Touch
Rising IT superstar, Millennium IT is heading for a US$ 5 mn net profit this year, after clinching top clients for its innovative line of products.The firm is hoping to make its Nasdaq debut by 2006, but is also keen to list on the Bombay Stock Exchange.rn rnMillennium Information Technologies (MIT) designs and develops capital […]
True Profits
Rising profits from ground handling and an accounting policy change helped SriLankan Airlines buck the international trend to report a Rs. 2.1 bn (US $ 21mn) group profit for the financial year ending March 2003, but its air transport operations are still in the red.rnrnrnrnrnrn2003rnrnrnrnrn Withoutrnthe profits of its catering subsidiary, the airline on its […]