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New Bud
A strategy to expand its investment options will see Amana Investments venturing into the tea brokering business shortly.Amana will hold a 55 per cent stake in the Rs. 15 million venture, with six other investors taking up the balance shareholding.The new firm endash Tea Commodity Brokers endash opens shop in early July and will tap […]
Dud Ball
Professional service sectors are trying to drum up support to push for amendments that will re-define the scope of the new Consumer Affairs Authority Act. rnrnPassed in Parliament in January, the Act has been heavily criticised for making a sweeping generalisation of controls available for all services as well as traders.rn rnThe Act was hauled […]
Oil Shock
SriLankan Airlines has sought Civil Aviation Authority approval to raise outbound airfares by US$ 5 per sector.The airline has sought the increase, as fuel prices have shot up by 10 percent to 12 percent over the past three-months due to Middle East tension.rn rnldblquote This is not a decision we took on our own. We […]
Hurry up
Pramuka Bank Stakeholders Association is urging Central Bank to quickly give the information required by Janashakthi Capital for their restructure proposal, before the firm loses interest.ldblquote The more the Central Bank delays, the more difficult it will be to do anything, dblquote says Stakeholders Association President Sunimal Dabrera. ldblquote These people may also lose interest. […]
Smooth Run
The Central Bank quote s new money market auction started off on Monday, with the bank offering and accepted bids for Rs. 6 bn at 9.26 percent.Earlier, dealers had put in bids worth Rs.13.4 bn.rn rnThe market is flushed with Rs. 13.6 bn in excess liquidity, and dealers were expecting the bank to auction the […]
Getting Bigger
Ceylinco Life, Sri Lankas largest private insurer, has ended the year with a record Rs 2.360 bn in premium income.Figures released this week show that the company continued to outperform its closest rival by more than Rs.500 mn in terms of premium income, the firm said in a release on Monday.rn rnThe firms Life Fund […]
Waiting Room
Twenty one applicants vying to get into the external gateway operations industry got their licences today, including network operators Suntel, Lanka Bell, Dialog, Hutchison and Celtell.However, non network operators will have to wait till May 2003 to commence full operation, when the telecom regulator hopes to auction short codes – four digit numbers that will […]
Life Protection
Indias Life Insurance Corp. plans to set up an ombudsman to settle life insurance disputes as part of its efforts to encourage Sri Lankans to take up insurance policies.The Indian life insurance giant officially opened its doors for business over the weekend through its local unit LIC Corp. (Lanka) Ltd. rn rnThe local arm is […]
Open Sesame
The Central Bank will start open market operations for the money market on Monday. The market friendly move will give the Central Bank a new monetary policy instrument to influence short-term rates.Central Bank says market participants will play a greater role in determining over night interest rates under its plan to introduce open market operations.rn […]
Cost Cutting
SriLankan Airlines expects to sharply cut its losses during the current financial year but said the group will be in the black.The national carrier said it expects losses of around US$ 10 mn to US$ 15 mn this year, sharply lower than the US$ 60 mn loss recorded during the last financial year.rn rnAs a […]