Author: lbostgadmin
Laying Bricks
State housing finance giant HDFC plans to start offering pawning services to allow customers to take out housing loans.Loans linked to its pawning schemes will be priced at 15 percent, significantly lower than the market average of 18 percent.rn rn”Customers will be only allowed to use the funds for housing loans and not for private […]
Safe Bet
Mercantile Leasing Ltd has raised Rs. 102.2 mn from the market by securitising its future cash flows.The four-year paper was priced at two percent above the one-year treasury bill rate and snapped up by a fund management company.rn rnThe issue was structured and placed jointly by Capital Alliance Ltd and National Wealth Corp.rn rnDeutsche Bank […]
Slight Hiccup
The International Monetary Fund says it will delay releasing the second US$ 80 mn installment next month, as the government has missed two of its targets.The government signed up for a US$ 567 mn structural adjustment facility in April this year under the Funds poverty reduction and growth facility or PRGF.rn rnThe initial US$ 81 […]
State Ruins
State Engineering Corporation officials say its role has to change from a construction company to a foreign market oriented skills development centre.The plan also requires the Corporations to continue under state ownership.rn rnThe proposal falls within its restructuring plan handed in to policy makers who have tagged the Corp., for privatisation. rn rnChairman, Ariyaseela Wickramanayake […]
Buzzing Out
Dialog GSM will double its network capacity in the Western Province by the year end when its 1800 GHz network is fully deployed. The network being installed at a cost of US$ 10 million, will give Dialog the urgently needed capacity to service its over 500,000 strong customer base in Colombo and make room for […]
Not Genuine
Pramuka Depositors have protested to the Monetary Board that no genuine effort is being made to restructure the failed bank and demanded that immediate positive action be taken.Depositors writing through their attorney said Central Bank is still not giving sufficient information to come up with a new restructuring proposal.rn rn”I am instructed to state that […]
Fired Up
The Samurdhi movement came under fire for being over politicised and for its mediocre track record by a committee set up to review public institutions.But Samurdhi Director General Sunil Navaratne says the authority is being restructured with performance related targets being set to both employees and bank branches.rn rnPerformance will be judged on the sole […]
E for e-learning
New technology from web enabled mobile phones to communication tools like email is changing the way people access information.Although the Internet and other digital technologies are fast becoming the primary source of information delivery, they are still not widely used for education.rn rnThe book and classroom based education system is however slowly changing.rn rnInteractive e-learning […]
Courtship Warms Up
Conglomerate John Keells is talking to potential partners to join their bid for an equity stake and management of Peoples Bank.John Keells Holdings Chairman Vivendra Lintotawela told LBR they are talking to a few international players about joining them as a technical partner.rn rnThe foreign partner could also take an equity stake according to the […]
New Birth
Sri Lankas second rating agency, Lanka Ratings is expecting to start operations in late October.Ceylinco Group owns a controlling 51% stake in the company, which is a joint venture with Rating Agency Malaysia (RAM).rn rnRAM officials say a number of safeguards are in place to ensure that rating decisions are independent.rn rnldblquote The shareholders have […]
Hot Wiring – Updated
The telecom industry is buzzing of an impending marriage between Sri Lanka Telecom and Lanka Bell, the third private fixed operator.Industry analysts expect a memorandum of understanding to be signed within the next few weeks, but sources close to both telecom operators refrained from commenting over the possibility of such a move.rn rnTalks of a […]
Second Chapter
The Ceylinco Consolidated Group on Friday signed up with Rating Agency Malaysia Berhad or RAM, to launch Sri Lankas second credit rating agency.rnrnLanka Ratings Ltd will be jointly owned by Key Ratings Ltd (51 percent) and RAM 49 percent.rn rnThe company has an initial share capital of Rs. 35 mn.rn rnldblquote The joint venture will […]