Author: lbostgadmin
Real Late
Scripless trading of government bonds is likely to be delayed till October after a delay in pushing through legal changes.The Registered Stock and Securities Ordinance which was originally scheduled to have been changed in time for scripless trading to start in on September 09, failed to receive cabinet approval in time.rn rnldblquote But the Real […]
Gilt Strip
The Central Bank will look at the possibility of permitting gilt stripping after the RTGS and scripless securities settlement system is up and running, opening up the possibility of making long-term bonds more liquid.ldblquote We will look again at coupon stripping after dealers have got familiar with the system, dblquote Deputy Governor W. A. Wijewardene […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Big Brothers Help
MERC Bank is hoping to expand its loan book by leveraging on DFCC Banks balance sheet.DFCC Bank, which acquired a 90 percent slice in the trouble MERC Bank for Rs.600 mn, says they can recoup their investment within the next 18 months.rn rnldblquote We are looking at MERC increasing its loan book by about three […]
On Target
NDB Banks post tax profits surged 46 percent for the first six months of 2003 and said it was on target to merge with National Development Bank (NDB) by the end of this year.rnrnrnrnrnrnFinancial Highlights for the six months ending June 30rnrnrnrnrn The long-awaited mergerrnwith its parent NDB is now awaiting a firm nod from […]
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 […]