Author: lbostgadmin
Fitch Is Watching
Hattion National Bank, Sri Lankas largest privately held commercial bank, had its long-term SL A national rating, put on a ratings watch by Fitch Ratings Lanka on Wednesday.This rating action follows the ongoing review by FRL, and reflects a weaker capital position, given the significantly increased levels of reported NPLs. rnThe increase was largely due […]
Easy Money
The six Regional Development Banks are pooling their efforts to make low interest capital infusions into the rural economy. On offer are low interest rates starting at 9%, easy repayment schemes and loans on individual skill and not physical collateral.rn rnThe operation, a brain child of the Minister of Rural Economy, will also seek to […]
Quashed
The Appeal Court in its verdict at Wednesday mornings hearing has quashed Central Banks decision to liquidate Pramuka Bank.Court has also asked the regulator to explore other options to revive the Bank through powers available under section 76 of the Banking Act and also reconsider proposals made by the Depositors Association with the aid of […]
Debt Call
Housing Development Finance Corp. has teamed up with debt dealer Capital Alliance to take financial instruments to the provinces. rnldblquote Depositors in the provinces have few opportunities outside banks to put their money, though large volumes of savings are waiting to be tapped, dblquote says HDFC Chief Sarathchandra. rn rnHDFC will sell capital market securities […]
Sustaining Power
Limited energy supply could hinder a so far promising economic recovery over the next few years, Central Bank officials warned today.rn rnldblquote If the economy continues to grow at a healthy pace, we are concerned as to where the power will come from to sustain it, with emergency power also coming to an end by […]
VAT Slips?
The Value Added Tax continues to disappoint with revenues again falling short of expectations, with rising refunds eating away at collection.ldblquote Refunds under the of input credit under GST/VAT has increased from 12 per cent in 2002 to 14 per cent in 2003, dblquote Finance Minister K N Choksy said making his comments on the […]
Building Reserves
To develop its long term lending portfolio, Hatton National Bank (HNB)will raise up to Rs. 2 bn through a 5 year debenture issue.Housing and real-estate will be among the key areas the Bank will focus on building with the fresh funds.rn rnThe issue will also bridge the shortfall created in retiring its previous debenture that […]
On Target
The Sri Lankan economy grew by 5.5 percent in the first quarter of 2003, up sharply from growth of 0.1 percent in the same period last year, Finance Minister K N Choksy said Monday. “All the main sectors of the economy showed resilience and greater output,” Choksy said making his comments when releasing the governments […]
Why WIFI?
A new wireless way to connect to the Internet is taking the world by storm because access is cheap and fast. The standard popular in the US, connects computers to networks over short distances using radio waves.Experts say the standard commonly known, as Wi-fi will do to the Internet what notebook PCs did to computers.rnThe […]
Spend It
Shamindra Kulamannage speaks to Bradman Weerakoon, Secretary to the Prime Minister on Sri Lankas aid utilisation. Weerakoon says the government is looking at setting up a powerful Tennesee Valley type authority to cut through red tape in implementing large development projects in the country.LBR: The big question in everybodys mind is that is the government […]
Breaking Free
Government negotiators have finalised a deal with Emirates to partially lift monopolies enjoyed by the national carrier.Secretary to the Ministry of Aviation Cecil Amaresinghe told LBR that under the recent MOU SriLankan Airlines would lose some monopolies that it would have otherwise enjoyed till 2008.rn rnHowever, some aspects of the monopolies will remain with SriLankan.rn […]
Final Cost
Telco firms on Thursday agreed on a set of termination charges, setting the stage to launch a caller party pays (CPP) regime by September. However, Sri Lanka Telecom (SLT) has said it would agree to CPP on condition that the regulator resolves a number of its concerns including approval of its long over due tariff […]