Author: lbostgadmin
Hunt For Rupees
Commercial Bank said Thursday it was raising a billion rupees through a five-year preference share issue to strengthen its shareholder funds.The bank said 50 mn cumulative, redeemable, preference share will be issued at Rs.10 with the option of raising a further 50 mn on the same terms, in the event of an over subscription.rn rnThe […]
Swan City
Nivasiepura, one of the large suburban housing developments in the country, has announced the launch of a new two-storey semi-luxury model to its range in a major enhancement of options to customers.The new model home branded Swan comprises three bedrooms, two bathrooms, living and dining areas, TV lounge, pantry, maids room and toilet, a spacious […]
Boiling Cup
The banking sector is willing to prop up the tea industry by lending up to Rs.1.25 billion to buy teas unsold at weekly auctions.The bail out plan was put together by the newly formed Tea Association of Sri Lanka (TASL), who has to float a new independent firm to utilise the loan. The new firm […]
Getting Bigger
The century old local operation of HSBC, has stepped up its distribution channels to tap medium size firms and consumer banking operations.As competition heats up and margins shrink, the bank has lined up a range of products and services lquote to share the wallet size of its core customers.rn rnA state of the art customer […]
Free For Air
Questions are being raised over a 20 Mhz of frequency allocation in the 1800 Mhz spectrum range to Electroteks Private Limited for free. Reliable sources close to the Telecommunications Regulatory Commission (TRC) said that Themia Hurulle, Director General of the Commission had approved the allocation at the previous frequency spectrum meeting, against the wishes of […]
Sweet Teas
Buyers set aside developments in the Middle East to step up buying at Tuesdays low grown tea auctions, pushing up prices in the process. Brokers said that buyers were paying at least Rs 5.00 over last weeks prices, a welcome development for low grown plantations and leaf suppliers ahead of the Sinhala Tamil New Year. […]
Clean Slate
Hatton National Bank has become stricter in classifying its non endash performing loans, adding Rs 9 bn to the category.rnrnrnrnrnrnNew Page 1rnrnrnrnrn GrossrnNPLs climbed to a massive Rs. 14.3 bn up from just Rs 5.1 bn reported lastrnyear.rn In arncurious move, part of the classification came as a lquote correction to the 2001rnaccounts, which were […]
Knock Knock
National Savings Bank is asking for a foreign currency banking licence (FCBU) to tap migrant workers and expatriate Sri Lankans.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Thernstate savings giant estimates that local banks cover only 40 percent of the FCBUrnoperations.rn ldblquote Wernare expecting Central Banks approval as we feel we can offer a gamut ofrnproducts ranging from savings, deposits, […]
New Year Tidings
The Swedish government on Monday agreed to lend Rs. 3.083 bn towards economic and social development projects.Spread over a three-year period starting 2003, this is the largest ever grant assistance allocated to Sri Lanka under Swedens new country assessment strategy.rn rnldblquote The new country assistance strategy is broadly built on peace, democracy, human rights and […]
Blanket Cover
A recently completed draft policy for the port and shipping sector is proposing to link all agencies working to serve the industry into one umbrella organisation. rnThe maritime authority will oversee regulation and represent the foreign trade sector as the apex body among a long list of other tasks.rn rnThe proposal forms part of the […]
Canal Express
Colombos waterways could soon be a hive of activity with a Canadian firm studying its potential as an alternative to road transport. The Canadian firm recently concluded a preliminary study and has now signed an agreement with the Urban Development Authority for a detailed study.rn rnResults of the study are due in six months and […]
Safety First
Companies that are looking closely at employee welfare are also keen to provide a safe working environment.Organisers of the National Safety Awards say spending on safety is not just an expense but an investment that can bring high returns.rn rnOrganizers of the annual event say the number of entrants is growing each year.rn rnThe closing […]