Author: lbostgadmin
Adieu Oberoi
The days of Lanka Oberoi have ended with a payment of US$ 1.5 million by owning company, Asian Hotels to the international hotel chain.Asian Hotel told shareholders on Tuesday that its long-standing dispute with managing company Oberoi Hotels Private Limited would be settled ldblquote in consideration for the payment of US$ 1.5 million. dblquote rn […]
Gambling Ethics
Sri Lankas only two lottery firms are sprucing up their act as the private sector readies to take up the gamble. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs. 6.2 billion at the end […]
Breaking Boundaries
Seylan Bank on Tuesday tied up with Australias Tyndall Investment Management to launch Sri Lankas first ever international bond fund.Initially, the new fixed-income Seylan International Bond Fund will manage US$ 16 mn of Seylan Banks foreign currency assets of over US$ 50 mn.rn rnWith over A$ 9 bn under its management, Tyndall is a member […]
Longer View
The Central Bank said Tuesday it was extending its yield curve further by issuing a 15-year bond this week.The maiden Rs. 1.5 bn issue carries a 8.5 percent coupon rate as opposed to the quarterly and half-yearly coupons offered on present treasury bonds.rn rnA further Rs. 1 bn will be raised through a 10-year bond.The […]
Road Test
Up to five firms are asking for a third generation (3G) mobile testing licence, the response to the Telecommunication Regulatory Commissions (TRC) call that ended last Friday. The telecom watchdog intends to evaluate the applications and issue the one-year test licences within February, senior TRC officials told Lanka Business Online.rn rnThe regulator also needs to […]
Other Options
State run Peoples Bank is looking at alternative options if its proposed capital raising exercise fails to attract the necessary funds.The bank needs Rs. 13.5 bn to cover past losses of around Rs.6 bn and bring its Tier I capital in line with local standards.rn rnTalks with the IMF and World Bank teams last week […]
Hands Off
The government is building barriers between politicians and state banks to prevent directed lending that eventually goes bad, a top official said.ldblquote Weve tried hard, as a matter of policy, to build a wall between independent autonomous boards of management of government banks and politicians, dblquote Treasury Secretary Charitha Ratwatte said at an International micro-finance […]
Beware!!
The Central Bank on Tuesday announced a list of firms that were mobilizing public funds without Monetary Boards consent.Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnThe warning list includes: Common Investment Finance Co; D J Finance Co; Economic & Rural Resource […]
Fund Raising
Seylan Merchant Leasing, a Seylan Merchant Bank subsidiary, is issuing a Rs. 50 mn four year unsecured, subordinated, redeemable and unlisted debentures to be utilised for its leasing activities.A further Rs. 50 mn would be raised in the event of an oversubscription.Interest rates would range from 14.5 percent, with interest payment annually, to 14 percent, […]
Rights Of Way
Government is talking to Sri Lanka Telecom (SLT) to open up its now exclusive access to submarine cables.Dominant carrier SLT has exclusive access to existing SEA- ME- WE submarine cables. The telecommunications Regulatory Commission (TRC) has already had a few rounds of talks with SLT to iron out issues.rn rnSLT, an investor in SEA ME […]
The rural call
Local telephone companies have been connecting subscribers at almost record pace over the last few years. The telecom industry was the only one that put in double-digit growth rates even while the rest of the economy was in a slump. rnWith the EGO and the smart subsidies things will get even better. rnAn astounding 20 […]
Power Politics
The last time Iraq was attacked, over ten years ago, oil prices reached record levels of over US$ 45 a barrel.Analysts expect prices to go the same way if US and British threats actually lead to a war. The hardest hit next to Iraq will be developing countries that depend on oil imports.rn rnSri Lanka […]