Category: Industry
Left Alone
The Central Bank left its key short-term rates unchanged on Thursday, but cautioned that a higher than estimated budget deficit, from 6.8 per cent to 7.3 per cent of GDP could pressure the governments borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 […]
AA Grade
Fitch Ratings upgraded its rating for Bank of Ceylons (BOC) Implied Long-term unsecured Senior Debt to SL AA (S L Double A) from a SL AA- (S L Double A minus), reflecting the State baking giants financial profile over the last couple of years.SL AA long-term rating denotes a very low expectation of credit risk. […]
Pitching In
Ten flood damaged rural health centres in the Matara district were reopened for patients on Thursday, with a US$18,000 USAID aid injection for rehabilitation. The rehabilitation of the health centres were initiated by a US$ 18,000 grant to the SouthernProvince Health Sector Authority of Matara, a US Embassy statement said.rn rnThe grant also provided for […]
LIC IPO Soon
Life Insurance Corporation of India is planning to offer a 20 percent stake of its local subsidiary to the public soon.LIC India Managing Director told LBR that the company would also be listed on the Colombo Stock Exchange after the IPO.rn rnBoth major shareholders of the company, LIC and the Bartleets Group will reduce their […]
Sailing Off
Colombo Dockyards is sailing off on new business routes to stay comfortably afloat as its shipbuilding and repair operation gets weather trodden. Revenues from shipbuilding fell 96 per cent from Rs.2.5 bn to Rs. 91 mn in 2003, as orders for new ships dried up.rn rnCEO and Chairman Koich Yamanaka said some of main setbacks […]
Potty Business
As a last ditch attempt to preserve dwindling water reserves, the Colombo Municipal Council (CMC) rolls out a pilot project on Thu. to fix a meter on each City toilet.A senior CMC official said that: ldblquote Given the huge wastage of treated, drinking quality water in Colombo city being used to flush toilets with, dblquote […]
Call Transfer
Industry watchers say the move would not shift the local operations strategies as the parent entity- Hutchison Whampoa expects to remain the majority shareholder of the new entity, such that revenue, assets and liabilities will be consolidated into Hutchison Wampoas accounts. rn rnHutchison Telecommunications Int., the new spin-off is valued at over US$ 4 bn […]
City Kit
Dialog GSM is offering immediate connections to its pre-paid customers, who buy their connections from any Cargills Supermarket chain.Sri Lankas largest cellular operator says pre-paid cards endash branded as KIT endash currently accounts for around 650,000 of its 900,000 customer base.rn rnCargills, is presently the largest privately held supermarket chain with 51 stores located in […]
Undersea Moves
Sri Lanka Telecom said Tuesday that it is joining 16 global telecom carriers to build a new US$ 500 mn submarine cable network.The submarine cable will span 20,000 km (12,400 miles), connecting 14 countries and will boost high-tech communications between South East Asia, the Middle East and Europe.rn rnLabelled SEA-ME-WE 4, the network will carry […]
Full Marks
Fitch Ratings Lanka on Tuesday re-affirmed the SL AAA (Triple A) national rating assigned for National Savings Banks implied long-term unsecured senior debt.rnrn SLrnAAA long-term rating denotes a very low expectation of credit risk. The ratingrnindicates a very strong capacity for timely payment of financial commitments.rnThis capacity is not significantly vulnerable to foreseeable events.rn NSBsrnrating […]
Landing Trap
In a bid to entice private airlines to fly to Sri Lanka, the Civil Aviation Authority plans to cut landing charges during off-peak hours.This will even out operations at the Bandaranaike airport, which is under-utilised at certain times and heavily congested at others.rn rnMost of its business is during the day, with slack hours between […]
Slow Sailing
The sweep for funding sources to back the proposed South Harbour project will be six months late on account of the ongoing political row. A market survey to identify potential investors to raise an estimated US$ 600 million for the initial work was due to set sail around November 2003.rn rnThe initial funding requirement also […]