Category: Industry
Guessing Game
Sri Lanka has made it to the list of developing countries selected for concessional funds under the US governments Millennium Challenge Corporation (MCC).The US government on Thursday named 50 countries that made it for the first round of assistance due in May.rn rnAt present, the list of countries are up for public comment endash as […]
Quick Jump
Union Assurance Ltd said Thursday its net profits have nearly doubled on renewed business sentiment in the overall insurance market.Its consolidate net profits was up Rs. 132.4 mn over Rs. 38.6 mn during the corresponding year 2002.rn rnProfits from Non-Life business was up to Rs. 99.4 mn, while the surplus from the Life business was […]
Spadework
Sri Lanka Telecom said it was pumping Rs. 600 mn to float a fully owned subsidiary endash Telecom City (Pvt) Ltd.SLT said the capital injection would come in on a staggered basis to suit progress and development of the project.rn rnIn the first instance, it has been decided to pay up Rs. 2.50 per share […]
Funding Live
Standard Chartered Bank said on Wednesday that it was the lead arranger to a US$ 86 mn seven-year syndicated loan facility to fund Mobitel (Pvt) Ltd.s expansion drive.Eight local banks participated in the US dollar/Sri Lanka rupee syndication, while the Swedish Export Credit Agency, or EKN, had given it “partial support”.rn rnThe syndication partners included […]
Play Phone
Mauj, an Indian based mobile content provider made its first foray into the local market, launching a Java based cricket game for mobiles. However, the game will not be available in Sri Lanka until local network providers sign up with Mauj to distribute its content.rn rnRicky Ponting Cricket 2004, launched Tuesday is only one of […]
Not Fair
Sampath Bank chief has rapped authorities for continuing to look at financial instruments as a convenient source of raising revenue.The banking sector currently forks out 15 percent of their earnings as Value Added Tax.rn rnThe charge was brought in last year, fixed at 10 percent computed on total gross emoluments paid to employees and the […]
Standing Up
Transparency International, an NGO that fights corruption worldwide says the country needs to make lquote abuse of public resources during elections a criminal offense.Local politicians freely use government resources like vehicles, official residences and government employees in their election campaigns.rn rnldblquote Merely commenting on it will not be enough. We want the media also to […]
Good Recovery
Recoveries and defaulters turning a new leaf in good economic conditions drove Bank of Ceylons profits up in 2003, though a gap in its pension fund is dragging profits down.As recoveries gathered pace, its Non-Performing Asset (NPA) ratio fell to 13 percent in 2003 from 15 percent, while outstanding gross NPAs fell to Rs.17.1 bn […]
Roads End
All assets of state owned construction firm Road Construction and Development Company (RCDC) is to be packaged and sold off following its shut down last year. State privatization arm PERC has called for consultants to help value the assets including plants, machinery, quarries and workshops, which can be sold as ongoing commercial concerns.rn rnThe consultants […]
Number Crunching
Sri Lankas national accounting body is pumping more money into spreading the gospel of good accounting practices throughout the country.The Institute of Chartered Accountants of Sri Lanka (ICASL), the countrys auditing standard setting body, will spend millions of rupees this year to improve its educational services.rn rnAs it is, the institute caters to a student […]
Bateys Music
Making its music, Sri Lanka will have its first annual drum festival in September, showcasing local drummers and from far a-field as Africa and South America.To be held in the hill country capital of Kandy, the three-day festival could also coincide with the Kandy Perahera.rn rnThe lquote Festival of Drums is to be built into […]
Fund Raising
Distilleries recent inter-company share transfers are to retire its over Rs. 3 billion debt acquired when buying Sri Lanka Insurance Corp., say stock analysts. For a second day running, Distilleries sold it holdings in Aitken Spence to Sri Lanka Insurance Corp., at a premium of Rs. 15 above the market. rn rnSo far brokers confirm […]