Category: Industry
Quick Cash
A sophisticated yet low cost real time on-line money transfer facility has been launched by Commercial Bank of Ceylon, enabling Sri Lankan expatriates to make instant money transfers from many countries. This new money transfer facility, branded ldblquote ComBank e-Exchange dblquote , provides for instant money transfers via a number of reputed financial institutions in […]
Strings Attached
The United States will float its new foreign aid agency – Millennium Challenge Corporation, in May this year, offering conditional aid for 60 of the poorest countries. Potential candidates will be announced in May, but future aid will be tied to good governance, economic freedom and anti-terrorism efforts.rn rnThe Millennium Challenge Account (MCA) will broadly, […]
Flying Bid
Consultancy firm KPMG Ford Rhodes have been picked as financial advisors to help privatise the Bandaranaike International Airport. The firm will advise the state on structuring the offer, preparing Expressions of Interest and bid documents that is likely to be issued in a month.rn rnThe winning bidder will take up a 35 percent stake in […]
Break Free
Indian telco giant, Videsh Sanchara Nigam Ltd (VSNL) has started routing traffic to Colombo, becoming the first to effectively compete with Sri Lanka Telecom on the international data and voice market.Starting late Tuesday, VSNL started transferring part of its international bandwidth through the SEA-ME-WE III submarine cable.rn rnDirect access to the SEA-ME-WE (which connects South […]
Quick Fix
The Bandaranaike International Airport re-opened on Thursday morning after temporary shutting down for nearly 10-hours, following a Russian cargo plane crash that damaged the airports only runway and taxi lights. The Civil Aviation Authority said in a statement that the damaged IL-18 cargo carrier has been towed away, with the runway and taxi lights fixed […]
Amber Light
Sri Lankas long-awaited sovereign rating has fallen victim to the ongoing political drama, with authorities opting to put the brakes on the issue once again.After toying with the idea for years, the government gave the greenlight late last year, to seek a country rating from at least two international rating agencies endash Standard & Poors […]
One Voice
Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn rnldblquote The IMF and the World Bank has agreed […]
Quick Fix
Succumbing to heavy lobbying from the leasing industry, the Finance Minister on Tuesday allowed certain bus owners to be exempted from paying 15 percent value added tax.Prior to January 1, all lease rentals in relation to public passenger transport buses (with 28 or more seats), were exempted from VAT.rn rnldblquote That same law should apply […]
Quick Leap
Cellular operator Dialog GSM said Monday it has become the first in Sri Lanka to commercially offer high-speed data service, starting with customers in the Colombo South area.Dialog users have to own an EDGE (enhance data rates for GSM evolution) handset to make use of quicker data download time while on the move.rn rnldblquote Dialog […]
Moral Support
Finance Minister K N Choksy has pledged his support to the current efforts to restructure Pramuka Bank. The minister sent a handwritten letter to a depositors meeting on Sunday, where Commerce Minister Ravi Karunanayake was also present.rn rnA consortium led by Asia Capital and Richard Pieris is now conducting a due diligence exercise on the […]
SBI Credit Cards
State Bank of India plans to aggressively expand local operations.The bank is planning a branch in Kandy as the first step in expansion plans to get a wider market share offering a range of products with a strong focus on consumer credit.rn rnAt present the local branch of the State bank of India caters to […]
Hats Off
SL A+ long term rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. rn rnldblquote This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings, dblquote says Fitch in a statement on Friday. […]