Category: Industry
Long Haul
Sri Lanka Telecom (SLT) is forecasting a surge in international call revenue, as an old microwave link with South India was re-established on Monday. The link with Indias domestic call giant Bharat Sanchar Nigam Limited (BSNL) will also offer international connections to neighbouring Nepal, Pakistan and Bangaladesh.rn rnBSNL has a countrywide network services over 43 […]
Good Marks
Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are […]
Clean Up
The government will hold off divesture plans for the six regional development banks until 2005, giving time for the banks to clean up their act. rnThe Central Bank in August 2003 mooted plans to divest around 47 percent stake in each of the six RDBs endash Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata. rn rnOn […]
Shopping Spree
The Colombo office of Emirates has begun sales of travel plus accommodation packages for the ninth Dubai Shopping Festival, which takes place from January 15 to February 15, 2004.A range of competitively priced packages from Emirates Holidays, the leisure management division of the award-winning international airline, enables Sri Lankans to participate in one of the […]
Pensions Wedding
An international consultant is going to help the government to merge the two State pension funds in a bid to draw on the synergies between the two.UK based economic consultancy, Maxwell Stamp has been chosen as the consultant and is already studying how best to merge the funds.rn rnThey are expected to submit a final […]
Mobitel Clarifies
Mobitel Private Ltd said a statement it regretted any embarrassment caused to the Attorney General or the Telecom watchdog as a result of a news item that appeared in the media, early in December, saying a case against the operator had been dismissed after it was withdrawn.Mobitel says it only learnt later that a fresh […]
On Hold
Capital market regulator SEC is holding back approval of Nawaloka Hospital IPO over the company decision to pre-allocate two thirds of the issue.SEC Director General told LBR they are talking to the company about its intention to pre-place Rs. 200 million worth of shares from its planned Rs. 300 million IPO.rn rnSEC Director General said […]
Less Is More
A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society. Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation […]
Will Reveal
Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been […]
Stop, Look & PAY
The Western Provincial Council says motorists in the province have defaulted paying revenue license fees valued at more than Rs. 1 billion.One third of the 1.8 million registered motor vehicles in the country are in the Western Province.rn rnBut authorities have found that 375,000 motorists have not paid their license fees.rn rnTo bring them back […]
Close Tabs
The insurance watchdog is seeking Finance Ministry approval to start a dedicated insurance supervision division.Presently, the Insurance Board of Sri Lanka (IBSL) has only two consultants on its cadre. The rest are shared with the Securities & Exchange Commission (SEC) secretariat.rn rnldblquote A dedicated insurance unit within IBSL will enhance the effectiveness of supervision, dblquote […]
Good Job
The Ministry of Labour announced on Thursday, that over 2,500 unemployed graduates are assured of permanent employment within the private sector under its Sarasavi Saviya programme.Sarasavi Saviya, a programme that re-trains and finds placements in the private sector for unemployed graduates, reported that within three months the programme had gone beyond its targets for one […]