Category: Industry
Trippling Over
Hatton National Bank Ltd said on Thursday nine-month group profits nearly tripled as it notched gains from its bond portfolio and saw a pick up in credit demand. Group post-tax profits jumped 229 percent to Rs.1.192 bn for the nine months ending September 30, 2003, from Rs. 368.532 mn during the corresponding period.rn rnRevenues during […]
One Down
Hatton National Bank, had its long-term national rating, down graded to SL A- by Fitch Ratings Lanka on Thursday.This decision comes after HNB was put on a ratings watch in July, to allow Fitch to do a review on the banks capital.rn rnldblquote The rating reflects the banks weaker capital position, due to a relatively […]
Witch Hunt
Set up two months ago, the Authority is already being flooded with business. Strange, spiritual and otherwise; Most of the business though, is on price and unfair services.rn rnJust last week the CAA flexed its muscle and shot down a request by Shell Gas to jack up the cost of a LPG cylinder by Rs.19.00 […]
Playing Ball
Sri Lanka Telecom Chairman, Thilanga Sumathipala expects commercial talks with Lanka Bell to kick off in four weeks, when the ongoingtechnical and financial due diligence process ends.rnSumathipala told Lanka Business Online that the cumbersome process of checking physical infrastructure involved in a technical due diligence was taking time. He expects SLT engineers now on the […]
New Master
The telecom watchdog has been taken over by President Chandrika Kumaratunga as part of her lquote constitutional coup, effectively putting the whole industry in disarray. President Kumaratunga last week tookover the posts of Defence, Interior and Media, but said she had left the telecommunications ministry with the government.rn rnldblquote A subsequent check on the gazette […]
Testing 123
During its two month trial period, the cellular operator will give free outgoing and incoming calls to customers who sign up on its new GSM network. rn rnOfficials expect the Telecommunications Regulatory Commission (TRC) to make up its mind by January 2004. rn rnKey areas requiring approval include incoming and outgoing tariffs and monthly rentals.rn […]
Light Waves
Local hoteliers are facing another stiff hike in electricity costs, adding to falling tourist arrivals after the political woes of last week. The new lquote Hotel specific electricity tariff will put hoteliers in a tariff band 40 to 50 percent higher than at present.rn rnUnder the new rates large city hotels will pay up to […]
Hot Air
Tourism officials played down government claims of 2000 tourists cancelling bookings, after political chaos and reports of beefed up security.ldblquote So far we have had some 2000 tourists cancel their bookings and more cancellations pouring in dblquote , Cabinet spokesperson Professor G L Peiris told reporters on Thursday.rn rnPeiriss comments come, just two days after […]
Soft Landing
Software giant Microsoft Corp on Wednesday announced a multi-million dollar tie-up with Sri Lanka, to provide education, training and an eventually set up a development unit. Microsoft will provide investments over a five year period, the Sri Lankan Embassy in Washington said in a release.rn rnThe deal was stitched up during Prime Minister Ranil Wickremesinghes […]
Tour Advisory
A top-rung tourism taskforce is already monitoring the ongoing political chaos and to map out salvage plans in the event of a worsening crisis. ldblquote We had a meeting in the trade today and what we have decided for the moment is to allow normal operations to continue. So far there is no serious cause […]
No-Fly Zone
Britain has issued a travel advisory to Sri Lanka and the up-coming tour of the English cricket team put off as the country slipped further into political chaos.rnrn rnThe warning to avoid travelling to the country follows the Presidents sacking of three key Ministers on Tuesday, and the taking over of the portfolios of Defence, […]
High Altitude
lquote Countdown to takeoff; passengers are now boarding for the first commercial Hot Air Balloon flights, taking off over Sigiriya this Saturday.The first commercial balloon flights were given the go-ahead on Tuesday, to start flights over some of Sri Lankas key tourist towns.rn rnldblquote We hope to commence our inaugural flights over Dambulla-Sigiriya and from […]