Category: Industry
Bad Call
The telecom watchdog on Friday asked Mobitel Lanka Ltd to withdraw its promotional GSM offer, with immediate effect.rnrnrnrnrnrnrnHeadlinernrnrnrnrn The cellular operator onrnTuesday, started trial runs for its GSM service, which offers free calls for allrnsubscribers who sign up during the promotional period.rn At Tuesdays launch,rnMobitel said a fully-fledged commercial launch was pending thernTelecommunications Regulatory Commissions […]
Rich Life
An Indo-Lanka tie up will pump in Rs. 620 mn down Lake Drive in Col., 8 to build 25 fully furnished luxury homes.rnrnThe project will cater to Sri Lankas growing lquote large disposable income population on the look out for serine neighbourhoods to move into. rn rnHallmark Property Co., says each 3000-4000 square foot unit […]
Textbook Takeover
A senior Treasury officialrnsaid Friday, that it would sell 49 percent or 490,000 shares to its currentrnowners, priced at Rs. 86.73 mn per piece.rn A total of Rs. 17.7 mn or 10rnpercent of this will be distributed to its 121 employees on the basis of theirrnindividual entitlement, under an earlier management agreement.rn ldblquote Following protractedrnnegotiations […]
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 […]
Desert Run
Air Sahara will begin charter flights to Colombo from New Delhi on Friday, becoming the first domestic carrier to fly out of India. This follows a recent decision to deregulate Indo-Lanka travel after the last meeting between the Prime Ministers of the two countries.rn rnTravel Director of Air Saharas local agent Jetwing, Sunil Pieris, says […]
Teen Talk
MasterCard International on Thursday came out with a credit card primarily designed for Sri Lankas burgeoning teenage market.Hatton National Bank, its local partner hopes teenagers would make use of this opportunity to learn basic banking habits of accountability, responsibility, ownership and financial discipline.rn rnAptly named lquote Hot Shots, the card is targeting teens over 15 […]
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 […]
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 […]