Category: Industry
Tall Order
Offering greater value to its tenants, the World Trade Centre (WTC) in Fort together with Dialog, has put in a fibre optic internet backbone in the twin towers.rnrnThe fibre optic backbone put in place at a cost of US$ 650,000, spans to the length of both towers, providing WTCs tenants with ldblquote on tap dblquote […]
Moping Up
The fresh issues could set off more regular longer term borrowing as the state looks to maintain low inflation and interest rates. rn rnThe 10 year issue is also in line with the Central Banks decision on Wednesday to gradually absorb excess liquidity from the financial system through ldblquote a longer-term absorption under its active […]
No Cuts
Central Bank left key interest rates unchanged on account of the high liquidity in the financial system at present. The decision came after its monthly policy meeting on Wednesday evening.rn rnMeanwhile, Central Bank has decided to absorb a part of this liquidity gradually through a longer-term absorption under its active open market operations window.rn rnIn […]
Super Watchdog
Draft legislature to set up the super regulator for the information and communication sectors is now up for discussion.The bill will help form the Information and Communication Commission or Sri Lanka (ICCSL) and will be the present telecom regulators successor.rn rnAdding more muscle to the new Commission a fresh set of legislature covering electronic broadcasting […]
Suspension – II
The Supreme Court on Monday gave Central Bank 14 days to re-suspend Pramuka Banks license to facilitate restructuring.The Court concluded that interested parties could not restructure the bank without its license as per the Banking Act.rn rnCentral Bank officials requested 14 days to prepare a fresh suspension order, until when Pramuks license will remain cancelled. […]
Taking Off
Two parties have shown interest in funding the first phase of the development of regional airports to boost domestic air travel in the country.Denmark and the European Union have expressed willingness to pump in over a billion rupees to upgrade four airports in the country.rn rnldblquote These have to be rehabilitated to a large extent-the […]
Bad Line
Sri Lanka Telecoms rating outlook was revised to negative by Fitch Ratings, as liberalization poses many uncertainties for the telecom giant. Fitch says future debt obligations, falling revenues and capital expectative on network expansion could strain its cash flows.rn rnHowever, Fitch affirmed SLTs SL AA+ rating for its listed unsecured redeemable debenture maturing in 2005. […]
Return Ticket
Supreme Court on Friday refused to take up Central Banks appeal on the Court of Appeal decision on Pramuka Bank.The Central Bank sought to stay the Appeal Court decision without serving notice on the depositors or their counsel.rn rnThe case will be taken up on Monday, after Central Bank has served notice on depositors counsel.rn […]
Super Profits
Telecom operator Suntel, says its profits soared to Rs. 200.4 mn in 2002, from Rs. 22.8 mn.Suntel benefited from the prevalent low interest rates, while value added services and a tariff increase pushed revenues up by Rs.400 mn.rn rnRevenues rose to Rs. 3.58 bn from Rs. 3.156 bn in 2001. Cost of sales was up […]
An Eagles Calling
National Development Bank on Thursday acquired Zurich Insurance Companys 58.44 per cent stake in Zurich NDB Finance Lanka endash the holding company for Eagle Insurance, at Rs.143.00 a share or close to Rs. 1.5 billion.Through the deal NDB will hold an 87.2 per cent direct stake in Eagle Insurance. rn rnThe deal also ends intense […]
Eagles Call
Capital Development & Investment Co (CDIC) plans to come out with a Rs. 1.5 bn rights issue to pay for its acquisition of Eagle Insurance.NDB on Thursday bought out Zurichs 58.44 percent stake in Zurich NDB Finance Lanka (the holding company of Eagle Insurance) through its subsidiary CDIC.rn rnCDIC coughed up Rs. 1.5 bn at […]
Smooth Ride
Bus leasing specialist, Peoples Leasing, raised another Rs. 300 mn via securitisation paper for its general business expansion.First Capital Markets, the debt-raising arm of the First Capital Group, placed the four-year instrument at an average cost of 12.5 percent to the issuer.rn rnldblquote Rates were tiered according to the risk profile of the assets. The […]