Category: Industry
Riding a Chopper
The Civil Aviation Department says it is talking to the Ministry of Defence and Airport authorities to issue the permits.rn rnCommercial helicopter services were banned in the late 1980s due the then intensifying civil war between the LTTE and government forces. rn rnSenior Civil Aviation Department officials say the five firms are looking to setup […]
Fitch Is Watching
Hattion National Bank, Sri Lankas largest privately held commercial bank, had its long-term SL A national rating, put on a ratings watch by Fitch Ratings Lanka on Wednesday.This rating action follows the ongoing review by FRL, and reflects a weaker capital position, given the significantly increased levels of reported NPLs. rnThe increase was largely due […]
Easy Money
The six Regional Development Banks are pooling their efforts to make low interest capital infusions into the rural economy. On offer are low interest rates starting at 9%, easy repayment schemes and loans on individual skill and not physical collateral.rn rnThe operation, a brain child of the Minister of Rural Economy, will also seek to […]
Quashed
The Appeal Court in its verdict at Wednesday mornings hearing has quashed Central Banks decision to liquidate Pramuka Bank.Court has also asked the regulator to explore other options to revive the Bank through powers available under section 76 of the Banking Act and also reconsider proposals made by the Depositors Association with the aid of […]
Building Reserves
To develop its long term lending portfolio, Hatton National Bank (HNB)will raise up to Rs. 2 bn through a 5 year debenture issue.Housing and real-estate will be among the key areas the Bank will focus on building with the fresh funds.rn rnThe issue will also bridge the shortfall created in retiring its previous debenture that […]
Breaking Free
Government negotiators have finalised a deal with Emirates to partially lift monopolies enjoyed by the national carrier.Secretary to the Ministry of Aviation Cecil Amaresinghe told LBR that under the recent MOU SriLankan Airlines would lose some monopolies that it would have otherwise enjoyed till 2008.rn rnHowever, some aspects of the monopolies will remain with SriLankan.rn […]
Final Cost
Telco firms on Thursday agreed on a set of termination charges, setting the stage to launch a caller party pays (CPP) regime by September. However, Sri Lanka Telecom (SLT) has said it would agree to CPP on condition that the regulator resolves a number of its concerns including approval of its long over due tariff […]
Big Smile
Shareholders of the troubled MERC Bank have agreed to sell up to 90 percent of the company to DFCC Bank for just under Rs. 60 mn.MERCs shareholders will sell their Rs.10 share for Rs. 2.65, effectively pocketing Rs. 59.6 mn in the process.rn rnEconomic Reforms Minister, Milinda Moragodas family is currently the largest shareholder commanding […]
Losing Interest
The Mahapola Trust Fund could pursue legal action against the Presidents Fund to recover over Rs. 1 billion due since 1997. Mahapola Trust officials claim the delay in payment has cost them an estimated Rs.200 million in interest income. rn rnReturns from the Trust, funds monthly allowances to over 7000 students, this number now expected […]
More Probing
Investigations into accounting irregularities at Pramuka Bank are gathering pace with the Sri Lanka Accounting Standards Monitoring Board and the CID intensifying their activities.SLAASMB and the CID visited the bank today and questioned senior officials.rn rnSleuths are said to have gathered information about the so-called parallel ledger that was operated after balance sheet date to […]
Rate Card
Telco firms have till the weekend to give a final verdict on termination rates proposed in a new cost based study. Industry giant Sri Lanka Telecom was absent at the Tuesday morning meeting, where the regulator met with the industry to discuss the rates.rn rnThe study also will set the base for the industrys move […]
Base Cost
Telco firms will meet the telecom watchdog Tuesday to discuss termination rates proposed in a recent consultant cost study.Telecommunications Regulatory Commission senior officials say the meeting will help complete the study, which will set termination rates between networks.rn rnThe study was initiated earlier this year to impose actual cost based call termination rates.rn rnThe new […]