Category: Industry
Switching Station
Telia AB of Sweden is replacing its representative and the Managing Director in its Sri Lankan venture Suntel Limited from July 1.After four years at the top, Hugo Cederschiold will hand over the reigns of Sri Lankas second largest fixed telephone service provider to Mrs. Lillemor Larsson, from the parent company and a Director on […]
Reforms Ahead
The World Bank, Tuesday, approved a US$ 40.3 mn credit line to re-structure Sri Lankas tertiary education sector.rn The no-interest credit line from the International Development Association (IDA) will be spread over 40 years with a ten-year grace period. rn rnThe government will fund the balance project cost of US$ 10.7 mn.rn rnThe project to […]
Hello Neighbour
Indian telco giant Videsh Sanchar Nigam Limited (VSNL) is seeking the telecom regulators approval to set up a US$ 40 mn venture in Sri Lanka.Initially offering international calls, VSNL Lanka Limited will expand its offering to include other data and voice services later.rn rnThe Board of Investment has forwarded VSNLs proposal to the Telecommunications Regulatory […]
Moving Online
SriLankan Airlines is moving its website to a .aero internet domain from its present .lk internet address. .aero is a new Internet domain name (like .com, .net, .org) exclusively reserved for the aviation community, rn rnSriLankan will be among over 3000 names registered with the .aero suffix including, airlines, aviation industry news services, engineering and […]
Hoist the Sails
Port officials on Monday called on Danish firms to build the Oluvil Port, on the East coast of Sri Lanka.The Euro 28 million project will be funded entirely by The Danish International Development Agency (DANIDA).rn rnThe contract will see a 1.5 kilometre breakwater, the roads within the port, an ice plant and cold storage, a […]
Re-routing
The National Transport Commission (NTC) has signed up the Moratuwa University to study the demand for road transport services on inter-provincial routes.Commission in mid April, the Engineering faculty is due to complete the study before September 2003. rn rnNTC officials say they have stopped issuing new inter-provincial route permits since the beginning of the year […]
Impending Marriage
DFCC Bank has completed due diligence work on MERC Bank and is in the process of firming up the financial bid.Financial analysts expect DFCC to inject up to Rs.400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.rn rnDFCC CEO Nihal Fonseka told Lanka Business Online that an announcement […]
Healthy Growth
Union Assurance Ltd said Thursday its consolidated net income grew by a healthy 24.4 percent to Rs. 20.7 mn in the first quarter ended March 31, 2003, compared with the same period in 2002. The firms premium income (Life and General Insurance) also increased by 9.4 percent during the period, from Rs.559.5 mn to Rs.612.3 […]
Tech Help
Hatton National Bank, the largest private sector commercial bank, is talking to potential foreign investors to take a 30 percent stake in its insurance subsidiary.HNB Assurance, started off business in November 2001.With a Rs. 250 mn paid up capital, HNB Assurance offers life and general insurance facilities including motor, fire, marine and miscellaneous sectors like […]
Gas Leak
Pumping life in to its ailing gas conversion and filling business, United Motors will convert its three remaining filling stations into motor shops. rnrnMotor bikes, lubricants and auto care products will be among the new range of products that will be promoted along with gas filling services to prop up returns from each location. rn […]
Peak Load
Intensifying competition in the overseas call market, the telecom regulator is looking at 40 new applicants.Telecommunications Regulatory Commission (TRC) officials confirmed that up to forty new applications had been processed.rn rnLicenses will only be issued to the firms paying up the US$ 50,000 fee applicable for an External gateway Operator (EGO) license. rn rnFirms coughing […]
Growing Up
The Seylan Merchant Bank (SMB) Group has reported a net income growth of 28 percent to Rs. 123.5 mn in the first quarter of 2003. Pre and post tax profit growth however, was a marginal 1.05 percent from Rs. 570,000 to Rs. 576,000.rn rnGroup results, meanwhile, show that pre tax profits grew 167.3 per cent […]