Category: Industry
Clearing the Air
A draft spectrum management report recommends auctioning as the basis for allocating slots in the 1800 and 1900 MHz frequency band.Justifying its recommendations, the report say auctioning frequency slots would obtain competitive market rats for the scarce resource opposed to fixed rates last revised in 1996.rn rnThe telecom watchdog already cleared four slots in the […]
Term Tests
The first in a line up of state sector accounting reviews kicked off Tuesday, with the National Review Committee studying the Ports Authoritys books. Accounts for 2002 from 12 more firms have been lined up for review by mid September including the books of state sector financial institutions.rn rnIn the running for scrutiny is the […]
Setting Sail
The Sri Lanka Ports Authority estimates a Rs. 3 bn profit for 2003 as a result of restructuring measures adopted last year.Revenue for the first six months is already 18 per cent up from a provisional Rs.983 million for the calendar year 2002 with turnover at around Rs.15 bn.rn rnProfits for 2001 was at Rs. […]
Letting Go
Hatton National Bank has (HNB) offered a voluntary retirement package to its top management as part of the banks restructuring, that has been going on over the last two years but says the move will not weaken the quality of management. The countries largest private bank says ldblquote the strategic redirection and the regionalisation dblquote […]
Rough Waters
Policy makers are reviewing a fresh proposal outlining legislation to include the disputed terminal handling charges into the freight rate.rnrnThe Cabinet committee on economic policy is expected to resolve the dispute, ending a number of previous failed attempts. rn rnExporters say the THC is eroding their profitability and price competitiveness, also claiming that it includes […]
See-Me-there
The telecom watchdog has given the go ahead to licensed international voice and data operators to access the SEA-MEendash WE 3 submarine cable.Only Sri Lanka Telecom had access and control of the cable, which provides high bandwidth connectivity, as they were the only operator at the time to invest in a landing station.rn rnTelecommunication Regulatory […]
Pretty City
Thirteen acres of prime land on which a spinning mill was earlier located will be developed in to a residential and recreational center under a joint venture between the Urban Development Authority (UDA) and the Bank of Ceylon. The site formerly occupied by the Wellawatte Spinning Mills in Colombo 6 will be developed soon as […]
Centre Holds
Central Bank tightened the regulatory grip with the introduction of minimum levels of capital.Finance companies under a Central Bank directive will have to maintain capital adequate to cover 10 percent of their risk weighted assets.rn rnThe ruling, which takes effect from this month, will have to be complied by all finance companies. The standards are […]
Holiday Tax
A one percent levy on turnover will be charged on all Tourist Board licensed institutions, under the new Finance Bill, passed Thursday. The tax will cover about 1000 licensed institutions under the Tourist Board Development Act and will be enforceable from September this year.rn rnAn initial Rs. 7.5 mn is to be raised, Tourist Board […]
Outright sales
Central Bank may start outright sales of government securities as early as next week with rising foreign inflows boosting the countrys money supply.rnrnldblquote We have not made a final decision but we may hold the first auction next week, dblquote says Dr. D. S. Wijesinghe, Head of Central Banks Domestic Operations.rn rnThis indicates a slight […]
Redial
The telecom watchdog on Wednesday published a set of rules that will govern the short code auction scheduled for an August date. The online auction previously set for mid May was abandoned due to the lack of interconnection between operators.rn rnHowever, policy makers are due to meet next week to resolve the remaining issues holding […]
Extension Cord
Continued lobbying from the telecom industry has now opened up access to undersea cable bandwidth. Direct access to the SEA ME WE (Cable connecting South East Asia, the Middle East and Western Europe) submarine cable facility will cut bandwidth cost by an estimated 50% for telecom operators, say industry sources.rn rnAccess to capacity in the […]