Category: Industry
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 […]
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 […]
Tax Miracle
The Finance Minister says plans to reform the countrys tax structure was moving fast as an amnesty drew a record response.Minister K. N. Choksy says the amnesty due to expire in end June has already drawn over 1200 declarations.rn rnHe said that a focused Fiscal Policy and a reduction in inflation and interest rates should […]
Plain Jettison
Airport and Aviation Services (AASL), which runs the countrys airports and air navigation services, is planning to reduce the number of its employees.AASL is talking to the treasury about part funding for a Voluntary Retirement Scheme (VRS) to sharply cut the employee numbers in the lower grades.rn rnA committee is already at work looking into […]
Nomad Connect
On the heels of a state policy on spectrum use and the roll out of cheap wireless internet access, Intel launched its new age mobile personal computer. Intels officials promise longer battery life and outstanding wireless performance with the firms new Centrino mobile technology enable computers, launched on Friday in Sri Lanka.rn rnThe PC is […]
Table For Six
Peoples Bank has shortlisted six consultancy firms to carry forward its restructuring plan.The government wants to commercialise the bank as a single unit or split the bank into three viable sub-units.rn rnThe six firms have to come up with proposals by mid-June, spelling out how they plan to roll out the banks restructuring models.rn rnFirms […]
Slight Dip
Sri Lanka Telecom on Thursday reported lower profits for the first quarter ending March 31, a sign that the opening of the international voice market has affected its bottomline.SLTs earlier had a monopoly on international calls, which accounted for about 40 percent of its total revenue.rn rnNet profits for the period slipped to Rs. 755 […]
Safety Valve
Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Finance Minister K N Choksy said Thursday.Inland Revenue has set up a special unit under a deputy commissioner to deal with the declarants.rn rnTax experts say businessmen have an unprecedented opportunity to clear […]
Under The Banyan
The Deer Park Hotel will only be the first of a number of Banyan Tree Group getaways in Sri Lanka.Nihal Jinasena, Chairman of the Jinasena Group told LBO that the Banyan Tree officials had hinted their interest to develop more properties with the group in Sri Lanka.rn rnDeveloping a 1-kilometre beach stretch owned by Banyan […]