Category: Industry
Soaring High
The Emirates Group has declared a 74 per cent increase in net profits to US$ 285.7 mn (Dhs1.05 bn) for the financial year ending March 31, 2003, driven by the growing confidence of its customers in the airline and travel-related group of companies.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Emirates Airlines operations alone achieved a staggering 94 per cent […]
Cable Co
Capping off its work to liberalise access to international bandwidth, the Telecommunication Regulatory Commission (TRC) is trying to moot a cost and pricing methodology for its use.The TRC called on a consultant to draw up a cost methodology, a cost template and recommend tariffs for the disbursement and use of international leased circuits.rn rnThe TRC […]
Viral Attack
Coming in at Rs. 5000.00 for a Norton AntiVirus software suit, Symantec Corporation prepares to encourage the use of original software in Sri Lanka.rnrnRecognised as the world leader in internet security solutions, Symantec officially entered the Sri Lankan market through a Ceylinco Group subsidiary endash CNT International. rn rnSri Lanka is identified as the second […]
Rating Lanka
Capitalising on the ongoing peace dividends, the government is once again talking of seeking a sovereign rating for Sri Lanka, with plans to issue the mandate as early as July this year.The government has been keen on a sovereign rating on many occasions, but has backed down due to the problem of timing.rn rnThe tentative […]
Rescue Operation
DFCC Bank is tipped to inject around Rs. 400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.DFCC Bank on Monday said it was conducting a due diligence study on the small privately held MERC Bank, with the intension of acquiring it.rn rnMERC Bank started off with a Rs. […]
Impending Marriage
DFCC Bank said Monday it is talks with key institutions to acquire a commercial bank and an insurance company.A due diligence study on MERC Bank has got under way and DFCC is keen to acquire the small privately held commercial bank, subject to regulatory and other approvals.rn rnMERC Bank also has a foreign exchange licence. […]
A Time To Pay
HSBC, trustees to the Vaniks capital guaranteed debentures says investors will be repaid on April 29.Capital guarantors to the debenture USAID and Peoples Bank met their obligation of Rs.200 million by April 25.rn rnHSBC says Rs. 2.3mn in interest received for the money under its custody upto April 28 will also be distributed among the […]
Secret Codes
The telecom regulator on Monday set a base price of Rs. 500,000 for each four digit short codes that is due to be auctioned by mid this year.The short codes will be auctioned to External Gateway Operators (EGO) through a secure purpose designed online interface.rn rnThe Telecommunications Regulatory Commission (TRC) on Monday called on interested […]
Silver Bells
Wiping over US$ 30 million in debt clean off its accounts, Lanka Bell is now monitoring the communication lines, looking for a technical partnership that will take its services to the masses. Lanka Bell Managing Director, Joey Mendoza says the debt elimination programme, which saw its total debt wiped off its accounts earlier this week, […]
Cleaning House
The exercise to divest governments ownership in Peoples Bank is due to kick off in Sept and end in March next year. As part of its commitments to get the IMFs US$ 567 mn concessionary aid package, the government has pledged to commercialise the bank as a single entity or separated into viable sub-units through […]
Solemn Bell
Transmarco Limited, Lanka Bells Singaporean parent company is looking at divesting its remaining stake in its Sri Lankan wireless local loop operation. On Monday, wire services reported that Transmarco had successfully negotiated with Lanka Bells creditors to write off a significant part of its debt and accept cash and an equity stake for the rest.rn […]
Sailing Off
Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd.(ZNFL) in Sri Lanka. rn rnldblquote […]