Category: Industry
Road Test
Up to five firms are asking for a third generation (3G) mobile testing licence, the response to the Telecommunication Regulatory Commissions (TRC) call that ended last Friday. The telecom watchdog intends to evaluate the applications and issue the one-year test licences within February, senior TRC officials told Lanka Business Online.rn rnThe regulator also needs to […]
Other Options
State run Peoples Bank is looking at alternative options if its proposed capital raising exercise fails to attract the necessary funds.The bank needs Rs. 13.5 bn to cover past losses of around Rs.6 bn and bring its Tier I capital in line with local standards.rn rnTalks with the IMF and World Bank teams last week […]
Hands Off
The government is building barriers between politicians and state banks to prevent directed lending that eventually goes bad, a top official said.ldblquote Weve tried hard, as a matter of policy, to build a wall between independent autonomous boards of management of government banks and politicians, dblquote Treasury Secretary Charitha Ratwatte said at an International micro-finance […]
Beware!!
The Central Bank on Tuesday announced a list of firms that were mobilizing public funds without Monetary Boards consent.Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnThe warning list includes: Common Investment Finance Co; D J Finance Co; Economic & Rural Resource […]
Rights Of Way
Government is talking to Sri Lanka Telecom (SLT) to open up its now exclusive access to submarine cables.Dominant carrier SLT has exclusive access to existing SEA- ME- WE submarine cables. The telecommunications Regulatory Commission (TRC) has already had a few rounds of talks with SLT to iron out issues.rn rnSLT, an investor in SEA ME […]
EGO Problems
Telecom operators have ganged up to lobby against the draft External Gateway Operators (EGO) licence published for public comment earlier this week. Senior telecom officials quote representing all seven operates met Friday to device a strategy against the draft licence prior to the deadline for public comment set for January 27.rnrnOfficials say that the draft […]
Legal Blitz
Pramuka Banks Directors on Friday filed a writ application at the Appeals Court to overturn Monetary Boards decision to liquidate the bank.The move comes as Central Bank informed Janashakthi Capital to send a list of financial details they require of Pramuka Bank.rn rnOn behalf of Pramukas shareholders, Janashakthi Capital on Monday sought Central Banks approval […]
Rupee Hunt
Commercial Bank on Friday said it is raising Rs. 4 bn to meet general business expansion and redeem its Rs.500 mn debenture, which matures this year.Three billion rupees will be raised through five-year subordinated, unsecured, redeemable debentures, which carries an option of a fixed or floating interest rate.rn rnThe floating rate issue is priced at […]
Buying Time
Distressed depositors of Pramuka Bank on Thursday secured a stay order to stop Central Bank from liquidating the failed savings and development bank.Thursdays court ruling prevents monetary authorities from going ahead with liquidation procedures until February 21.rn rnDepositors claim that Central Bank cancelled Pramukas licence without taking the interest of depositors or creditors.rn rnThe petitioners […]
Helping Hand
State run Peoples Bank plans to use its extensive pawning network as broader base to popularise micro finance activities throughout the country.With technical help from the German Technical Cooperations Rural Banking Innovations Project, the bank has todate lent over Rs. 350 mn since 1998. This makes it one of the largest public banking institutions in […]
Great Expectations
Dubai based Emirates Airlines on Thursday unveiled massive new expansion plans to add new aircrafts and extra routes.This year it will add a record 11 new aircraft to its fleet and increase seating capacity by 25%, allowing it to start four new routes, add more flights on many current routes and launch radically new inflight […]
Grama Seva
Regional telecom firms could come into play under a state proposal to propagate communication facilities in rural villages. The regional licences will give firms a mandate to set up telecom networks in villages and access to monies from the lquote Viswa Grama programme, a state authored proposal to create communication facilities in areas with little […]