Category: Industry
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 […]
Members Only
New subjects are making their way into CIMA Sri Lankas curriculum, including fashion tips, social dancing and opportunities for networking. All the new subjects will however be limited to members signing up with the CIMA Business Club launched Tuesday.rn rnThe Club and its website (www.cimabusinessclub.com) is expected to provide passed finalists an opportunity to interact […]
Hello
The final draft licence for External Gateway Operators (EGO) is due Tuesday, the license fee remains unchanged at US$ 50,000.Operators will also pay 0.3 per cent of revenues annually to the telecom watchdog, the Telecommunications Regulatory Commission (TRC).rn rnFor seven days the draft will be open for public scrutiny from Tuesday, before coming into effect […]
Rolling Cable
The government is pushing through plans for lquote Visva Grama, a project to roll out modern ICT infrastructure in rural areas. US 0.06 cents charged on each incoming international call minute will feed the fund, one third going to infrastructure providers as subsidies.rn rnInfrastructure providers will bid for the subsidy, with the firm quoting the […]
Calling Out
Local payphone operators Tritel were given a subsidy of Rs. 1.3 mn Monday to set up pay phones in rural areas outside the Western Province.At the rate of Rs. 50,000 a unit, this is part of an existing subsidy scheme launched last year by the Telecom Regulatory Commission (TRC) for all pay-phone operators.rn rnInitially, a […]
Baton Change
Pramuka Banks key shareholders on Monday evening gave the Janashakthi Group the mandate to look at the possibility of resurrecting the troubled development and savings bank.Janashakthi is currently the largest Pramuka shareholder controlling 13.5 percent in the name of the National Insurance Corporation (NIC), and Acland Holdings Ltd.rn rnJanashakthi Capital, who will handle Pramukas affairs, […]
Two Suitors
Two local investor groups are talking to Peoples Bank to give it a badly needed equity injection while the government is seeking donor assistance for further reforms of the bank.The bank, which had its capital wiped out due to bad lending practices in the past, has been looking for up to thirteen billion rupees in […]