Category: Industry
Moving On
Former CEO Hydery Rehmanjee presently serving on the director board was reappointed to the seat, a company release says.rn rnWikramanayake joined UAL as Deputy CEO in April 1999 when he returned to the country after a 19 year stint in a Bermuda based international bank. A year later he succeeded Rehmanjee to the chair. rn
Reserving Costs
Central Bank is seeking more flexibility to cut commercial bank quote s statutory reserve ratios in the future and also pay interest on reserves if it reaches extraordinary levels.rn rnIn a soon to be introduced amendment to the Monetary Law Act, the current floor levels for reserves will be taken off giving Central Bank discretion […]
Buying Tickets
The final details for the sale of a 39 per stake in the sate owned bus company is being worked out for September 24. The stake will be auctioned over the Colombo Stock Exchange to the highest bidder.rn rnSecretary to the Ministry of State Transport M. Susiriwardena says eight of eleven companies who submitted expressions […]
Downgraded
The downgrading comes on the top of a planned medium term debenture by the group as exclusively reported by LBR recently.rn rnFitch says that the rating cut comes in the wake of higher leverage levels due to acquisitions.rn rnJKH group recently acquired a ninety percent stake in the bunkering Lanka marine services company.rn rnThe group […]
IDD Getting Cheaper
At the moment, high termination rates for incoming calls gave the sole gateway operator – Sri Lanka Telecom – massive revenues.rn rnThis gave an incentive to other operators to smuggle incoming calls and get a piece of the pie.rn rnOffering gateways to all operators and the determination of interconnect rates by the regulator is expected […]
Eagle Car Protect
Insurance companies are now starting to segment the market to provide targeted products to customers.rn rnEagle insurance recently launched a car insurance scheme targeted at the luxury car segment.rn rnThe company says niche market insurance products can be very profitable for insurers. rn rnldblquote We found that we have nearly 250,000 cars in Sri Lanka […]
Taking Tension Out Of Pension
Mr. Sumanasara, like most contributors to the mandatory provident fund, he has no idea how much the ETF makes by investing his contribution.rn rnThe interest they pay annually has fluctuated between 7 to 14 percent over the last five years. Members however have little information on the actual return of the fund.A large part of […]
Sailing Online
ldblquote e-Marine quote allows Eagle quote s customers to access their marine insurance documents over the internet, discarding the need for the movement of paper documents.rn rnEagle Insurance officials believe anywhere access of the policy would streamline documentation and save time for the shipping industry. rn rnHowever, only customers with an open cover agreement with […]
Smoke Screen
Cleaning up its bad boy image, Ceylon Tobacco Company (CTC) is sponsoring regional IT training centers to enrich rural youth with computer skills.
Dial 10
The change is intended to accommodate more phone numbers to feed the growing demand for telephone and data services.rn rnThe Telecommunications Regulatory Commission (TRC) has set May 1 as the deadline for telecommunication service providers to make the change. rn rnSri Lanka Telecom (SLT) will make the first switch over before the end of the […]
Banking On Locals
The bank needs Rs. 13.5 bn to cover Rs. 6 bn past losses and bring its Tier I capital in line with local standards.rn rnGiven the relatively weaker balance sheet of Peoples quote Bank, senior officials mapping the bank quote s restructuring strategy believe it would be easier to interest a local consortium than a […]
Untangling Wires
The monopoly fixed line operator quote s call rates were last raised by 15 percent in May, as per the pact signed between the government, and NTT of Japan in 1997. rnThe deal allowed for domestic tariffs to be raised over four years, starting from June 1998. The first 25 percent increase came in June […]