Category: Other
Untangling Wires
The working committee comprising six operators and a government representative will try to address outstanding issues like the local access fee and the quality of voice traffic. However the governments overall policy on telecom remains unchanged. rn rnTelephone subscribers usually have it easy. They take for granted that they can dial any number to talk […]
Banks: Big Profits Or What?
Banking sector stocks were top performers at the Colombo stock exchange last year as analysts predicted a good year for the countrys finance houses. A number of banks are expected to announce record profits this year.However, borrowers are protesting about high interest rates charged by commercial banks despite the prevalent low risk free rates. Borrowers […]
Courtroom Battle
The Court of Appeal Thursday issued notice against the securities watchdog to stop it from prosecuting three former Aitken Spence Directors.Former SEC Chairman/Director Aitken Spence, Michael Mack and fellow Director Norman Gunawardene filed separate writs asking the court to squash the SECs decision to prosecute them.rn rnThe petitioners cited the SEC and its Commission members […]
Counting Leaves
Tea exporters are pushing for a three-month moratorium from commercial banks as the government maps out a contingency plan should war break out over Iraq.All exporters currently given a 180-day packing credit to settle outstanding loans, which they want extended by a further three months, Exporters Association officials say. ” We have already put forward […]
Please Reply
The Court of Appeal Thursday asked Central Bank to file objections on a case brought against them by Pramuka Banks Directors.The Central Bank last December cancelled Pramukas licence on alleged financial irregularities.rn rnThe directors sought legal recourse to quash the decision.rn rnThe Central Bank was given time till February 28 to respond.rn rnRomesh de Silva […]
Safety Features
A tentative take off date of April is on the cards for the social security net for retrenched workers, with an ILO report on its way to Cabinet.The security net is tagged to recent labour reform that went through parliament, which makes it easier for employers to lay off workers during restructuring. rn rnWith lay-offs […]
Dry Run
The countrys largest city is running short of water as the state looks to the private sector to bridge a widening gap in supply to Greater Colombo.A privately operated and managed 40 MGD endash Million Gallons per Day (185,000 cubic metre) treatment plant is to take off on the right bank of the Kelani River.rn […]
Lip Service Only
Local investor confidence was shaken recently first when a licensed savings bank collapsed and then as the securities regulator commenced an insider dealing investigation against its own chairman.However, the crises had little effect on the stock market.Banking stocks in fact gained in anticipation of good earnings reports while Aitken Spence stocks, at the heart of […]
Crossfire
Rising tension in the Middle East is buing holes in the Sri Lankan tea industry as prices plummet and stocks accumulate at auctions. Low grown teas are seeing the brunt of the Middle Easte crisis, with prices on average dropping by Rs. 20.00 in two weeks. In addition, a backlog over 15 million kilos of […]
Changing Rules
The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament.rn rn”Reforms in the working of our Securities and Exchange Commission should be […]
The rural call
Local telephone companies have been connecting subscribers at almost record pace over the last few years. The telecom industry was the only one that put in double-digit growth rates even while the rest of the economy was in a slump. rnWith the EGO and the smart subsidies things will get even better. rnAn astounding 20 […]
Power Politics
The last time Iraq was attacked, over ten years ago, oil prices reached record levels of over US$ 45 a barrel.Analysts expect prices to go the same way if US and British threats actually lead to a war. The hardest hit next to Iraq will be developing countries that depend on oil imports.rn rnSri Lanka […]