Category:
Call Transfer
Industry watchers say the move would not shift the local operations strategies as the parent entity- Hutchison Whampoa expects to remain the majority shareholder of the new entity, such that revenue, assets and liabilities will be consolidated into Hutchison Wampoas accounts. rn rnHutchison Telecommunications Int., the new spin-off is valued at over US$ 4 bn […]
Steady Flow
Trade deficit for January grew US$ 4 mn to US$ 152 mn in 2004, as foreign inflows from tourism, ports, private transfers and net inflows of portfolio investments eased the pressure on the rupee.rn rnEXPORTSrn rnA strong recovery in the global economy helped push export earnings up by 20 percent to US$ 459 mn in […]
Slow Sailing
The sweep for funding sources to back the proposed South Harbour project will be six months late on account of the ongoing political row. A market survey to identify potential investors to raise an estimated US$ 600 million for the initial work was due to set sail around November 2003.rn rnThe initial funding requirement also […]
Switching Channels
Sri Lankas independent election chief took over state-owned radio and television stations amid allegations that their programs were highly biased towards the presidents party. Dissanayake said he appointed a “competent authority” to run stations until the conclusion of the election which begins with voting Friday and ends with the declaration of results a few days […]
Saffron Revolution
Cultural pollution such as Coca-Cola and McDonalds will be spurned if the monks campaigning for this weeks elections in Sri Lanka have their way.They also say they will take sexually explicit movies off national TV as part of their avowed bid to save Sri Lankas heritage.Crime against women is increasing because television and movies influence […]
Secure Cash
Peoples Leasing Company is coming out with a Rs. 500 mn debt paper, backed by an SL A rating from Fitch Ratings Lanka Ltd.rnrn ThernLease Backed Trust Certificates (LBTC), will be issued by a Special PurposernVehicle (SPV) called Peoples Leasing Trust Nine, under the firms assetrnbacked borrowing programme.rn SLrnArnrating denotes a low expectation of credit […]
Request to Take Off
Local private airline operators based here say they are getting ready to compete with the national carrierrnnext month when a provision in the MOU betweenrnrnSriLankan and the government expires.rnHowever, the regulator, the Civil Aviation Authority has not completed audits on two of the interestedrncompanies who are keen to fly international routes.rn rnExpo Aviation, Lion Air […]
Bouncing Banks
Sri Lankas top banks emerged stronger in a year of exceptional performance in 2003.Helped by what the Central Bank calls a lquote heroic attempt at fiscal discipline by the Treasury, SrirnLankas banks have rebounded strongly from the economic crises that hit the country in the laternnineties.rn rnPredictably Commercial Bank led the pack on several key […]
Battered To Be Better
Last year Sri Lankas six top local banks collectively made Rs. 8.3 billion in profits, up from just Rs.2.9.rnbillion in 2001.rnrnrn Behind part of the profitsrnlay bond profits from a falling interest rate environment.rn The Central Bank was able torncut rates because for the first time in almost a decade the Treasurys fiscalrnpolicy was in […]
In A Spot
Sri Lankans are still keen to keep the peace process intact, though the rising cost of living still troubles the voting public, as the country heads for a snap poll on April 2.The following is an analysis of the findings of the third and final wave of the ORG-MARG SMART opinion poll series, in the […]
Staff Takeover
Local money broking fraternity saw some activity this week with an established firm opting for a joint partner, while another opened shop to expand its financial reach.Bartleet Mecklai & Roy Ltd grabbed headlines this week, when the firm sold a minority interest to a few ex-staff led by Senaka Udugama and David Benedict.rn rnBartleets Chief […]
Flight Freedom
SriLankan Airlines will use its lquote Fifth Freedom aviation rights to carry passengers from Cochin in India to the Maldives, in July. Fifth Freedom rights allow a registered airline of one state to pick up passengers from another country and put them down in a third state.rn rnIn effect, this means that an airline can […]