Category:
Break Free
Indian telco giant, Videsh Sanchara Nigam Ltd (VSNL) has started routing traffic to Colombo, becoming the first to effectively compete with Sri Lanka Telecom on the international data and voice market.Starting late Tuesday, VSNL started transferring part of its international bandwidth through the SEA-ME-WE III submarine cable.rn rnDirect access to the SEA-ME-WE (which connects South […]
Quick Fix
The Bandaranaike International Airport re-opened on Thursday morning after temporary shutting down for nearly 10-hours, following a Russian cargo plane crash that damaged the airports only runway and taxi lights. The Civil Aviation Authority said in a statement that the damaged IL-18 cargo carrier has been towed away, with the runway and taxi lights fixed […]
Black Day
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Marching Up
Treasury bill yields continued to tick upwards with three-month paper gaining by seven basis points at Tuesdays auction, the Central Bank said Tuesday.The bank said it accepted and offered bids for Rs. 7.288 bn, despite receiving bids worth Rs. 12.507 bn.rn rnThree-month gilts rose to 7.52 percent, while six months paper was flat at 7.61 […]
Quick Fix
Succumbing to heavy lobbying from the leasing industry, the Finance Minister on Tuesday allowed certain bus owners to be exempted from paying 15 percent value added tax.Prior to January 1, all lease rentals in relation to public passenger transport buses (with 28 or more seats), were exempted from VAT.rn rnldblquote That same law should apply […]
One Voice
Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn rnldblquote The IMF and the World Bank has agreed […]
Amber Light
Sri Lankas long-awaited sovereign rating has fallen victim to the ongoing political drama, with authorities opting to put the brakes on the issue once again.After toying with the idea for years, the government gave the greenlight late last year, to seek a country rating from at least two international rating agencies endash Standard & Poors […]
Fresh Cuppa
The Tea Association plans to re-haul criteria used to fund new Ceylon tea brands, when it takes over some of the Tea Boards functions this month.Every year, the Tea Board doles out a quantum of money to exporters keen on establishing a brand and who meet the selected criteria. “For example, the Tea Board evaluates […]
Long Shot
Development bank DFCC, is counting on its subsidiary Commercial Banks Bangladesh operations to give its bottomline a major boost.Thanks to its Bangladesh unit, Commercial Bank is expected to contribute Rs.539 mn towards DFCCs earnings, pushing its bottomline up by 10.3 percent to Rs. 1.2 bn for the 2004 financial year, says HNB Stockbrokers.rn rnIn the […]
Double Edge
The State is losing an estimated average of Rs. 450 million in revenue each month in its effort to subdue a rise in the cost of living due to higher world market prices.Finance Ministry officials say the current tax and import duty concessions could be met with higher duties for non-essential commodities that do not […]
Forward March
John Keells Holdings is expected to notch a Rs. 1.69 bn net profit for 2004, after undergoing a restructuring exercise to improve its margins.The diversified conglomerate, has just finished a restructuring study by the Boston Consultancy Group, which has highlighted areas to exploit greater synergies and improve operating margins.rn rnFollowing the intense lquote inward looking […]
Quick Leap
Cellular operator Dialog GSM said Monday it has become the first in Sri Lanka to commercially offer high-speed data service, starting with customers in the Colombo South area.Dialog users have to own an EDGE (enhance data rates for GSM evolution) handset to make use of quicker data download time while on the move.rn rnldblquote Dialog […]