Category:
Cherry Picking
Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank.ldblquote It wont be an open tender process, dblquote Bank Chairman Lal Nanayakkara told members of the Public Review Committee at the Finance Ministry on Thursday.rn rnldblquote Investors will be carefully screened and […]
Brick Hunt
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbulk of state housing banks shares are held with the National HousingrnDevelopment Authority.rn ldblquote Theyrnown around 90 percent and they have indicated that they want to sell up to 30rnpercent, dblquote HDFC Banks CEO, C A Sarathchandra told a public accounts reviewrnon Thursday.rn Sarathchandrarnhopes to privately place the shares within the next […]
Good Job
The Ministry of Labour announced on Thursday, that over 2,500 unemployed graduates are assured of permanent employment within the private sector under its Sarasavi Saviya programme.Sarasavi Saviya, a programme that re-trains and finds placements in the private sector for unemployed graduates, reported that within three months the programme had gone beyond its targets for one […]
Recall
The telecom watchdogs case against Mobitel will be resummoned January 12, allowing the cellular operator to make further submission to the Fort Magistrates Court.No further action will be taken until then, the Magistrates said.rn rnThe order comes as Mobitel lawyers argue that the plaint has no charges that can be legally accepted.rn rnThe Fort Magistrates […]
Flat Rates
Treasury bill yields remained flat on Wed. amidst speculation that that the Central Bank is unlikely to tinker with its short-term interest rates on Thu.rnrnrnrnrnrnNew Page 1rnrnrnrnrn The Central Bank has been following a soft rate stance amid reduced government borrowing following the February 2002 ceasefire. rn The bank has cancelled several government bond auctions […]
No Surprises
The Central Bank left its key short-term rates unchanged on Thursday, signalling that it was comfortable with the country quote s economic fundamentals. The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy […]
First Steps
The first steps in a million dollar deal to link small and medium entrepreneurs with European markets got off the ground late Wednesday.Initiated by European Industrial Services, the promoters hope to channel in around US$ 50 mn worth of investments through joint ventures or wholly owned subsidiaries.rn rnEuropean Industrial Services (EIS) has tied up with […]
First Lessons
The Treasury, this week plans on giving its first lesson to educate state research and regulatory bodies on how to present their financial statements.A number of statutory bodies including the Tea Research Institute, the Rubber Research Institute and the Ceylon Fisheries Harbours Corp., presented financial statements for the first time this year for public review […]
Parental Consent
Sri Lanka Telecoms board on Wed. gave its blessings to acquire wireless local loop operator Lanka Bell.The dominant fixed line operator declined to name the bid price, but industry analysts put a price tag of just under US$ 20 mn based on per-line cost assumptions for Lanka Bells 44,000 customers.rn rnSLT will initially take a […]
Interesting Option
Peoples Bank says it will consider lowering interest rates on some Rs. 12 billion outstanding from the Ceylon Electricity Board, if a proposed debt-restructuring plan seeking payment guarantees for part of the loan goes through.The debt restructuring plan covers a Rs.7 billion medium term loan, to be eventually settled by tapping into CEBs monthly collections.rn […]
Worthy Cause
The local business community is joining country musicians from two continents next month, to raise funds for three-rural schools in Hambantota.Back in a new lquote wild west format, Sri Lankas longest-running country and folk music concert hopes to raise Rs.250,000 to build a reading room/library facility in three selected schools.rn rnThe Sunday Times Business Club […]
New Insights
Armed with four of the best, a newcomer research company is preparing to catapult Sri Lanka into 21-century number crunching. Independent Research, the local arm of a recently formed international partnership called Amba Outsourcing, arrived in Sri Lanka in September after checking out possibilities in India, Malaysia and the Philippines.rn rnNow, three months later, the […]