Category:
Interim Relief
The fresh decision reversed Central Banks earlier ruling to limit NDBs holding in the commercial banking entity to 25 per cent and is an interim measure until Parliament approves the merger. rn rnThe approval is also on condition that NDB will sell off all shares it buys above the 51 percent limit within a year. […]
Lucky Strike
Technically insolvent Peoples Bank, kept its place in the Billionaires Club for the second year running, after providing a hefty Rs. 2.288 bn for bad debts in 2003.The state-run bank, which had its capital wiped off due to past politically motivated loans, saw its net profits jump 54.7 percent to Rs. 1.555 bn over Rs. […]
It Stinks!
Although once lucky with SARS and twice lucky so far with the Avian Flu the next outbreak of a new infectious disease could push luck beyond its limits – but at this point Sri Lanka has very little but luck to count on.Sri Lanka is a high-risk candidate for foreign infectious diseases but the countrys […]
Lanka Bell stuck in interconnection
The Court of Appeal on Thursday issued an interim order preventing the telecom watchdog from implementing Caller Party Pays (CPP) immediately.A fixed phone subscriber made the petition on the grounds that the regulator had failed to properly evaluate the negative effects of CPP and sufficiently inform the public.rn rnThe petition states that the Telecommunications Regulatory […]
Adding Up
Industrial and agro exports claimed higher prices in 2003 compared to the prices for imports, shifting the terms of trade in Sri Lankas favour. The trend however did little to contain the trade deficit rising to US$ 1.54 billion for the full year in 2003, US$ 133 million over the 2002 deficit.rn rnCentral Banks said […]
Wide Choice
The Colombo Stock Exchanges debt trading system officially goes live next Wed. giving investors an opportunity to electronically trade in government treasuries and corporate debt paper.Investors can trade through specialised debt dealers; Capital Alliance, NatWealth Corp., and Seylan Merchant Bank, or 15 stockbrokers, the CSE said Wednesday.rn rnDeveloped by Millennium Information Technologies, the top-of-the-range trading […]
Big Squeeze
LB Finance is tapping the capital markets to raise Rs. 200 mn by securitising its Rs. 1.1 bn leasing portfolio.The 33-year old company secures nearly 70 percent of its revenues by offering leasing facilities endash mainly to the vehicle segment.rn rnThe firm says its Rs. 2.0 bn deposit base, is hard pressed to feed its […]
Coming To Colombo
Sri Lankan aviation authorities have cleared Abu Dhabi based industry newcomer, Etihad Airways to fly daily to Colombo from March 03.Area Manager for Sri Lanka and the Maldives, Kumar de Silva says Etihad will take off with three weekly fights to Colombo with the main stray of initial sales coming from the migrant labour population.rn […]
Whos The Fool?
A new law to label food items gets activated from April 1, giving traders barely a month to redesign their packaging materials.April is certainly looking to be an eventful month for the local business sector.rn rnOn top of general election mayhem and disruptive New Year work breaks, everyone in the business of putting food on […]
After Polls
The telecom watchdog says it will decide when to implement a caller party pays (CPP) regime after April 12, 60 days from when it first announced the additional rates fixed-line users would pay to call a mobile. The 60 day time lag to promote public awareness is a licence condition and was earlier set aside […]
Tripling Over
Hatton National Bank Ltd said Tuesday its full year group profits nearly tripled as it notched gains from its bond portfolio, despite hefty provisioning. Group post-tax profits jumped to Rs.1.571 bn for the year ending Dec.31, 2003, from Rs. 486.976 mn during the corresponding period.rn rnThe bank itself crossed the billion rupee mark for the […]
Bits and Baggage
Waving in traffic from the web, the Tourist Board will try to lure elusive travelers from the US, Canada and Australia, with a portal for online transactions. The three markets together account for just over 40,000 tourists of the half a million that visited the country last year, with no focused promotions in these areas […]