Category:
Question Mark
The Carsons and JKH Groups recent acquisition of Aitken Spence shares in Union Assurance Ltd has got the securities watchdogs attention.The Securities & Exchange Commission says it is looking into the issue as to whether both parties acted in concert and triggered the Takeovers & Mergers code.rn rnPresently, Carsons owns 36.91 percent and JKH owns […]
Changing Gears
The brands owner Watawala Plantations Ltd., the biggest exporter of Ceylon Tea to Malaysia, has held detailed discussions with Sri Lankas High Commissioner designate to that country and former Mrs. World Rosy Senanayake on this initiative. Plans announced this week by Watawala include the setting up of Zesta shops modeled on the prototype at Colombos […]
Coin Jam
Money clogged up due to coin jams in Tritel payphones will go to charity in the provinces they come from, the Maharagama Cancer Hospital the first to benefit. Tritel officials say, since it was impossible to return the money to the people who lost it to the payphone, they have decided to donate it to […]
Rural Rumble
A team of consultants has recommended tough reforms, a more focused regulatory regime and the winding up of co-operative banks with a negative net worth to clean up the rural financial institutions.The report jointly commissioned for the Central Bank and the Asian Development Bank also recommends a stronger regulatory role for the rural financial sector.rn […]
Acting Against Pirates
A new Act to strengthen Property Rights covering all areas in Intellectual Property from patent rights to trade marks is coming into force this month. Hundreds of retail outlets selling pirated computer software and music could disappear overnight if the full force of the law is used.rn rnToday from adventures in cyberspace at the click […]
Making Of A King
Consumer protection has been a concern of every administration but analysts say that Sri Lankan consumers are far from being kings. A new Act is trying to put the consumer on top, suing professionals and traders in the process.But analysts warn that over-regulation may put off the private sector and worse still, potential foreign investors.rn […]
Clean Break
Conglomerate Aitken Spence Ltd on Tuesday disposed its equity stake in Union Assurance Ltd.The sale comes after Aitken Spence bought into Sri Lanka Insurance Corp. recently, through a consortium led by the Distilleries Company.rn rnUALs existing shareholders, the Carsons Group and John Keells Holdings Group picked up Aitken Spences parcel.rn rnAccordingly JKH raises its stake […]
Buying Online
External Gateway Operators (EGO) registered by Tuesday (May13) will qualify to bid at the first online short code auction scheduled for May 21 or 22.E-W Information Systems, contracted to design and conduct the auction over the internet say EGOs who register with the telecom regulator will choose upto five short codes two hours before the […]
Spare Shop
In an industry with annual billings of over Rs. 300 mn, TVS Lanka wants to drive out the market for fake motor vehicle spare parts.rnThe spare parts industry grows at an annual rate of 20 per cent, while fake parts sales account for an estimated 40 per cent of the market.rn rnIncreasing awareness and an […]
Air Pocket
The government is to re-tender for private investors to manage Sri Lankas Air traffic, after discussions with tech giant Lockheed Martin, fell through.The company had already made a preliminary bid last year, to manage Sri Lankas upper airspace, with negotiations on its way to a firm commitment.rn rnBut a top-level government policy decision pulled the […]
Looking Pretty
National Development Bank said its first quarter profits rose 58% to Rs. 225.9 mn due prevailing low interest rates and capital gains.Interest expense during the period rose to Rs. 643.6 mn, while equity income went up 38% to Rs. 115.4 mn.rn rnThe bank provided Rs. 149.2 mn for possible credit losses, while the VAT on […]
Call Box
Sri Lanka Telecom is seeking approval for an all inclusive rental package for its low usage customers. The package will include the monthly rental and a fixed number of call minutes, with an additional charge for extra minutes. rn rnThe packaged deal is part of SLTs revised tariff rebalancing proposal pending regulator approval.rn rnRetail customers […]