Category:
Cut The Cut Throats
Telecom watchdog – the Telecommunication Regulatory Commission (TRC) – is getting advice on identifying and handling dominant players, which is key to effective competition in the industry.Singapore based Spectrum Strategy Consultants have been picked to help the TRC formulate a set of guidelines for the purpose also expected to help in regulating anti competitive behavior.rn […]
Counting Pennies
Private sector credit demand has been on an upward trajectory this year, with the Central Bank expecting year-end growth to hit 16 percent.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbank on Friday cut its key short-term interest rates by 75 basis points, tornprovide better lending opportunities to the private sector.rn The overnight repurchase rate or the reversernrepo, was cut […]
Tax Free
Asian Hotels will merge with fully owned subsidiary Crescat Developments (CDL) to take up recent tax relief offered to help under performing industries. The government in March offered the concessions for companies to merge with non-performing industries.rn rnThe merger will give the two firms an additional three year tax holiday and customs duty and exchange […]
Fresh Cuppa
The ultimate goal of being a leading international brand has brought a new entrant to the local tea marketing fraternity – J V Gokal Ceylon, the Indo-Lanka BOI venture of J V Gokal & Company India will commence tea bagging operations in September. Initially packing a country origin tea, the firm will develop a full […]
Two More
In line with the national numbering plan, Sri Lanka Telecoms Colombo Metro subscriber base whose numbers begin with 3,4,5,6,7,8 and 9.The six digit phone numbers within the Colombo Metro switching areas will add the number two before the present number.rn rnThe change will be effective from August 16.rn rnThe transformation is the next phase of […]
Steep Drop
The Central Bank cut its key short-term discount rates by 75 basis points on Friday after its monthly monetary policy meeting on Thursday evening.The overnight repurchase rate or repo rate was lowered to 7.5 percent, while the reverse repurchase rate or reverse repo was reduced to 9.5 percent. rn rnThe bank last reduced the rates […]
Weight Watching
Peoples Bank is talking to investors to sell off two of its subsidiaries, as part of its ongoing restructuring programme.Sri Lankas largest state-bank has opted to move out of Peoples Merchant Bank (PMB) and Peoples Venture Investment Co.(PVIC).rn rnTop officials say a serious buyer for its merchant banking business has not been identified yet.rn rnThe […]
Big Appetite
Peoples Leasing Company (PLC) is looking to strengthen its top position in the leasing market, with an ambitious plan to penetrate deeper into the growing operating lease segment.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Inrnthe absence of cheap pools of funds to draw on, the leasing giant is alsorntapping the local capital markets to borrow against their cashflows, usingrnsecuritised […]
Gilt Strip
The Central Bank will look at the possibility of permitting gilt stripping after the RTGS and scripless securities settlement system is up and running, opening up the possibility of making long-term bonds more liquid.ldblquote We will look again at coupon stripping after dealers have got familiar with the system, dblquote Deputy Governor W. A. Wijewardene […]
Real Late
Scripless trading of government bonds is likely to be delayed till October after a delay in pushing through legal changes.The Registered Stock and Securities Ordinance which was originally scheduled to have been changed in time for scripless trading to start in on September 09, failed to receive cabinet approval in time.rn rnldblquote But the Real […]
Still falling
Long term bond yields fell again at this weeks auction, with the Rs 2000 mn issue being oversubscribed around three times.The weighted average ten-year yield fell to 7.71% (48 basis below January auction) and 15-year yield fell to 7.63% (down 145 basis points).rn rnThe secondary market was already trading around these levels, with traders having […]
Pocket Banking
Celltel subscribers who bank with Sampath Bank can virtually carry their bank in their pockets, through an innovative SMS-based facility launched this week.Cell Banking SMS is an advanced, secure mobile communications link provided to all Celltel GSM users jointly by Celltel and Sampath Bank, to provide an instant real-time transaction facility that can be activated […]