Category:
Last Round
A top IFC official who is on a routine visit to Sri Lanka, signed the deal this evening.rn rnUnder the agreement, IFCs will be represented on Commercial Banks board by a single board seat.rn rnCommercial Bank will also buy back 5 percent of its shares held by SLIC to start an employee share trust.rn rnBoth […]
Moving On
Mobitel will install a 200,000 line island wide GSM network by August, the first stage in its migration from its existing TDMA backbone. The migration could see mobile tapping the local financial market to raise the US $ 50 million it requires for the infrastructure project.rn rn”We are still evaluating sources of funding and raising […]
Final Call
Sri Lanka Telecom is moving towards a two-tier tariff band to encourage people to talk more and pay less.The proposal forms part of its bigger plan for a 15 percent overall tariff increase.rn rnThe telecom giant submitted its fifth and final tariff-rebalancing proposal to the Telecommunications Regulatory Commission (TRC) last July.rn rnSLT also wants the […]
High Jump
Commercial Bank of Ceylon Ltd on Wednesday notched a 25 percent profit growth and said it was taking a bold step to move towards triple bottomline reporting.Sri Lankas most profitable private bank said its turnover topped Rs. 8.1 bn, and post tax profits clocked in Rs. 1.3 bn during the period under review.rn rnldblquote We […]
Riding High
Citibank NA Sri Lanka branch topped the honours list by securing a SL AAA (Triple A) national rating from Fitch Ratings Lank for its implied unsecured senior debt.This is the first time a local bank has secured a Triple A rating from Fitch Ratings Lanka (FRL).rn rnldblquote A Triple A rating means we are resilient […]
New Bud
A strategy to expand its investment options will see Amana Investments venturing into the tea brokering business shortly.Amana will hold a 55 per cent stake in the Rs. 15 million venture, with six other investors taking up the balance shareholding.The new firm endash Tea Commodity Brokers endash opens shop in early July and will tap […]
Dud Ball
Professional service sectors are trying to drum up support to push for amendments that will re-define the scope of the new Consumer Affairs Authority Act. rnrnPassed in Parliament in January, the Act has been heavily criticised for making a sweeping generalisation of controls available for all services as well as traders.rn rnThe Act was hauled […]
Oil Shock
SriLankan Airlines has sought Civil Aviation Authority approval to raise outbound airfares by US$ 5 per sector.The airline has sought the increase, as fuel prices have shot up by 10 percent to 12 percent over the past three-months due to Middle East tension.rn rnldblquote This is not a decision we took on our own. We […]
Hurry up
Pramuka Bank Stakeholders Association is urging Central Bank to quickly give the information required by Janashakthi Capital for their restructure proposal, before the firm loses interest.ldblquote The more the Central Bank delays, the more difficult it will be to do anything, dblquote says Stakeholders Association President Sunimal Dabrera. ldblquote These people may also lose interest. […]
Smooth Run
The Central Bank quote s new money market auction started off on Monday, with the bank offering and accepted bids for Rs. 6 bn at 9.26 percent.Earlier, dealers had put in bids worth Rs.13.4 bn.rn rnThe market is flushed with Rs. 13.6 bn in excess liquidity, and dealers were expecting the bank to auction the […]
Getting Bigger
Ceylinco Life, Sri Lankas largest private insurer, has ended the year with a record Rs 2.360 bn in premium income.Figures released this week show that the company continued to outperform its closest rival by more than Rs.500 mn in terms of premium income, the firm said in a release on Monday.rn rnThe firms Life Fund […]
Waiting Room
Twenty one applicants vying to get into the external gateway operations industry got their licences today, including network operators Suntel, Lanka Bell, Dialog, Hutchison and Celtell.However, non network operators will have to wait till May 2003 to commence full operation, when the telecom regulator hopes to auction short codes – four digit numbers that will […]