Category:
Derivative Drive
The top level Financial Reforms Committee is looking at ways to promote derivative instruments in Sri Lanka.The committee has appointed debt market specialist Mangala Boyagoda, CEO of Standard Chartered Bank, to look at the legal gaps holding firms back from using derivative instruments.rn rnA derivative is a contract between two parties to buy or sell […]
Bridging The Gap
For centuries people of India and Sri Lanka have used the Palk Strait as a channel of transportation of goods and services. The economies of the two landmasses have gained immensely.But who would have expected this legendary Hanumantha (Or Hanuman) sea link to become a reality. rn rnThe two governments are drawing up a plan […]
Commercial Drive
Savings banking giant NSB has sought approval for more commercial lending in an attempt to broad-base its mammoth deposits. rn rnThe bank has sought changes to its Act through the financial reforms committee to enable them to lend more to private sector companies.rn rnAbout eighty two percent of the bank quote s Rs. 125 bn […]
‘e9
In a bid to get a competitive edge Lanka Bell has tied up with Harris Corporation of USA to bring in a High-end wireless broadband network. Forty data links have already been installed.rn rnLanka Bell plans on providing this technology to residential customers as well.rn rnBellnet is expanding with a Cyber Caf’e9, which will open […]
Donor Prop Up
The World Bank will offer a loan to prop up the government budget next year.rn rnThe poverty reduction support credit will come on the back of the proposed growth facility loan currently being negotiated with the IMF.rn rnUnlike a program loan the PRSC funds will go towards financing the budget. rn rnThe government and the […]
Fund Raising
Lead managers for the governments dollar raising exercise plan to tap the American and Europe markets in about ten days time. Deutsche Bank and UBS Warburg on Tuesday, won the mandate to raise US$ 100 mn through a five-year floating rate note.rn rnThe investment banks have the option of raising a further US$ 100 mn […]
Legal Hunt
The top level Financial Reforms committee is looking at ways to support derivative laws in Sri Lanka.The committee has appointed top debt market specialist Mangala Boyagoda, Chief Executive of Standard Chartered Bank, to look at the gaps that quote s holding firms back from using derivative instruments.rn rnA derivative is a contract between two parties […]
Habib Bank moves out
Habib Bank AG Zurich was formally taken over by Hatton National Bank recently.rn rnAcquisition of Habib bank quote s assets of over 2 billion rupees has strengthened HNB quote s balance sheet of over 100 billion rupeesrn rnInternational banks are moving out to concentrate on familiar markets closer to home. rn rnldblquote Strategic decision taken […]
Tea (Pvt) Ltd
Moves to set up an Export Marketing Council for the tea industry is underway that will take over Tea Board promotions and include officials from the Export Development Board, the Board of Investment and the new Tourism Bureau.The proposed council will take over all promotional work currently carried out by the Tea Board, working hand […]
SLT Indian connection
Sri Lanka Telecom tied up with Indian Telecommunications company Bharti Telesonic to channel overseas traffic between the two countries.The direct link from Colombo to Chennai provides higher bandwidth and a better service for customers.rn rnSLT also expects its revenues to soar as a result of the deal.rn rnldblquote There are well over 2 billion minutes […]
Donors For Rehab
Government is seeking donor assistance to resettle displaced people in the war-affected regions to establish normalcy and help the peace process.rn rnDespite the risks, bilateral and multilateral donors are also lining up to lend for reconstruction in the North and East provinces.rn rnSome institutions like the World Bank are taking a fresh approach to identify […]
Flat Roofs
The government plans to offer subsidies to promote low and middle-income houses through the November budget.rn rnState pension funds are talking to specialised housing banks like State Mortgage and Investment Bank and Housing Development Finance Corp. to lend around Rs. 150 mn at concessionary terms. rn rnSources said the Employees Provident Fund plans to lend […]