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Downgraded
The downgrading comes on the top of a planned medium term debenture by the group as exclusively reported by LBR recently.rn rnFitch says that the rating cut comes in the wake of higher leverage levels due to acquisitions.rn rnJKH group recently acquired a ninety percent stake in the bunkering Lanka marine services company.rn rnThe group […]
Dollar Hunt
Leading global investment banks have shown interest in raising 350 million dollars for the government in the international financial markets.The Central Bank, which requested for proposals form potential lead arrangers, said that nine parties had responded by Friday evening.rn rnThe proposals will go before an evaluation committee, which is expected to announce a shortlist within […]
Taking Tension Out Of Pension
Mr. Sumanasara, like most contributors to the mandatory provident fund, he has no idea how much the ETF makes by investing his contribution.rn rnThe interest they pay annually has fluctuated between 7 to 14 percent over the last five years. Members however have little information on the actual return of the fund.A large part of […]
Eagle Car Protect
Insurance companies are now starting to segment the market to provide targeted products to customers.rn rnEagle insurance recently launched a car insurance scheme targeted at the luxury car segment.rn rnThe company says niche market insurance products can be very profitable for insurers. rn rnldblquote We found that we have nearly 250,000 cars in Sri Lanka […]
Fresh Look
The Act will be brought in line Basle requirements and international best practices.rn rnThe Banking Law governs commercial and specialized banks.rn rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn rnThe amendments will give the Central Bank the power to […]
Tinkering With Monetary Laws
The amended Monetary Law will refocus the Central Bank to key objectives of economic, price and the financial system stability. The Central Bank presently handles activities like Exchange Control, the Employees Provident Fund and public debt.rn rnEconomists say that these functions are not performed by Central Banks in the modern world and could be in […]
IDD Getting Cheaper
At the moment, high termination rates for incoming calls gave the sole gateway operator – Sri Lanka Telecom – massive revenues.rn rnThis gave an incentive to other operators to smuggle incoming calls and get a piece of the pie.rn rnOffering gateways to all operators and the determination of interconnect rates by the regulator is expected […]
Mega Zones Coming
The Industries Ministry says that roads dedicated for factories and associated infrastructure like housing and recreation would be set up all over the island.rn rnThe first of these roads will be developed in line with a mega industrial exhibition in the Southern Province next year.rn rnldblquote They can have their swimming pools residential accommodation for […]
Raising Dollars
Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrnCentral Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn rnThe issue will carry a minimum tenure of five years […]
Sailing Online
ldblquote e-Marine quote allows Eagle quote s customers to access their marine insurance documents over the internet, discarding the need for the movement of paper documents.rn rnEagle Insurance officials believe anywhere access of the policy would streamline documentation and save time for the shipping industry. rn rnHowever, only customers with an open cover agreement with […]
Smoke Screen
Cleaning up its bad boy image, Ceylon Tobacco Company (CTC) is sponsoring regional IT training centers to enrich rural youth with computer skills.
Dial 10
The change is intended to accommodate more phone numbers to feed the growing demand for telephone and data services.rn rnThe Telecommunications Regulatory Commission (TRC) has set May 1 as the deadline for telecommunication service providers to make the change. rn rnSri Lanka Telecom (SLT) will make the first switch over before the end of the […]