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Small Mercies
The Central Bank said Friday, that inflation measured by the Colombo Consumer Price Index for February dropped 1.1 percent over January to 3423.1.Central Bank said the availability of food items, mainly of upcountry vegetables, led to a drop in Februarys inflation.rn rnThe CCPI is the official measure of price changes within the Colombo Municipality for […]
Buy Laws
Professional services are in the firing line as everyone, from your doctor, to your lawyer to your stockbroker get roped in under a lquote one size fits all Consumer Affairs Authority Act.The new Act in effect is the old Consumer Protection Act, the Control of Prices Act and the Fair Trading Commission Act all rolled […]
Ringing Loud
Dominant telecom operator Sri Lanka Telecom on Thursday, said its net profits picked up by 28 percent for year ending December 31, 2002.SLTs group net profit ended at Rs.2.69 bn, slightly up against previous years earnings of Rs.2.1 bn in 2001. rn rnRevenues were up 15 percent during the period to Rs. 25.4 bn from […]
New Wicket
The Asia Capital Group on Monday disposed its shareholding in its associated company, Capital Alliance Ltd., for Rs. 36 mn.Capital Alliance which specialises in debt market transactions, secured a primary dealer licence last November.rn rnTwo years ago, Asia Capital floated the debt market operation taking up a 20 percent stake for Rs. 20 mn. rn […]
Rough Times
The Central Bank has issued a draft guideline to allow primary dealers to transact in derivative instruments.The guidelines include limits for credit risks and capital adequacy exposures.rn rnThe move comes as market players met on Tuesday to try and activate the local derivative market.rn rnParticipants at a seminar organised by the Primary Dealers Association lamented […]
Penultimate Lap
The government is expected to dispose 20 percent of its ownership held in Commercial Bank through Sri Lanka Insurance Corp. by end next week.Treasury approval has come through for Commercial Bank to buy back 5 percent and the International Finance Corp.s to take up 15 percent of this parcel at Rs. 165 per share.rn rnSEC […]
Debt Exchange
Maldivian conglomerate Universal Enterprises took a 57.16% stake in Mahaweli Reach Hotel, a deal to settle the Hotels dues to DFCC Bank.A rights issue for the shares in January sought to raise Rs. 269 mn, the outstanding amount from a Rs.305 mn loan taken from DFCC in 1994 for refurbishment. rn rnThe rights issue ups […]
New Line Up
Taking a leaf from developed markets, Central Bank is launching its open market operations for the overnight money market next Monday.Open market operations gives the Central Bank more control over the overnight market.rn rnThe bank controls market activity by influencing the short-term rates at which banks borrow or lend depending on whether they have a […]
SWAP Talk
The Primary Dealers Association is meeting industry experts on Tue. to discuss ways to promote interest rates swaps and forward rate agreements.Talks by resource personnel invited by the association will centre on International Swap Dealers Association master agreement, taxation, accounting and documentation issues that prevent these two derivative instruments from flourishing.rn rnThe three-hour brainstorming session […]
Reverse Gear
Sri Lankas 13 bus companies may continue under state control for longer, as attempts to bring in private management steers off course. Industry watchers say plans for a state lead restructuring programme were being touted as a contingency measure in case the Sri Lankan government fails to seal any deals.rn rnIf the state takes up […]