Category: Industry
High Jump
Mobile operator Celltel Lanka signed up for a US$ 21 mn syndicated loan to deploy its network islandwide by August.Under the fifth phase, Celltels GSM network will add 85 new coverage sites and increase present coverage by 250 percent.rn rnldblquote We will have coast to coast coverage, with capacity to add a new switching system […]
Phone Bill
Full year 2003 revenues for SLT gained marginally, dispelling industry forecasts for a drop driven by halved IDD billings, but closed with a 16 per cent fall in net profits. Group net profit was at Rs. 2.38 billion, down from Rs. 2.68 billion in 2002 mainly due to a Rs. 710 million voluntary retirement scheme […]
Lucky Strike
Technically insolvent Peoples Bank, kept its place in the Billionaires Club for the second year running, after providing a hefty Rs. 2.288 bn for bad debts in 2003.The state-run bank, which had its capital wiped off due to past politically motivated loans, saw its net profits jump 54.7 percent to Rs. 1.555 bn over Rs. […]
Lanka Bell stuck in interconnection
The Court of Appeal on Thursday issued an interim order preventing the telecom watchdog from implementing Caller Party Pays (CPP) immediately.A fixed phone subscriber made the petition on the grounds that the regulator had failed to properly evaluate the negative effects of CPP and sufficiently inform the public.rn rnThe petition states that the Telecommunications Regulatory […]
It Stinks!
Although once lucky with SARS and twice lucky so far with the Avian Flu the next outbreak of a new infectious disease could push luck beyond its limits – but at this point Sri Lanka has very little but luck to count on.Sri Lanka is a high-risk candidate for foreign infectious diseases but the countrys […]
Interim Relief
The fresh decision reversed Central Banks earlier ruling to limit NDBs holding in the commercial banking entity to 25 per cent and is an interim measure until Parliament approves the merger. rn rnThe approval is also on condition that NDB will sell off all shares it buys above the 51 percent limit within a year. […]
Coming To Colombo
Sri Lankan aviation authorities have cleared Abu Dhabi based industry newcomer, Etihad Airways to fly daily to Colombo from March 03.Area Manager for Sri Lanka and the Maldives, Kumar de Silva says Etihad will take off with three weekly fights to Colombo with the main stray of initial sales coming from the migrant labour population.rn […]
After Polls
The telecom watchdog says it will decide when to implement a caller party pays (CPP) regime after April 12, 60 days from when it first announced the additional rates fixed-line users would pay to call a mobile. The 60 day time lag to promote public awareness is a licence condition and was earlier set aside […]
Whos The Fool?
A new law to label food items gets activated from April 1, giving traders barely a month to redesign their packaging materials.April is certainly looking to be an eventful month for the local business sector.rn rnOn top of general election mayhem and disruptive New Year work breaks, everyone in the business of putting food on […]
Tripling Over
Hatton National Bank Ltd said Tuesday its full year group profits nearly tripled as it notched gains from its bond portfolio, despite hefty provisioning. Group post-tax profits jumped to Rs.1.571 bn for the year ending Dec.31, 2003, from Rs. 486.976 mn during the corresponding period.rn rnThe bank itself crossed the billion rupee mark for the […]
Bits and Baggage
Waving in traffic from the web, the Tourist Board will try to lure elusive travelers from the US, Canada and Australia, with a portal for online transactions. The three markets together account for just over 40,000 tourists of the half a million that visited the country last year, with no focused promotions in these areas […]
Call Forwarding
The roll out of a free incoming to mobile phones regime is being pushed back once again, this time to allow for greater public awareness. The telecom watchdog on Feb. 12 said the Caller Party Pays (CPP) regime would be effective from March 1, with fixed line users paying up to Rs. 5 more for […]