Category: Industry
House Hunt
Nivasie Developers on Wednesday released plans to build 95 upper end homes in its Ja Ela site under phase two of its Nivasiepura housing project. Following the trends in the industry, Marketing Manager Panduka Weerasingha says the concept at the Nest is designed to offer a planed and private neighborhood.rn rnSetting it apart however, Weerasingha […]
Show & Tell
In a bid to lower lending rates further, the government is asking banks to publish a breakdown of their loan volumes by interest rates.ldblquote Commercial banks are being directed to publish a breakdown of their lending rates by the interest charged, dblquote Industries Policy Minister G L Pieris told a media briefing this week.rn rnldblquote […]
Sweet Music
Telecom operator Suntel has posted a 451 percent growth in net profits for the first six months of this year, largely aided by a gradual drop in interest rates.The countrys second wireless operator said its net profits topped Rs.193 mn as against Rs. 35 mn reported in 2002.rn rnBut revenues dipped 2.7 percent to Rs. […]
Spruced Up
Hoteliers in once conflict areas of the north and east can apply for low cost funding of up to Rs. 50 mn to refurbish properties damaged at the height of war.rnrn ldblquote We are processing the applications, but five hotels in the East have already received the low interest loans dblquote , Tourism Minister Gamini […]
Auditing Auditors
A top-level committee to evaluate the role of auditors has suggested that accounting firms not take up any non-audit services and also opt for compulsory rotation every three years.The committee comprising members from the Securities & Exchange Commission (SEC), Sri Lanka Accounting & Auditing Standards Monitoring Board, the Central Bank, the Auditor Generals Dept., bankers […]
Laying Bricks
State housing finance giant HDFC plans to start offering pawning services to allow customers to take out housing loans.Loans linked to its pawning schemes will be priced at 15 percent, significantly lower than the market average of 18 percent.rn rn”Customers will be only allowed to use the funds for housing loans and not for private […]
Safe Bet
Mercantile Leasing Ltd has raised Rs. 102.2 mn from the market by securitising its future cash flows.The four-year paper was priced at two percent above the one-year treasury bill rate and snapped up by a fund management company.rn rnThe issue was structured and placed jointly by Capital Alliance Ltd and National Wealth Corp.rn rnDeutsche Bank […]
Buzzing Out
Dialog GSM will double its network capacity in the Western Province by the year end when its 1800 GHz network is fully deployed. The network being installed at a cost of US$ 10 million, will give Dialog the urgently needed capacity to service its over 500,000 strong customer base in Colombo and make room for […]
Not Genuine
Pramuka Depositors have protested to the Monetary Board that no genuine effort is being made to restructure the failed bank and demanded that immediate positive action be taken.Depositors writing through their attorney said Central Bank is still not giving sufficient information to come up with a new restructuring proposal.rn rn”I am instructed to state that […]
Fired Up
The Samurdhi movement came under fire for being over politicised and for its mediocre track record by a committee set up to review public institutions.But Samurdhi Director General Sunil Navaratne says the authority is being restructured with performance related targets being set to both employees and bank branches.rn rnPerformance will be judged on the sole […]
Courtship Warms Up
Conglomerate John Keells is talking to potential partners to join their bid for an equity stake and management of Peoples Bank.John Keells Holdings Chairman Vivendra Lintotawela told LBR they are talking to a few international players about joining them as a technical partner.rn rnThe foreign partner could also take an equity stake according to the […]
New Birth
Sri Lankas second rating agency, Lanka Ratings is expecting to start operations in late October.Ceylinco Group owns a controlling 51% stake in the company, which is a joint venture with Rating Agency Malaysia (RAM).rn rnRAM officials say a number of safeguards are in place to ensure that rating decisions are independent.rn rnldblquote The shareholders have […]