Category: Industry
Next Leap
Cellular operator Mobitel plans to triple its customer base with the launch of digital services from next month.The Mobile operator has already got the nod from its parent SLT to rise up to US$ 50 mn in the capital market for the expansion.rn rnThe roll out is to be backed by a corporate guarantee by […]
Sampath-DMS Tie Up
Improving levels of income and access to technology is expected to push up demand for e-commerce payment gateways services.Sampath Bank, which is banking on the demand for payment gateway services, signed an agreement with DMS for a state of the art system recently.rn rnldblquote Sri Lanka has about 3, 00,000 credit cards. Singapore has a […]
On The Edge
Peoples Bank is waiting for a fresh lquote letter of comfort from the Treasury to sign off its 2002 financial statements.The Treasury last issued the letter on April 3 2002, but subsequently withdrew it, with the hope of finding fresh investors for Peoples Bank.rn rnThe bank has halved its Rs. 6 bn negative networth, after […]
Twisted Pair
Sri Lanka Telecoms (SLT) Japanese stakeholder NTT Communication says the government has violated is shareholders agreement by allowing new players into the international voice market.In a letter to the Mass Communications Ministrys Secretary on Friday, NTT says its fresh agreement with the government signed in November 2002 gave assurances that ldblquote no licences shall be […]
Cash Connect
New interconnection rules came into effect on Friday, setting the ground work for external gateway operators to negotiate network access. rnrnrnrnrnrnrnNew Page 1rn rnrnrnrnrn The Telecommunication Regulatory Commission (TRC) on Monday rnissued the first batch of 21 External Gateway Operator (EGO) licences. rn rn EGOs are required to negotiate interconnection rates, rnpermission to terminate
Final Call
Sri Lanka Telecom is moving towards a two-tier tariff band to encourage people to talk more and pay less.The proposal forms part of its bigger plan for a 15 percent overall tariff increase.rn rnThe telecom giant submitted its fifth and final tariff-rebalancing proposal to the Telecommunications Regulatory Commission (TRC) last July.rn rnSLT also wants the […]
Moving On
Mobitel will install a 200,000 line island wide GSM network by August, the first stage in its migration from its existing TDMA backbone. The migration could see mobile tapping the local financial market to raise the US $ 50 million it requires for the infrastructure project.rn rn”We are still evaluating sources of funding and raising […]
Last Round
A top IFC official who is on a routine visit to Sri Lanka, signed the deal this evening.rn rnUnder the agreement, IFCs will be represented on Commercial Banks board by a single board seat.rn rnCommercial Bank will also buy back 5 percent of its shares held by SLIC to start an employee share trust.rn rnBoth […]
Riding High
Citibank NA Sri Lanka branch topped the honours list by securing a SL AAA (Triple A) national rating from Fitch Ratings Lank for its implied unsecured senior debt.This is the first time a local bank has secured a Triple A rating from Fitch Ratings Lanka (FRL).rn rnldblquote A Triple A rating means we are resilient […]
High Jump
Commercial Bank of Ceylon Ltd on Wednesday notched a 25 percent profit growth and said it was taking a bold step to move towards triple bottomline reporting.Sri Lankas most profitable private bank said its turnover topped Rs. 8.1 bn, and post tax profits clocked in Rs. 1.3 bn during the period under review.rn rnldblquote We […]
Oil Shock
SriLankan Airlines has sought Civil Aviation Authority approval to raise outbound airfares by US$ 5 per sector.The airline has sought the increase, as fuel prices have shot up by 10 percent to 12 percent over the past three-months due to Middle East tension.rn rnldblquote This is not a decision we took on our own. We […]
Hurry up
Pramuka Bank Stakeholders Association is urging Central Bank to quickly give the information required by Janashakthi Capital for their restructure proposal, before the firm loses interest.ldblquote The more the Central Bank delays, the more difficult it will be to do anything, dblquote says Stakeholders Association President Sunimal Dabrera. ldblquote These people may also lose interest. […]