Category: Industry
Stars For Lotteries
Just before the national lottery is slated to move into private hands the lotteries board is unveiling a new code of behaviour. Officials say the board is going to launch a media campaign warning people against dicing with their last penny.rn rnThe National lotteries board will also stop its agents from selling lotteries to minors.rn […]
Communal Records
The population registry is touted as a first step in implementing e-governance in Sri Lanka and forming an integral part of the e-Lanka initiative. rn rnThe registry will combine state records of the Sri Lankan population now idling in different state departments.rn rnThe database will provide all state departments with ready access to records needed […]
Patience!!
The Central Bank on Thursday responded to the public debate on Pramuka Savings & Development Banks crisis, by saying it will reveal all as the weeks go on.In a lengthy six-page statement, the monetary authorities gave a brief description of its actions since Pramukas licence was cancelled in December 18, 2002.rn rnDespite several warning letters, […]
Wrong Number
Policy makers agreed to come forth with a revised date plan to issue external gateway licences, decided at a stakeholder meeting on Wednesday. rnrnTelecom operators on January 24, united to lobby against the draft External Gateway Operator (EGO) licence citing shortcomings including the lack of access tariffs. rn rnA lack of an interconnection framework also […]
Riding High
DFCC Bank on Thursday secured a SL AA national rating from Fitch Ratings for its implied long-term unsecured senior debt. SL AA long-term rating denotes a very low expectation of credit risk. The rating indicates a very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events, Fitch […]
Double Decker
Peoples Leasing is planning to securitise a further Rs. 500 mn of its bus lease portfolio to ease its maturity mismatch.The new issue comes after the company successfully placed Rs.500 mn last month. rn rnPeoples Leasing has become one of the top five players in the local leasing industry within a short period of six […]
Road Barons
UML will pump around Rs.100 mn into the joint venture, with plans to expand the motorbike marketing venture into local assembly under a second stage, United Motors Lanka Managing Director Anil Wijesinghe told Lanka Business Online.rn rnWijesinghe said the two firms ldblquote have successfully concluded negotiations on entering into a joint venture partnership. dblquotern rnMotor […]
Four Musketeers
A deal finalised on Wednesday will transfer Rohan Pereras 54 percent holding in Pramuka Merchant to a four-man consortium.The paperwork is being processed, say the new shareholders, who plan to hold an emergency meeting in early February.rn rnSources estimate that the consortium put in over Rs. 5 million for the stake and expect a name […]
Timber Scams
Local regulators are taking a hard look at a rise timber investment companies to prevent the public from depositing funds in unlicenced institutions.The move comes after Central Bank on Tuesday for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnAmong the warning list were a few companies that […]
Rich Dividends
The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec.31, 2002.With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday.rn rnDuring the […]
Gambling Ethics
Sri Lankas only two lottery firms are sprucing up their act as the private sector readies to take up the gamble. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs. 6.2 billion at the end […]
Adieu Oberoi
The days of Lanka Oberoi have ended with a payment of US$ 1.5 million by owning company, Asian Hotels to the international hotel chain.Asian Hotel told shareholders on Tuesday that its long-standing dispute with managing company Oberoi Hotels Private Limited would be settled ldblquote in consideration for the payment of US$ 1.5 million. dblquote rn […]