Category: Industry
Staying Afloat
The Colombo South Harbour project will set sail in January 2003 when consultants to draw detailed engineering plans are appointed. Sri Lanka Ports Authority Chairman, Parakrama Dissanayake told Lanka Business Online that details of the short listed candidate were submitted to the Asian Development Bank (ADB) for its approval prior to cabinet endorsement.rn rnA US$ […]
Changing Caps
Pramuka Savings & Development Bank plans to set up a special internal audit team, after its Chairman Rohan Perera stepped down following a Board Meeting late Tuesday.rn rnThe board has appointed existing Director Udaya Nanayakkara as Chairman, but it is not clear whether Mr. Perera remains as President and CEO of the bank troubled bank.rn […]
Smooth Ride
Businessmen Rajah Mahendra Nanayakkara and his company Ishara Traders has acquired controlling stake of Lanka Orix Leasing Co.(LOLC) at the close of a voluntary offer.rn rnRegistrars to the offer SSP Corporate Services said Nanayakkara has bought up a further 23.35 percent from Powick Finance Ltd.at Rs. 52 per share. Ishara Traders now control a little […]
Double Digits
The Telecommunications Regulatory Commission (TRC) says it is on track to implementing the Caller Party Pays (CPP) regime in January 2003. The process will scrap all charges for incoming calls on mobile phones, by transferring the cost to the party originating the call.rn rnThe TRC however promises that charges to call mobile phone would not […]
Bigger Steps
The Seylan Merchant Bank (SMB) Group has reported a healthy growth in profits for the nine months ending September 30, 2002, compared to the corresponding period of last year. rnrnIn results released this week, the SMB group reported a pre-tax profit of Rs 7.1 million, a growth of 116 percent compared to the loss of […]
Free Flow
But the mobile and fixed line operators say the deadline cannot be implemented since the telecom watchdog has yet to finalise the interconnection rates.rn rnMobile operators will also have to increase their network capacity to deal with a possible influx of incoming calls.rn rnIndustry sources say the implementation date may be pushed forward to next […]
Cleaning Up
State-run Bank of Ceylon has opted to wind up two of its less profitable overseas branches as part of a strategy to concentrate on core business.rn rnOperations in Kathmandu were closed down recently, while the Karachchi office will cease early next year, top officials said.rn rnHowever, Bank of Ceylon will continue its presence in the […]
Close Scrutiny
The Technical Evaluation Committee under the cabinet appointed tender board quote s supervision has begun evaluating final bids for the Sri Lanka Insurance Corp.sale, PERC said Monday.rn rnThe government plans to dispose 90 percent of its stake in the insurance giant later this month.rn rnThe competitive sales process for SLIC began in July, but the […]
Hard Bite
Central Bank has recommended the strengthening of foreclosure laws to fix the bad debt problems in local banks.rn rnParate laws, which allow banks to auction off properties pledged against loans are to be strengthened.rn rnThe scope of the Parate laws will also be extended to cover finance companies and specialised banks.rn rnThe amendments to the […]
Destination Sri Lanka
Government is putting together US$ 4 mn to promote Sri Lanka as a tourism destination.A fund of US$ 1 mn to develop professionalism in the tourism industry is also on the cards.rn rnThis was revealed at the launch of the Sri Lanka Association of Tourism and Travel an umbrella organization for the leisure sector.rn rnldblquote […]
Rajas Play
The managers to the Sri Lanka Telecom IPO confirmed that the issue was oversubscribed and that the offer would close at 4.30 on Friday, one day after it opened.Sources close to the issue say Raj Rajaratnam and his associates took up a kings share of the SLT issue, pushing it over the offer limit.rn rnThis […]
Taxing Banks
The banking sector is planning to pass down a 10 percent Value Added Tax imposed on it from next year.rn rnLending rates are expected to go up proportionately when the tax is charged on the net profit and employee related expenditure. rn rnBut, the question troubling most borrowers is how much additional interest will they […]