The Sunday Leader

Raj sells out

Raj Rajaratnam

Raj Rajaratnam

Sri Lankan born but U.S. based billionaire fund manager Raj Rajaratnam who is under investigations for alleged insider trading has all but sold out his holdings in Sri Lanka.
Rajaratnam who was having those investments under his Galleon Fund has sold out his holdings in H.N.B. in which he originally had seven million shares, whilst bringing down his stock of shares in Commercial Bank from five million to 600,000; and exiting from D.F.C.C. in which he originally had 12 million shares and also from N.D.B., the sources said.

What he has of worth at present is 8% of J.K.H. which he has under his own name, they said. Further second tier stocks such as Ceylon Leather products (which also Rajaratnam sold out recently) and Confifi Hotels are held on his behalf by a local stock broking firm, the sources said.

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Inflation up 100%

Inflation, as measured by the point to point month on month change of the Colombo Consumers’ Price Index increased by 100% to 2.8% last month.

Rising inflation coupled with seasonal demand pressure and investors wanting to book year-end profits caused weighted average yields (w.a.y.s) to rise at Wednesday’s primary Treasury (T) Bill auction, market sources told The Sunday Leader.

As a result w.a.y.s of 91, 182 and 364 day T Bills rose by 15 and nine basis points each to 7.40, 8.42% and 9.26% respectively, week on week at that auction. Market sources further said that trading in the Government Securities secondary market was slack on Thursday.

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Making money

Milinda

Milinda

Shops in and around the Hulftsdorp court complex are making good money from litigants by charging them Rs. 25 for keeping their mobile phones.

Litigants are not allowed to take their mobile phones into the court complex, not even an umbrella is allowed in. A litigant, other than himself, is allowed only to carry files into the complex. No other belonging is allowed in.

If the Justice Ministry can take a cue from those shopkeepers, this money could be diverted to their coffers instead, by opening a counter to keep those phones and other belongings of litigants for such a fee. Over to Minister Milinda Moragoda.

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Take Off Delayed

The economy will kick start only in the third quarter of next year and after the end of two major elections.

A senior executive of a multi-billion rupee company dealing in a.t.m.s. and credit cards told this reporter that with a Presidential election next month, followed by a general election a few months later, he therefore expected the economy to take-off only after the end of those elections.

“We expect business to pick up in third quarter 2010,” he added.

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Co., feels pinch

A multi-billion rupee family owned I.T. focused “hardware” company catering to the financial services industry has seen sales plummet due to the economic downturn.
A.t.m. sales which used to previously average around 100 annually has since dropped to between 50 and 70, a spokesman for D.M.S. told The Sunday Leader.

Agents for Diebold a.t.m.s, the source said that they have had installed over 2,000 a.t.m.s covering several players in the banking industry since their foray into the market with Sampath Bank in 1989.

The source alleged that they have a 40% share in this sector, with its rivals Nixdorf Germany and N.C.R. U.S.A.  taking the rest.

D.M.S.,  a company controlled by the Ratnatunge family, has as its principal shareholders Chairman & Managing Director Ruwan Ratnatunga an I.T. professional and brother Janek, an accountant based in Australia.

D.M.S. is also the agent for DATACARD U.S.A., allegedly the global leader in the manufacture of credit cards and s.i.m. cards. These two agencies are the primary contributors to D.M.S.’ topline.

The a.t.m.s that they vendor can take cash deposits deposited without the traditional envelope.

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