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Foreign Call
Indian IT services giant Videsh Sanchara Nigam Ltd (VSNL) is finalising its service offer for Sri Lanka, with initial plans to push out an international calling card by August. Separate cards for calling Sri Lanka and to call out of the island is planned, VSNL sources told LBO on Friday.rn rnVSNL is currently procuring an […]
Bussing It
An action plan to re-haul bus transport and enforce regulation on a decentralised, largely out-of-control sector, is being rolled out by the National Transport Commission over the next few weeks.ldblquote Buses are a Rs. 30 bn industry and a very large component doesnt have the management and the regulation that it deserves dblquote , Chairman […]
On Loan
The External Resources Dept., is negotiating with Japanese funding agencies for a fresh US$ 85 mn credit line for the small and medium scale industry. If approved the Japan Bank of International Cooperation (JBIC) will replace the US$ 65 ADB credit line now fully utilized by the Sahanya low interest-lending scheme. rn rnThe ADB facility […]
Comfort Zone
Seylan Bank has secured an A-(sri) national rating for its long-term senior debt from Fitch Ratings Lanka.At the sametime, Fitch has also given Seylans outstanding subordinate debentures a BBB+ (sri) rating.rn rnIn term of priority, deposit holders and senior debt obligations are ranked higher than subordinated debentures. Though debenture holders rank above preference and ordinary […]
Drinking Poison
As traditional farming methods are lost to chemical fertilizer dumping in Sri Lanka, its people are paying with their lives. Over use of chemical fertilizer and pesticide is poisoning the waterbed.LBO goes on a field trip to the Kalpitiya Peninsula which houses Sri Lankas largest shallow water reserve.Forty-three year old J Sundaralingam, a cabbage farmer […]
Open Minds
Human resource (HR) personnel need to come out of the box and integrate more to improve corporate performance, says three of Sri Lankas leading businessmen. The CEOs were addressing HR personnel at the National HR Conference organised by the Institute of Personnel Management (IPM).rn rnThe CEO Forum comprising Hill, Omar and Amarasuriya agrees that HR […]
Bond 002
After a two-year hiatus, the government is tapping the international debt market to raise US$ 250 mn, to bridge the budget deficit.The Sri Lanka Development Bond issue will once again hit the limelight in July when the Central Bank re-issues US$ 91.5 mn worth of paper and US$ 158.5 mn in new issues.rn rnldblquote The […]
Flat
Treasury Bill rates remained flat at Wednesdays auction due to excess liquidity in the money market and a steady outlook for short-term interest rates.The Central Bank offered and accepted bids for Rs.8,238 mn, though the auction was oversubscribed with Rs.16,808 mn worth of offers.rn rnTreasury rates for three, six, and one-year remained flat at 7.79 […]
Very Bad
Central Bank on Wednesday issued a fresh warning against unauthorised deposit taking, as the public continued to chase after higher return for their savings. The top financial sector governing body says some firms are operating regardless of the Banks instructions to stop the illegal practice and continued to offer high interest rates to attract unassuming […]
New Feather
Sri Lanka has been selected to the 34 member Inter-governmental Group of Experts on International Standards of Accounting & Reporting (ISAR) at a recent UN session.ISAR was created by the Economic & Social Council of the United Nations in 1982, and is serviced by UNCTAD.rn rnIt is the only inter-governmental working group devoted to accounting […]