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US Backs Premier
Suspension of parliament, other actions possibly detrimental to peace, says State Department Spokesman on Wednesday.U.S. State Department Deputy Spokesman Adam Ereli expressed concern that President Kumaratungas decision to sack three government ministers, suspend parliament, and deploy troops around the capital “could have a negative effect on the peace process and talks with the Liberation Tigers […]
Calling All Buyers
The market is climbing up, with analysts seeing investment oppurtunities, urging buyers to return to the market. rn”Fundamentally stocks are trading at attractive levels. There are enough buying oppurtunities and now is the time to enter the market”, says Manager Research at HNB Stockbrokers, Hasitha Premaratne.rn rnBuyers are returning on the back of mostly panic […]
Crash
The Colombo stock market took a plunge as President Chandrika Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.Government Spokesman Gayrika Perusinghe told LBO that President Kumaratunga had removed Ministers Thilak Marapana (Defence), John Amaratunga (Interior) and Imthiaz Bakeer Markar (Media) and their respective line bureaucrats with immediate effect.rn […]
Six Calls
Six investment banks are vying to take up the post of international ratings advisor to the government, as it embarks on the process of seeking a sovereign rating.Central Banks Superintendent Public Debt, Dharma Dheerasinghe says HSBC, Standard Chartered Bank, Citibank, Deutsche Bank, UBS Warburg and JP Morgan have sent in their proposals.rn rnldblquote We will […]
Report Card
Effective steps to create a tax compliance culture, focus revenue generation measures where there is a capacity to pay and to target relief measures where they would have the greatest impact, are among a comprehensive set of recommendations by the Institute of Chartered Accountants for the forthcoming national budget.The countrys premier national accountancy body has […]
Uphill Battle
Despite a recent economic upturn, Sri Lankas somewhat under developed capital market are yet to pose a serious competition to the local banking sector. The commercial banking sector accounts for 64 percent of the total assets in the Sri Lankan financial system.rn rnIn terms of size, most of the banks are relatively small and undercapitalised […]
Big Deal
Prime Minister Ranil Wickremasinghes US visit will bring Sri Lanka once step closer to building a free trade area spanning two continents.The Comprehensive Economic Co-operation Agreement (CEPA) between India and the Sri Lanka which is due to be signed in less than six months, will further integrate Sri Lankas economic ties with her giant neighbour.rn […]
Fund Manager
The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]
Blooming
Like most couples planning to take the plunge Deepali and Nishan wanted everything to be perfect on their wedding day.Deepali was especially keen to have the most gorgeous bouquet possible – a far cry from when flowers were mostly used as offerings at temples.rn rnFlorists say that demand in the local market for flowers for […]
Under Audit
An international governance watchdog Transparency International has asked the government to carefully study the proposed establishment of an Audit Commission to assure the independence of the Auditor General. It however says there is no doubt that Sri Lankas auditing framework needs improvements.rn rnTransparency, which fights corruption, says that stakeholders should be consulted before major changes […]