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Picking Up
Standard Chartered Bank said Wednesday that credit demand had picked up marginally, despite an upturn in economic growth this year.The bank said total loans and advances had grown by 20 percent during the first six months of this year.rn rnGrowth largely came from big-ticket deals like a US$ 70 mn loan for Mobitel and working […]
Good Start
DFCC Bank said Wednesday its net profits grew by 14 percent to Rs. 305 mn during the first quarter of this year.The bank said benefited from low cost deposits and cheaper long-term credit lines, which in turn helped narrow the gap with lower lending rates.rn rnIncome during the period rose marginally to Rs. 975 mn, […]
Green Paper
The government has rolled out its first draft of a national eco-tourism policy, mapping out development guidelines for mushrooming, unregulated eco-tourism outfits. A Norwegian sponsored study begun early this year developed the blueprint for eco-tourism development, identifying also, five pilot projects in the Southern region.rn rnPublic debate has already begun, with the Tourism Ministry calling […]
Code Share
The telecom watchdog is working on a set of emergency short codes and value added service codes that will work on any network. Fire, police, ambulance, directory assistance and fault reporting are among the services that will be available on short code and will be in place after the ongoing ten digit number change due […]
Rural Clean Up
The Treasury is to sell off a 47 percent stake it holds in each of the six rural development banks and offer it up to private management.Under the new structure, the Central Bank, which controls around 67 percent of the rural development banks (RDBs), will continue to hold 20 percent. The Central Bank had earlier […]
Firm Hand
All financial services are being pulled out from under the new Consumer Affairs Authority, with a financial ombudsman being floated to take up consumer grievances. ldblquote We have got permission from the Consumer Affairs Minister Ravi Karunanayake to exempt financial institutions from the purview of the new Act dblquote , said Bankers Association Secretary General, […]
Cost Cutting
Tritel Services is talking to regional telecom players to sell a low cost payphone system designed for thinly populated areas. The card phone system, designed and built in-house will cost 50 percent less than the lowest priced alternative available in the market today costing around US$ 1,500.rn rnTritel CEO, Robert Schuster told Lanka Business Online […]
Goodbye
The government has announced a massive voluntary retirement package to its employees in more than 50 institutions already identified for closure, merger or restructuring.The institutions themselves will have to find the required funding to pay off those that are willing to take up early retirement.rn rnA Treasury circular says that identified government institutions can offer […]
Healthy Bill
A new law on Intellectual Property Rights was in parliament on Friday after an initial draft met with opposition from patient rights activists. They challenged an early draft of the Bill on grounds that it ignored concessions won on behalf of poor countries at international trade forums which allow developing countries to import medicine from […]
Tax Facts
Parties to the conflict in the northeast are trying to set up an interim administration that conforms to the Constitution while allowing significant devolution of power. An important area would be funding the administration.Constitutional experts say any attempt at redrawing the Constitution when a final settlement is made would be even more challenging.rn rnColombo still […]