All Blogs
Breaking Free
Government negotiators have finalised a deal with Emirates to partially lift monopolies enjoyed by the national carrier.Secretary to the Ministry of Aviation Cecil Amaresinghe told LBR that under the recent MOU SriLankan Airlines would lose some monopolies that it would have otherwise enjoyed till 2008.rn rnHowever, some aspects of the monopolies will remain with SriLankan.rn […]
Spend It
Shamindra Kulamannage speaks to Bradman Weerakoon, Secretary to the Prime Minister on Sri Lankas aid utilisation. Weerakoon says the government is looking at setting up a powerful Tennesee Valley type authority to cut through red tape in implementing large development projects in the country.LBR: The big question in everybodys mind is that is the government […]
Why WIFI?
A new wireless way to connect to the Internet is taking the world by storm because access is cheap and fast. The standard popular in the US, connects computers to networks over short distances using radio waves.Experts say the standard commonly known, as Wi-fi will do to the Internet what notebook PCs did to computers.rnThe […]
Big Smile
Shareholders of the troubled MERC Bank have agreed to sell up to 90 percent of the company to DFCC Bank for just under Rs. 60 mn.MERCs shareholders will sell their Rs.10 share for Rs. 2.65, effectively pocketing Rs. 59.6 mn in the process.rn rnEconomic Reforms Minister, Milinda Moragodas family is currently the largest shareholder commanding […]
Steam Iron
State officials are looking at ways to implement World Bank recommendations to improve the countrys financial accountability.The recommendations are part of the World Banks draft Country Financial Accountability (CFAA) study.rn rnSpeaking at a workshop to discuss the report, Treasury Secretary Charita Ratwatte called for a Project Director to be appointed to oversee the rollout of […]
Final Cost
Telco firms on Thursday agreed on a set of termination charges, setting the stage to launch a caller party pays (CPP) regime by September. However, Sri Lanka Telecom (SLT) has said it would agree to CPP on condition that the regulator resolves a number of its concerns including approval of its long over due tariff […]
More Probing
Investigations into accounting irregularities at Pramuka Bank are gathering pace with the Sri Lanka Accounting Standards Monitoring Board and the CID intensifying their activities.SLAASMB and the CID visited the bank today and questioned senior officials.rn rnSleuths are said to have gathered information about the so-called parallel ledger that was operated after balance sheet date to […]
Losing Interest
The Mahapola Trust Fund could pursue legal action against the Presidents Fund to recover over Rs. 1 billion due since 1997. Mahapola Trust officials claim the delay in payment has cost them an estimated Rs.200 million in interest income. rn rnReturns from the Trust, funds monthly allowances to over 7000 students, this number now expected […]
Rate Card
Telco firms have till the weekend to give a final verdict on termination rates proposed in a new cost based study. Industry giant Sri Lanka Telecom was absent at the Tuesday morning meeting, where the regulator met with the industry to discuss the rates.rn rnThe study also will set the base for the industrys move […]
More Money
Danish authorities on Tuesday signed a development co-operation agreement to fund a multitude of projects yet to be identified.rnrnThe fresh aid facility will be in addition to the US$ 22 mn pledged at the Tokyo donor conference in mid June and will provide financial, technical and material resources for projects.rn rnFinance Ministry officials insist that […]