All Blogs
Technical Point
Lawyers for Pramuka depositors argued before the Court of Appeal that the Monetary Board had no authority to liquidate Pramuka Bank.The petitioners argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board […]
House Hunt
Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence. HDFC is looking for at least Rs. 650 mn in fresh equity through a private placement to be raised within the next two months. rn rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised […]
Points To Ponder
State tourism officials are drawing up plans to restrict the lquote all inclusive tourist packages to Sri Lanka. The all-inclusive is believed to be low-end market.rn rnThis means tourists will now have to settle for bed and breakfast packages or luxury suite offers.rn rnldblquote We are looking at ways to control the all-inclusive concept. We […]
Tea Party
Key stakeholders in the tea industry got together last week to form a pan industry apex body. The tea association of Sri Lanka plans to provide a singe point of view from the industry to policy makers in the future.” Before this association came whenever a problem arose we had to speak to several associations […]
Home Grown
An Increasing number of software companies are now developing and marketing software aimed entirely at the local market.Earlier they were trying making inroads to the international market. But making it big internationally hasnt been easy especially in a market recovering from an IT slump.rn rnThey mostly target first time buyers of computer software with packages […]
Green Light
The government announced final tariffs international gateway operators will have to pay local networks to terminate traffic.Under the agreement operators have agreed to a formula where by the fixed charge will decline rapidly over the next five years.rn rnAfter extensive talks the operators have also given written assurances to the government not to tie up […]
Last Chance
The government and the World Bank will sit together for a final round of talks soon to finalise a big budgetary finance loan.The third meeting will be the last between the two parties before a proposal is put before the World Bank board in May.rn rnIf a final deal is struck at the meeting the […]
Waiting Game
Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.The shares owned by Sri Lanka Insurance Corp., will be used to fund an employee share trust for the banks staff.rn rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares […]
Out Of Order
Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed […]
Soothing EGOs
Soothing balm over the telecom industry, the government announced the final tariffs external gateway operators should pay local networks to terminate traffic.For the first year, external gateway operators or EGO have to pay US$ 0.11 or around Rs. 10.60 per minute on all international incoming calls terminating on local networks.rn rnldblquote The fixed charge will […]