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Sniffing Accounts
The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will kick off on endash site investigations of Pramuka Savings & Development Banks accounts later this week, Lanka Business Online learns.Though both Central Bank and SLAASMB have regulatory oversight over accounts of commercial banks, there is no formal mechanism for sharing information or conducting joint […]
War Drums
Local hotel bookings are seeing a definite slow down, as war fears begin to inspire jitters in the more wary European travellers. ldblquote Hotel occupancies are currently at a healthy 60 percent. But though there have been no specific cancellations as such due to the war, we have seen a considerable slowing down over previous […]
Short Crop
A collective decision by private tea factory owners to cut Rs.2 on the price for green leaf paid to smallholders, has prompted a threat of legal action.” The move by the factory owners is completely irregular and unlawful.It is illegal to pay less than the price determined by the reasonable price formula and if there […]
Banking On FTAs
A top sub-continental bank is counting on increased trade in the region to drive its operations. Indian Bank says the current Free Trade Agreement between India and Sri Lanka could give a boost to the demand for trade related services.rn rnldblquote We would like to educate our clients on Sri Lanka- that things are improving […]
Calling Debtors
The government is trying to bring in new laws to empower a new company that will take over dud loans of the State banks.The Memorandum of Articles has already been drafted for the setting up of a limited liability company to manage bad loans.rn rnThe asset management company is awaiting government approval before it is […]
Hiking Through Lanka
A team of adventure tourism experts is in the country to turn the popular sea destination to a hot adventure stop. Adventure Centre Asia officials say that Sri Lanka certainly has all the factors necessary to be one of worlds best adventure tourist attractions.rn rnldblquote It only took us one or two days to realize […]
Fast Cash
Gold still remains one of the safest investments. But with international gold prices shooting up, it has helped spawn a whole industry based on gold as collateral.Gold prices in the international market spiked up over the last few months with investors seeking refuge in the priced commodity as a war in the Gulf looked imminent.rn […]
Taxing Tigers
Government is planning to take up the taxation issue with the LTTE as key donors to the island refuse to pay tax in any form.rn rnThe issue is to be taken up at the next round of peace talks with the LTTE.rn rnEconomists point out that development aid will be key to rebuilding war damaged […]
Sweet Music
Local telecom operators on Friday came up with firm rates to interconnect between networks until a new cost study is finalised in June.The telecom operators endash Sri Lanka Telecom, Suntel, Lanka Bell, Dialog, Mobitel, Celltel and Hutchison Telecom endash agreed on the final numbers after rejecting the telecom watchdogs draft proposals.rn rnThe draft recommends a […]
Privileged Lot
Standard Chartered Bank Thursday launched a new relationship-banking product to serve its mid-level customers.The bank said its lquote SelectBanking product will take relationship banking and personalised services to new levels.rn rnUnder SelectBanking, customers get a dedicated relationship manager and a special counter to fast track banking services.rn rnSpecially branded cheque books and ATM cards ensure […]