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Quicksand
A pilot project to mine Sri Lanka’s seabed off the Western coast for offshore sand to sustain a flagging construction industry, has gone up for Treasury approval.Spearheaded by the Coast Conservation Department of the Fisheries Ministry, the initial project cost to the tune of US$ 5 mn, is to be funded by the Dutch Government.rn […]
Green Blues
Lawmakers are starting to take the mushrooming finance and investment companies seriously.A high-powered committee looking at financial sector reforms is now trying to widen the regulatory net to cover all companies collecting public funds. While most of these operate beyond the scope of regulators some are using loopholes in the law the to avoid regulation […]
Wider Definition
The countrys banking laws will be amended this year to regulate dozens of unlicensed deposit taking companies.Authorities are considering Amendments to the Banking Act with a fresh definition of what constitutes a lquote Deposit.rn rnExperts say the Amendments will prevent unregulated Limited Liability Companies from taking public deposits unless they come under the Banking Act.rn […]
Click Online
Key stakeholders in the private sector, government and the donor community are getting together to set up a Development Portal, aligned with a larger World Bank development initiative.The web site portal is being billed as an important link in the government e-Sri Lanka initiative.rn rnThe web site plans to connect the countries development partners from […]
Gateway To Success
Experts say the country will have to diversify its export base in the face of stiff price competition from other large exporters like China. Some companies have already started going higher up the export value chain, franchising local IT development skills to the international market.rn rnGateway Institutes Kids Computer School for Kids is pioneering in […]
Search Party
A team from Sri Lanka Insurance Corp.s technical partner ING Financial Institution, has started an eight-week task to look at the insurance firms key operations.At the end of the first phase next month, the taskforce will recommend changes to SLICs board on issues ranging from overall strategic direction, commercial management and distribution of its insurance […]
New Leaf
Sri Lanka Export Credit Insurance Corp (SLECIC) is tinkering with its Act to allow it to raise public funds and offer refinance facilities.Cabinet has already approved the changes and SLECIC is awaiting parliamentary approval to convert itself into a limited liability company.rn rnSLECIC Ltd, as the firm will be known, plans to raise around two […]
Xpress Delivery
Asymmetric Digital Subscriber Line (ADSL) described as an “always on” board band connection, offers subscribers continued high speed internet connectivity at relatively low costs through existing phone lines*. (*see detailed description below)rn rnPut in place at a cost of Rs. 100 million, ADSL will initially be offered in the Colombo and Greater Colombo area.rn rnSuntels […]
Home Run
The Urban Development Authoritys (UDA) call to develop five of its properties in the Colombo District, received 140 proposals when the tender closed on Monday. The UDA however has put off the deadline to June 19 to accommodate more interested investors.rn rnUDA officials told Lanka Business Online that the 140 proposals came from 45 firms, […]
Try Again Later
The international call access code auction has run aground with regulators now eying a late June date for the event. Industry officials say despite a working model being in place, a number of other issues need to be resolved before the auction.rn rnThe list of chores include registering a web address, the terms and conditions […]