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Bigger Steps
The Seylan Merchant Bank (SMB) Group has reported a healthy growth in profits for the nine months ending September 30, 2002, compared to the corresponding period of last year. rnrnIn results released this week, the SMB group reported a pre-tax profit of Rs 7.1 million, a growth of 116 percent compared to the loss of […]
Free Flow
But the mobile and fixed line operators say the deadline cannot be implemented since the telecom watchdog has yet to finalise the interconnection rates.rn rnMobile operators will also have to increase their network capacity to deal with a possible influx of incoming calls.rn rnIndustry sources say the implementation date may be pushed forward to next […]
Double Digits
The Telecommunications Regulatory Commission (TRC) says it is on track to implementing the Caller Party Pays (CPP) regime in January 2003. The process will scrap all charges for incoming calls on mobile phones, by transferring the cost to the party originating the call.rn rnThe TRC however promises that charges to call mobile phone would not […]
Three Way Race
The race to grab the lion quote s share of Sri Lanka Insurance Corp. has narrowed down further with just three firms sending their financial and technical bids.rn rnSources close to the deal said that Janashakthi Insurance Ltd., Commercial Bank/DFCC Bank consortium and Aitken Spence/Stassens/Distilleries Corp. consortium had sent in their proposals when bids closed […]
Taxing Banks
The banking sector is planning to pass down a 10 percent Value Added Tax imposed on it from next year.rn rnLending rates are expected to go up proportionately when the tax is charged on the net profit and employee related expenditure. rn rnBut, the question troubling most borrowers is how much additional interest will they […]
Hard Bite
Central Bank has recommended the strengthening of foreclosure laws to fix the bad debt problems in local banks.rn rnParate laws, which allow banks to auction off properties pledged against loans are to be strengthened.rn rnThe scope of the Parate laws will also be extended to cover finance companies and specialised banks.rn rnThe amendments to the […]
Destination Sri Lanka
Government is putting together US$ 4 mn to promote Sri Lanka as a tourism destination.A fund of US$ 1 mn to develop professionalism in the tourism industry is also on the cards.rn rnThis was revealed at the launch of the Sri Lanka Association of Tourism and Travel an umbrella organization for the leisure sector.rn rnldblquote […]
Hidden Deals
The Sri Lanka Accounting and Auditing Standards Monitoring Board is looking at the accounts of Pramuka Bank following massive accounting irregularities discovered by Central Banks supervisors.rnrnThe watchdog is also looking at whether there were violations of auditing standards by its auditor KPMG Ford Rhodes & Thornton. Last year the firm qualified the report and highlighted […]
Sowing The SEEDS
Government welfare schemes are trying to bring thousands of recipients out of poverty. Experts however agree that welfare payments alone wont reduce poverty.Micro finance provided by schemes like Samurdhi banks try to tackle this by getting aid recipients to set up their own business. rnBut micro finance has its pitfalls. In the third in a […]
Wanted – Nurses
Tackling a dearth of skilled nurses and low nursing standards, the healthcare industry is debating ratification of an ILO convention (C149), dedicated to nursing.Currently, new entrants into the healthcare industry are faced with a dearth of about 40,000 skilled nurses in the industry and a huge demand for those that remain.rn rnThey are often compelled […]