All Blogs
Account Straight
Complicated organization structures are making financial statements difficult to understand.Estimating the underlying risk is also becoming difficult not only for shareholders but for company directors as well.rn rnExperts on corporate governance speaking at a Institute of Charted Secretaries and Administrators seminar, said that directors should seek professional help when the underlying risk is not clear.rn […]
Super Regulator
Professor Rohan Samarajiva addressing the fifth LBR LBO CEO forum said the regulator to be manned by professionals would eventually look at other areas like roads as well.rn rnRegulators are not always independent. An expert in regulation in the telecom sector told the LBR/LBO CEO forum that government needed to separate its role as shareholder […]
Counting Heads
State welfare schemes will get a face-lift from mid next year with the enforcement of a new Welfare Benefits Law.The new law attempts to better target deserving recipients by setting up one agency to coordinate all welfare spending. Government says better targeting will help cut welfare spending by half. Earlier benefit schemes like food stamps, […]
Road Show
Nearly two-dozen institutional investors have been lined up in Hong Kong and Singapore for presentations on the SLT IPO.rn rnSri Lanka Telecom is counting on foreign investors to grab a significant part of its IPO expected to generate up to Rs. 4 bn, if a full 15% stake is sold. rn rnOnce listed SLT will […]
Human Quota
The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]
Seeing White
Setting the base for the donor meeting on November 25 in Oslo, the government is releasing a white paper outlining urgent funding needs. rn rnThe paper sets out priority areas where funding is needed including the requirements for housing projects for resettlement, road and other basic infrastructure facilities and community development projects. rn rnTo expedite […]
Stopgap
State run Bank of Ceylon has lent US$ 75 mn to the government help bridge the budget deficit.The one-year loan is priced at 192 basis points above the six-month London interbank offered rate.rn rnThe government had opted for the loan after the Treasury put off a planned roadshow to raise funds up to US$ 150 […]
Setting Sail
Colombo Dockyards heeding to the call of peace is setting sail in search of new business, looking at more challenging assignments. The company is already in the running to service off shore oilrigs and manufacture speedboats for overseas clients.rn rnCompany officials say, the halt in the 19-year ethnic conflict has given them the opportunity to […]