All Blogs
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 […]
Rajas Play
The managers to the Sri Lanka Telecom IPO confirmed that the issue was oversubscribed and that the offer would close at 4.30 on Friday, one day after it opened.Sources close to the issue say Raj Rajaratnam and his associates took up a kings share of the SLT issue, pushing it over the offer limit.rn rnThis […]
Beyond in 2003
Sri Lankan Tea Exports is headed for a record high, with industry officials hoping for the total export quantity to exceed the landmark 300 million kilos. Cumulative exports to end October reached 246 million kilos, 3 million kilos above last years total for the same period. Officials feel there is much more to celebrate next […]
Just Short
Sri Lanka Telecom was Rs. 500 million short by mid morning on Friday, while managers to the issue continued to process applications.rnThe issue is expected to close today, with an official announcement expected in the evening. rn rnThe Colombo Stock Exchange said they had not received any indication that the issue would close today. rn […]
Counting Votes
Applications counted by 4.30 on the opening day on Thursday, accounted for well over 50 % of the Sri Lanka Telecom Initial Public Offering (IPO), with a number of applications for large stakes yet to be processed.rn rnOfficials close to the issue estimated that over 15,000 applications had been received by the end of Thursday, […]
Eco Drive
The six-month study will draw up an eco-tourism policy document for the country and the outlines for five pilot eco-tourism projects in the Southern region, Secretary to the Ministry of Tourism, Dr. P. Ramanujam said.rn rnSri Lanka sustains some of Asias richest biodiversity and has been identified as a hotspot for nature and eco-travel.rn rnIt […]