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Closed Doors
The bank supervision department of the Central Bank said Parmuka will not do business during this period and the public should await a further communication from the Central Bank.rn rnCentral Bank said it was making the order in terms of the Banking Act.rn rnThe Bank Supervision Department of the Central Bank would conduct a detailed […]
Naughty Naughty
Sri Lanka quote s accounting watchdog has asked several listed companies to correct their accounts released during the last two years.rn rnAmong the companies rapped by the Sri Lanka Accounting Standards Monitoring Board in 2001 are Asian Hotels Corporation, Trans Asia Hotels, rn rnwhich is in the same group, Alliance Finance, Central Finance, Blue Diamonds […]
New CAD
Visual Computing systems launched state-of-the art software to enable local companies to tap the growing market for Computer Aided Design. The company says the software by PTC a leader in CAD products enables detailed designs to be done faster and with more precision.rn rnVisual computing also plans to set up a training program for CAD […]
High Availability
Computers have changed the way business is done over the last decade. Companies with networked computer systems are putting more information at the fingertips of employees.rn rnExperts say that when these systems fail the cost begin to rise. rn rnTo have a running system has become as important as having a networked computer system in […]
SLT Goes Public
Sri Lanka Telecom is going public at a time when telecom shares are taking a beating in global markets. SLT Chairman Thilanga Sumathipala says that the SLT is look at a parcel between 12-20%%rn rnldblquote Before December 31 we will be going for the local IPO, dblquote he says.rn rnBut SLTs core profits are now […]
Lanka Inc.
Government is planning to set up an independent holding company to own and manage state enterprises.rn rnThe company set up on the lines of Temasek Holdings of Singapore will enable state enterprises to be run independent of the government while the Sate retains ownership.rn rnAn independent audit authority answerable to parliament is also on the […]
Sealed Doors — Update
The Central Bank on Friday evening suspended the operations of Pramuka Savings and Development Bank Ltd with immediate effect.rn rnldblquote The suspension will be effective for a maximum period of 60 days during which the Bank Supervision Dept. of the Central Bank will conduct a detailed examinations of Pramuka to ascertain the true condition of […]
Mischief Makers
Setting standards to corporate disclosures, the accounting watchdog Friday named listed companies for violating Sri Lanka accounting standards for the past two-years.rn rnThe Sri Lanka Accounting and Auditing Standards Monitoring Board or SLAAMB also pulled up auditors for not qualifying their reports in respect of the violations.rn rnAsian Hotels Corp., Trans Asia Hotels, Alliance Finance, […]
Medical Aid
In the spirit of competition, a subsidiary under the State Trading Corporation will commence parallel imports of popular medication – an attempt by the Commerce and Consumer Affairs Ministry to lower the cost of drugs.The STC Medical Ltd., already incorporated, will commence operations later this year, STC senior officials say.rn rnMinistry officials hope the exercise […]
Holding Co.
Infusing fresh discipline into the bloated state machinery, a proposal to set up a Singapore style investment holding company and National Audit Authority has got the government quote s attention. rn rnThe Dutch government has sent a team of experts to look at the possibility of starting an independent National Audit Authority.rn rnThe new authority […]