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Computers In Business
A new law that will formally recognize transactions and contracts made through computers is now being drafted officials say.Sri Lankan law does not recognize digital signatures.rn rnAs a result Sri Lankan companies may not be able to make the best use of information communications technology with their counterparts abroad.rn rnThe new law is expected to […]
Cheaper Link
Welcome to the world of Voice Over IP or VOIP.rn rnShamil manages the IT department of the Sentra Supermarket chain. rn rnThey have a few fixed line telephones but they don quote t need to use these to talk between any of their four supermarkets. rn rnInstead these calls are channeled into the company quote […]
Shaking Up Telecom
The agreement will govern how much one operator will pay another for terminating a call in that network.rn rnldblquote Those are the terms and conditions that determine on what terms do we operators interconnect, dblquote explains Suntel CEO Hugo Cederschiold.rn rnldblquote On what charges or fees do we pay each other; what are the call […]
Zero Base Budgets
The cabinet of ministers has also agreed to move to an output based budgeting system in an attempt to create more accountability.rn rnThe government is planning to reduce next year quote s budget deficit from the present eight point five percent of GDP.rn rnPreparing budgets from a Zero base will require ministries and authorities under […]
New Innings
Fledgling financial powerhouse, the Janashakthi Group added another trophy to its growing portfolio by taking over the assets of Mutual Finance and Investments Ltd.rn rnRe-christened as Janashakthi Finance and Investment, the Janashakthi Group forked out around Rs. 7.6 mn to acquire the relatively dormant finance company.rn rnWhile approving the formal takeover, the Central Bank as […]
Six Queue Up
Submissions for technical proposals closed on Tuesday evening, but only six parties had responded for the third stage, sources close to the deal said Wednesday.rn rnThe six parties are believed to be, Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance Insurance and CT Smith Stockbrokers representing a consortium.rn rnEarlier […]
Legal Clean Up
The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]
Tour De Begging
Peace talks in Thailand wound up Wednesday, with the government and the LTTE making a joint appeal to the international donor community for aid, in the coming months.
Raising Dollars
The Central Bank will tap the Monetary Board next Tuesday to approve plans to raise US$ 350 mn in debt.A senior Central Bank official said Tuesday 12 international investment banks and international debt arrangers had earlier made some 40 proposals on how best to structure the issue. rn rnThe Central Bank has the option of […]
Spreading Risks
Consumer durable giant Singer Sri Lanka said Wednesday it plans to raise long-term funds to retire high cost short-term debt.The firm said its Rs. 300 mn three-year debenture structured by First Capital Ltd will be unlisted and placed primarily among institutional investors.rn rnThe debt paper carries a fixed rate of 13.5 percent and a floating […]