All Blogs
Off The Grid
The Public Enterprises Reform Commission quote s (PERC) Director General Deepal Gunaratne says twelve preliminary Expression of Interests were submitted, when the deadline closed Monday for twelve regional and one cluster bus company. rnldblquote We will shortlist investors based on the information provided and ask them to submit their financial bids detailing their business proposal, […]
Small Start
A gazette notification spelling out the government quote s decision will be announced in August, Treasury sources said. rnrnHowever, broader pension reforms like allowing members flexibility to chose their own pension fund would come through next year via a new Superannuation Act. Some of the upcoming changes include issuing a bond for existing EPF holders […]
Clean Start
Instead, corporations should take an immediate stock of the current position, update arrears up to 2000 and submit details to the parliament quote s library by Dec.31, 2002, Treasury Secretary Charitha Ratwatte said Monday. rnrnFrom 2002 onwards, all state institutions should table their annual accounts before parliament not later than Dec. 31, 2001, he said. […]
Dollar Funding
CEO Amitha Gooneratne told Lanka Business Online that the bank has already floated the idea with the Central Bank, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission. rnrnldblquote They [the regulators] accepted the concept, but we need to get formal board and shareholders approval through an EGM before we proceed, dblquote Gooneratne […]
Brushing Up
Mopping up past mistakes and infusing fresh discipline in the 225 state owned enterprises, a mandatory Code of Best Practices in Corporate Governance has received the cabinet green light.rn rnSeven of the largest public enterprises and four state banks are to be re-hauled when the code comes into force by January 1 next year, before […]
Abolished
The Banking Act, the Monetary Law Act and the upcoming Exchange Rate Management Act are likely to be abolished early next year. rnrnOfficials however, say amendments to the Banking Act and the Monetary Law Act, which governs the Central Bank, will still go ahead in August as a stopgap measure. rnrnAs part of a marathon […]
US$ 300 mn Hole
Surveys have indicated that unofficial operators are offering attractive rates and better service to expatriate workers. rnThe foreign exchange is kept out of the banking system and the national economy. rnMinister Samarasinghe was speaking at the launch of a new award scheme for foreign employment agencies launched by the Bureau of Foreign employment.rn
Long Term
Hatton National Bank (HNB) will issue Sri Lanka quote s first ten-year private sector debt instrument as part of its Rs. 2bn unsecured debenture.
Internal Audit
A committee drawn up by the SEC will study wide range of matters including the separation of audit function from consultancy, the rotation and change of auditors and the composition, scope and powers of auditing committees. Representations should be forwarded by August 15, SEC says. rnThe local accounting fraternity has also launched a programme after […]
Last Mile
A meeting today had assessed proposals forwarded by the three short listed consultants.rn rnOfficials say they would seek further clarification on certain proposed measures included in the proposals on Monday before they meet again next week. rn rnThe second and probably the final meeting on the issue is scheduled for mid next week.rn rnSLT officials […]