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Official Nod
A top Central Bank official said that cabinet has already approved the issue as part of the government quote s borrowing programme for 2002. rnThe exact structure, interest rate and tenure of the proposed debt issue have not been finalized. Officials say the funds could either come through a syndicated loan, a medium term note […]
Debt For Capital
The bank quote s capital adequacy ratio stands at little over 9 percent, which is just short of the minimum 10 percent criteria Central Bank plans to implement from next year. rnFor the first tranche, the bank will issue debt paper worth Rs. 300 mn, with the option of issuing a further Rs.300 mn in […]
Stitch In Time
Diversifying its services in Sri Lanka while avoiding a future drop in its mainstay business, DHL will venture into the logistical and supply chain industry.Today DHL launched, China First, a concept were a manufacture can import goods from the East Asian trading giant and ship it to anywhere in the world all in one invoice […]
Safety Net
A Fiscal Responsibility Act would also be passed, to ensure the government sticks to its commitments on revenue and expenditure. rnrnAmong the pieces of financial legislations is the law to set up a debt recovery and collection agency (RACA) to solve bad debts crippling the banking sector. rnrnThe agency is to be given strong debt […]
Sailing South
Southern Region Development Minister, Ananda Kularatne told a media conference that the firm will carry out the feasibility studies over a six-month period without billing the Sri Lankan government. rnHe said the government was keen to establish a southern port, which is only a few miles away from international shipping lanes. rnKularatne estimated 36,000 ships […]
Networking Lanka Inc.
rnThe project will be funded entirely by the private sector, with Bartleet Group subsidiary BC Computers being the principal sponsor.rn rnA new joint venture company between the government and BC computers lquote eServices Lanka quote , funded by the private sector, was set up to operate the gateway.rn rnThe Commerce and Consumer Affairs Ministry will […]
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 […]