Author: lbostgadmin
Professional Managers
The Alumni of a top business school is looking for a parliamentary nod to setup a professional body of managers with its own code of ethics.The self-financed Postgraduate Institute of Management (PIM) will be drafting a code of ethics based on good corporate governance for its MBA holders.rn rnIf incorporated the PIM Professionals Association will […]
Toy Story
Local toy makers have had it tough over the last few years with strong competition form China. Exports have plummeted by nearly two thirds.The countrys export development agency says that the problems in the industry are various.rn rnDynagro, a toy maker says that their factory exported some 150,000 wooden musical toys last year.rn rnldblquote We […]
AASL Grounded
Aviation officials warn that the government would lose over a Rs. 100 mn in revenue annually as a result of new concessions granted to SriLankan Airlines under an MoU signed with Emirates Airlines, the managers of the national carrier.While Emirates agreed to give up exclusive rights it enjoyed in certain areas like catering, the government […]
New Licence
Signalling an economic revival, the Registrar of Companies reports a 35 percent growth in new companies registrations from Jan-June 2003.Of the 1778 new registrations, 1632 are private firms, 41 public, 30 guarantee, 53 associations and 8 peoples companies.rn rnThere were also 12 new foreign companies and one offshore company that sought registrations during the period, […]
Close Scrutiny
The Central Bank has commissioned audit consultants E&Y to do a valuation on six rural development banks up for privatisation.E&Ys mandate includes coming up with a restructuring model, a three-year financial forecast, recommending future changes for its management and set the tone to prepare an information memorandum for private management.rn rnAround 47 percent stake in […]
Monopoly Class
A new agreement between Emirates and the government to lift catering and ground-handling monopolies at the airport has come under fire, forcing officials to rethink concessions.The state has been lobbying with the Dubai based airline and parent company of national carrier SriLankan Airlines, to renegotiate a ten year monopoly ending in 2008. rn rnThe new […]
Backdoor Withdrawal
Members of the Employees Provident Fund are using the State Mortgage Investment Bank as a conduit for premature withdrawal of their EPF balances.SMIB has the statutory authority to give housing loans against member balances of the EPF and collect defaulted instalments from the EPF.rn rnNearly 17,925 or a massive 32.65% SMIB borrowers had defaulted by […]
Green Paper
The government has rolled out its first draft of a national eco-tourism policy, mapping out development guidelines for mushrooming, unregulated eco-tourism outfits. A Norwegian sponsored study begun early this year developed the blueprint for eco-tourism development, identifying also, five pilot projects in the Southern region.rn rnPublic debate has already begun, with the Tourism Ministry calling […]
Good Start
DFCC Bank said Wednesday its net profits grew by 14 percent to Rs. 305 mn during the first quarter of this year.The bank said benefited from low cost deposits and cheaper long-term credit lines, which in turn helped narrow the gap with lower lending rates.rn rnIncome during the period rose marginally to Rs. 975 mn, […]
Picking Up
Standard Chartered Bank said Wednesday that credit demand had picked up marginally, despite an upturn in economic growth this year.The bank said total loans and advances had grown by 20 percent during the first six months of this year.rn rnGrowth largely came from big-ticket deals like a US$ 70 mn loan for Mobitel and working […]
Export Plus
The Sri Lanka Export Credit Insurance Corporations is looking to raise its liability exposure to Rs. 40 bn with the expansion of its product portfolio.Current liability exposure has reached Rs.13 bn, up from around Rs. 4 billion in April this year. rn rnTo support its portfolio expansion, SLECIC Chairman Hemaka de Alwis says a plan […]
Weight Watching
The Airport and Aviation Services, is coming out with a financial package to shed around 1000 excess staff.The voluntary retirement scheme is being firmed and will be capped at Rs.750,000.rn rnThe offer is limited to drivers, labourers and clerical grades. rn rnAASL, which manages the countrys airports, is estimated to have over 1000 labourers and […]