Author: lbostgadmin
Letting Go
Hatton National Bank has (HNB) offered a voluntary retirement package to its top management as part of the banks restructuring, that has been going on over the last two years but says the move will not weaken the quality of management. The countries largest private bank says ldblquote the strategic redirection and the regionalisation dblquote […]
Rough Waters
Policy makers are reviewing a fresh proposal outlining legislation to include the disputed terminal handling charges into the freight rate.rnrnThe Cabinet committee on economic policy is expected to resolve the dispute, ending a number of previous failed attempts. rn rnExporters say the THC is eroding their profitability and price competitiveness, also claiming that it includes […]
Safety Lock
The Colombo Stock Exchange unveiled a range of management strategies to reduce transaction risks on its debt exchange (DEX) including liquidity deposits by brokers to determine maximum exposure limits.Debt brokers will be required to maintain liquidity deposits of cash and securities which will determine maximum exposure limits, CSE, Central Depository System Manager, Renuke Wijayawardhane said.rn […]
See-Me-there
The telecom watchdog has given the go ahead to licensed international voice and data operators to access the SEA-MEendash WE 3 submarine cable.Only Sri Lanka Telecom had access and control of the cable, which provides high bandwidth connectivity, as they were the only operator at the time to invest in a landing station.rn rnTelecommunication Regulatory […]
Aye for an eye
Government is planning to set up powerful Parliamentary committees to act as watchdogs on State institutions.The special committees will include committees to keep an eye on the management of State revenue, public management and economic development activities.rn rnSeveral standing orders will be issued shortly to form these committees.rnCabinet spokesman, G L Pieiris said that 14 […]
Pretty City
Thirteen acres of prime land on which a spinning mill was earlier located will be developed in to a residential and recreational center under a joint venture between the Urban Development Authority (UDA) and the Bank of Ceylon. The site formerly occupied by the Wellawatte Spinning Mills in Colombo 6 will be developed soon as […]
Seize With Ease
The spurt in the economy has fuelled a renewed demand for credit from the financial sector. Some of the quickest credit providers in the market, the leasing companies, have seen growth rates that have comfortably outstripped the double digit growth rates in the financial sector. But the face of leasing is also fast changing with […]
Softly, Softly
A US based IT company with a large software development center in Colombo says it plans to hire 250 more software developers for their Colombo development center as a result of significant business growth over the last two years.Surviving has been tough for most software firms with competition and a slump in IT spending eating […]
Centre Holds
Central Bank tightened the regulatory grip with the introduction of minimum levels of capital.Finance companies under a Central Bank directive will have to maintain capital adequate to cover 10 percent of their risk weighted assets.rn rnThe ruling, which takes effect from this month, will have to be complied by all finance companies. The standards are […]
Trade Net
Potential Euro-Sri Lankan business partners in the plastics and rubber sector will be linked up via a joint trade database floated today.rn Launched by the European Chamber, this will serve as a data source on rubber and plastic companies, product profiles, areas for joint ventures and technical assistance.rn rnThe database (www.eccsl.com) would be the starting […]
Holiday Tax
A one percent levy on turnover will be charged on all Tourist Board licensed institutions, under the new Finance Bill, passed Thursday. The tax will cover about 1000 licensed institutions under the Tourist Board Development Act and will be enforceable from September this year.rn rnAn initial Rs. 7.5 mn is to be raised, Tourist Board […]
Looking Glass
Government plans to set up 14 Oversight Committees to look over key state functions is on track, with proposals going to parliament in a few weeks. ldblquote The proposals for the oversight committees are now ready and will be presented in parliament in the coming weeks dblquote , Enterprise Development Minister G.L Peiris said Thursday.rn […]