Author: lbostgadmin
Steam Iron
State officials are looking at ways to implement World Bank recommendations to improve the countrys financial accountability.The recommendations are part of the World Banks draft Country Financial Accountability (CFAA) study.rn rnSpeaking at a workshop to discuss the report, Treasury Secretary Charita Ratwatte called for a Project Director to be appointed to oversee the rollout of […]
Big Smile
Shareholders of the troubled MERC Bank have agreed to sell up to 90 percent of the company to DFCC Bank for just under Rs. 60 mn.MERCs shareholders will sell their Rs.10 share for Rs. 2.65, effectively pocketing Rs. 59.6 mn in the process.rn rnEconomic Reforms Minister, Milinda Moragodas family is currently the largest shareholder commanding […]
Losing Interest
The Mahapola Trust Fund could pursue legal action against the Presidents Fund to recover over Rs. 1 billion due since 1997. Mahapola Trust officials claim the delay in payment has cost them an estimated Rs.200 million in interest income. rn rnReturns from the Trust, funds monthly allowances to over 7000 students, this number now expected […]
More Probing
Investigations into accounting irregularities at Pramuka Bank are gathering pace with the Sri Lanka Accounting Standards Monitoring Board and the CID intensifying their activities.SLAASMB and the CID visited the bank today and questioned senior officials.rn rnSleuths are said to have gathered information about the so-called parallel ledger that was operated after balance sheet date to […]
More Money
Danish authorities on Tuesday signed a development co-operation agreement to fund a multitude of projects yet to be identified.rnrnThe fresh aid facility will be in addition to the US$ 22 mn pledged at the Tokyo donor conference in mid June and will provide financial, technical and material resources for projects.rn rnFinance Ministry officials insist that […]
Rate Card
Telco firms have till the weekend to give a final verdict on termination rates proposed in a new cost based study. Industry giant Sri Lanka Telecom was absent at the Tuesday morning meeting, where the regulator met with the industry to discuss the rates.rn rnThe study also will set the base for the industrys move […]
Book Keeping
Independent reviews of public sector accounts will take off in July, in line with ongoing reforms to revamp the public sector to be accountable and transparent.ldblquote Currently public enterprises are reviewed by the Public Enterprises Committee that has no secretarial expertise and no time to review about 225 public enterprises dblquote , says V. Kanagasabapathy, […]
Base Cost
Telco firms will meet the telecom watchdog Tuesday to discuss termination rates proposed in a recent consultant cost study.Telecommunications Regulatory Commission senior officials say the meeting will help complete the study, which will set termination rates between networks.rn rnThe study was initiated earlier this year to impose actual cost based call termination rates.rn rnThe new […]
Tourism bull
The tourism market is expected to grow at 20% a year over the next five years according to stockbroker estimates. They also say that high spending tourists and business travel traffic is improving with positive effects on the industry.Analysts say the sector could expand if the current trends in politics and global tourism continue.rn rnDFCC […]
DFCC gets Merc Bank
DFCC bank plans to offer more commercial banking products to its customers once it acquires a small commercial bank.DFCC says they will not merge operations with troubled Merc Bank when they take up a significant controlling stake in it within days. rn rnAlthough DFCC does not plan to merge the Merc Bank business with its […]
Private port
Colombo South Harbor, which will be more than double the ports capacity to handle containers, is likely to be built with private sector help.Colombo Port will run out of space in 2012 after the Jaya Container Terminals (JCT) is expanded to its full potential of 5.5 million containers a year in the medium term.rn rnThis […]
Beyond Beaches
Surviving through two decades of fluctuating fortunes, tourism is now moving to giddier heights of the big spenders and a niche of expensive boutique hotels. With war fears somewhat allayed, analysts expect an annual 20 percent growth rate for tourism over the next five years if the ceasefire holds.rn rnIn the first year of the […]