Author: lbostgadmin
Home Grown
An Increasing number of software companies are now developing and marketing software aimed entirely at the local market.Earlier they were trying making inroads to the international market. But making it big internationally hasnt been easy especially in a market recovering from an IT slump.rn rnThey mostly target first time buyers of computer software with packages […]
Tea Party
Key stakeholders in the tea industry got together last week to form a pan industry apex body. The tea association of Sri Lanka plans to provide a singe point of view from the industry to policy makers in the future.” Before this association came whenever a problem arose we had to speak to several associations […]
Points To Ponder
State tourism officials are drawing up plans to restrict the lquote all inclusive tourist packages to Sri Lanka. The all-inclusive is believed to be low-end market.rn rnThis means tourists will now have to settle for bed and breakfast packages or luxury suite offers.rn rnldblquote We are looking at ways to control the all-inclusive concept. We […]
House Hunt
Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence. HDFC is looking for at least Rs. 650 mn in fresh equity through a private placement to be raised within the next two months. rn rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised […]
Technical Point
Lawyers for Pramuka depositors argued before the Court of Appeal that the Monetary Board had no authority to liquidate Pramuka Bank.The petitioners argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board […]
Soothing EGOs
Soothing balm over the telecom industry, the government announced the final tariffs external gateway operators should pay local networks to terminate traffic.For the first year, external gateway operators or EGO have to pay US$ 0.11 or around Rs. 10.60 per minute on all international incoming calls terminating on local networks.rn rnldblquote The fixed charge will […]
Out Of Order
Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed […]
Waiting Game
Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.The shares owned by Sri Lanka Insurance Corp., will be used to fund an employee share trust for the banks staff.rn rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares […]
Signals Up
The ADB expects Sri Lanka will clock in a 5 percent growth in 2003, building on the back of renewed economic stability and a global recovery in the second half of the year. rnldblquote This performance builds on the progress the Government has made in achieving short-run macroeconomic stability in 2002 dblquote , the Bank […]
Booking Profits
Chairman Lal Nanayakkara says the turnaround has come from higher recoveries in its bad loan portfolio and profits from its investment portfolio.rn rnIn 2001, the bank recorded an impressive Rs. 345.29 bn profit reversing a loss of Rs. 1.77 bn in 2000 after providing Rs.821.75 mn for loan losses and Rs. 25.68 mn for the […]
Centennial Wins
Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn rnMooted under the 2002 budget, the […]
Repositioning Lanka
Sri Lankas top accounting body will discuss ways to reposition the country at its annual conference in May.Under the theme of lquote Repositioning Sri Lanka Globally endash Leading a Paradigm Change, the two-day CIMA conference starting May 29, will bring together over 400 participants. rn rnThe ceremonial inauguration will take place on May 29 at […]