Author: lbostgadmin
New Brooms
The government plans to shortly amend laws to allow consolidation in the banking sector as well as laws to form a debt recovery agency.The Banking Act is being amended to include provisions for takeovers and mergers.rn rnldblquote The amendments are before the Finance Minister now and we expect them (laws) to go to parliament sometime […]
Cup That Cheers
New apex body for the tea industry, the Tea Association of Sri Lanka (TASL) officially got off ground Tuesday, mapping out plans to set the industry standard for tea. The TASL will steer through all strategy and policy development for the sector acting also as a catalyst for product development and research Through promotion and […]
Growing Up
DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec.31, 2002.Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn rnThe development financial institutions bottomline was benefited largely […]
Revving Up
A newly set up Indo-Sri Lanka joint venture, plans to lure ladies to hop on and popularise motorbikes in Sri Lanka.United Motors Lanka Ltd (UML) on Tuesday tied up with Indias TVS Group to form a 50:50 joint venture to sell motorbikes and motor spares.rn rnUML hopes to infuse around Rs. 100 mn into the […]
Short Crop
A collective decision by private tea factory owners to cut Rs.2 on the price for green leaf paid to smallholders, has prompted a threat of legal action.” The move by the factory owners is completely irregular and unlawful.It is illegal to pay less than the price determined by the reasonable price formula and if there […]
War Drums
Local hotel bookings are seeing a definite slow down, as war fears begin to inspire jitters in the more wary European travellers. ldblquote Hotel occupancies are currently at a healthy 60 percent. But though there have been no specific cancellations as such due to the war, we have seen a considerable slowing down over previous […]
Sniffing Accounts
The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will kick off on endash site investigations of Pramuka Savings & Development Banks accounts later this week, Lanka Business Online learns.Though both Central Bank and SLAASMB have regulatory oversight over accounts of commercial banks, there is no formal mechanism for sharing information or conducting joint […]
Taxing Tigers
Government is planning to take up the taxation issue with the LTTE as key donors to the island refuse to pay tax in any form.rn rnThe issue is to be taken up at the next round of peace talks with the LTTE.rn rnEconomists point out that development aid will be key to rebuilding war damaged […]
Fast Cash
Gold still remains one of the safest investments. But with international gold prices shooting up, it has helped spawn a whole industry based on gold as collateral.Gold prices in the international market spiked up over the last few months with investors seeking refuge in the priced commodity as a war in the Gulf looked imminent.rn […]
Hiking Through Lanka
A team of adventure tourism experts is in the country to turn the popular sea destination to a hot adventure stop. Adventure Centre Asia officials say that Sri Lanka certainly has all the factors necessary to be one of worlds best adventure tourist attractions.rn rnldblquote It only took us one or two days to realize […]
Calling Debtors
The government is trying to bring in new laws to empower a new company that will take over dud loans of the State banks.The Memorandum of Articles has already been drafted for the setting up of a limited liability company to manage bad loans.rn rnThe asset management company is awaiting government approval before it is […]
Banking On FTAs
A top sub-continental bank is counting on increased trade in the region to drive its operations. Indian Bank says the current Free Trade Agreement between India and Sri Lanka could give a boost to the demand for trade related services.rn rnldblquote We would like to educate our clients on Sri Lanka- that things are improving […]