Author: lbostgadmin
Banks: Big Profits Or What?
Banking sector stocks were top performers at the Colombo stock exchange last year as analysts predicted a good year for the countrys finance houses. A number of banks are expected to announce record profits this year.However, borrowers are protesting about high interest rates charged by commercial banks despite the prevalent low risk free rates. Borrowers […]
Coming Out Soon
Government savings giant NSB is in the final stages of getting a credit rating from Fitch Ratings Lanka.National Savings bank with public deposits of over Rs.130 bn is expected to publicly announce the senior debt rating once it is assigned.rn rnThe Banks General Manager Eastman Narangoda told LBR that the rating audit has already been […]
Changing Caps
Secretary to the Economic Reforms Ministry, Mr.G. Hewagama will take over duties as Chairman of PERC with immediate effect.rn rnMr. Hewagama takes over from Dr. P. B. Jayasundera who stepped down as Chairman with effect from January 1 this year, PERC said in a statement on Friday.rn rnldblquote The appointment at PERC will be in […]
Cooling Off
Tension between key telecom operators and the government eased Friday with both parties forming a working group to iron out issues.rn rnThe working committee will meet on February 13 to untangle issues on local access charges, ways to prevent illegal access and rules to prevent cross subsidies. rn rnMinistry sources said the issue will be […]
Going Home
Two projects, initiated by the Urban Development Authority (UDA) will add 15,500 new low and middle income homes in the western province.rn rnThe homes will be built on UDA land with monies from Korea and China.rn rnNegotiations are underway with a Korean firm to construct and invest and estimated Rs. 200 million in 500 homes […]
Big No
The cabinet has taken a firm stand to disconnect the licence of any telecom operator who refuses to toe in line with the new telecom liberalization policy.At a meeting headed by Premier Ranil Wickremesinghe, cabinet opted to go ahead with its liberalisation policy, which includes the hotly debated interconnection issue, making it compulsory for all […]
Please Reply
The Court of Appeal Thursday asked Central Bank to file objections on a case brought against them by Pramuka Banks Directors.The Central Bank last December cancelled Pramukas licence on alleged financial irregularities.rn rnThe directors sought legal recourse to quash the decision.rn rnThe Central Bank was given time till February 28 to respond.rn rnRomesh de Silva […]
Courtroom Battle
The Court of Appeal Thursday issued notice against the securities watchdog to stop it from prosecuting three former Aitken Spence Directors.Former SEC Chairman/Director Aitken Spence, Michael Mack and fellow Director Norman Gunawardene filed separate writs asking the court to squash the SECs decision to prosecute them.rn rnThe petitioners cited the SEC and its Commission members […]
Counting Leaves
Tea exporters are pushing for a three-month moratorium from commercial banks as the government maps out a contingency plan should war break out over Iraq.All exporters currently given a 180-day packing credit to settle outstanding loans, which they want extended by a further three months, Exporters Association officials say. ” We have already put forward […]
Warning Bells
The government plans to meet with officials from key foreign countries like USA and UK for a possible economic package in the event of another Gulf War.rn rnLabour Minister, Mahinda Samarasinghe kicked off the crisis level talks on Thursday by meeting top UNDP officials.rn rnHe is also due to meet Saudi Arabian and Kuwait Ambassadors […]
Hotline
The upcoming interconnection agenda will pull together a common database of phone numbers, which will be managed by the telecom watchdog.The upcoming interconnection agenda will pull together a common database of phone numbers, which will be managed by the telecom watchdog.The common records will act as the base for networks to provide their customers with […]
Safety Features
A tentative take off date of April is on the cards for the social security net for retrenched workers, with an ILO report on its way to Cabinet.The security net is tagged to recent labour reform that went through parliament, which makes it easier for employers to lay off workers during restructuring. rn rnWith lay-offs […]