Author: lbostgadmin
Calling Out
Local payphone operators Tritel were given a subsidy of Rs. 1.3 mn Monday to set up pay phones in rural areas outside the Western Province.At the rate of Rs. 50,000 a unit, this is part of an existing subsidy scheme launched last year by the Telecom Regulatory Commission (TRC) for all pay-phone operators.rn rnInitially, a […]
Baton Change
Pramuka Banks key shareholders on Monday evening gave the Janashakthi Group the mandate to look at the possibility of resurrecting the troubled development and savings bank.Janashakthi is currently the largest Pramuka shareholder controlling 13.5 percent in the name of the National Insurance Corporation (NIC), and Acland Holdings Ltd.rn rnJanashakthi Capital, who will handle Pramukas affairs, […]
Two Suitors
Two local investor groups are talking to Peoples Bank to give it a badly needed equity injection while the government is seeking donor assistance for further reforms of the bank.The bank, which had its capital wiped out due to bad lending practices in the past, has been looking for up to thirteen billion rupees in […]
Whos Fault?
Pramuka Employees are accusing the banks auditors KPMG of certifying accounts, which were not true and fair when there were massive accounting frauds. They are particularly concerned about the illegal provident fund.ldblquote The audited accounts pertaining to Pramuka Bank have not portrayed a true and fair view of its state of affairs, dblquote says Sunimal […]
Tech Talks
UK based Adam Smith Institute secured the mandate to prepare the groundwork for a new telecomm and ICT regulator.The Science & Technology Ministry said Thursday that a team, which also includes top Finnish telecom expert Arno Wirzenius, would start work next Monday.rn rnUnder the procurement procedure, the consultant has to write out the terms of […]
Flat Tyre
Selling the remaining seven bus company faced another breakdown, the deadline for applications pushed back once again.Meanwhile, the Public Enterprises Reform Commission (PERC) has set a February 13 deadline to the IBIS Holdings to pay up for the six bus companies.PERC says the buyer has to 60% of the bid price by Feb. 13 with […]
Small Hands
A white paper on wide ranging reforms to support and strengthen the small and medium sector has moved from the drawing board to the government for approval. rnBacked by the Asian Development Bank, the reforms form the basis of a proposed national policy on SME quote s, with a draft action plan spread out over […]
Call To Account
Pramuka Employees picketing in front of the audit firm, KPMG Ford Rhodes and Thornton, alleged that the audit firm had failed to detect massive accounting frauds at the bank.ldblquote The Audited accounts pertaining to Pramuka Bank had not portrayed a true and fair view of its state of affaires, dblquote Pramuka Employees Association President Sunimal […]
Interesting Rates
The Ceylon Chamber of Commerces Import Section is lobbying with fiscal authorities to ensure commercial banks reduce their lending rates in line with Central Banks recent rate cut.The Treasury and the CentralBank in its persistent efforts to reduce lending rates to the Business Sector, has on many occasions during the last year reduced theReserve Requirement, […]
Niche Banking
Standard Chartered Bank is coming out with lquote Select, a new wealth management product, to manage upper middle class segments personal banking needs.The bank is also betting on an upsurge in credit demand to fuel its consumer and retail banking operations this year.rn rnStandard Chartered just concluded a merger with ANZ Grindlays Bank to become […]
MICE Map
SriLankan Airlines launched their first MICE Travel brochure today, tapping into a niche market of lquote meetings, exhibitions and conference travellers. Driven by the belief that Sri Lanka can offer much more than the sun, surf and sand, hard driven efforts have been underway by the industry to tap into high-spending corporate tourists rn rnThe […]
Rolling Dice
The government has shelved plans to privatise the state owned Development Lotteries Board following opposition from President Chandrika Kumaratunga.ldblquote The privatisation process has been put off, instead we are hoping to re-organise Development Lotteries Board by introducing innovative products to popularise lotteries in Sri Lanka, dblquote Chairman, J K Fernando told journalists on Monday.rn rnHowever, […]