Author: lbostgadmin
Fresh Hopes
Consultants hired by the government have recommended sweeping changes to the current interconnection regime between telecom operators.The draft interconnection agreement by Honk Kong based Arculli and Associates has been opened for comment and feedback from the industry before a final version is adopted. rn rnAccording to the draft agreement dominant operator SLT will have to […]
Monetary Twist
Central Bank staff was briefed last week on the latest changes that would affect monetary policy.rn rnSenior Central bankers were educating staff on the changes that will take place in the short-term money market with the introduction of Open market operations.rn rnOpen market operations will allow the Central Bank more control over the overnight market.rn […]
At Pramuka
In another development Pramuka founder Rohan Perera stepped down as chairman during the week and Udaya Nanayakkara took over as Chairman on Wednesday.rn rnThe Criminal Investigation Department visited the bank on Thursday.rn rnThe Central Bank, which suspended Pramuka bank operations, has so far not indicated what it wants to do.rn rnBut analysts say depositors may […]
Another Go
HSBC became the only foreign bank to have its own primary dealer operation when the bank invested Rs.150 mn to start one.rn rnBank officials say starting a primary dealer was logical as the bank otherwise had to go through other dealers to access the primary market.rn rnHSBC also says the license will help them offer […]
Within Budget
A new law aims to hold ministers responsible for meeting performance targets while keeping spending under control.rn rnThe proposed Economic Management Law will require ministers to submit annual and quarterly accounts on time. Violators of the law will have their funding cut in the latest government effort to curtail spending and hold legislators responsible for […]
Online Travel
A few months ago SriLankan Airlines launched its e-mail bookings facility for Sri Lanka where customers in any part of the world could request flight bookings through the internet at any time of the day or night for any flight on SriLankan Airlines out of Colombo, except to India. rn rnNow customers can even book […]
Closing In
The Central Bank has reported Pramuka Bank quote s alleged financial irregularities to the CID, Bribery Commission and Labour Dept., while the Attorney General quote s Dept filed charges against the bank quote s key officials on Friday.rn rnActing on the tip of alleged fraudulent activities, the Criminal Investigation Dept. swooped down on Pramuka Savings […]
Inter Network
A proposed new interconnection regime could see Sri Lanka Telecom sharing resources with its competitors and their customers.At the end of a two month process, Hong Kong based consultancy group Arculli and Associates, have drawn up a draft interconnection framework for the Sri Lankan communications industry. The draft recommends a benchmark interconnection fee ranging from […]
New Union
Sri Lanka quote s smaller banks are intensifying their efforts to attract investors following the Pramuka affair.rn rnNon endash performing loans are affecting smaller banks more than the bigger banks.rn rnMarket speculation was high on Thursday that Sampath Bank may be involved in a possible deal to strengthen Union Bank.rn rnThe exact role to be […]
Call Through
The government has decided to limit the size of Sri Lanka Telecoms initial public offering to 12 percent, despite a 14 percent oversubscription.Issue managers DFCC Bank said Wednesday that the Treasury had decided to allocate shares in full to domestic retail investors, domestic non-state institutional investors and foreign investors. rn rnApplications from state institutional investors […]
Changing Caps
Pramuka Savings & Development Bank plans to set up a special internal audit team, after its Chairman Rohan Perera stepped down following a Board Meeting late Tuesday.rn rnThe board has appointed existing Director Udaya Nanayakkara as Chairman, but it is not clear whether Mr. Perera remains as President and CEO of the bank troubled bank.rn […]
Staying Afloat
The Colombo South Harbour project will set sail in January 2003 when consultants to draw detailed engineering plans are appointed. Sri Lanka Ports Authority Chairman, Parakrama Dissanayake told Lanka Business Online that details of the short listed candidate were submitted to the Asian Development Bank (ADB) for its approval prior to cabinet endorsement.rn rnA US$ […]