Author: lbostgadmin
Smooth Ride
Businessmen Rajah Mahendra Nanayakkara and his company Ishara Traders has acquired controlling stake of Lanka Orix Leasing Co.(LOLC) at the close of a voluntary offer.rn rnRegistrars to the offer SSP Corporate Services said Nanayakkara has bought up a further 23.35 percent from Powick Finance Ltd.at Rs. 52 per share. Ishara Traders now control a little […]
Double Digits
The Telecommunications Regulatory Commission (TRC) says it is on track to implementing the Caller Party Pays (CPP) regime in January 2003. The process will scrap all charges for incoming calls on mobile phones, by transferring the cost to the party originating the call.rn rnThe TRC however promises that charges to call mobile phone would not […]
Free Flow
But the mobile and fixed line operators say the deadline cannot be implemented since the telecom watchdog has yet to finalise the interconnection rates.rn rnMobile operators will also have to increase their network capacity to deal with a possible influx of incoming calls.rn rnIndustry sources say the implementation date may be pushed forward to next […]
Bigger Steps
The Seylan Merchant Bank (SMB) Group has reported a healthy growth in profits for the nine months ending September 30, 2002, compared to the corresponding period of last year. rnrnIn results released this week, the SMB group reported a pre-tax profit of Rs 7.1 million, a growth of 116 percent compared to the loss of […]
Cleaning Up
State-run Bank of Ceylon has opted to wind up two of its less profitable overseas branches as part of a strategy to concentrate on core business.rn rnOperations in Kathmandu were closed down recently, while the Karachchi office will cease early next year, top officials said.rn rnHowever, Bank of Ceylon will continue its presence in the […]
Close Scrutiny
The Technical Evaluation Committee under the cabinet appointed tender board quote s supervision has begun evaluating final bids for the Sri Lanka Insurance Corp.sale, PERC said Monday.rn rnThe government plans to dispose 90 percent of its stake in the insurance giant later this month.rn rnThe competitive sales process for SLIC began in July, but the […]
Rajas Play
The managers to the Sri Lanka Telecom IPO confirmed that the issue was oversubscribed and that the offer would close at 4.30 on Friday, one day after it opened.Sources close to the issue say Raj Rajaratnam and his associates took up a kings share of the SLT issue, pushing it over the offer limit.rn rnThis […]
Wanted – Nurses
Tackling a dearth of skilled nurses and low nursing standards, the healthcare industry is debating ratification of an ILO convention (C149), dedicated to nursing.Currently, new entrants into the healthcare industry are faced with a dearth of about 40,000 skilled nurses in the industry and a huge demand for those that remain.rn rnThey are often compelled […]
Sowing The SEEDS
Government welfare schemes are trying to bring thousands of recipients out of poverty. Experts however agree that welfare payments alone wont reduce poverty.Micro finance provided by schemes like Samurdhi banks try to tackle this by getting aid recipients to set up their own business. rnBut micro finance has its pitfalls. In the third in a […]
Hidden Deals
The Sri Lanka Accounting and Auditing Standards Monitoring Board is looking at the accounts of Pramuka Bank following massive accounting irregularities discovered by Central Banks supervisors.rnrnThe watchdog is also looking at whether there were violations of auditing standards by its auditor KPMG Ford Rhodes & Thornton. Last year the firm qualified the report and highlighted […]
Destination Sri Lanka
Government is putting together US$ 4 mn to promote Sri Lanka as a tourism destination.A fund of US$ 1 mn to develop professionalism in the tourism industry is also on the cards.rn rnThis was revealed at the launch of the Sri Lanka Association of Tourism and Travel an umbrella organization for the leisure sector.rn rnldblquote […]
Hard Bite
Central Bank has recommended the strengthening of foreclosure laws to fix the bad debt problems in local banks.rn rnParate laws, which allow banks to auction off properties pledged against loans are to be strengthened.rn rnThe scope of the Parate laws will also be extended to cover finance companies and specialised banks.rn rnThe amendments to the […]