Author: lbostgadmin
Expected Cut
The Central Bank Thursday lowered its key short-term rates with immediate effect, signaling an improvement in macro economic fundamentals.The bank cut its repurchase rate by 50 basis points to 9.75 percent and the reverse repurchase rate by 100 basis points to 11.75 percent.rn rnCommercial banks and other financial institutions are also expected to reduce their […]
Getting Online
The UNF government on Wednesday launched its ambitious strategy to develop Sri Lankas Information Communication and Technology (ICT) sector by 2006. rnThe eSri Lanka road map will act as the blueprint that will guide all stakeholders towards transforming the country into an IT hub. rn rnFive broad areas for development have been identified including implementation […]
Growth Spurt
The government is mobilizing an island wide network of private sector consultants to advise the Small and Medium Scale (SME) sector.rn rnAlready 300 private sector firms have signed up for the initiative, with the government working closely with the International Labor Organisation (ILO) to train new members. rn rnThe fee levying service is expected to […]
Credit Calls
Payphone operator Tritel Services (Pvt) Ltd., is offering its telephone cards to the HSBCs 100,000 credit card customers.HSBCs credit card customers can look forward to the exclusive offer of a bonus of Rs. 200 call minutes on first time activation for charges above Rs.500 and a bonus offer of Rs. 300 call minutes on first […]
Channel Surfing
Households in Sri Lanka can leap-frog into the Internet age with a no-fuss, purse-easy Internet TV facility to be launched in Sri Lanka this week.The facility is launched by Lanka eCom Technologies (LET), a member of the Ceylinco Consolidated Group.rn rnThe unit comprises an easy-to-install Set-top-box and remote keyboard that can convert any colour television […]
Double Digit
rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Trans Asia Hotelrn rn Earnings for six months ending Sept. 30, 2002rn rn rn rn rn2002 rn2001rn  
Next Halt
The government is offering state guarantees to raise funds for working capital and investments, subject to preset conditions as an added incentive to bidders taking up stakes in the remaining bus companies. The Public Enterprises Reform Commission (PERC) re-issued its invitation over the weekend to take up a 39% stake in the remaining five cluster […]
Road Show
Nearly two-dozen institutional investors have been lined up in Hong Kong and Singapore for presentations on the SLT IPO.rn rnSri Lanka Telecom is counting on foreign investors to grab a significant part of its IPO expected to generate up to Rs. 4 bn, if a full 15% stake is sold. rn rnOnce listed SLT will […]
Counting Heads
State welfare schemes will get a face-lift from mid next year with the enforcement of a new Welfare Benefits Law.The new law attempts to better target deserving recipients by setting up one agency to coordinate all welfare spending. Government says better targeting will help cut welfare spending by half. Earlier benefit schemes like food stamps, […]
Super Regulator
Professor Rohan Samarajiva addressing the fifth LBR LBO CEO forum said the regulator to be manned by professionals would eventually look at other areas like roads as well.rn rnRegulators are not always independent. An expert in regulation in the telecom sector told the LBR/LBO CEO forum that government needed to separate its role as shareholder […]
Account Straight
Complicated organization structures are making financial statements difficult to understand.Estimating the underlying risk is also becoming difficult not only for shareholders but for company directors as well.rn rnExperts on corporate governance speaking at a Institute of Charted Secretaries and Administrators seminar, said that directors should seek professional help when the underlying risk is not clear.rn […]
Accounts On Time
Ministers, heads of government institutions and financial controllers will be held accountable for submitting state sector accounts on time.Commerce Minister Ravi Karunanayake says they will get a 3-month time frame to submit the accounts to parliament.rn rnThe Minister was addressing the graduation ceremony of the Association of Charted Certified Accountants. rn rnTwenty three Sri Lankan […]