Author: lbostgadmin
Friends from NSB
National Savings Bank launched a savings based pension scheme ldblquote Friends dblquote recently.rn rnThe bank says the account that offers a monthly interest of over nine percent is a good investment since inflation rates are expected to fall to single digit levels.
Fuelling The North
The World Bank is taking a new approach in lending to the poor.rn rnIt quote s letting the people decide where they want donor money spent. rn rnIn the war ravaged north and east the needs are pretty basic.rn rnPeople want school buildings for their children to study in, irrigation ditches to water their crops […]
Two Proposals
Two parties had expressed interest to invest in some of the thirteen bus companies the government wants to privatise.The evaluation of the bids are underway with the sale expected to happen next Thursday through the Colombo Stock Exchange.rn rnThe potential investors however have only shown interest in up to nine of the thirteen regional bus […]
Mischief Makers
Setting standards to corporate disclosures, the accounting watchdog Friday named listed companies for violating Sri Lanka accounting standards for the past two-years.rn rnThe Sri Lanka Accounting and Auditing Standards Monitoring Board or SLAAMB also pulled up auditors for not qualifying their reports in respect of the violations.rn rnAsian Hotels Corp., Trans Asia Hotels, Alliance Finance, […]
Sealed Doors — Update
The Central Bank on Friday evening suspended the operations of Pramuka Savings and Development Bank Ltd with immediate effect.rn rnldblquote The suspension will be effective for a maximum period of 60 days during which the Bank Supervision Dept. of the Central Bank will conduct a detailed examinations of Pramuka to ascertain the true condition of […]
Holding Co.
Infusing fresh discipline into the bloated state machinery, a proposal to set up a Singapore style investment holding company and National Audit Authority has got the government quote s attention. rn rnThe Dutch government has sent a team of experts to look at the possibility of starting an independent National Audit Authority.rn rnThe new authority […]
Medical Aid
In the spirit of competition, a subsidiary under the State Trading Corporation will commence parallel imports of popular medication – an attempt by the Commerce and Consumer Affairs Ministry to lower the cost of drugs.The STC Medical Ltd., already incorporated, will commence operations later this year, STC senior officials say.rn rnMinistry officials hope the exercise […]
No IDD Calls
The government has decided to limit Sri Lanka Telecoms public offering to the local market, amidst speculations of an impending snap poll.Plans to issue Luxembourg traded global depository receipts as part of its public offering to foreign investors has been put off to next year, SLT Chairman, Thilanga Sumathipala told Lanka Business Online in an […]
TXT Cash
Cellular operator, Celltel Lanka has introduced a secure mobile wallet, which enables its customers to make payments through text messages.The first of the kind in the region, the lquote CellWallet provides encrypted electronic storage for information pertaining to a users credit cards, debit cards, bank accounts and other personal data.rn rnThe product is jointly developed […]
Setting Standards
Sri Lanka will join the fleet of countries that have adopted the World Trade Organisations agreement to standardise customs valuation procedures. Customs officials hope to implement the terms of the agreement from November, introducing a regime of fair, uniform and neutral valuation system, conforming to commercial realities and eliminating the use of arbitrary or fictitious […]
Plastic Money
Central Bank quote s Superintendent Currency, Chitra Ariyaratne confirmed that the Rs.200.00 was being systematically removed from circulation due to its failure to stick to people quote s pockets.rn rnThe Central Bank printed 20 million notes in 1998 to celebrate 50 years of independence endash introducing Sri Lanka to its first Rs. 200 denomination and […]
Donor Prop Up
The World Bank will offer a loan to prop up the government budget next year.rn rnThe poverty reduction support credit will come on the back of the proposed growth facility loan currently being negotiated with the IMF.rn rnUnlike a program loan the PRSC funds will go towards financing the budget. rn rnThe government and the […]