Author: lbostgadmin
Number Game
Also referred to as the Fiscal Responsibility Act, a finance minister is also bound to make mid/final year budget and fiscal position report.rn rnWhile the new law prevents the misuse of public funds, it also exposes the impact of vote catching election proposals on the exchequer.rn rnElection manifestos of major political parties will go before […]
Doing IT Right
Hewlett-Packard (HP) is sprucing up its position in Sri Lanka to pitch for state and other large ICT initiatives, with a number of proposals already handed in. The company believes it is ideally positioned, especially with its merger with Compaq in May 2002, to support large IT oriented projects.rn rnHP and Compaqs presence reaching most […]
Stop Smoking
Private sector assistance is being sought for a nation wide motor vehicle emission reduction programme that will get off ground in January next year.In a phased out project, extended till June, all of the 1.5 mn-registered vehicles on Sri Lankas roads are being geared to meet with emission criteria laid out by law.rn rnThe Registrar […]
Shorter Cycles
The bank has also awarded local IT firm, DMS Oracle, the mandate to automate its General Ledger system.rn rnCentral Bank quote s Assistant to the Governor, Dr. Rani Jayamaha told Lanka Business Online that both IT systems will be funded through an existing US$ 30.3 mn World Bank loan awarded for Central Bank reforms.rn rnBacked […]
Share Swap
National Development Bank plans to use a share swap to execute its impending merger with its commercial banking arm NDB Bank.rn rnIn an announcement to the Colombo Stock Exchange, NDB says shareholders of NDB Bank will be given shares in NDB, in exchange for the transfer of NDB Bank quote s net assets to NDB.rn […]
Express Clearing
The new US dollar cheque and draft clearing system kicked off Tuesday with transactions amounting to US$ 251,139 being processed on the opening day.rn rnThe new dollar clearing system, a first for the local banking sector, speeds up realisation of dollar cheques/drafts, eliminating what is ordinarily a three-week delay.rn rnUnder the current arrangement, lead times […]
Trigger Happy
The bank said improved economic activity and the promise of a permanent peace, has been clouded by lquote emerging political rivalry quote , jittering investor confidence.ldblquote If it continues, it will impact negatively on the economic front, dblquote the bank said.rn rnReleasing growth numbers for the April-June quarter, the bank said gross domestic product or […]
Third Shift
Keeping in line with its court promise, the Public Enterprise Reform Commission called for fresh bids to infuse private ownership into the cash starved 13 state transport companies.PERC said it was offering a 39 percent equity stake, out of the shares currently held by the Treasury on behalf of the government.rn rnProspective investors have to […]
Parley on future
Private sector players wanted to see more competition in the Infrastructure fields especially in power and petroleum.rn rnThe private sector was also keen to get involved in policy formulation.rn
Pledging Aid
Government and LTTE are expected to jointly draw up plans to identify areas for reconstruction and rehabilitation.rn rnBoth parties agreed to focus on improving conditions in the north and east in their first round of peace talks in Thailand.rn rnldblquote We are now in the process on identifying the projects. We are working on donor […]
Shot In The Arm
According to a draft budget tabled before Cabinet on Wednesday, total government expenditure will go up to Rs.656 bn from 413 billion this year. Total revenue is expected to swell to 317bn from 278 bn.rn rnThe government hopes to borrow Rs. 349bn next year, with the overall budget deficit kept at 135bn or seven point […]
INFOTEL next month
The organizers have also put together a scheme to recognize champions in the industry through an awards scheme.