Author: lbostgadmin
Legal Clean Up
The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]
Six Queue Up
Submissions for technical proposals closed on Tuesday evening, but only six parties had responded for the third stage, sources close to the deal said Wednesday.rn rnThe six parties are believed to be, Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance Insurance and CT Smith Stockbrokers representing a consortium.rn rnEarlier […]
Starters
Sri Lanka is in line to receive up to US$ 500 mn under the IMF quote s concessionary lending window endash the poverty reduction and growth strategy.rn rnThe team led by Jehangir Aziz also includes the upcoming Sri Lanka quote s resident representative Jeremy Carter.rn rnThe World Bank and IMF will meet in mid-October to […]
Spreading Risks
Consumer durable giant Singer Sri Lanka said Wednesday it plans to raise long-term funds to retire high cost short-term debt.The firm said its Rs. 300 mn three-year debenture structured by First Capital Ltd will be unlisted and placed primarily among institutional investors.rn rnThe debt paper carries a fixed rate of 13.5 percent and a floating […]
Raising Dollars
The Central Bank will tap the Monetary Board next Tuesday to approve plans to raise US$ 350 mn in debt.A senior Central Bank official said Tuesday 12 international investment banks and international debt arrangers had earlier made some 40 proposals on how best to structure the issue. rn rnThe Central Bank has the option of […]
Sprinkling Phohora
The Asian Development Bank (ADB) Monday lent US$ 30 mn towards uplifting the productivity and financial viability of the plantation sector.Around US$ 10 mn of this would go towards setting up a Plantation Development Fund to invest in convertible debt and equity instruments of plantation companies.rn rnPlantation companies will be eligible for the balance US$ […]
Mega Cities Outside Colombo
The National Physical Planning Department quote s first comprehensive development framework suggests that a massive new metropolis can be built, encompassing Anuradhapura, Polonnaruwa, Dambulla and Trincomalee.rn rnThe first draft of the policy proposal will be shortly forwarded to a high-powered inter-ministerial committee for review. rn rnThe plan is the result of a law passed unanimously […]
Peace Funds
The Asian development bank said that it was prepared to offer a technical assistance loan to the government to draw up a blue print for assistance to the war ravaged areas of the country.rn rnOther donors together with ADB on Friday submitted a comprehensive list of on going projects in the north and east to […]
Cutting Edge
Keeping with this trend Samsung launched its latest audio and home theatre systems in Sri Lanka through its local partners Singhagiri Limited.rn rnLocal agents for the brand Singhagiri Limited say the growth in the consumer electronics industry in Sri Lanka was demanding cutting edge technology and more value for money. rn rnldblquote More people are […]
Bankruptcy Law Coming
US style bankruptcy protection laws are on the pipeline covering sole traders and partnerships in addition to limited liability companies.The Private sector has been asking for bankruptcy protection laws for some time to give troubled businesses breathing space while they restructure.rn rnThe government is considering a separate act to cover business failures, since this would […]
ADB to help set up Revenue Authority
The package could be followed by a grant up to US$ 20 million to set up the authority somewhere next year.rn rnGovernment revenue collections consistently fall short of targets due to problems with tax collection.rn rnThe ADB says the Revenue Authority, a merged entity between Inland Revenue, customs, and excise departments, would be better equipped […]
E-marine from Eagle.
Eagle Insurance, which is offering online insurance cover for international trade says the new service will speed up transactions.