Author: lbostgadmin
Looking Pale
Trade data for the first 12 months of 2001 shows the deficit has narrowed down to US$ 1.157 bn, as against US$ 1.798 bn deficit during the same period in 2000. rnThe deficit narrows further to US$ 1.500 bn when the trade data excludes the value of three SriLankan airlines aircrafts imported during the same […]
Buying Rights
Despite as many as 4000 consumer rights groups floating in Sri Lanka, most are inactive, hindered by a lack of sufficient funding. rnrnLobbyists have come forward with suggestions that a welfare fund be set up making it mandatory for consumers to contribute to the fund. rnrnldblquote Just like other taxes GST or NSL, we are […]
Conference Call
The move comes after the government announced yesterday it was renegotiating SLT quote s management contract with Nippon Telegraph & Telephone Corp. (NTT) of Japan. rnrnldblquote The announcement is part of a plan to restructure SLT, dblquote Chairman Thilanga Sumathipala said. rnSLT loses its monopoly on local and international calls in August, and Sumathipala says, […]
Holy Insurance
Takaful is a mutual assurance service based on Islamic finance principles.rnInvestments of the insurance funds are placed in non-interest bearing instruments such as bullions, financing or equities that are permissible in Islam. rnAmana presently has a partnership with Takaful Malaysia, which is a formally regulated company in Malaysia. rnrnThough Amana Takaful was recognised under a […]
First Steps
The bank quote s CEO Nihal Jayawardene declined to give the quantum required, but said they were on the look out to private investments. rnrnMERC Bank plans to achieve a break even by mid 2003 and current performance is in line with the target, Jayawardene told Lanka Business Online in an interview. rnrnThe bank is […]
No Problem
The government has also decided to shift the venue of the customarily aid group meeting from Paris to Colombo, in order to allow a greater participation of Sri Lankan officials in the discussion, Cabinet spokesman Minister G L Peiris said today. rnrnldblquote This change of venue will allow most of the officials who are in […]
Debt – BBB
SL BBB rating denotes a low expectation of credit risk. rnrnldblquote The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity, dblquote Fitch says in a release. rnrnThe rating takes into account SF quote s strong balance sheet […]
Sampath wins
The Appeal Court upheld an earlier District Court decision, which barred HNB and its associates from selling the excess shares of Sampath Bank that was bought in the market last year. rnrnToday quote s ruling prevents both groups from voting on their holdings in Sampath Bank until court proceedings are complete. rnrnThe ruling also said […]
Revelations
Complex financial transactions that include income securatisations and sale of loans have been increasingly used by local financial institutes to raise capital and improve their profitability. rnrnldblquote At minimum financial statements should include a disclosure about the complex financial transaction. The disclosure should explain the transaction and risk and rewards the company is exposed to […]
Big Steps
The bank has amended the existing legislations and created separate categories for commercial banks and non-commercial banks. rnrnThe new guidelines which came into effect from February 1, requires new dealers to set aside minimum Rs. 150 mn in capital. rnrnCommercial banks have to maintain the capital in a separate fund known as Primary Dealer Special […]
Jaya Spun Off
The new company will be known as Jaya Container Terminals Ltd and will be managed by a board of nine directors appointed by the Shipping Minister. rnrnAccording to shipping analysts, Jaya Terminal would stand to lose large volumes of container handling to the private sector managed South Asia Gateway Terminal (SAGT), if it continued under […]
Petty Cash
Finance Minister K N Choksy said around Rs. 29.7 bn were needed for a month starting from March 19, until the budget debate is concluded. rnrnHe estimated government revenue during the one-month period to be Rs. 18.8 bn. Additional funds, he said could be met under a special Loans Act. rnrnThe annual November budget has […]