Category: Industry
Second Wicket
Lanka Rating, Sri Lankas second credit rating agency, opens shop later this month, after securing regulatory approval.Local capital markets are in a nascent stage, but Lanka Ratings is confident of securing work, as credit ratings gains acceptance.rn rnThe Ceylinco Group, has a controlling 51 percent stake in the firm through Key Ratings, while Rating Agency […]
Cost of Life
Twenty five per cent of Sri Lankan households now have some form of motorized transport up from 15 per cent in 1996. 28 percent have refrigerators, up from 16 per cent.Television usage had gone up to 68 per cent.The latest consumer finance survey by the Central Bank shows a big jump in living standards around […]
Insurance or Hazard
Following the failure of Pramuka Bank, the Central Bank is looking again at the concept of deposit insurance. This years annual report talks of a financial safety net that exists to protect depositors.Deposit insurance is part of the safety net. Prudential regulation and supervision is the foundation of the financial safety net.A good regulatory framework […]
Can the Central Hold?
Central Bank has been bringing down their policy rates in the last two years to encourage local investment. However they say that bank-lending rates have not come down proportionately. rnThere is a big difference between the interest charged on a loan and interest paid on deposits at any commercial bank in the country.rn This difference […]
Re-Igniting
The insurance watchdog is getting tough with the industry by re-introducing fire tariffs with a few modification starting June 1.Present fire tariffs have not been revised for nearly 30 years, and insurers have effectively honoured the regulations in breach.rn rnCurrent premiums are whittled down way below minimum tariffs. The new regulation is expected to push […]
Trade Routes
Trade to the North East has taken to the road, washing away business for the seaports in the region. The Trinco harbour saw the number of ships calling there drop to 121 ships, down 78 ships from 2002, the Central Bank said in its 2003 Annual Report, adding that this was mainly due to the […]
Sinhala Code
Ensuring the life of the Sinhalese language in the computers era, a fresh draft font standard is now in circulation for public comment. This proposed standard provides a coding of the set of Sinhala characters for use in computer and communication.rn rnThis standard character code set specifies a 7-bit code table (out of 16 bits […]
Stinging Response
Sri Lankan authorities Monday sought divine intervention to calm a colony of venomous wasps who stung more than 200 tourists at the fifth-century rock fortress of Sigiriya, a World Heritage Site.Cultural ministry officials said they offered alms and cash to gods at the foot of the 180-metre (600-foot) fortress, 160 kilometres (100 miles) north of […]
What Women Want
Women are climbing the corporate ladder in record numbers but only a handful manages to get top executive positions in big companies. Experts say the numbers of top jobs held by women are not a reflection of the number of females completing higher education.rn rnSome of them are victims of the glass ceiling an artificial […]
Road Blocks
The ADB is to help package road development into a shelf of projects complete with backward clearances in place, making it easier for investors to step in. A US$ 15 mn Asian Development Bank technical assistance grant is in the works to change over from ad-hoc development to a more planned project lending process.rn rnldblquote […]
Foreign Call
The investment bank picked for the job will initiate the book building exercise for the funds rising, while the telco giant obtains State approval for its expansion plans that include using wireless technologies to connect rural areas.rn rnSLT say it has not finalised its borrowing options, but could settle for a bond issue or a […]
Return Ticket
The new government will continue with plans to put in place a Tourism Development Bill and restructure the Tourist Board on priority basis this year.Mooted last year under UNF rule, the proposed Bill will create a new Tourism Promotional Authority to take over marketing and promotional functions from the Tourist Board.rn rnThe Tourist Board is […]