Category: Industry
Socially Accountable
The Institute of Chartered Accountants of Sri Lanka (ICASL) – the countrys auditing standard setting body – is trying to lift the countrys accounting standards a notch higher by embedding Social Responsibility Reporting (SRR) into annual financial reporting.As it is Sri Lanka has one of the strongest legal infrastructure in place when it comes to […]
Calling Colombo
The HSBC Group on Friday finalized plans to pump in US$ 25 mn to set up its seventh group service centre in Sri Lanka, generating over 2000 jobs. The call centre will be the largest such project in the country taking Sri Lanka into the big leagues of Business Process Outsourcing (BPO).rn rnThe project is […]
Changing Heads
Hatton National Bank has appointed Rienzie Wijetilleke as new Chairman of the Bank. Wijetilleke will continue as Managing Director.The post fell vacant after former Chairman Chrisantha Cooray passed away recently.rnrn
Overseas Banking
Sri Lanka Export Credit Insurance Corporation (SLECIC) is in talks with a Russian bank, to promote financing of Russian importers of local goods. The company has identified importers of goods from Sri Lanka as an opportunity segment and has started off in that direction with a Russian bank to finance importers of Sri Lankan products […]
Redialing
The telecom watchdog is taking a second look at the controversial Caller Party Pays (CPP) tariffs, this time taking account of its implications to phone subscribers and bulk users.The Telecommunications Regulatory Commission (TRC) has opted for this route, as public responses flood in since a March 1 implementation date was pushed back.rn rnThe review will […]
Hot Chip
Intel Expanded its product offer in Sri Lanka as it faces growing demand for its processors from the state and private sector and a growing population of individual personal computer users. Intel of Wednesday introduced four new processors that promise to deliver an even faster digital experience and offer headroom for the next wave of […]
Second Airport
More than 30 international airport developers have shown initial interest in building and perhaps taking a stake in a new international airport in the south of the country.Secretary to the Aviation Ministry said some global players have also shown interest to build the airport at Wellawaya.rn rnldblquote To date 30 parties have taken documents pertaining […]
Guessing Game
Sri Lanka has made it to the list of developing countries selected for concessional funds under the US governments Millennium Challenge Corporation (MCC).The US government on Thursday named 50 countries that made it for the first round of assistance due in May.rn rnAt present, the list of countries are up for public comment endash as […]
Quick Jump
Union Assurance Ltd said Thursday its net profits have nearly doubled on renewed business sentiment in the overall insurance market.Its consolidate net profits was up Rs. 132.4 mn over Rs. 38.6 mn during the corresponding year 2002.rn rnProfits from Non-Life business was up to Rs. 99.4 mn, while the surplus from the Life business was […]
Spadework
Sri Lanka Telecom said it was pumping Rs. 600 mn to float a fully owned subsidiary endash Telecom City (Pvt) Ltd.SLT said the capital injection would come in on a staggered basis to suit progress and development of the project.rn rnIn the first instance, it has been decided to pay up Rs. 2.50 per share […]
Funding Live
Standard Chartered Bank said on Wednesday that it was the lead arranger to a US$ 86 mn seven-year syndicated loan facility to fund Mobitel (Pvt) Ltd.s expansion drive.Eight local banks participated in the US dollar/Sri Lanka rupee syndication, while the Swedish Export Credit Agency, or EKN, had given it “partial support”.rn rnThe syndication partners included […]
Play Phone
Mauj, an Indian based mobile content provider made its first foray into the local market, launching a Java based cricket game for mobiles. However, the game will not be available in Sri Lanka until local network providers sign up with Mauj to distribute its content.rn rnRicky Ponting Cricket 2004, launched Tuesday is only one of […]