Category: Industry
Guaranteed Standard
Insurance regulator with the national accounting body is trying to put forward a recommended accounting practice for the insurance industry.The Recommended Accounting Practice Guidelines will be short of an accounting standard, but could be adapted as one later.rn rnThe move with the cooperation of the insurance industry is primarily aimed at streamlining accounting practices and […]
Governors Call
Central Bank Governor called for the adoption of International Accounting Standards in the countrys bid to become a financial center for the region.While local accounting standards are derived from the IAS, firms interested in foreign cross listings or raising funds abroad still have to publish accounts in accordance with international standards.rn rnldblquote Sri Lanka Accounting […]
Opening Up
As exclusively reported on LBR the Indo-Lanka Economic cooperation deal also threw open air-travel between the two countries.Private airlines from the two countries could soon be plying international routes.rn rnThe proposed open skies agreement doesnt stand-alone. A joint study group is also recommending the easing of visa restrictions on the Indian side and the joint […]
Big Game
The telecom regulatory policy will make shift from size control, to sub sector dominance management, under a new draft legislation.The new asymmetric telecom regulation policy will have the telco watchdog barking orders at dominant operators, identified to be so when they pass pre-defined boundaries, impose entry restrictions or is a threat to near free market […]
Billing Options
Sri Lanka Telecom launched its new US$ 20 mn billing system on Wednesday, with ambitious plans to spin it off into a separate revenue generating business unit.Officials say once the system is fully in place, they will consider other commercial applications that can be added on and also tap its customer database.rn rnSome potential commercial […]
Safe House
The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]
Engagement Ring
Sri Lanka Telecom on Tuesday took a step further to seal its marriage to Lanka Bell, by agreeing to start work on a due diligence study, its Chairman said.The dominant fixed access operator has been courting Lanka Bell for the past few weeks and last month signed a non-disclosure agreement to actively pursue the relationship.rn […]
Wishy-washy
Fraud, mismanagement and a lack of funds is driving the Fisheries Harbour Corporation to the brink of extinction. rnrnThe Corporations financial statements for 2002 reveal that it is struggling to generate even up to 50 percent of its recurrent expenditure from its operations. rn rnIn addition, gross misappropriation of funds, other irregularities in its accounts […]
Undertaker Shifts Gear
Jayaratne VIP Services (Private) Limited this week launched its upmarket service with a two-page colour advertisement announcing the “prestigious” send-off with pomp and pageantry.rn rnThe dead would be driven in one of the worlds safest cars, a brand-new Volvo, while the bereaved can ride in a smaller Volvo S-80. rn rnThe custom-built black Volvo hearse, […]
Snakes & Ladders
The hotly debated deal, to partially privatise 13 cluster bus companies, will hit the road within the next few weeks, with the governments privatisation arm scouting for fresh investors.The move comes after the controversial British consortium IBIS, called off its bid to buy a 39 percent stake in six cluster bus companies.rn rnThe six companies […]
Twin Sharing
Domestic charter flight giants Lion Air and Expo Aviation are within days to seal the hatch on a deal, to cross market their services.The airlines will fly on a shared schedule and will cross sell seats through their agents in Colombo and Jaffna.rn rnBoth firms feel the deal will help grow the industry and make […]
Mute Button
The Telecom regulator and top government bureaucrats held a public discussion on a new regulatory structure as other operators opposed SLTs plans to acquire Wireless Local Loop (WLL) operator Lanka Bell.Telecom watchdog TRC together with support from the public interest program unit of the Economic Reforms Ministry is planning an overhaul of telecom regulation.rn rnExperts […]