Category: Industry
Centre Holds
Central Bank tightened the regulatory grip with the introduction of minimum levels of capital.Finance companies under a Central Bank directive will have to maintain capital adequate to cover 10 percent of their risk weighted assets.rn rnThe ruling, which takes effect from this month, will have to be complied by all finance companies. The standards are […]
Holiday Tax
A one percent levy on turnover will be charged on all Tourist Board licensed institutions, under the new Finance Bill, passed Thursday. The tax will cover about 1000 licensed institutions under the Tourist Board Development Act and will be enforceable from September this year.rn rnAn initial Rs. 7.5 mn is to be raised, Tourist Board […]
Outright sales
Central Bank may start outright sales of government securities as early as next week with rising foreign inflows boosting the countrys money supply.rnrnldblquote We have not made a final decision but we may hold the first auction next week, dblquote says Dr. D. S. Wijesinghe, Head of Central Banks Domestic Operations.rn rnThis indicates a slight […]
Extension Cord
Continued lobbying from the telecom industry has now opened up access to undersea cable bandwidth. Direct access to the SEA ME WE (Cable connecting South East Asia, the Middle East and Western Europe) submarine cable facility will cut bandwidth cost by an estimated 50% for telecom operators, say industry sources.rn rnAccess to capacity in the […]
No Vacancy
HNB senior officials told Lanka Business Online that the Bank could consider rescheduling the loan if the owners put up a minimum 50 per cent of the outstanding amount before the auction.rn rnMarawila Resorts Directors told shareholders on Tuesday that they were in negotiations with HNB to find an amicable solution.rn rnHowever, HNB officials claim […]
Redial
The telecom watchdog on Wednesday published a set of rules that will govern the short code auction scheduled for an August date. The online auction previously set for mid May was abandoned due to the lack of interconnection between operators.rn rnHowever, policy makers are due to meet next week to resolve the remaining issues holding […]
Tall Order
Offering greater value to its tenants, the World Trade Centre (WTC) in Fort together with Dialog, has put in a fibre optic internet backbone in the twin towers.rnrnThe fibre optic backbone put in place at a cost of US$ 650,000, spans to the length of both towers, providing WTCs tenants with ldblquote on tap dblquote […]
Moping Up
The fresh issues could set off more regular longer term borrowing as the state looks to maintain low inflation and interest rates. rn rnThe 10 year issue is also in line with the Central Banks decision on Wednesday to gradually absorb excess liquidity from the financial system through ldblquote a longer-term absorption under its active […]
No Cuts
Central Bank left key interest rates unchanged on account of the high liquidity in the financial system at present. The decision came after its monthly policy meeting on Wednesday evening.rn rnMeanwhile, Central Bank has decided to absorb a part of this liquidity gradually through a longer-term absorption under its active open market operations window.rn rnIn […]
Priority Plan
The need for a clear port development plan was stressed by the ADB when it approved a US$ 150,000 technical assistance grant on Tuesday to prepare a master plan for the port sector to guide policy formulation and infrastructure investment. The plan is expected to define priorities in developing regional ports and map out capacity […]
Super Watchdog
Draft legislature to set up the super regulator for the information and communication sectors is now up for discussion.The bill will help form the Information and Communication Commission or Sri Lanka (ICCSL) and will be the present telecom regulators successor.rn rnAdding more muscle to the new Commission a fresh set of legislature covering electronic broadcasting […]
Suspension – II
The Supreme Court on Monday gave Central Bank 14 days to re-suspend Pramuka Banks license to facilitate restructuring.The Court concluded that interested parties could not restructure the bank without its license as per the Banking Act.rn rnCentral Bank officials requested 14 days to prepare a fresh suspension order, until when Pramuks license will remain cancelled. […]