Category: Industry
Knock Knock
National Savings Bank is asking for a foreign currency banking licence (FCBU) to tap migrant workers and expatriate Sri Lankans.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Thernstate savings giant estimates that local banks cover only 40 percent of the FCBUrnoperations.rn ldblquote Wernare expecting Central Banks approval as we feel we can offer a gamut ofrnproducts ranging from savings, deposits, […]
Blanket Cover
A recently completed draft policy for the port and shipping sector is proposing to link all agencies working to serve the industry into one umbrella organisation. rnThe maritime authority will oversee regulation and represent the foreign trade sector as the apex body among a long list of other tasks.rn rnThe proposal forms part of the […]
Canal Express
Colombos waterways could soon be a hive of activity with a Canadian firm studying its potential as an alternative to road transport. The Canadian firm recently concluded a preliminary study and has now signed an agreement with the Urban Development Authority for a detailed study.rn rnResults of the study are due in six months and […]
Safety First
Companies that are looking closely at employee welfare are also keen to provide a safe working environment.Organisers of the National Safety Awards say spending on safety is not just an expense but an investment that can bring high returns.rn rnOrganizers of the annual event say the number of entrants is growing each year.rn rnThe closing […]
Next Debut
New owners plan to list Sri Lanka Insurance Corporation next year after restructuring the company.A consortium led by Distilleries Company and Aitken Spence offered over Rs.6 bn for the state insurance giant in the largest privatisation by the UNF government.rn rnThe new owners say they will sell a stake through an IPO next year to […]
Penny Wise
The telecom regulator has hired Frontier Economics Ltd to do a cost study on mobile and fixed termination rates between operators.The operators and the Telecommunications Regulatory Commission (TRC) jointly mooted the study in February, after operators failed to agree on new interconnection rates put forward by operators.rn rnIndustry experts say a proper cost study on […]
Moving In
Friendly services and cost management strategies will bring UK based health insurer, Western Provident Associations (WPA) back office operations to Sri Lanka. The Sri Lankan office will be the second offshore service centre for the insurer after its Bangalore, India outfit. rn rnDirector Best Practices, Adrian Schuler says the firm is looking at a 30-40 […]
Look Out
Media institutions who carry advertisements for financial institutions that promise unrealistic returns may be liable for damages if they later fail to deliver, a top legal expert warned.Government advisor and member of the Financial Sector Reform Committee Dr.Wickrema Weerasuriya warned that print and electronic media could be sued under common law if they continue to […]
New Spirits
The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn rnThe consortium is made up of the Distilleries […]
Changing Act
Plans to set up a common regulator for the communication and information sectors have been activated with a draft bill now available. The draft bill accommodates the rapid changes taking place in the industry and is in line with the states ICT development agenda. rn rnState officials say the bill is aimed to create a […]
Going Gone
Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs.600 mn more than the original assessment of […]
Little Colombo
A strategy to diversify its business interests will see Asian Hotels Corporation developing its Galle Road front property into Creascat City endash a self sufficient accommodation, entertainment, recreation and lifestyle complex. The management is expected to invest an estimated Rs.100 million over the span of the project, said Asian Hotels Director Viran Perera.rn rnUp to […]