Category: Industry
Whos Fault?
Pramuka Employees are accusing the banks auditors KPMG of certifying accounts, which were not true and fair when there were massive accounting frauds. They are particularly concerned about the illegal provident fund.ldblquote The audited accounts pertaining to Pramuka Bank have not portrayed a true and fair view of its state of affairs, dblquote says Sunimal […]
Tech Talks
UK based Adam Smith Institute secured the mandate to prepare the groundwork for a new telecomm and ICT regulator.The Science & Technology Ministry said Thursday that a team, which also includes top Finnish telecom expert Arno Wirzenius, would start work next Monday.rn rnUnder the procurement procedure, the consultant has to write out the terms of […]
Flat Tyre
Selling the remaining seven bus company faced another breakdown, the deadline for applications pushed back once again.Meanwhile, the Public Enterprises Reform Commission (PERC) has set a February 13 deadline to the IBIS Holdings to pay up for the six bus companies.PERC says the buyer has to 60% of the bid price by Feb. 13 with […]
Call To Account
Pramuka Employees picketing in front of the audit firm, KPMG Ford Rhodes and Thornton, alleged that the audit firm had failed to detect massive accounting frauds at the bank.ldblquote The Audited accounts pertaining to Pramuka Bank had not portrayed a true and fair view of its state of affaires, dblquote Pramuka Employees Association President Sunimal […]
Interesting Rates
The Ceylon Chamber of Commerces Import Section is lobbying with fiscal authorities to ensure commercial banks reduce their lending rates in line with Central Banks recent rate cut.The Treasury and the CentralBank in its persistent efforts to reduce lending rates to the Business Sector, has on many occasions during the last year reduced theReserve Requirement, […]
Niche Banking
Standard Chartered Bank is coming out with lquote Select, a new wealth management product, to manage upper middle class segments personal banking needs.The bank is also betting on an upsurge in credit demand to fuel its consumer and retail banking operations this year.rn rnStandard Chartered just concluded a merger with ANZ Grindlays Bank to become […]
MICE Map
SriLankan Airlines launched their first MICE Travel brochure today, tapping into a niche market of lquote meetings, exhibitions and conference travellers. Driven by the belief that Sri Lanka can offer much more than the sun, surf and sand, hard driven efforts have been underway by the industry to tap into high-spending corporate tourists rn rnThe […]
Rolling Dice
The government has shelved plans to privatise the state owned Development Lotteries Board following opposition from President Chandrika Kumaratunga.ldblquote The privatisation process has been put off, instead we are hoping to re-organise Development Lotteries Board by introducing innovative products to popularise lotteries in Sri Lanka, dblquote Chairman, J K Fernando told journalists on Monday.rn rnHowever, […]
Fine Tuning
A team from the IMF is expected soon to start final negotiations on a structural adjustment loan expected by March this year.The International Monetary Fund team will arrive on January 20, to negotiate the final terms of a long-term loan.The IMF board could approve the loan in March if the terms are finalized during the […]
Runaway Runway
The government is reconsidering its plans to build a second runway at the Katunayake international airport.The proposal ran into trouble due to heavy protests by residents who would loose their homes in land acquisitions for the new runway.rn rnPlans for the second runway at the countries only international airport were drafted to make the country […]
Holiday Travel
Three firms including Singapore based SBS Transit has shown interest to buy up a stake in the remaining seven state bus companies. The deadline to submit proposals for a 39% stake in the bus companies has also been put off to January 16, an extension by the Public Enterprises Reform Commission (PERC) to factor in […]
Ringing Loud
Sri Lanka Telecom on Thursday reported a 38 percent surge in after tax profits for the nine months ending September 30, 2002.SLTs net profits touched Rs. 2.425 mn up from Rs. 1.763 mn in 2001. Its revenues rose 15 percent to Rs.18.579 mn as against Rs. 16.159 mn in the same period 2001.rn rnOperating profits […]