Category: Industry
Kandy Link
Bids to construct the Colombo Kandy expressway closed Monday, with thirteen parties expressing interest for the project.Early December, the Board of Investment sought investors to finance, construct and manage the highway on a Build, Own and Transfer (BOT) basis.rn rnThe BOI said the project should not exceed a 25-year period.rn rnThe new highway, like the […]
Who Pays?
Fixed phone subscribers could pay between Rs. 2.63 to Rs. 6.12 more if all incoming calls to mobile phones are made free from Jan.01. The telecom watchdog is however facing strong resistance from all operators who say the tariffs are unreasonable.rn rnIn hopes of resolving the deadlock, the regulator is holding a marathon session of […]
Tour De Farce
The future of the tourism industry hangs loose as travel associations squabble over as to that should represent the industry.Some in the trade have already made representations to the government challenging the status of the newly established Tourism and Travel association.rn rnThe association formed with government patronage was thought to comprise both the travel agents […]
Little Solace
Depositors of the collapsed Pramuka Savings & Development Bank are likely to get a third of their money back once the liquidation process starts to roll in.Smalltime depositors who had invested up to Rs. 50,000 are likely to get most of their capital back. But for others who invested millions, their capital is likely to […]
No System Risk
Officials say the collapse of Pramuka Bank will not pose a systemic risk to the financial sector, as most commercial banks did not have links with the failed bank.Finance Minister K. N. Choksy told LBR on Tuesday (17 Dec.) that the financial system could withstand the effects of Pramuka Banks liquidation.rn rnAs Pramuka was the […]
Low Cost Loans
Government has put up Rs. 3 billion to provide low cost housing loans in a bid to raise the levels of house ownership in the country.Specialized housing banks like HDFC and the NDB Housing Bank will lend the government funds.rn rnHousing loans will carry a 10.5 percent annual interest to the end customer. The scheme, […]
SET marries BoC ATMs
Sampath and Bank of Ceylon signed a memorandum of understanding to link their automatic teller machines locallyThe deal will create a combined network of more that 150 machines, which almost doubles the amount of ATMs that customers in each bank, can now access.rn rnThough customers of banks that use the Cirrus network, part of the […]
Down the Drain
Central Bank today directed its banking supervision department to liquidate Pramuka, after cancelling its licence. An attempt to revive the suspended bank was put down by the Central Bank as it involved channelling Rs. 600 million of taxpayers money into the venture.rn rnThe Central Bank says the request was dropped as the directors and shareholders […]
Skills Development
The John Keells Groups IT training arm has put together Global Executive Programme for the working professionals who are aspiring to reach great heights in their careers. The John Keells Global Executive Program or JKGEP, is a two-year programme in Information Technology, allows participants to obtain the BTEC HND in Computing which leads to the […]
Home Builders
The Treasury on Wednesday gave a Rs. 3 bn subsidy to local banks, to kick-start the low-middle income-housing segment.Of the Rs. 3 bn loan package, the Treasury is offering up to Rs. 1 bn through the Housing Development Finance Corporation or HDFC. rn rnFurther Rs. 1.5 bn will be channelled through the commercial banks while […]
Local Tie
Sampath and Bank of Ceylon signed a memorandum of understanding to link their automatic teller machines locally, a top official said.The deal will create a combined network of more that 150 machines which almost double the amount of ATMs that customers in each bank can now access.rn rnThough customers of banks that use the Cirrus […]
Caught Out
As regulators continued to probe deeper in to the Pramuka Bank irregularities, a senior bank official was caught red-handed by Central Bank officials on Wednesday allegedly trying to take some vital documents out of the banks premises.Regulators ranging from the Central Bank, the Criminal Investigation Dept, Bribery Commission and Labour Commission are presently combing through […]