Category: Industry
Super Regulator
Professor Rohan Samarajiva addressing the fifth LBR LBO CEO forum said the regulator to be manned by professionals would eventually look at other areas like roads as well.rn rnRegulators are not always independent. An expert in regulation in the telecom sector told the LBR/LBO CEO forum that government needed to separate its role as shareholder […]
Account Straight
Complicated organization structures are making financial statements difficult to understand.Estimating the underlying risk is also becoming difficult not only for shareholders but for company directors as well.rn rnExperts on corporate governance speaking at a Institute of Charted Secretaries and Administrators seminar, said that directors should seek professional help when the underlying risk is not clear.rn […]
Accounts On Time
Ministers, heads of government institutions and financial controllers will be held accountable for submitting state sector accounts on time.Commerce Minister Ravi Karunanayake says they will get a 3-month time frame to submit the accounts to parliament.rn rnThe Minister was addressing the graduation ceremony of the Association of Charted Certified Accountants. rn rnTwenty three Sri Lankan […]
Close Watch
Colombo Dockyard appointed safety supervisors to improve working conditions in its docks. The company, which is seeking new opportunities in boat building and dry dock operations, says the improved safety conditions will also help increase productivity. rn rnThirty specially trained safety supervisors were appointed while a safety management system has been implemented company wide.rn
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Setting Sail
Colombo Dockyards heeding to the call of peace is setting sail in search of new business, looking at more challenging assignments. The company is already in the running to service off shore oilrigs and manufacture speedboats for overseas clients.rn rnCompany officials say, the halt in the 19-year ethnic conflict has given them the opportunity to […]
Late Call
Sri Lanka Telecom on Monday pushed back its IPO debut to November 28, while finalising the issue price at Rs. 15.00.The Colombo Stock Exchange (SEC) informed stockbrokers on Monday that the prospectus would come out on November 15, while the opening the subscription list on November 28.rn rnThe CSE also approved SLTs application to list […]
Double Growth
The results, for the six months to Sept. 30 2002, again shows Emirates bucking current trends affecting the airline industry, with an operating revenue of Dhs 4.3 bn, representing strong growth of 27 percent compared to Dhs 3.4 bn in 2001, the airline said in a release Monday.rn rnEven though overall seat capacity increased by […]
Best Brands
SLIM Brand Awards organizers say the event has helped re-enforce the value of brands in the minds of local corporate leaders.Traditional accounting procedures do not really capture the value of intangibles, though such assets may be more important for modern companies than more easily measured ones.rn rnldblquote The vision behind Brand Excellence is to motivate […]
Taxing Taxes
The government firmed up plans announced in its 2002 budget through its latest fiscal forecast on Wednesday.rn rnThe retail and wholesale trade will be slapped with Value Added Tax while the scope of the Withholding Tax was expanded.rn rnHowever, landing VAT on financial services and the continuation of the port and airport development levy came […]
Going Private
People’s Bank has engaged an international consultant B D O Binder to draft the terms of reference to get its privatisation on the road.rn rnBinder has already submitted a first draft of the terms of reference or TOR, which will be used to engage a consultant to draft an information memorandum.rn rnThe memorandum will be […]