Category:
Moral Support
Finance Minister K N Choksy has pledged his support to the current efforts to restructure Pramuka Bank. The minister sent a handwritten letter to a depositors meeting on Sunday, where Commerce Minister Ravi Karunanayake was also present.rn rnA consortium led by Asia Capital and Richard Pieris is now conducting a due diligence exercise on the […]
Be Good
Central Bank, Governor A. S. Jayawardena said foreign exchange market should take a longer-term view of the rupee and avoid aberrant behavior.The governor said recent political uncertainty has not changed the economic fundamentals yet and the foreign exchange market should be a lot more resilient than it has been. rn rnLarge capital and aid flows […]
Back to the Front
It is past 9 in the evening. Most people would be kicking up their heels in front of the TV after a long days work.rnBut for a group of young employees at the call center Hello Corp. the days (nights!) work is just starting.rnThey work the night shift because their customers are on the other […]
Budget Blues
Sri Lanka has 216 state owned enterprises and fiscal transfers to these in 2001 amounted to a whopping US$ 446 million-about 3% of the islands GDP.Transfers to public corporations totaled US$ 43 million while statutory boards gobbled up US$ 244 million. rn rnWorld Bank says the problem is that these state enterprises are not held […]
Still to Come
World Bank says its poverty reduction funds can still be drawn on schedule if the IMF review is completed soon.The December tranche of the PRGF has been held back pending the settlement of political uncertainty and the government completing some key reforms.rn rnWorld Bank has to submit its review to the board by May, allowing […]
Warm Blessings
The Central Bank has agreed to let the Colombo Stock Exchange link up with its depository system to allow gilt-edge securities to be settled realtime.The historic move comes following a Monetary Board meeting late Friday to allow two additional members endash the Employees Provident Fund and the CSE endash to be given a special access […]
Sea Legs
The governments deadline to set up a port regulator is due in August 2004, with only a draft bill to govern the industry available so far.The regulator was due to police tariffs between the privet and state port operators when a pricing restriction on South Asia Gateway Terminal (SAGT) lapses in August.rn rnThe pricing control […]
Public Watchdog
The World Bank says it is critical Sri Lanka enacts the new Public Finance Bill that is in the works, to increase public scrutiny over the state purse.In a country review on public accountability, the Bank says that Parliamentary control over public funds was ineffective and did not meet the expectations laid out in the […]
Hats Off
SL A+ long term rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. rn rnldblquote This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings, dblquote says Fitch in a statement on Friday. […]
SBI Credit Cards
State Bank of India plans to aggressively expand local operations.The bank is planning a branch in Kandy as the first step in expansion plans to get a wider market share offering a range of products with a strong focus on consumer credit.rn rnAt present the local branch of the State bank of India caters to […]
Valet Service
Janashakthi Insurance is counting on the motor market, the fastest growing insurance sector, to expand its share of the local insurance market.Motor insurance saw a spurt of growth of 25 percent to 30 percent last year and is expected to continue to lead insurance market growth during 2004, although at a lower projected growth rate.rn […]
Colonial Luxury
The Galle Face Hotel will leap into modernity in grand old style, revamping itself as a luxury lifestyle experience that also comes with a personal butler.Some Rs. 500 mn will be ploughed into the century old, colonial style hotel, in the first phase of its reinvention over the next few months.rn rnldblquote The cost is […]