Category:
Balance Sheet
The proposed Public Finance Act is to be pushed through to Cabinet as an urgent bill, as Parliament resumes work in the New Year. The new Bill raises financial reporting standards for public enterprises and gives legal backing to existing financial regulations.rn rnAs it exists, all financial regulations are compiled into a book of administrative […]
Next Halt
The last day to submit expressions of interest for the 39 percent stake in the remaining seven bus companies have been put off till January 10, 2003. The original deadline was set for December 20, 2002.rn rnPublic Enterprise Reform Commission (PERC) Director General Deepal Guneratne told Lanka Business Online that three parties had shown interest […]
Cashing In
Coming through a battering last year, all signs are that tourists are flocking back with arrivals shooting up a massive 86 percent in the third quarter 2002, over last year.The recovery is however on the back of a very weak base last year that saw arrivals crippled after September 11 and the attack on the […]
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 […]
Booking Profits
Hatton National Bank on Monday sold part of its controversial stake in Sampath Bank through a private transfer on the Colombo Stock Exchange.The 19 percent parcel was disposed at Rs.80 per share or at Rs. 680 mn. The sellers were HNB (4.1 mn), HNB EPF (2.2 mn) and Smart Development (2.08 mn).rn rnAnother 10 percent […]
Desperate Plea
Pramuka Banks depositors association on Monday appealed to President Chandrika Kumaratunga to intervene and re-open the failed bank.Members walked up to the Presidents House to hand over the letter but were unsuccessful as the President was not in.rn rnPresident of the association Palitha Gamage says the Central Bank should take full responsibility for the failure […]
Funding The Old
The government will shortly send a call out for a chief executive officer to head a newly created office on Pension Reforms.Spearheaded by the Superannuation Reforms Taskforce under the Financial Sector Reforms Committee, the new pensions office will suggests methods to steer the reform programme through.rn rnThe mandate covers an entire gamut of reforms including […]
Long-Term Borrowings
The government is planning to issue its first long term bonds next month on the back of low risk interest rates.A ten-year government bond will be auctioned early next month in a move that will almost double the length of the government risk free yield curve.rn rnThe public debt department of the Central Bank is […]
Lending Long-term
The Central Bank plans to issue a 10-year bond issue in January, as part of its efforts to build a long-term yield curve.Officials from the banks Public Debt Dept.said around Rs. 1 bn will be offered at the initial issue.rn rnThe bond is likely to carry a coupon of about 10 percent, though market players […]
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 […]
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, […]
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 […]