Category:
Rate Cut
The Central Bank on Friday cut key short-term rates by 100 basis points in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market needs.As reported by LBO Thursday, the bank lowered the reverse repurchase rate (reverse repo) to 12.75 percent […]
To Cut Or Not
The Central Bank is strongly tipped to lower its short-term discount rates by up to 100 basis points within the next few days.Central Bank officials had intimated its thoughts to Chief Executives of commercial bank quote s at a meeting on Thursday. rnrnMarket sources said the Central Bank had asked the banks to cut lending […]
Job Security
Sri Lanka Insurance Corp. (SLIC) unionised workforce plans to strike a pact to prevent employees being retrenched after the corporation in privatized this year.rn rnThe move comes after SLIC quote s 3,000 odd workforce got jittery after the government announced plans to divest up to 90 percent of the insurance giant. rnrnChairman Chrisantha Perera told […]
Unorthodox Shift
Local factions in the tea industry say the Indian threat was looming for over a year, but officials here had made no effort to plan for competition. Sri Lankan orthodox teas sell at an attractive premium above CTC prices. In addition Sri Lanka dominates the orthodox market controlling well over 75 per cent of supply. […]
Rainy Day Funds
This is one of two pieces of legislation that are coming before parliament in the next few weeks, laying the groundwork for an eventual re-haul of the Termination of employment Act. rnrnFemale overtime is a key feature of the Factory Ordinance amendment, which is to be extended to 60 hours a month, as against the […]
Cross Connection
Cellular operators have been asking for a Rs.2.00 tariff increase to offset network expansions and rupee depreciation costs. rnrnThe operators wrote to the Telecommunications Regulatory Commissions (TRC) last November, seeking a tariff revision, but the then Director General of Telecommunications, R D Somasiri failed to respond to their requests. rnrnIn April the situation came to […]
No Queues
Customers who maintain a balance of at least Rs.5 mn or US$ 50,000 in current or savings accounts, foreign currency accounts or deposits are eligible to become Priority Banking customers and receive numerous privileges offered at the Priority Banking Centre at No 1 Union Place, in addition to all the normal facilities available at their […]
Marathon Cabinet Run
A record thirty-six bills are to be passed by parliament in August and September covering the financial sector, utilities regulation, the monetary authorities and fiscal management. The first of these bills will be presented for Cabinet approval with in the next two weeks and will be put before parliament starting next month. rn”The Prime Minister […]
Official Nod
A top Central Bank official said that cabinet has already approved the issue as part of the government quote s borrowing programme for 2002. rnThe exact structure, interest rate and tenure of the proposed debt issue have not been finalized. Officials say the funds could either come through a syndicated loan, a medium term note […]
Debt For Capital
The bank quote s capital adequacy ratio stands at little over 9 percent, which is just short of the minimum 10 percent criteria Central Bank plans to implement from next year. rnFor the first tranche, the bank will issue debt paper worth Rs. 300 mn, with the option of issuing a further Rs.300 mn in […]
Stitch In Time
Diversifying its services in Sri Lanka while avoiding a future drop in its mainstay business, DHL will venture into the logistical and supply chain industry.Today DHL launched, China First, a concept were a manufacture can import goods from the East Asian trading giant and ship it to anywhere in the world all in one invoice […]
Safety Net
A Fiscal Responsibility Act would also be passed, to ensure the government sticks to its commitments on revenue and expenditure. rnrnAmong the pieces of financial legislations is the law to set up a debt recovery and collection agency (RACA) to solve bad debts crippling the banking sector. rnrnThe agency is to be given strong debt […]