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Comrade Minister
Officials in Kumaratungas Freedom Alliance said four members of the Marxist JVP, or Peoples Liberation Front took their oaths while another four were sworn in as deputy ministers. rn rnThe inductions raised to 35 the number of ministers in the cabinet. rn The JVP said they accepted a compromise offered by Kumaratunga to end a […]
Quick Thinking
The Central Bank will raise nine billion rupees worth of shorter maturity bonds next month to ease the current interest rate pressures.The new issues which are re-issued under an existing bond series, mature next March and May, also caters to present market appetite for short-term paper.rn rnThe issue carries a coupon rate of 11.5 percent.rn […]
Water Tight
The US government unveiled its new US$ 50 note on Tuesday designed with enhanced security features to beat counterfeiting.rn rnrn rnThe New US$ 50 billrnrnrn rnThe New US$ 20 billrnUS government officials from the Department of the Treasury, the Federal Reserve and the United States Secret Service, unveiled the new US$ 50 note design, the […]
Avrudu Bash
Commercial Banks ATMs dispensed a staggering Rs. 625 million over the five-day lquote Avurudu weekend in April, the Bank said this week.Commercial Banks Deputy General Manager endash Personal Banking Ravi Dias said nearly 151,000 cash withdrawals were made during this period and due to heavy usage most ATMs had to be reloaded with cash several […]
Big Buy
NDB picked up a further 20 per cent stake in NDB Bank, following up on Fridays 37 per cent acquisition. Mondays buy increases NDBs stake in the commercial banking venture close to 80 per cent.rn rnMarket sources confirmed that the stake moved at Rs. 31 per share, on par with the price paid by NDB […]
Under Scrutiny
Accounting experts say local companies should invest more in voluntary social and environmental reporting, since indifference could be costly. It is cheaper for companies to clean up their act and behave in a socially and environmentally responsible fashion now, than wait for the government to enforce regulations, say experts.rn rnldblquote The (international) markets will soon […]
Commercial Buy
National Development Bank (NDB) picked up a 29 per cent stake in its associate company NDB Bank (NBL), as part of its strategy to merge with the commercial banking entity.Fridays acquisition effectively takes NDBs stake in the commercial banking operation to 51.5 per cent and above the 30 per cent takeovers and mergers code threshold.rn […]
New Deputy At Central Bank
Dr. Ranee Jayamaha succeeded Mr. P.M.Nagahawatte, Deputy Governor who retired from the Central Bank on April 18, 2004.This is the first time a lady has been appointed to hold this position of the Bank.Dr. Jayamaha has been in the Bank for 32 years with wide experience in the Economic Research Department, Banking Development Department and […]
First Act
The governments first piece of business when parliament opens on May 18 will be to push through an Anti-corruption Bill to replace the Bribery Commission and the Act governing it.Alliance Minister Susil Premajayantha said on Friday that the Bill is now with the Legal Draftsman and is based on the principles of transparency and accountability.rn […]
Clean Slate
The Jathika Hela Urumaya (JHU) says it is ready to work with the Alliance government on a clean slate and support issues in Parliament on a case-by-case basis. The clergy however did not support the governments first test in Parliament in appointing a Speaker yesterday on the claims that two of its members were influenced […]