All Blogs
Precautious Bank
Peoples Bank provided a massive Rs. 1.7 bn for its property portfolio to comply in advance with a new Central Bank ruling.Provisions for bad debts by banks are made after deducting the value of the collateral for the loan.rn rnUnder the new mandatory haircuts announced by the regulator, banks will only be allowed to setoff […]
Chartered Standards
Institute of Charted Accountants is working on two new accounting standards to improve disclosure and measurement of complex financial instruments, at the heart of spectacular bankruptcies in the US.Accountants say these two standards modeled on IAS 32 and 39 will make reporting on derivatives more transparent.rn rnThe complex nature of derivative and other financial instrument […]
Labours Love Lost
Free trade zone employees, at the end of the supply chain are under increasing pressure to keep costs down as retailers and brand owners offload costs and risks to the supply chain. Governments competing to attract investment and boost exports according to the report is putting further pressure on workers at the bottom of the […]
On the back of IT
Leading IT companies including Oracle, Sun Microsystems and Intel are planning to open offices here on the back of one opened by Microsoft, a top bureaucrat told LBR.Three large call center projects are also slated for launch within next two months, one a captive center for a top insurance firm and two by leading Business […]
Success Secrets
An expert on fiscal federalism says knowing when and how to change state institutions according to changing needs is essential for a government to be successful. Robert Inman, a Professor from University of Pennsylvania said that successful democracies should be capable of responding to changing realities of economy and people.rn rnldblquote Federal system is a […]
Zooming Up
Eagle Insurance Co.s Risk Management Division has secured international recognition for processes developed to execute products and services.Risk management is a Specialised Management technique that identifies an firms exposure to risk, give solutions for controlling it or put in place a mechanism to pay for losses should the risk escalate to a catastrophic incident.rn rnAn […]
High Note
State-run Bank of Ceylon ended 2003 on a high note of Rs. 1.642 bn in net profits, even as revenues fell 7.5 percent to Rs. 22.034 bn.rnrnrnrn rn Highlights of financial statements as at endrnDec. 31, 2003rn rn rn rn rn Bank rn Group rn rn rn rn rn Dec. 03 Rs. mn rn Dec. […]
Good Show
The advertising industry is riding the spending wave from the last two years of economic growth and the SLIM awards organisers are looking at maintaining momentum despite new food advertising regulations coming in on April 1st.Advertising agencies say that most clients loosened budget strings last year and became more adventurous with advertising messages and methods […]
Phone Bill
Full year 2003 revenues for SLT gained marginally, dispelling industry forecasts for a drop driven by halved IDD billings, but closed with a 16 per cent fall in net profits. Group net profit was at Rs. 2.38 billion, down from Rs. 2.68 billion in 2002 mainly due to a Rs. 710 million voluntary retirement scheme […]
High Jump
Mobile operator Celltel Lanka signed up for a US$ 21 mn syndicated loan to deploy its network islandwide by August.Under the fifth phase, Celltels GSM network will add 85 new coverage sites and increase present coverage by 250 percent.rn rnldblquote We will have coast to coast coverage, with capacity to add a new switching system […]