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Safety First
Companies that are looking closely at employee welfare are also keen to provide a safe working environment.Organisers of the National Safety Awards say spending on safety is not just an expense but an investment that can bring high returns.rn rnOrganizers of the annual event say the number of entrants is growing each year.rn rnThe closing […]
Look Out
Media institutions who carry advertisements for financial institutions that promise unrealistic returns may be liable for damages if they later fail to deliver, a top legal expert warned.Government advisor and member of the Financial Sector Reform Committee Dr.Wickrema Weerasuriya warned that print and electronic media could be sued under common law if they continue to […]
Moving In
Friendly services and cost management strategies will bring UK based health insurer, Western Provident Associations (WPA) back office operations to Sri Lanka. The Sri Lankan office will be the second offshore service centre for the insurer after its Bangalore, India outfit. rn rnDirector Best Practices, Adrian Schuler says the firm is looking at a 30-40 […]
Penny Wise
The telecom regulator has hired Frontier Economics Ltd to do a cost study on mobile and fixed termination rates between operators.The operators and the Telecommunications Regulatory Commission (TRC) jointly mooted the study in February, after operators failed to agree on new interconnection rates put forward by operators.rn rnIndustry experts say a proper cost study on […]
First Dip
The World Bank is expected to release the first US$ 100 mn tranche from its poverty reduction strategy to the government in early June.The funds come under the broader agenda of the banks country assistance programme for US$ 800 mn spread over a four-year period.rn rnAnnouncing its largest ever aid package to Sri Lanka on […]
New Spirits
The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn rnThe consortium is made up of the Distilleries […]
Changing Act
Plans to set up a common regulator for the communication and information sectors have been activated with a draft bill now available. The draft bill accommodates the rapid changes taking place in the industry and is in line with the states ICT development agenda. rn rnState officials say the bill is aimed to create a […]
Public Poll
A proposal to have a referendum to test the pulse of the people on the ongoing peace process has got the governments attention.Civic groups have approached the government to table a lquote Peace Bill, which spells out details of the ongoing peace initiatives before legislators.rn rnBut the government is keen to get a feedback on […]
DEX Brokers
The Colombo Stock Exchange on Wednesday sent out calls to admit trading members to trade on its new debt trading system, the DEX.Trading members are second tier brokers, with access limited to dealing in corporate debt and government securities.rn rnProspective members need a minimum Rs. 25 mn capital and the capacity to develop clientele for […]
Going Gone
Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs.600 mn more than the original assessment of […]