All Blogs
Waiting Game
Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.The shares owned by Sri Lanka Insurance Corp., will be used to fund an employee share trust for the banks staff.rn rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares […]
Out Of Order
Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed […]
Soothing EGOs
Soothing balm over the telecom industry, the government announced the final tariffs external gateway operators should pay local networks to terminate traffic.For the first year, external gateway operators or EGO have to pay US$ 0.11 or around Rs. 10.60 per minute on all international incoming calls terminating on local networks.rn rnldblquote The fixed charge will […]
Signals Up
The ADB expects Sri Lanka will clock in a 5 percent growth in 2003, building on the back of renewed economic stability and a global recovery in the second half of the year. rnldblquote This performance builds on the progress the Government has made in achieving short-run macroeconomic stability in 2002 dblquote , the Bank […]
New Brooms
The government plans to shortly amend laws to allow consolidation in the banking sector as well as laws to form a debt recovery agency.The Banking Act is being amended to include provisions for takeovers and mergers.rn rnldblquote The amendments are before the Finance Minister now and we expect them (laws) to go to parliament sometime […]
Clean Break
The Sampath Bank led consortia is expected to infuse Rs. 700 mn into the under capitalised Union Bank.Union Bank shareholders gave their approval to raise the authorise capital by another billion rupees to Rs. 2 bn, issue special class of shares and increase the size of its board.rn rnSampath Bank and the Chinkara group are […]
Shelter For Old
Parliament on Wednesday passed amendments to the state pension funds, paving the way for a new contributory style retirement scheme for public sector employees.The Employees Provident Fund Act was amended to allow a new pension scheme for public sector employees to start off from January 1.rn rnUnder the amendments, new recruits to the public cadre […]
Repositioning Lanka
Sri Lankas top accounting body will discuss ways to reposition the country at its annual conference in May.Under the theme of lquote Repositioning Sri Lanka Globally endash Leading a Paradigm Change, the two-day CIMA conference starting May 29, will bring together over 400 participants. rn rnThe ceremonial inauguration will take place on May 29 at […]
Centennial Wins
Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn rnMooted under the 2002 budget, the […]
Booking Profits
Chairman Lal Nanayakkara says the turnaround has come from higher recoveries in its bad loan portfolio and profits from its investment portfolio.rn rnIn 2001, the bank recorded an impressive Rs. 345.29 bn profit reversing a loss of Rs. 1.77 bn in 2000 after providing Rs.821.75 mn for loan losses and Rs. 25.68 mn for the […]