All Blogs
Next Halt
The government is offering state guarantees to raise funds for working capital and investments, subject to preset conditions as an added incentive to bidders taking up stakes in the remaining bus companies. The Public Enterprises Reform Commission (PERC) re-issued its invitation over the weekend to take up a 39% stake in the remaining five cluster […]
Close Watch
Colombo Dockyard appointed safety supervisors to improve working conditions in its docks. The company, which is seeking new opportunities in boat building and dry dock operations, says the improved safety conditions will also help increase productivity. rn rnThirty specially trained safety supervisors were appointed while a safety management system has been implemented company wide.rn
Accounts On Time
Ministers, heads of government institutions and financial controllers will be held accountable for submitting state sector accounts on time.Commerce Minister Ravi Karunanayake says they will get a 3-month time frame to submit the accounts to parliament.rn rnThe Minister was addressing the graduation ceremony of the Association of Charted Certified Accountants. rn rnTwenty three Sri Lankan […]
Account Straight
Complicated organization structures are making financial statements difficult to understand.Estimating the underlying risk is also becoming difficult not only for shareholders but for company directors as well.rn rnExperts on corporate governance speaking at a Institute of Charted Secretaries and Administrators seminar, said that directors should seek professional help when the underlying risk is not clear.rn […]
Super Regulator
Professor Rohan Samarajiva addressing the fifth LBR LBO CEO forum said the regulator to be manned by professionals would eventually look at other areas like roads as well.rn rnRegulators are not always independent. An expert in regulation in the telecom sector told the LBR/LBO CEO forum that government needed to separate its role as shareholder […]
Counting Heads
State welfare schemes will get a face-lift from mid next year with the enforcement of a new Welfare Benefits Law.The new law attempts to better target deserving recipients by setting up one agency to coordinate all welfare spending. Government says better targeting will help cut welfare spending by half. Earlier benefit schemes like food stamps, […]
Road Show
Nearly two-dozen institutional investors have been lined up in Hong Kong and Singapore for presentations on the SLT IPO.rn rnSri Lanka Telecom is counting on foreign investors to grab a significant part of its IPO expected to generate up to Rs. 4 bn, if a full 15% stake is sold. rn rnOnce listed SLT will […]
Human Quota
The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]