All Blogs
Fresh Look
The Act will be brought in line Basle requirements and international best practices.rn rnThe Banking Law governs commercial and specialized banks.rn rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn rnThe amendments will give the Central Bank the power to […]
Tinkering With Monetary Laws
The amended Monetary Law will refocus the Central Bank to key objectives of economic, price and the financial system stability. The Central Bank presently handles activities like Exchange Control, the Employees Provident Fund and public debt.rn rnEconomists say that these functions are not performed by Central Banks in the modern world and could be in […]
IDD Getting Cheaper
At the moment, high termination rates for incoming calls gave the sole gateway operator – Sri Lanka Telecom – massive revenues.rn rnThis gave an incentive to other operators to smuggle incoming calls and get a piece of the pie.rn rnOffering gateways to all operators and the determination of interconnect rates by the regulator is expected […]
Mega Zones Coming
The Industries Ministry says that roads dedicated for factories and associated infrastructure like housing and recreation would be set up all over the island.rn rnThe first of these roads will be developed in line with a mega industrial exhibition in the Southern Province next year.rn rnldblquote They can have their swimming pools residential accommodation for […]
Raising Dollars
Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrnCentral Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn rnThe issue will carry a minimum tenure of five years […]
Sailing Online
ldblquote e-Marine quote allows Eagle quote s customers to access their marine insurance documents over the internet, discarding the need for the movement of paper documents.rn rnEagle Insurance officials believe anywhere access of the policy would streamline documentation and save time for the shipping industry. rn rnHowever, only customers with an open cover agreement with […]
Smoke Screen
Cleaning up its bad boy image, Ceylon Tobacco Company (CTC) is sponsoring regional IT training centers to enrich rural youth with computer skills.
Dial 10
The change is intended to accommodate more phone numbers to feed the growing demand for telephone and data services.rn rnThe Telecommunications Regulatory Commission (TRC) has set May 1 as the deadline for telecommunication service providers to make the change. rn rnSri Lanka Telecom (SLT) will make the first switch over before the end of the […]
Street Wise
The project, spearheaded by the Industries Ministry, has already begun in Nikaweratiya, with a 12-mile stretch being developed with Rs.150 mn in private sector funds.rn rnldblquote These will be dedicated industrial roads for future industrial development. The duty of investors will have their individual compounds developed in line with future needs, such as housing units […]
Banking On Locals
The bank needs Rs. 13.5 bn to cover Rs. 6 bn past losses and bring its Tier I capital in line with local standards.rn rnGiven the relatively weaker balance sheet of Peoples quote Bank, senior officials mapping the bank quote s restructuring strategy believe it would be easier to interest a local consortium than a […]