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No more promises
A new law to prevent abuse of public funds while committing the government to its budget targets will come before the house soon.In addition to putting spending plans of the government in power under the strict scrutiny the proposed Fiscal Responsibility Act will also expose the impact of vote catching election proposals on the public […]
Fresh Hopes
ldblquote We feel excessive restrictions on the investment mix is seriously weakening unit fund quote s performance, dblquote President of the Unit Trust Association, S Jeyavarman told Lanka Business Online. rnrnHowever, the industry is not advocating any amendments to the limit on maximum investment in an individual company. rnrnPresently fund management companies have to put […]
Limited Scope
The government plans to form an asset management company to takeover the debts of the two state banks.A top Central Bank official said the upcoming Bank Rescue Law, will makes its way to parliament before end September. rnrnThe debt recovery and collection agency or RACA will be modelled on similar lines to the successful Malaysian […]
Piece Meal
The three dominant cellular operators endash Celltel, Mobitel and Dialog endash had earlier put in a joint proposal for an across the board Rs. 2.00 increase for all outgoing calls during peak times. rnrnInstead, the Telecommunications Regulatory Commission (TRC) has responded with a Rs. 1.00 increase for Mobitel, Rs. 0.75 raise for Dialog and a […]
Gaining Altitude
Making a modest come back after a disastrous year, SriLankan Airlines on Wednesday reported a Rs. 1.4 bn post-tax profit for the financial year ending March 2002, from a Rs.5.8 bn net loss in 2001.The Group, which includes SriLankan Catering, made an accumulative profit of Rs.2.0 bn. rnrnFollowing terror attacks of 9/11 and July 24, […]
Golf In Paradise
While, golf will remain the on the main menue, AmCham (American Chamber of Commerce), the tournaments organisers, will be busy serving up potential investment opportunities in Sri Lanka. rnldblquote We are working on a theme of lquote Peace in Sri Lanka and golf in paradise, dblquote says Susantha Pinto, Chairman of AmChams Golf Committee at […]
Rough Ride
The government was earlier planning to sell the bus companies on the Colombo bourse on Wednesday. rnrnPolicy Planning Ministry Advisor R Paskaralingam told Lanka Business Online that the sale would however go through as planned, but prospective bidders have sought extra time to arrange finances. rnrnldblquote By extending the deadline, we will also advertise for […]
Carrots For Sale
Talks to woo back SLT quote s Japanese partner NTT, have resurfaced once again, with both parties keen to strike a fresh pact.rn rnNTT, which owns a 35 percent stake in SLT, lost its management contract Monday. SLT also lost its monopoly on international voice calls on Monday.The government controls 61.5 percent of the telecom […]
Hitting The Roof
The overall increase hovers around 30 percent, some motorists face higher premiums of up to 75 percent, while third party cover has doubled by 100 percent. rnrnFollowing intense discussion between the Insurance Board of Sri Lanka (IBSL) and the industry, the watchdog agreed to deregulate motor tariffs from January 1. rnrnBut tariffs were not revised, […]
Nobly Curve
Central Bank officials say that an initial Rs. 5 bn worth 10 or 12-year bonds will hit the market soon. rnrnThe bank expects long term investors like insurance companies and the captive funds like EPF and ETF to subscribe to the issue. rnrnldblquote We have spoken to the investors like insurance companies and provident funds […]