Author: lbostgadmin
Down To Cents
The US$ 50,000 grant, extended through the Asian Development Bank (ADB), will finance a study to set up an autonomous authority to streamline revenue collection and tax administration.rn rnInefficiencies in revenue collection, as well as widespread tax evasion are an established fact, with state revenues on the decline in the past few years.rn rnThe national […]
Finding Hope
Managing Director Nihal Jayawardene says the company was studying the proposals and would consider accepting one of them shortly.rn rnMeanwhile, reliable sources say the bank is holding an accumulated loss of Rs. 260 million with an average monthly loss of over Rs.5 million. rn rnAt Rs. 260 million, the bank quote s accumulated loss has […]
Carbon Riches
rnThe World Bank recently launched a US$ 100mn Community Development Carbon Fund (CDCF) to take the benefits of carbon commerce down to the grassroots. rn rnThe Fund, launched last week, will provide carbon financing for small-scale projects in rural areas of all developing countries, the World Bank said in a release.rn rnRenewable energy, energy efficiency, […]
Picky Decisions
Plans to ratify the appointment however fell through at last week quote s monthly board meeting. SLT Officials declined to divulge the reason for the delay. rnrnSenior officials say PriceWaterhouseCoopers could commence work immediately before any ratification is made at the next board meeting scheduled for the first week in October. rnrnA decision is pending […]
Going Fishing
The Asian Development Bank (ADB) Monday committed US$ 20 million for the project implemented through the Ministry of Fisheries and Ocean Resources and the National Aquaculture Development Authority.rn rnThe project aims improve food security and reduce poverty by developing model aquaculture and fish processing enterprises that would help increase inland fisheries and aquaculture production. rn […]
Moving On
Former CEO Hydery Rehmanjee presently serving on the director board was reappointed to the seat, a company release says.rn rnWikramanayake joined UAL as Deputy CEO in April 1999 when he returned to the country after a 19 year stint in a Bermuda based international bank. A year later he succeeded Rehmanjee to the chair. rn
Reserving Costs
Central Bank is seeking more flexibility to cut commercial bank quote s statutory reserve ratios in the future and also pay interest on reserves if it reaches extraordinary levels.rn rnIn a soon to be introduced amendment to the Monetary Law Act, the current floor levels for reserves will be taken off giving Central Bank discretion […]
Buying Tickets
The final details for the sale of a 39 per stake in the sate owned bus company is being worked out for September 24. The stake will be auctioned over the Colombo Stock Exchange to the highest bidder.rn rnSecretary to the Ministry of State Transport M. Susiriwardena says eight of eleven companies who submitted expressions […]
Downgraded
The downgrading comes on the top of a planned medium term debenture by the group as exclusively reported by LBR recently.rn rnFitch says that the rating cut comes in the wake of higher leverage levels due to acquisitions.rn rnJKH group recently acquired a ninety percent stake in the bunkering Lanka marine services company.rn rnThe group […]
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 […]
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 […]
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 […]