Author: lbostgadmin
Rate Cut
The Central Bank on Friday cut key short-term rates by 100 basis points in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market needs.As reported by LBO Thursday, the bank lowered the reverse repurchase rate (reverse repo) to 12.75 percent […]
Cross Connection
Cellular operators have been asking for a Rs.2.00 tariff increase to offset network expansions and rupee depreciation costs. rnrnThe operators wrote to the Telecommunications Regulatory Commissions (TRC) last November, seeking a tariff revision, but the then Director General of Telecommunications, R D Somasiri failed to respond to their requests. rnrnIn April the situation came to […]
No Queues
Customers who maintain a balance of at least Rs.5 mn or US$ 50,000 in current or savings accounts, foreign currency accounts or deposits are eligible to become Priority Banking customers and receive numerous privileges offered at the Priority Banking Centre at No 1 Union Place, in addition to all the normal facilities available at their […]
Marathon Cabinet Run
A record thirty-six bills are to be passed by parliament in August and September covering the financial sector, utilities regulation, the monetary authorities and fiscal management. The first of these bills will be presented for Cabinet approval with in the next two weeks and will be put before parliament starting next month. rn”The Prime Minister […]
Official Nod
A top Central Bank official said that cabinet has already approved the issue as part of the government quote s borrowing programme for 2002. rnThe exact structure, interest rate and tenure of the proposed debt issue have not been finalized. Officials say the funds could either come through a syndicated loan, a medium term note […]
Safety Net
A Fiscal Responsibility Act would also be passed, to ensure the government sticks to its commitments on revenue and expenditure. rnrnAmong the pieces of financial legislations is the law to set up a debt recovery and collection agency (RACA) to solve bad debts crippling the banking sector. rnrnThe agency is to be given strong debt […]
Stitch In Time
Diversifying its services in Sri Lanka while avoiding a future drop in its mainstay business, DHL will venture into the logistical and supply chain industry.Today DHL launched, China First, a concept were a manufacture can import goods from the East Asian trading giant and ship it to anywhere in the world all in one invoice […]
Debt For Capital
The bank quote s capital adequacy ratio stands at little over 9 percent, which is just short of the minimum 10 percent criteria Central Bank plans to implement from next year. rnFor the first tranche, the bank will issue debt paper worth Rs. 300 mn, with the option of issuing a further Rs.300 mn in […]
Networking Lanka Inc.
rnThe project will be funded entirely by the private sector, with Bartleet Group subsidiary BC Computers being the principal sponsor.rn rnA new joint venture company between the government and BC computers lquote eServices Lanka quote , funded by the private sector, was set up to operate the gateway.rn rnThe Commerce and Consumer Affairs Ministry will […]
Sailing South
Southern Region Development Minister, Ananda Kularatne told a media conference that the firm will carry out the feasibility studies over a six-month period without billing the Sri Lankan government. rnHe said the government was keen to establish a southern port, which is only a few miles away from international shipping lanes. rnKularatne estimated 36,000 ships […]
Small Start
A gazette notification spelling out the government quote s decision will be announced in August, Treasury sources said. rnrnHowever, broader pension reforms like allowing members flexibility to chose their own pension fund would come through next year via a new Superannuation Act. Some of the upcoming changes include issuing a bond for existing EPF holders […]
Off The Grid
The Public Enterprises Reform Commission quote s (PERC) Director General Deepal Gunaratne says twelve preliminary Expression of Interests were submitted, when the deadline closed Monday for twelve regional and one cluster bus company. rnldblquote We will shortlist investors based on the information provided and ask them to submit their financial bids detailing their business proposal, […]