Author: lbostgadmin
Brushing Up
Mopping up past mistakes and infusing fresh discipline in the 225 state owned enterprises, a mandatory Code of Best Practices in Corporate Governance has received the cabinet green light.rn rnSeven of the largest public enterprises and four state banks are to be re-hauled when the code comes into force by January 1 next year, before […]
Dollar Funding
CEO Amitha Gooneratne told Lanka Business Online that the bank has already floated the idea with the Central Bank, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission. rnrnldblquote They [the regulators] accepted the concept, but we need to get formal board and shareholders approval through an EGM before we proceed, dblquote Gooneratne […]
Clean Start
Instead, corporations should take an immediate stock of the current position, update arrears up to 2000 and submit details to the parliament quote s library by Dec.31, 2002, Treasury Secretary Charitha Ratwatte said Monday. rnrnFrom 2002 onwards, all state institutions should table their annual accounts before parliament not later than Dec. 31, 2001, he said. […]
US$ 300 mn Hole
Surveys have indicated that unofficial operators are offering attractive rates and better service to expatriate workers. rnThe foreign exchange is kept out of the banking system and the national economy. rnMinister Samarasinghe was speaking at the launch of a new award scheme for foreign employment agencies launched by the Bureau of Foreign employment.rn
Abolished
The Banking Act, the Monetary Law Act and the upcoming Exchange Rate Management Act are likely to be abolished early next year. rnrnOfficials however, say amendments to the Banking Act and the Monetary Law Act, which governs the Central Bank, will still go ahead in August as a stopgap measure. rnrnAs part of a marathon […]
Last Mile
A meeting today had assessed proposals forwarded by the three short listed consultants.rn rnOfficials say they would seek further clarification on certain proposed measures included in the proposals on Monday before they meet again next week. rn rnThe second and probably the final meeting on the issue is scheduled for mid next week.rn rnSLT officials […]
Internal Audit
A committee drawn up by the SEC will study wide range of matters including the separation of audit function from consultancy, the rotation and change of auditors and the composition, scope and powers of auditing committees. Representations should be forwarded by August 15, SEC says. rnThe local accounting fraternity has also launched a programme after […]
Long Term
Hatton National Bank (HNB) will issue Sri Lanka quote s first ten-year private sector debt instrument as part of its Rs. 2bn unsecured debenture.
Fine Line
Sri Lanka Insurance Corp. quote s (SLIC) controlling stake in Commercial Bank may come up for grabs when the insurance giant is sold off this year.rn rnSLIC currently owns 29.91 percent in Commercial Bank, which is worth around Rs. 659 mn as at Dec. 31, 2001. The DFCC Bank is the next highest shareholder of […]
Broad Bell
CEO, Joey Mendoza says the edge would be its pricing and exceptional speed.A combined levy where the internet tariff and the phone tariff are coupled could also be introduced he says. rn rnThe service will initially be limited to Lanka Bell customers before being opened up as a standalone service. rn rnMeanwhile, the company today […]
Looking Offshore
Insurance industry has been lobbying for this facility for many years, due to the dearth of long-term investible products and fluctuating local interest rates. rnrnldblquote Until the capital account is fully liberalised, we can only help out individual companies, provided they lobby their case effectively, dblquote Exchange Controller, H A G Hettiarachchi told participants at […]
Copycat Law
Officials say the draft act that will protect ownership rights was completed early last year and is now pending parliamentary approval.rn rnAn attempt was made last year to ratify the draft act through parliament, but failed due to the political changes halting parliamentary proceedings. rn rnThe act will put in place a regulatory body with […]