Category: Industry
Ver. 2.0
The telecom regulator is wooing a fresh batch of consultants to come up with a new cost based interconnection framework.Applications for the post closed Sunday, with requests for extension of the deadline, which the regulator is now considering. rn rnThe new study will consider interconnection rates under a caller party pays regime, studying international models […]
Educating The Unemployed
The World Bank has decided to lend US$ 60 mn towards revamping university education and creating jobs for unemployed graduates.Around US$ 50 mn will be channelled on restructuring university curriculum to gear it towards more market base courses.The balance funds will be lent to the government sponsored, but private sector run graduate unemployment programme endash […]
Talk Shop
An International Labour Organisation study has found the Tharuna Aruna scheme for unemployed graduates highly dysfunctional and run like a Rotary Club.Around Rs. 165 mn has gone into the scheme, but only 600 graduates have found permanent work over a five-year period, notes ESP Consult, the authors of the report on behalf of the ILO. […]
Green Light
The government announced final tariffs international gateway operators will have to pay local networks to terminate traffic.Under the agreement operators have agreed to a formula where by the fixed charge will decline rapidly over the next five years.rn rnAfter extensive talks the operators have also given written assurances to the government not to tie up […]
House Hunt
Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence. HDFC is looking for at least Rs. 650 mn in fresh equity through a private placement to be raised within the next two months. rn rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised […]
Technical Point
Lawyers for Pramuka depositors argued before the Court of Appeal that the Monetary Board had no authority to liquidate Pramuka Bank.The petitioners argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board […]
Points To Ponder
State tourism officials are drawing up plans to restrict the lquote all inclusive tourist packages to Sri Lanka. The all-inclusive is believed to be low-end market.rn rnThis means tourists will now have to settle for bed and breakfast packages or luxury suite offers.rn rnldblquote We are looking at ways to control the all-inclusive concept. We […]
Soothing EGOs
Soothing balm over the telecom industry, the government announced the final tariffs external gateway operators should pay local networks to terminate traffic.For the first year, external gateway operators or EGO have to pay US$ 0.11 or around Rs. 10.60 per minute on all international incoming calls terminating on local networks.rn rnldblquote The fixed charge will […]
Waiting Game
Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.The shares owned by Sri Lanka Insurance Corp., will be used to fund an employee share trust for the banks staff.rn rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares […]
Repositioning Lanka
Sri Lankas top accounting body will discuss ways to reposition the country at its annual conference in May.Under the theme of lquote Repositioning Sri Lanka Globally endash Leading a Paradigm Change, the two-day CIMA conference starting May 29, will bring together over 400 participants. rn rnThe ceremonial inauguration will take place on May 29 at […]
Shelter For Old
Parliament on Wednesday passed amendments to the state pension funds, paving the way for a new contributory style retirement scheme for public sector employees.The Employees Provident Fund Act was amended to allow a new pension scheme for public sector employees to start off from January 1.rn rnUnder the amendments, new recruits to the public cadre […]
Clean Break
The Sampath Bank led consortia is expected to infuse Rs. 700 mn into the under capitalised Union Bank.Union Bank shareholders gave their approval to raise the authorise capital by another billion rupees to Rs. 2 bn, issue special class of shares and increase the size of its board.rn rnSampath Bank and the Chinkara group are […]