Category: Industry
New Brooms
The government plans to shortly amend laws to allow consolidation in the banking sector as well as laws to form a debt recovery agency.The Banking Act is being amended to include provisions for takeovers and mergers.rn rnldblquote The amendments are before the Finance Minister now and we expect them (laws) to go to parliament sometime […]
Centennial Wins
Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn rnMooted under the 2002 budget, the […]
Growing Up
DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec.31, 2002.Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn rnThe development financial institutions bottomline was benefited largely […]
Revving Up
A newly set up Indo-Sri Lanka joint venture, plans to lure ladies to hop on and popularise motorbikes in Sri Lanka.United Motors Lanka Ltd (UML) on Tuesday tied up with Indias TVS Group to form a 50:50 joint venture to sell motorbikes and motor spares.rn rnUML hopes to infuse around Rs. 100 mn into the […]
War Drums
Local hotel bookings are seeing a definite slow down, as war fears begin to inspire jitters in the more wary European travellers. ldblquote Hotel occupancies are currently at a healthy 60 percent. But though there have been no specific cancellations as such due to the war, we have seen a considerable slowing down over previous […]
Sniffing Accounts
The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will kick off on endash site investigations of Pramuka Savings & Development Banks accounts later this week, Lanka Business Online learns.Though both Central Bank and SLAASMB have regulatory oversight over accounts of commercial banks, there is no formal mechanism for sharing information or conducting joint […]
Calling Debtors
The government is trying to bring in new laws to empower a new company that will take over dud loans of the State banks.The Memorandum of Articles has already been drafted for the setting up of a limited liability company to manage bad loans.rn rnThe asset management company is awaiting government approval before it is […]
Hiking Through Lanka
A team of adventure tourism experts is in the country to turn the popular sea destination to a hot adventure stop. Adventure Centre Asia officials say that Sri Lanka certainly has all the factors necessary to be one of worlds best adventure tourist attractions.rn rnldblquote It only took us one or two days to realize […]
Banking On FTAs
A top sub-continental bank is counting on increased trade in the region to drive its operations. Indian Bank says the current Free Trade Agreement between India and Sri Lanka could give a boost to the demand for trade related services.rn rnldblquote We would like to educate our clients on Sri Lanka- that things are improving […]
Sweet Music
Local telecom operators on Friday came up with firm rates to interconnect between networks until a new cost study is finalised in June.The telecom operators endash Sri Lanka Telecom, Suntel, Lanka Bell, Dialog, Mobitel, Celltel and Hutchison Telecom endash agreed on the final numbers after rejecting the telecom watchdogs draft proposals.rn rnThe draft recommends a […]
One More Try
Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Deputy Finance Minister Bandula Gunewardene said.rn rnldblquote They will not be questioned about the source of funds or face prosecution for not declaring the assets earlier, dblquote Minister Gunewardene told members of the […]
Privileged Lot
Standard Chartered Bank Thursday launched a new relationship-banking product to serve its mid-level customers.The bank said its lquote SelectBanking product will take relationship banking and personalised services to new levels.rn rnUnder SelectBanking, customers get a dedicated relationship manager and a special counter to fast track banking services.rn rnSpecially branded cheque books and ATM cards ensure […]