Category: Other
Aye for an eye
Government is planning to set up powerful Parliamentary committees to act as watchdogs on State institutions.The special committees will include committees to keep an eye on the management of State revenue, public management and economic development activities.rn rnSeveral standing orders will be issued shortly to form these committees.rnCabinet spokesman, G L Pieiris said that 14 […]
Seize With Ease
The spurt in the economy has fuelled a renewed demand for credit from the financial sector. Some of the quickest credit providers in the market, the leasing companies, have seen growth rates that have comfortably outstripped the double digit growth rates in the financial sector. But the face of leasing is also fast changing with […]
Softly, Softly
A US based IT company with a large software development center in Colombo says it plans to hire 250 more software developers for their Colombo development center as a result of significant business growth over the last two years.Surviving has been tough for most software firms with competition and a slump in IT spending eating […]
An Act For Audits
The top Government Auditors job is to be made independent with the enactment of a new Law, which will also give the department wide ranging powers.The Auditor General will report directly to Parliament under a proposed Audit Act, and also conduct Value for Money audits on the public sector.rn rnOfficials are trying to get the […]
Hurdles in Law
The private sector is calling for a new law to facilitate asset securitisation transactions in the country and a high-powered financial reforms committee is trying to come up with a draft Act in consultation with industry players.Asset securitisation deals are a rave with leasing companies to hosing loan providers borrowing against their future cash flows.rn […]
CFO, Treasure Island
The Treasury, with donor support is trying to improve public finances and accountability in the Government sector. A recent study on financial accountability in the public sector done with World Bank support showed there is a long way to go.rnrnIn an effort to push up the standards the government recently asked ministries to adopt Zero […]
Why WIFI?
A new wireless way to connect to the Internet is taking the world by storm because access is cheap and fast. The standard popular in the US, connects computers to networks over short distances using radio waves.Experts say the standard commonly known, as Wi-fi will do to the Internet what notebook PCs did to computers.rnThe […]
Spend It
Shamindra Kulamannage speaks to Bradman Weerakoon, Secretary to the Prime Minister on Sri Lankas aid utilisation. Weerakoon says the government is looking at setting up a powerful Tennesee Valley type authority to cut through red tape in implementing large development projects in the country.LBR: The big question in everybodys mind is that is the government […]
Steam Iron
State officials are looking at ways to implement World Bank recommendations to improve the countrys financial accountability.The recommendations are part of the World Banks draft Country Financial Accountability (CFAA) study.rn rnSpeaking at a workshop to discuss the report, Treasury Secretary Charita Ratwatte called for a Project Director to be appointed to oversee the rollout of […]
Act Two
Work on drafting a fresh piece of legislation to replace the present Companies Act is due to get off the ground next week.The committee, which includes legal luminaries, like Aritta Wikremanayake, Dr. Harsha Cabraal, representatives from trade chambers, accounting bodies and the Bar Association, have been set a three months deadline to draw up a […]
Weir Power
Sri Lankas latest hydro power station is due to be commissioned later this month.Despite a small sluice gate and several working days being swept away, the project managers are confident of keeping to the original schedule.rn rnThe Kukule Ganga is only a tributary of the Kalu Ganga. The riverbanks have been washed away after the […]
Banks In Mousetrap
Technology is offering opportunities to add value and new services to the local banks both foreign and local banks have started offering Internet banking which they hope will also bring down their operating costs. During a typical mid day in Colombo the traffic comes to a stand still.It is not the time to be running […]