Bank profits to shoot up by 30-40% this year

Maintaining ‘Investment Fund Accounts’ concerns Association

 By Azhar Razak

Sri Lanka’s banking sector is likely to record a sharp 30-40 percent increase in after-tax profits in 2011 following recent measures taken by the government to reduce taxes and gradually lower provisions, analysts predict. Effective tax rates applicable for banks is expected to come down to about 40-45 percent from a high of 55-60 percent witnessed in previous years while recent policy initiatives taken by the banking regulator to strengthen the financial system is also likely to provide a good environment to do business, they opine.

TRC to set minimum speed standard for ISPs this month

Vows to take strict action on false advertising

By Azhar Razak 

Sri Lanka’s telecom regulator, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) says it will, in future, deal strictly with Internet Service Providers (ISPs) if they fail to provide customers the broadband speeds they advertise.

Legendary corporate leaders share leadership insights with opposition MPs

‘Learn from President’s leadership style’ HNB Chairman tells UNP

By Azhar Razak
Two of Sri Lanka’s veteran corporate leaders, who are currently heading two listed private conglomerates, shared some valuable insights on leadership and management with some young MPs from Sri Lanka’s main opposition party.

Hatton National Bank chairman Rienzie T Wijetilleka said last week that the UNP leader has much to learn from the President’s leadership style which involves keeping everyone together at difficult times, critically reviewing past performance, planning well ahead, taking swift but calculated decisions and motivating people.

“We, at the bank, have to do a periodical review of performance of the leadership as a basic fundamental requirement. Has a similar thing been done in the past 17 years to the UNP,” he queried suggesting that a change in leadership is critical for the party to move forward.

New strategy to promote tourism from next year

By Azhar Razak
Sri Lanka is to adopt a different tourism promotion strategy next year by focussing on key sectors during each month.
The move is in line with the year being declared as ‘Visit Sri Lanka Year’.
According to a top official, the new proposal should help the industry to attract more tourists to the island as it aims to concentrate on specific aspects of tourism each calendar month.

Diana Group plans IPO

Diana Group, manufacturers of biscuits and chocolates based in Matale, has plans to go for an Initial Public Offering, probably in the latter part of 2011with a view to expanding its business and possibly venturing into export business.

Poultry group denies shortage

Imports of chicken and eggs will hit farmers, says association

The All Island Poultry Association (AIPA) has criticised the government’s recent decision to import 2,000 tonnes of chicken and 50 million eggs, a move which they opine as ‘hasty’ and one that could badly hit the local poultry industry.