Commercial banks commend deposit insurance scheme

By Azhar Razak

Sri Lanka’s commercial banks have commended the banking regulator, the Central Bank of Sri Lanka (CBSL) for deciding to implement a mandatory deposit insurance scheme from October 1, 2010 but are unsure whether they would pass the extra insurance cost to its clients.

Corporate governance ‘compliance level at 56%’

By Azhar Razak

A recent study to assess the Corporate Governance Score (CGS) among 59 listed firms in the island has found that 56 percent of those companies included in the survey had adhered to principles of good corporate governance with firms ‘strong’ in some areas but ‘weak’ in others.

Laugfs IPO ‘may fund Shell takeover’

Local petroleum gas distributor Laugfs Gas Holdings (LAUGFS) is hoping to utilise funds raised through its forthcoming Initial Public Offering (IPO) to partly fund a possible acquisition of a 49 percent stake in Shell Gas Lanka Ltd (SGLL), a top company official said.

Dankotuwa likely to post improved 3Q results - CEO

By Azhar Razak

Crisis-hit tableware exporter, Dankotuwa Porcelain Limited (DPL) is likely to show an improved performance in its September quarter financials although it will be mainly due to a sudden upsurge in export orders before the removal of a preferential tariff, a senior official of the firm said.

GSP crisis prompts top apparel firms to look beyond Lanka

The loss of the Generalised System of Preferences Plus (GSP+) facility offered to Sri Lanka and the wages board’s recent decision to raise the minimum salary of garment workers by 20% have prompted some top industry players to look for alternatives in other countries.

Economic implications of the 18th Amendment

By Azhar Razak

Although certain sections of the government claim the implementation of the 18th Amendment last week could lay the foundation towards an accelerated economic growth derived from the political stability, a senior economist from the main opposition party says it could pave the way for a more politicised and autocratic economic culture.