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Shiver me Timers
Sri Lankan shippers say the Colombo port is getting too expensive, eroding any cost competitiveness they have for their products in the international market.Sri Lankan shippers say the Colombo port is getting too expensive, eroding any cost competitiveness they have for their products in the international market. The shippers, who are mainly Sri Lankan exporters […]
Soaring High
Major airlines face greater losses than last year because of the ongoing surge in oil prices, the main industry association warned Monday as it forecast total losses of 5.5 billion dollars in 2005. Major airlines face greater losses than last year because of the ongoing surge in oil prices, the main industry association warned Monday […]
Backup Power
Sri Lanka’s monopoly power utility was scrambling to restore power late Monday evening after two transmission lines tripped causing an islandwide blackout.Sri Lanka’s monopoly power utility was scrambling to restore power late Monday evening after two transmission lines tripped causing an islandwide blackout. The Ceylon Electricity Board’s engineers said that powerlines running from Victoria to […]
Climbing Up
World oil prices hit fresh historic high points on Monday, climbing above 58 dollars a barrel in New York on tight supplies, as OPEC began consultations to consider raising output by 500,000 barrels per day.New York’s main contract, light sweet crude for May delivery, struck a record intra-day high of 58.18 dollars in electronic trading […]
Blackout
Ceylon Electricity Board has started restoring power to the grid starting from Colombo city after supply to the entire country failed.Ceylon Electricity Board has started restoring power to the grid starting from Colombo city after supply to the entire country failed. Engineers say the entire island would be connected within two hours. CEB is still […]
BTT increase canned under central government and trade pressure
Provincial Councils (PC) are packing up plans to increase the Business Turnover Tax (BTT) that was to come into force on April 1.Provincial Councils (PC) are packing up plans to increase the Business Turnover Tax (BTT) that was to come into force on April 1. The Provincial Councils say the change of heart is due […]
Government is reversing policy by issuing Rs. 38 billion in Rupee Securities
Government is reversing policy by issuing Rs.38 billion in Rupee Securities, which don’t have market determined interest rates this month to lower borrowing costs. Government is reversing policy by issuing Rs. 38 billion in Rupee Securities, which don’t have market determined interest rates this month to lower borrowing costs. Most of the rupee security stock […]
Big Mama
Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector.Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector. Doctor Jayasundera was speaking at the launch of the country’s first bank for small and medium […]
People Power
People’s Bank said last year’s profits beat targets set in its restructuring plan despite increasing pressure on margins and higher provision for staff retirement. People’s Bank said last year’s profits beat targets set in its restructuring plan despite increasing pressure on margins and higher provision for staff retirement. However the State bank employees protested against […]
Regulation Helps
The Chairman of a “big four” accounting firm says Sri Lanka will have to move away from self regulation of the accounting and auditing profession like in the US and Europe. The Chairman of a “big four” accounting firm says Sri Lanka will have to move away from self regulation of the accounting and auditing […]