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Tax Treat
A Sri Lanka-US taxation treaty kicked in on Monday, harmonising joint tax laws and allowing for tax credit and concessions for investors in both countries. Representatives of both governments exchanged Instruments of Ratification for the Convention of Avoidance of Double Taxation and Prevention of Fiscal Evasion, on Monday.rn rnThe proposed Treaty will relieve Double Taxation […]
Sweet Dreams
Fulfilling the dreams and aspirations you have for your child becomes a reality with Arshirvada Child Life Plan launched recently by Life Insurance Corporation (Lanka) Ltd.Arshirvada provides financial security for your childrens education and marriage with yearly bonuses and gains to secure their future.rn rnR Gopinath, CEO of LIC Lanka Ltd. says that this policy […]
Soft Touch
Showing it soft side, Microsoft extended its lquote Unlimited Potential (UP) grant programme to Sri Lanka to help IT based community technology and learning centers deployed by non-governmental organizations.Microsoft, has dolled out some US$ 79 million (Rupees 8137 million) in monetary grants, software, technology solutions, curriculum donations and employee volunteer hours to 78 countries through […]
Bond Travails
Treasury bond yields have climbed nearly 300 basis points in the last eight months since the Presidents takeover of three key ministries that led to elections and a UPFA government taking office.Bond dealers expect yields to climb further if the government goes on a spending spree funded through the banking system. rn rnA spending spree […]
Citibank keeps its Triple A status.
Citibank N.A’s Sri Lankan unit has kept its AAA (sri) membership during a recent annual review conducted by Fitch Ratings Lanka.Citibank N.A’s Sri Lankan unit has kept its AAA (sri) membership during a recent annual review conducted by Fitch Ratings Lanka. The Triple A rating for Citibank’s unsecured senior debt reflects a very low expectation […]
Eden Resort revamps for summer.
Eden Resorts will pitch itself up-market this summer, opening its doors to niche travellers from mainly Europe, Japan and South Asia.Eden Resorts will pitch itself up-market this summer, opening its doors to niche travellers from mainly Europe, Japan and South Asia. The company put in Rs. 150 mn to revamp the 158 room luxury hotel […]
Loving The Labour
Labour law critics say the existing framework undermines worker productivity, forcing companies to treat employees as a cost and not a resource that needs to be developed. rnSlimline, part of one of the countrys biggest apparel groups, employs more than 3500 people at their Pannala factory. rn rnIts CEO Dayan Gomez likes to walk around […]
Back To Front
The company, which handles back office work for large insurance firms like Norwich Union of UK and British Airways, is looking at an initial investment of around US$ 2 million. rn rnDespite some concerns over security, officials said that they would still go ahead as planned. rn rnThe first batch of recruits hired by the […]
Putting It Up
The Ceylon Electricity Board is looking at ways of controlling Sri Lanka’s unruly street lamps that show disturbing tendencies of behaving like local politicians.The Ceylon Electricity Board is looking at ways of controlling Sri Lanka’s unruly street lamps that show disturbing tendencies of behaving like local politicians. Sri Lanka’s political culture is rubbing off even […]
Drying Up
Aid flows fell sharply in the first five months as the government lost donor support due to policy about-turns. Gross inflows in the first five months amounted to Rs. 28 bn with Rs. 98 bn being the target set by the previous government for this year.rn rnNet borrowing to support the budget was expected to […]