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Wheels Within Wheels
Leasing companies and private bus operators met on Wednesday under the direction of the National Treasury to sort out an administrative mess up of the newly introduced VAT on lease rentals of passenger coaches. rn rnThe Treasury directed leasing companies to set off any VAT payments made by bus operators – on lease rentals signed […]
Steady Ship
DFCC Bank saw a 16 percent rise in net profits for the nine months ending Dec. 2003, largely aided by falling interest rates and revenues from its associated companies.The development financial institution said group post-tax profits topped Rs. 933 mn from Rs. 801 mn reported in 2002.rn rnProfits from the banks own operations grew 69 […]
Ouch
Nawaloka Hospitals says it is forced to nurse a Rs. 85 mn in debt and interest payments as its initial share issue gets delayed due to political theatrics.The hospital, which enjoys a healthy Rs. 125 mn in revenues per month, was hoping to raise Rs.300 mn through an initial public offering.rn rnNawaloka Hospitals (Pvt) Ltd, […]
Marching Orders
Sri Lanka President Chandrika Kumaratunga has removed 39 non-cabinet rank junior ministers ahead of parliamentary elections on April 2, a spokesman for her office said Wednesday.rnKumaratunga was sending letters to the ministers informing them of their formal removal following the dissolution of parliament at the weekend which turned the government into a caretaker body, a […]
Roadblock
rnThe sacking of Sri Lankas parliament could hold up at least US$ 176 mn in World Bank aid to the island, whose economy is headed for a serious slow down, a Bank official warned Wednesday.rnPoverty Reduction Support Credits amounting to US$ 125 mn were due to be taken up for approval by the World Bank […]
No Surprises
The Central Bank left its key short-term rates unchanged on Wednesday, signalling that the countrys economic fundamentals are sound, despite political uncertainty.The overnight repurchase rate (repo rate) was kept at 7.0 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in a statement following its monthly Monetary Policy Meeting late […]
In Use
Sri Lankas aid utilisation recorded an all time high of nearly US$ 1bn for 2003 and came close to forecast targets despite a politically volatile year that left the peace process in limbo.By end December the total disbursement of grants and loans came to US$ 986 mn compared to US$ 576 mn in 2002 despite […]
Second Line
Sitting fifteen floors up at the World Trade Centre (WTC) in Colombo, 350 new IT professionals will reap inspiration to develop solutions for Virtusas dominantly US based client portfolio. The US based customised IT solutions developer said on Tuesday that the firm was adding a second development centre in Colombo, growing its existing 600 IT […]
Trade off
The Comprehensive Economic Partnership Agreement (CEPA) between India and Sri Lanka is looking to be the latest casualty of the political uncertainty that gripped the country since November.Thailand backed out of a bilateral trade pact earlier this week, refusing to sign it after the Sri Lankan parliament was dissolved.rn rnOriginally the Indo-Lanka CEPA was to […]
What Crisis?
Sri Lankas financial markets are likely to remain rudderless as election campaigning starts putting the budding economic recovery on ice.The stockmarket plunged 124 points wiping off Rs. 30 bn of its value on Monday, as President Chandrika Kumaratunga opted for a snap poll to ease the current political deadlock.rn rnThe Central Bank has forecast the […]