All Blogs
New Floors
Lanka Tiles is trying to break a lquote lowering-revenue-increasing-cost cycle this year by shifting its raw material supply base from West to East and increasing production capacity.Lanka Tiles Ltd (LTL) is Sri Lankas pioneer floor tile producer, manufacturing ceramic glazed floor tiles as its core business and holds 30 percent of the local market.rn rnLast […]
Speed Bumps
But the industry is hard pressed to ride the crest, due to high costs to roll out refurbishment and expansion plans, as it is still recovering from a period of non-profitability.rn rnDespite political hiccups, the ongoing ceasefire agreement saw 500,642 tourists visit the island in 2003, spending over US$ 300 mn in the process.rn rnBoom […]
Break Free
Indian telco giant, Videsh Sanchara Nigam Ltd (VSNL) has started routing traffic to Colombo, becoming the first to effectively compete with Sri Lanka Telecom on the international data and voice market.Starting late Tuesday, VSNL started transferring part of its international bandwidth through the SEA-ME-WE III submarine cable.rn rnDirect access to the SEA-ME-WE (which connects South […]
Quick Fix
The Bandaranaike International Airport re-opened on Thursday morning after temporary shutting down for nearly 10-hours, following a Russian cargo plane crash that damaged the airports only runway and taxi lights. The Civil Aviation Authority said in a statement that the damaged IL-18 cargo carrier has been towed away, with the runway and taxi lights fixed […]
Black Day
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Marching Up
Treasury bill yields continued to tick upwards with three-month paper gaining by seven basis points at Tuesdays auction, the Central Bank said Tuesday.The bank said it accepted and offered bids for Rs. 7.288 bn, despite receiving bids worth Rs. 12.507 bn.rn rnThree-month gilts rose to 7.52 percent, while six months paper was flat at 7.61 […]
Quick Fix
Succumbing to heavy lobbying from the leasing industry, the Finance Minister on Tuesday allowed certain bus owners to be exempted from paying 15 percent value added tax.Prior to January 1, all lease rentals in relation to public passenger transport buses (with 28 or more seats), were exempted from VAT.rn rnldblquote That same law should apply […]
One Voice
Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn rnldblquote The IMF and the World Bank has agreed […]
Amber Light
Sri Lankas long-awaited sovereign rating has fallen victim to the ongoing political drama, with authorities opting to put the brakes on the issue once again.After toying with the idea for years, the government gave the greenlight late last year, to seek a country rating from at least two international rating agencies endash Standard & Poors […]
Fresh Cuppa
The Tea Association plans to re-haul criteria used to fund new Ceylon tea brands, when it takes over some of the Tea Boards functions this month.Every year, the Tea Board doles out a quantum of money to exporters keen on establishing a brand and who meet the selected criteria. “For example, the Tea Board evaluates […]