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Welikada Exchange
The Welikada prison and its 7,000 inmates will relocate elsewhere to make room for Sri Lanka Telecoms expansion plans into the business of call centre outsourcing. SLTs Telecom City project that will provide in house technology to outsource call centre operations and various other ICT related services would acquire nearly 60 acres of land currently […]
Cyber Cabbage
The Govi Gnana System (GGS), a pilot project under the e-Sri Lanka initiative will go live at the end of the week at the Meegoda and Dambulla economic centres, offering vendors and buyers an index of wholesale prices for over 143 varieties of vegetables. The price information system is however only the first phase of […]
Easing Leasing
The Treasury has assured the leasing industry to review a proposal in the budget to tax lease assets at market value at the end of the leasing period.Under heavy lobbying from the leasing industry, Finance Ministry officials have decided to review the provision that would have forced leasing companies to pay tax.rn rnLeasing industry doesnt […]
Middle Is Mighty
Central Bank said it is leaving its growth forecast for next year unchanged at 6 percent despite continuing uncertainty in both the political and peace fronts.It however warned that prolonged uncertainty could jeopardize economic growth. rn rnThe wealth creators in the economy, the private sector, that saw higher returns on their investments in the last […]
On Track
Central Bank said GDP growth was on track to meet annual target of 5.5 percent this year but warned that political instability and progress on peace would be important for faster growth. Service sector growth has been outstripping the agriculture and industry sectors by a fair margin.rn rnSince economic liberalization in 1977 the industry sector […]
Paid to Leave
Laid off workers will not only be paid for past and future service foregone, by employers but will also get a government dole to go home. The government rubber-stamped a compensation formula to streamline worker lay-offs during restructuring, through a gazette notification on December 31, 2003.rn rnldblquote All private sector workers laid off before retirement […]
Early Bonus
Minimum take home pay for workers has been raised to Rs. 3,000 to keep in line with the government sector salary increment.So far, 12 sectors ranging from apparels to security trade have been ordered by the Wages Board to revise their salary structure with immediate effect, Labour Commissioner General, Mahinda Madihahewa said Friday.rn rnThe sectors […]
Third Opinion
So far, the bank has mandated Fitch Ratings Inc. to give Sri Lanka its first country rating. Fitch was selected for its local presence through Fitch Ratings Lanka Ltd. rn rnThe mandate for the second rating from either Moodys Investor Services or Standard & Poors will be given once the bank selects a rating advisor.rn […]
Steady Run
The Central Bank, Wednesday, left growth projections of 5.5 percent for 2003 intact, but warned that key structural reforms had to go ahead to maintain the momentum. ldblquote The downside is the slower implementation of structural reforms such as labour reforms, public administration and particularly infrastructure projects means we wont be able to sustain the […]
Closing Shop
State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.rn rnDriven largely by the World Bank, US$ 70 mn in […]