All Blogs
One Taste
Ceylon tea just got better. An industry long built on a tradition of quality, will have its official stamp of approval, when quality standards for made tea are rolled out at factory level. Led by the Tea Association (TASL), a gold, silver and bronze standard have been laid out, that will revamp factories and certify […]
Gas Leak
Pumping life in to its ailing gas conversion and filling business, United Motors will convert its three remaining filling stations into motor shops. rnrnMotor bikes, lubricants and auto care products will be among the new range of products that will be promoted along with gas filling services to prop up returns from each location. rn […]
Tech Help
Hatton National Bank, the largest private sector commercial bank, is talking to potential foreign investors to take a 30 percent stake in its insurance subsidiary.HNB Assurance, started off business in November 2001.With a Rs. 250 mn paid up capital, HNB Assurance offers life and general insurance facilities including motor, fire, marine and miscellaneous sectors like […]
Building Permit
Traditionally, most of Sri Lanka quote s mega construction projects have been awarded to foreign contractors. But local construction companies say its time the scales are balanced.Mega projects are often those that are foreign funded and value wise, is huge, with an average Rs. 20 bn worth of work in this sector each year.rn rnIt […]
Growing Up
The Seylan Merchant Bank (SMB) Group has reported a net income growth of 28 percent to Rs. 123.5 mn in the first quarter of 2003. Pre and post tax profit growth however, was a marginal 1.05 percent from Rs. 570,000 to Rs. 576,000.rn rnGroup results, meanwhile, show that pre tax profits grew 167.3 per cent […]
Peak Load
Intensifying competition in the overseas call market, the telecom regulator is looking at 40 new applicants.Telecommunications Regulatory Commission (TRC) officials confirmed that up to forty new applications had been processed.rn rnLicenses will only be issued to the firms paying up the US$ 50,000 fee applicable for an External gateway Operator (EGO) license. rn rnFirms coughing […]
Disappearing Act
The Central Bank is planning to dematerialise all existing Government Bills and Bonds before a sophisticated system for trading them comes on line in September.The new system will eliminate Bills and Bonds in physical form, instead lodging the security ownership in a computerized Central Depository.rn rnMoves are already underway to dematerialize existing securities by passing […]
Plain Jettison
Airport and Aviation Services (AASL), which runs the countrys airports and air navigation services, is planning to reduce the number of its employees.AASL is talking to the treasury about part funding for a Voluntary Retirement Scheme (VRS) to sharply cut the employee numbers in the lower grades.rn rnA committee is already at work looking into […]
Tax Miracle
The Finance Minister says plans to reform the countrys tax structure was moving fast as an amnesty drew a record response.Minister K. N. Choksy says the amnesty due to expire in end June has already drawn over 1200 declarations.rn rnHe said that a focused Fiscal Policy and a reduction in inflation and interest rates should […]
Disclosure
The Central Bank has adopted International Accounting Standards in a bid to improve transparency and governance in the institution. The move is part of a larger donor funded plan to modernize Central Bank operations. rnrnThe Central Bank, which holds and manages the countrys official reserves, has been preparing its Annual Accounts to meet requirements of […]