All Blogs
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 […]
Road To Development
A case in point, Baseline road, is probably Colombos only super highway. But it took a while for the road to get to where it is today. And there is still more to go.rn rnThe delays were due to problems ranging from land acquisitions to contractor delays. Delays in large infrastructure projects like the baseline […]
String Sting
A top state official is calling the government to break away from being over dependant on aid agencies. BOI Chairman Arjunna Mahendran pointed out that governments are over dependant on aid and donor assistance from agencies such as the IMF and the World Bank that state agenda is rerouted to facilitate them.rn rnldblquote I feel […]
Table For Six
Peoples Bank has shortlisted six consultancy firms to carry forward its restructuring plan.The government wants to commercialise the bank as a single unit or split the bank into three viable sub-units.rn rnThe six firms have to come up with proposals by mid-June, spelling out how they plan to roll out the banks restructuring models.rn rnFirms […]
Nomad Connect
On the heels of a state policy on spectrum use and the roll out of cheap wireless internet access, Intel launched its new age mobile personal computer. Intels officials promise longer battery life and outstanding wireless performance with the firms new Centrino mobile technology enable computers, launched on Friday in Sri Lanka.rn rnThe PC is […]
Safety Valve
Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Finance Minister K N Choksy said Thursday.Inland Revenue has set up a special unit under a deputy commissioner to deal with the declarants.rn rnTax experts say businessmen have an unprecedented opportunity to clear […]
Slight Dip
Sri Lanka Telecom on Thursday reported lower profits for the first quarter ending March 31, a sign that the opening of the international voice market has affected its bottomline.SLTs earlier had a monopoly on international calls, which accounted for about 40 percent of its total revenue.rn rnNet profits for the period slipped to Rs. 755 […]
Small Bite
The Colombo Stock Exchange is talking to Central Bank to get access to 5 percent of the primary government securities market.If approved, the move would amount to CSE accessing the primary government securities market without being appointed a primary dealer.rn rnldblquote Its a model similar to what is happening in India, dblquote explains Hiran Mendis, […]