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Checkmate
Clamping down on excessive government spending, cabinet on Wednesday passed the Fiscal Responsibility Act, the UNF governments solution for the growing problem. The Act seeks to reduce the budget deficit to 5 per cent of GDP by 2006 and hold state institutions responsible for spending public funds. rn rnFinancial analysts say the move will prompt […]
Picking Up
However, the bank quote s net profits picked up 34 percent to Rs. 174.67 mn in 2002, as against Rs. 129.98 mn in the corresponding period, HNB said Wednesday. rnrnSri Lanka quote s largest private bank saw its group revenues fall 7 percent to Rs. 5.66 bn from Rs. 5.94 bn during the period under […]
Pied Piper
With a definite shift eastward of high spending MICE tourists, aggravated by 9/11, Sri Lanka is redoubling its efforts to offer more than sun, surf and sand.National carrier SriLankan Airlines has joined an industry effort to boost MICE tourist arrivals by 15.00 percent from last years 12.68 percent of arrivals, by the end of this […]
Social Watch
The government is introducing a new law that will de-politicise welfare payments and improve targeting.“People will no longer be able to claim benefits due to political connections,” Deputy Finance Minister Bandula Gunewardene told the media. rnrn”The poorest of the poor who have no connections will now have a legal right to claim benefits.” rnrnThe government […]
LRT In Colombo
The government is to call for private proposals to develop a light rail transit system for urban travel in the Western Province.The Urban Development Authority will shortly seek cabinet approval to kick off the project. rnrnUDA Director General Lakshman Jayasekera told Lanka Business Report that the LRT system is estimated to cost about US$ 500 […]
Ship Ahoy
The Shippers Council membership has launched a fresh campaign to get vessel operators to include the Terminal Handling Charge in to the freight rate. Shippers say that this will enable them to transfer the over US$ 100 a container handling fee, to the freight payee. rnrnFOB exporters like the garments sector are the worst hit […]
Rural Shelter
The Ceylinco group plans to channel an Indian line of credit to the rural sector.
Can We Do It?
The access road proper will hopefully be completed before the end of the year. rnrnAt the moment it is a stretch of loosely packed mud. rnrnThe previous government reportedly ran out of money to build the access road after initially going along with a proposal of Sri Lanka quote s top software firm, Millennium IT, […]
Open Skies
Department officials say the near pristine conditions of the airstrips could have the Trincomalee, Anuradhapura, Koggala and Wirawilla airstrips opened up for commercial use as early as end September 2002.rn rnHowever, all remains in the hand of the ministry and the success of the peace process, officials add. rn rnMeanwhile industry analysts say the domestic […]
Calling Out
Twelve Expressions of Interest have been passed on to the Ministry of Economic Reforms to appoint the consultants within 10 days. rn rnOfficials say that the lower prices, better quality and improved customer responsiveness arising from the liberalisation will energize the Information, Communication and Technology sector. rn rnReforms of the international market will also be […]