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Freeing Labour
Cabinet has rubber stamped a Labour Ministrys proposal to clear a backlog of 15,000 labour tribunal cases on a lquote 4:2:1 solution.The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month.rn rnTo cut back […]
Out With MICE
rnThe decision was taken at the largest trade show on MICE tourism endash the European Incentive Business Travel Meeting (EIBTM) at which Sri Lanka participates each year.rn rnldblquote The objective in creating the definition is to encourage each meetings industry association to use a consistent message to stimulate better overall industry recognition dblquote , a […]
Debt Call
The Central Bank on Friday sought proposals from reputed international investment banks to raise dollar funds.The government is looking at raising up to US$ 350 mn via long term funds. The issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rnrnBanks have been asked to submit […]
Golden Abode
The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year. rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and […]
Surfs Up
On Friday the shareholders of Associated Hotels Co. Ltd., agreed to sell the beach front property as funds for development was not forthcoming. rn rnCompany Spokesperson Kumar Mallimarachchi told Lanka Business Online that shareholders were unable to pump in additional funds to upgrade the hotel to compete with neighbouring star class hotels. rn rnldblquote Some […]
Recovery Mode
Sri Lankan tea production has swung into rapid recovery mode following a weak first quarter, to end at 181.8 mn kilos to date, up from 3.6 mn kilos the previous year. This follows a pick up in monthly production for each of the three months in the second quarter, which exceeded intakes for the same […]
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 […]