Author: lbostgadmin
Getting Cold
The refuse tea export, though illegal, has become the latest threat facing the tea industry, adding to other global pressure. The export demand for fiber and stalk from the tea plant called refuse tea has spawned a whole industry undermining the image and the quality of the brand – Pure Ceylon Tea. The centuries old tea […]
Love From India
The promoters of Indias first Mass Rapid Transport (MRT) system have offered to help the government to set up a similar system to help ease congestion in Colombo.Delhi Metro, Indias first MRT has submitted a feasibility study report to the government, which has been accepted in principle.rn rnOfficials from Delhi Metro Rail Corporation were quoted […]
Are They Clueless?
Lack of long-term planning since independence and intense party politics have kept Sri Lanka from developing faster, a top private sector personality said on Thursday.The LBO-LBR CEO forum on Thursday saw some of the countrys leading business figures mull over a number of challenges facing the private sector put before them by the keynote speaker […]
Not Done
President Chandrika Kumaratunga has made a fresh attempt to overturn tax amnesty extension given by the government last year.In a petition to the Court of Appeal through her Additional Secretary, Chitra Athurugiriya, she says the amnesty should not be given to lawbreakers like arms dealers, fraudsters, contract killers, drug peddlers, smugglers, bootleggers etc.rn rnThe amnesty […]
Life Cycle
The Treasury last issued the letter on March 13 2003, with the hope of finding fresh investors and to allow the bank to continue its normal banking operations.rn rnSince a top-level restructuring team was brought in over two-years ago, the bank has been able to cut its Rs. 6 bn negative networth to Rs. 2 […]
Taking Bets
Working towards meeting a mid year target to launch Sri Lankas second online lottery, the Aitken Spence endash Getch Corp., partnership will invest Rs. 1.2 bn through the Board of Investment in their local operation.Aitken Spence Getch., will provide turnkey lottery management services including the installation, operation, and maintenance of the online and instant central […]
Second Round
Private bus owners are lobbying the government to remove VAT payments slapped on lease rentals of registered buses.Currently, around 17,500 private passenger buses are in operation and over 90 percent of them are bought on a lease.rn rnMost owners opt to re-lease their buses, to meet costs of refurbishment and spare parts. Funds are also […]
Back in Fashion
When it comes to company law whats good for the Brits doesnt automatically become good enough for Sri Lanka endash unless UK legislators adopt it first.Lawmakers assigned to redraft the new Companies Act could be left waiting until Britain adopts a new law based on the Canadian Model.rn rnSri Lankas 55-year-old Companies Act, another colonial […]
Bending Rules
The government will amend its newly minted labour retrenchment formula to raise the maximum compensation ceiling from 30 to 50 months of salary.rnrn The new ceiling will apply to all firms with a net profit of more than Rs. 100 mn and governed by a collective agreement, Labour Minister Mahinda Samarasinghe said Thursday.rn rnThe changes […]
Chinese Tiger
A new report from the US International Trade Commission predicts that China will become the supplier of choice for most US importers after quotas end in 2005. rnrn But while many countries share of the USrnmarket is likely to decline, for some there will be new opportunities to takernadvantage of geographic proximity or product niches. […]
Netting It All
Top air cargo equipment maker Bridport Aviation, is using its Sri Lankan production base to tie-up new markets in Asia.Bridport already claims a third of the global market for cargo pallet nets, or 75,000 nets a year, with its old 30,000 square feet plant.rn rnIts 400 percent expansion in the Wathupitiwala Export Processing zone off […]
Chivalry Not Dead
A state bank rode into the foreign exchange markets once again on Thursday to champion the currency and prevent it from touching the 100.00 rupee mark against the US dollar.The rupee opened at 99.15 and stealthily rose to hit an all time mid-day high of 99.35 against the greenback.rn rnBut state run Bank of Ceylon […]