Author: lbostgadmin
Middle Is Mighty
Central Bank said it is leaving its growth forecast for next year unchanged at 6 percent despite continuing uncertainty in both the political and peace fronts.It however warned that prolonged uncertainty could jeopardize economic growth. rn rnThe wealth creators in the economy, the private sector, that saw higher returns on their investments in the last […]
Easing Leasing
The Treasury has assured the leasing industry to review a proposal in the budget to tax lease assets at market value at the end of the leasing period.Under heavy lobbying from the leasing industry, Finance Ministry officials have decided to review the provision that would have forced leasing companies to pay tax.rn rnLeasing industry doesnt […]
Early Bonus
Minimum take home pay for workers has been raised to Rs. 3,000 to keep in line with the government sector salary increment.So far, 12 sectors ranging from apparels to security trade have been ordered by the Wages Board to revise their salary structure with immediate effect, Labour Commissioner General, Mahinda Madihahewa said Friday.rn rnThe sectors […]
Paid to Leave
Laid off workers will not only be paid for past and future service foregone, by employers but will also get a government dole to go home. The government rubber-stamped a compensation formula to streamline worker lay-offs during restructuring, through a gazette notification on December 31, 2003.rn rnldblquote All private sector workers laid off before retirement […]
Steady Run
The Central Bank, Wednesday, left growth projections of 5.5 percent for 2003 intact, but warned that key structural reforms had to go ahead to maintain the momentum. ldblquote The downside is the slower implementation of structural reforms such as labour reforms, public administration and particularly infrastructure projects means we wont be able to sustain the […]
Third Opinion
So far, the bank has mandated Fitch Ratings Inc. to give Sri Lanka its first country rating. Fitch was selected for its local presence through Fitch Ratings Lanka Ltd. rn rnThe mandate for the second rating from either Moodys Investor Services or Standard & Poors will be given once the bank selects a rating advisor.rn […]
Hurry Up
The United States asked top Sri Lankan politicians to hurry up and sort out their differences, as the ongoing political impasse is hurting the peace process.US Deputy Secretary Richard Armitage said the current political impasse in Sri Lanka cannot be allowed to continue, and added that he will consult with the other donor co-chairs — […]
Spilitting Hairs
Sri Lanka Telecoms much talked of marriage with Lanka Bell is getting delayed, as the Treasury has not given its blessings.SLT Chairman, Thilanga Sumathipala says Treasury approval is a mere formality, but the delay, prevents SLT from consolidating Lanka Bell into its 2003 accounts.rn rnldblquote SLT board has approved the acquisition, but we need Treasury […]
Closing Shop
State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.rn rnDriven largely by the World Bank, US$ 70 mn in […]
Long Haul
Sri Lanka Telecom (SLT) is forecasting a surge in international call revenue, as an old microwave link with South India was re-established on Monday. The link with Indias domestic call giant Bharat Sanchar Nigam Limited (BSNL) will also offer international connections to neighbouring Nepal, Pakistan and Bangaladesh.rn rnBSNL has a countrywide network services over 43 […]
Good Marks
Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are […]
Clean Up
The government will hold off divesture plans for the six regional development banks until 2005, giving time for the banks to clean up their act. rnThe Central Bank in August 2003 mooted plans to divest around 47 percent stake in each of the six RDBs endash Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata. rn rnOn […]