Author: lbostgadmin
Let There Be Light
It is beginning to look a lot like Christmas; certainly’85 for traders down Main Street. Traders of Main Street in Colombo Fort have decided to keep shops open till midnight and have lighted up the street to draw more Christmas shoppers in an effort to fight against the plush shopping malls and the satellite shopping […]
Less Is More
A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society. Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation […]
Will Reveal
Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been […]
Stop, Look & PAY
The Western Provincial Council says motorists in the province have defaulted paying revenue license fees valued at more than Rs. 1 billion.One third of the 1.8 million registered motor vehicles in the country are in the Western Province.rn rnBut authorities have found that 375,000 motorists have not paid their license fees.rn rnTo bring them back […]
No Attachments
The Rs. 1bn will be allocated as an outright grant for rehabilitation and reconstruction in 2004, Niranjan Deva Aditya EU Parliamentarian said in a statement this week.rn rnLast years EU budget for Sri Lanka was Rs. 2 bn. In addition Sri Lanka received Rs.1.5bn in Aid of displaced people and Rs.1bn under the Humanitarian Office […]
Dumping Point
The Ministry of Environment is looking at introducing a new system to manage the disposal of environmentally dangerous electronic items like computers and mobile phones.ldblquote We are right now doing a research to develop a policy where the agents or the producers of certain electronic items will be held responsible for the disposal of these […]
Close Tabs
The insurance watchdog is seeking Finance Ministry approval to start a dedicated insurance supervision division.Presently, the Insurance Board of Sri Lanka (IBSL) has only two consultants on its cadre. The rest are shared with the Securities & Exchange Commission (SEC) secretariat.rn rnldblquote A dedicated insurance unit within IBSL will enhance the effectiveness of supervision, dblquote […]
Recall
The telecom watchdogs case against Mobitel will be resummoned January 12, allowing the cellular operator to make further submission to the Fort Magistrates Court.No further action will be taken until then, the Magistrates said.rn rnThe order comes as Mobitel lawyers argue that the plaint has no charges that can be legally accepted.rn rnThe Fort Magistrates […]
Good Job
The Ministry of Labour announced on Thursday, that over 2,500 unemployed graduates are assured of permanent employment within the private sector under its Sarasavi Saviya programme.Sarasavi Saviya, a programme that re-trains and finds placements in the private sector for unemployed graduates, reported that within three months the programme had gone beyond its targets for one […]
Brick Hunt
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbulk of state housing banks shares are held with the National HousingrnDevelopment Authority.rn ldblquote Theyrnown around 90 percent and they have indicated that they want to sell up to 30rnpercent, dblquote HDFC Banks CEO, C A Sarathchandra told a public accounts reviewrnon Thursday.rn Sarathchandrarnhopes to privately place the shares within the next […]
Cherry Picking
Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank.ldblquote It wont be an open tender process, dblquote Bank Chairman Lal Nanayakkara told members of the Public Review Committee at the Finance Ministry on Thursday.rn rnldblquote Investors will be carefully screened and […]
Parental Consent
Sri Lanka Telecoms board on Wed. gave its blessings to acquire wireless local loop operator Lanka Bell.The dominant fixed line operator declined to name the bid price, but industry analysts put a price tag of just under US$ 20 mn based on per-line cost assumptions for Lanka Bells 44,000 customers.rn rnSLT will initially take a […]