Author: lbostgadmin
US Backs Premier
Suspension of parliament, other actions possibly detrimental to peace, says State Department Spokesman on Wednesday.U.S. State Department Deputy Spokesman Adam Ereli expressed concern that President Kumaratungas decision to sack three government ministers, suspend parliament, and deploy troops around the capital “could have a negative effect on the peace process and talks with the Liberation Tigers […]
Peace Accord Holds
The Norwegian-brokered ceasefire pact between the Sri Lankan government and Tamil Tiger guerrillas will stand despite President Chandrika Kumaratunga taking over the defence ministry, a presidential adviser said Wednesday. “The president has specifically asked me to state that the ceasefire agreement stands and will stand and there is no question about it,” Lakshman Kadirgamar, international […]
High Altitude
lquote Countdown to takeoff; passengers are now boarding for the first commercial Hot Air Balloon flights, taking off over Sigiriya this Saturday.The first commercial balloon flights were given the go-ahead on Tuesday, to start flights over some of Sri Lankas key tourist towns.rn rnldblquote We hope to commence our inaugural flights over Dambulla-Sigiriya and from […]
Starlight
Dubai-based Emirates Airline has set its sights on the stars — literally — to help it offer new levels of comfort and enjoyment to travellers on ultra-longhaul flights from next month.In an industry first, an image of the night sky above Dubai, complete with twinkling constellations, will be shown on the ceiling panels above their […]
Fund Manager
The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]
Big Deal
Prime Minister Ranil Wickremasinghes US visit will bring Sri Lanka once step closer to building a free trade area spanning two continents.The Comprehensive Economic Co-operation Agreement (CEPA) between India and the Sri Lanka which is due to be signed in less than six months, will further integrate Sri Lankas economic ties with her giant neighbour.rn […]
Uphill Battle
Despite a recent economic upturn, Sri Lankas somewhat under developed capital market are yet to pose a serious competition to the local banking sector. The commercial banking sector accounts for 64 percent of the total assets in the Sri Lankan financial system.rn rnIn terms of size, most of the banks are relatively small and undercapitalised […]
Report Card
Effective steps to create a tax compliance culture, focus revenue generation measures where there is a capacity to pay and to target relief measures where they would have the greatest impact, are among a comprehensive set of recommendations by the Institute of Chartered Accountants for the forthcoming national budget.The countrys premier national accountancy body has […]
Six Calls
Six investment banks are vying to take up the post of international ratings advisor to the government, as it embarks on the process of seeking a sovereign rating.Central Banks Superintendent Public Debt, Dharma Dheerasinghe says HSBC, Standard Chartered Bank, Citibank, Deutsche Bank, UBS Warburg and JP Morgan have sent in their proposals.rn rnldblquote We will […]
What You Get
The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]
Second Round
IT start up Interblocs has raised over a million dollars in a second round of financing to expand operations overseas.Interblocs specialises in developing software for payment solutions to the financial sector.rn rnA Malaysian IT company has invested the money to take a 20 percent stake.rn rnThe IT startup says they now have a valuation close […]
Under Audit
An international governance watchdog Transparency International has asked the government to carefully study the proposed establishment of an Audit Commission to assure the independence of the Auditor General. It however says there is no doubt that Sri Lankas auditing framework needs improvements.rn rnTransparency, which fights corruption, says that stakeholders should be consulted before major changes […]