Author: lbostgadmin
Flying High
Emirates has achieved record half-yearly profits of US$ 167 mn (Dhs 612 mn), 51 percent up on the same period last year, thanks largely to a series of initiatives to upgrade customer service.The results, based on unaudited financial figures, compare with net profits of US$ 110 mn (Dhs 404.2 mn) last year. Higher passenger and […]
Love From India
The far-reaching economic partnership agreement Comprehensive Economic Partnership Agreement between India and Sri Lanka will set up a new credit line and an economic cooperation fund of US$ 100 mn each to finance some of the countrys most pressing infrastructure bottlenecks.The economic cooperation agreement submitted to the Prime Ministers by two teams of top bureaucrats […]
Unified In Confusion
Attempts to merge key government revenue generating agencies have slowed down with little agreement on the structure.rn rnA committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector. rn rnThe government in […]
Requesting Permission
Sub-continental air traffic could get a boost if a bold proposal to let private airlines fly international routes gets off the ground.The economic cooperation deal between India and Sri Lanka is seeking to open up routes to private airlines to fly to big cities and tourist destinations.rn rnSmall locally owned airlines are clamoring to get […]
Guaranteed Standard
Insurance regulator with the national accounting body is trying to put forward a recommended accounting practice for the insurance industry.The Recommended Accounting Practice Guidelines will be short of an accounting standard, but could be adapted as one later.rn rnThe move with the cooperation of the insurance industry is primarily aimed at streamlining accounting practices and […]
Governors Call
Central Bank Governor called for the adoption of International Accounting Standards in the countrys bid to become a financial center for the region.While local accounting standards are derived from the IAS, firms interested in foreign cross listings or raising funds abroad still have to publish accounts in accordance with international standards.rn rnldblquote Sri Lanka Accounting […]
Opening Up
As exclusively reported on LBR the Indo-Lanka Economic cooperation deal also threw open air-travel between the two countries.Private airlines from the two countries could soon be plying international routes.rn rnThe proposed open skies agreement doesnt stand-alone. A joint study group is also recommending the easing of visa restrictions on the Indian side and the joint […]
Big Game
The telecom regulatory policy will make shift from size control, to sub sector dominance management, under a new draft legislation.The new asymmetric telecom regulation policy will have the telco watchdog barking orders at dominant operators, identified to be so when they pass pre-defined boundaries, impose entry restrictions or is a threat to near free market […]
Billing Options
Sri Lanka Telecom launched its new US$ 20 mn billing system on Wednesday, with ambitious plans to spin it off into a separate revenue generating business unit.Officials say once the system is fully in place, they will consider other commercial applications that can be added on and also tap its customer database.rn rnSome potential commercial […]
Grand Slam
Hotel Services Ltd., the owners of the Continental Hotel in downtown Colombo, has won US$ 2.5 mn from an arbitration case initiated by Intercontinental Hotels Corp of USA.Hotel Services sought legal recourse on four counts through the International Court of Arbitration of the International Chamber of Commerce, after the US hotel chain cancelled its 30-year […]
Study Buddy
The Food & Agriculture Organisation (FAO) has asked Sri Lanka to join India or Kenya, if it plans to study the unique variances between tea growing elevations. Sri Lanka called on the FAO to fund the research project at the Inter-Governmental Group (IGG) meeting on tea earlier this year. Tea industry officials say FAO has […]
Safe House
The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]