Author: lbostgadmin
Taxing Banks
The banking sector is planning to pass down a 10 percent Value Added Tax imposed on it from next year.rn rnLending rates are expected to go up proportionately when the tax is charged on the net profit and employee related expenditure. rn rnBut, the question troubling most borrowers is how much additional interest will they […]
Three Way Race
The race to grab the lion quote s share of Sri Lanka Insurance Corp. has narrowed down further with just three firms sending their financial and technical bids.rn rnSources close to the deal said that Janashakthi Insurance Ltd., Commercial Bank/DFCC Bank consortium and Aitken Spence/Stassens/Distilleries Corp. consortium had sent in their proposals when bids closed […]
Counting Votes
Applications counted by 4.30 on the opening day on Thursday, accounted for well over 50 % of the Sri Lanka Telecom Initial Public Offering (IPO), with a number of applications for large stakes yet to be processed.rn rnOfficials close to the issue estimated that over 15,000 applications had been received by the end of Thursday, […]
Just Short
Sri Lanka Telecom was Rs. 500 million short by mid morning on Friday, while managers to the issue continued to process applications.rnThe issue is expected to close today, with an official announcement expected in the evening. rn rnThe Colombo Stock Exchange said they had not received any indication that the issue would close today. rn […]
Beyond in 2003
Sri Lankan Tea Exports is headed for a record high, with industry officials hoping for the total export quantity to exceed the landmark 300 million kilos. Cumulative exports to end October reached 246 million kilos, 3 million kilos above last years total for the same period. Officials feel there is much more to celebrate next […]
Cordial Connections
Consultants contracted to draw up a national interconnection framework will present a draft copy of the policy in the first week in December. In October 2002 the Telecommunications Regulatory Commission (TRC) picked an Australian based law firm operating out of Hong Kong, to map out a fresh route to interconnect between operators.rn rnSenior industry officials […]
Eco Drive
The six-month study will draw up an eco-tourism policy document for the country and the outlines for five pilot eco-tourism projects in the Southern region, Secretary to the Ministry of Tourism, Dr. P. Ramanujam said.rn rnSri Lanka sustains some of Asias richest biodiversity and has been identified as a hotspot for nature and eco-travel.rn rnIt […]
Tea Captain
Director of Gordon Frazer – Niraj de Mel, is poised to take over as CEO of the umbrella body the Tea Association of Sri Lanka.Appointed last week, he is expected to take over duties from February next year, leading the association for a two-year term, he confirmed. The Tea Association was formed as an umbrella […]
Eye Catching
A grey-haired man walked away with Rs. 100,000, prize money for capturing on camera a Sri Lankan leopard endash a near studio image where the predator is taking a quiet moment.Judges unanimously agreed that from the thousands of leopard pictures taken over the years, this stood out for capturing in addition to the expression of […]
Trickling Down
The banking sector is planning to pass on a small percentage of their costs to customers, when the proposed 10 percent VAT comes into effect from January.rn rnUnder the budget proposal, VAT is slapped on the aggregate net profit and employee related expenses of all banks and financial institutions. The financial sector was also denied […]
All In One Account
Tapping into a market segment with huge growth potential, Sampath Bank on Monday launched, ldblquote Sampath Profession dblquote , an account targeted at the busy young professionals with monthly earnings topping Rs.20,000. rn rnDesigned to act as a fund manager for busy professionals, the account is tied up with a host of banking products to […]
Village Assistant
Adapting digital technology to connect a small back village in Sri Lanka, a pilot project has just kicked off in Udagama to provide access to internet based information in Sinhala to some 575 families. The project will use the VillagePDA – entirely home grown, low cost Internet enabled devices developed by Media Solutions in Sri […]