Category:
Country Roads
Dialog hopes to launch the project towards the end of the year in a tie up with local payphone operators in un-serviced areas.rn rnCompany officials said the payphone system could be set-up with minimal effort, as it only requires a basic payphone interface and a pre-assembled black box that contains a receiving and transmitting device […]
Pushing Ahead
“The government is interested in getting one (rating) as it will bring in financial discipline and also be a benchmark for local companies to raise money internationally.With the peace process going on we plan to restart the process this year,” Central Bank Governor A S Jayawardene said. rnInitially, the Central Bank had planned to go […]
Stylish Teas
The Indian tea industry is pushing forward a campaign to position the traditional brew as a lifestyle drink.An initial investment of Indian Rs. 20 million is being pumped in by the private sector for the nationwide campaign.The lifestyle campaign will is expected to increase per capita consumption levels from 0.660 grams per annum to 0.730 […]
Sugisaki Coming
Shigemitsu Sugisaki, is the most senior official dealing with Sri Lanka, will arrive on Tuesday for a two-day visit, the Central Bank said today. rnThe IMF last month resumed the stalled US$ 253 mn standby assistance programme following talks with the new government. rnTotal disbursement today stand at US$ 190 mn. Sugisaki quote s visit […]
Calling Home
Hedging against the brain drain, a public-private sector drive is underway to give expatriate Sri Lankans enough of a reason to come home.
Scanning Cheques
Cheque imaging or cheque truncation as it is known, enables cheques to be scanned before directing it to the relevant banks electronically. rnrnldblquote Cheque truncation shortens clearing time from 1-7 days to just two days the maximum, dblquote Chairman R B Ekanayake said in an interview. rnrnThe present magnetic reader system, requires all banks to […]
Globe Trotting
In a decision made earlier this year the Cairo and Istanbul offices were closed down in view of relocating them to potential growth markets. Tea Board officials say the EU and the Far East including Australia and New Zealand accounted for a small percentage of Sri Lankan tea exports.Director, Tea Promotion Bureau, Hasitha de Alwis […]
More Cash
The unsecured, subordinated redeemable debenture will carry a five-year tenure and will be quoted on the Colombo Stock Exchange. rnrnThe issue will be doubled by Rs. 300 mn in the event of an oversubscription, Seylan Bank quote s Ajantha Madurapperuma told Lanka Business Online. rnrnHe said the interest rate for the issue has not been […]
Battle Ship
An industry spokesperson said this hogging exercise was causing unnecessary delays in servicing the cargo ships.rn rnldblquote Jaya Container Terminal (JCT), with its 10 berths, is virtually idle while SAGT operating two berths is struggling to cope with its greedy ways, dblquote the spokesperson said. rn rnThe spokesperson claims that a ldblquote first to refuse […]
Opposite Direction
The withholding tax on interest income is having reversal effect on treasury instruments, with the government effectively paying the tax up front at the time of the auction. rnWhile the 10 percent tax pushes the cost of borrowing up, dealers end up adding the tax when they bid at the auctions. rnImposing the tax on […]
IT Expedition
Still in its infant stage, GeneSys is waiting for the auspicious moment in August when the Telecommunications Regulatory Commission will formally declare the reformed IT and Telecom Act, to launch a flurry of communication services here and abroad.rn rnThe company quote s focus areas will include payphone and prepaid-card platform development, cable TV network design […]
Cleaning Up
The introduction of the Code of Best Practice for Audit Committees will require auditors to be more transparent with their fees, and the reporting of conflicts of interest with the management. rn rnThe Institute believes that this will enable the audit committee to differentiate audit work from the other services rendered. rn rnThe Code, despite […]