Category: Economy and Markets
Its A Wrap
Upcoming debt market specialist, National Wealth Corp. wrapped up a complex debt-restructuring deal for the governments supermarket chain.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Arnconsortium of six commercial banks endash Bank of Ceylon, Peoples Bank,rnCommercial Bank, HSBC, Hatton National Bank and Seylan Bank endash inked the dealrnon Monday, in what NatWealth claims is the largest debt restructuring deal inrnSri […]
Upward March
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first nine months of this year, which helped the trade deficit shrink marginally, the Central Bank said Monday.The positive sentiment contributed to a rise in exports and a higher import bill in September.rn rnHigher export numbers helped lower the trade […]
Leg Up
The Sri Lankan rupee is on course for a firmer footing against the US dollar, despite recent political cross currents that have shaken the currency.After appreciating some two percent against the dollar, the currency has hit some rough weather due to the ongoing political tussle.rn rnThe rupee closed weaker at 96.00 against the greenback on […]
Please Give
The government is hoping to persuade BOI firms to submit to the proposed Economic Service Charge.Finance Minister K N Choksy says the agreements with BOI firms and International Investor Protection Agreements, that the government is signatory to, prevented the state from slapping such levies against their will.rn rnFinance Minister however says they should pay the […]
Hidden Costs
World Bank is likely to chip in and help the government foot the hefty early retirement bill to off load around 300,000 public servants. rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Talks on negotiating the wish list under thernfourth tranche of the World Banks Poverty Reduction Support Programme, is duernto start next year. Part of the hefty VRS package […]
Look Who’s Talking?
The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]
‘s Talking?
The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]
Out Of Focus
The Treasury is taking a second look at budget proposal to slap a new tax on equity trading, following howling protest by market players.rnrnrnrnrnrnProposals like a tax on mobile phones and Economic Service Chargernrnrnrnrn Proposals like a tax onrnmobile phones and Economic Service Charge (ESC), have also grabbed policymakersrnattention for some tinkering before they come […]
Is It A Mirage?
The UNF government is prepared to forget the past and offer a greater role for the opposition in the current peace talks, if a consensus can be developed on the peace process and the economy, Minister G L Pieris says.ldblquote The government wishes very strongly to put the strains and tensions, that have characterised the […]
Southern Bound — Budget 2004
The government unveiled grand policies to develop the Southern province with plans to develop an airport, a port and set up an oil refinery.Finance Minister K N Choksy told legislators on Wednesday that the Southern expressway will be extended to Hambantota and Wellawaya.rn rnldblquote Our infrastructure development plan also envisages the development of a port […]
Value Add — Budget 2004
The value added tax is to unified to a single 15 per cent rate from January 2004, from the current 10 and 20 per cent, while the government has abandoned plans to bring wholesale and retail trade into the VAT system.Finance Minister K. N. Choksy says 70 per cent of the VAT revenue now comes […]
Aye Aye — Budget 2004
All public servants will get a 10 percent pay hike each month in the new budget or a minimum Rs.1250 increase, whichever is higher, at a cost of Rs.12.5 bn to the state.This will be the highest increase for public sector workers in the last ten years and will also apply to the Police, the […]