Category: Industry
Burning Low
June 18, 2006 (LBO) – Sri Lankans have been urged to crawl under the sheets early, turn up the heat on air-conditioners and give up late night football to save energy¦..or not. But despite the best laid plans, “what people really respond to is price”, Siyambalapitiya says, over any real goodwill to dim the lights […]
Taxing Problem
June 18, 2006 (LBO) – Sri Lanka’s financial sector has been a favorite target of fiscal authorities during the past few years. In addition to an increase in the income tax rate, the sector also has a debit tax on cheque transactions, a turnover tax on credit cards, and another income tax based tax called […]
Calling Cabbies
June 16, 2006 (LBO) — Sri Lanka has structured a call option instrument, which allows investors to bid for nine taxi service licenses to be auctioned on the Colombo Stock Exchange, officials said.Bidding, which runs for nine days, is due to open on August 14 and investors have to put up a 25 million rupee […]
Lets Chat
June 15, 2006 (LBO) – India has called for a meeting with Sri Lankan vanaspati producers on Friday to iron out issues, in the latest saga that has brought trade relations between both nations to a boiling point. Sri Lanka™s shipments of vanasapati an edible oil mainly used for cooking purposes came to a standstill […]
Luxury Fleet
June 15, 2006 (LBO) – Sri Lanka Thursday sought interest from investors to bid for nine licenses to operator taxi services in the country, an official said. Those interested have been given two months to register and pick up a copy of the information memorandum. Starting August 14, the licenses will be issued via a […]
Final Showing
June 14 (LBO) – The Treasury has drawn up a list of tax rates and concessions on imported Hollywood and Bollywood blockbusters, likely to be finalised this week. The controversial tax, announced in the government™s budget this year, could possibly be set at 75,000 rupees (750 dollars) for every half hour program, sitcom or serial. […]
Green Fingers
June 14, 2006 (LBO) – Sri Lanka’s securities watchdog is probing the accounts of forestry management company Touchwood Investments Ltd, to figure out how the firm values its assets, a top official said Wednesday. Touchwood’s shares resumed trading mid-Wednesday after the firm responded with a three page letter to regulators, who asked for the assumptions […]
Winding Road
June 14 (LBO) – The Malaysian government is to conduct a feasibility study on the proposed Colombo-Kandy highway, with an agreement to be firmed up next week. A delegation from the Malaysian government is due in Colombo on June 22. This feasibility study follows one done by a Swedish firm in the year 2000. The […]
New Wings
June 14 (LBO) – National carrier SriLankan Airlines launched an International Aviation Academy on Wednesday, to meet demand by industry for airline relates skills. The academy will be a professional skills training facility, accredited by the International Air Transport Association (IATA), City and Guilds and Edexcel International. The IAA will cater to the increasing demand […]
Small Umbrella
June 13, 2006 (LBO) – Hatton National Bank, Sri Lanka’s second largest privately owned lender by assets, has stepped up its micro credit programme by offering subsidized insurance policies to customers, officials said Tuesday. By passing on the credit risk to an insurance, HNB also gets a chance to reduce the statutory capital set aside […]
Wage Bank
June 13, 2006 (LBO) – State bank employees will get a salary hike of up to 20 percent under a new agreement with trade unions. Bank of Ceylon, People’s Bank, National Savings Bank and State Mortgage and Investment Bank is due to sign the deal next week, sources said. The wage rise has also been […]
Healthy Spat
June 13 (LBO) – Sri Lankan employers are to work with trade unions to build dialogue in key areas like health, education and power, under a European Union funded project. The 12 month project will work with three government sector departments and four private sector agencies on tools for negotiation, social dialogue and governance, a […]