Category: Industry
On the Road
Cabinet this week approved US$ 310 million in donor funding to reconstruct 1137 kilometers of road and 25 major bridges in the tsunami affected coastal regions of Sri Lanka.Cabinet this week approved US$ 310 million in donor funding to reconstruct 1137 kilometers of road and 25 major bridges in the tsunami affected coastal regions of […]
Tax Watcher
The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman.The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman. A Ministry statement said the appointment was in keeping with the 2005 budget proposal to appoint an independent […]
No Thanks
Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital markets for their monetary needs, a Central Bank led consumer finance survey has highlighted.Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital […]
Losing Interest
Power generation company Lakdhanavi Limited will de-list from the Colombo Stock Exchange, after it listed four years ago to be eligible to bid for a power project. A fully owned subsidiary of Lanka Transformers, Lakdhanavi says its shares have not been traded since and its shareholders no longer want it to be publicly held. “We […]
Safe Landings
Domestic airlines will raise fares to Jaffna by Rs.2000, as almost all international airlines flying out of Colombo also slap on further fuel surcharges on Thursday.Domestic airlines will raise fares to Jaffna by Rs. 2000, as almost all international airlines flying out of Colombo also slap on further fuel surcharges on Thursday. Local airline regulator, […]
Oiling Trade
Saudi Arabia agrees to cut import duties and open its agriculture, goods and services markets, including oil markets, to the US. Saudi Arabia agrees to cut import duties and open its agriculture, goods and services markets, including oil markets, to the US. The owner of a quarter of the world’s known oil reserves made its […]
Indian Linkage
Sri Lanka Telecom on Monday signed a US$ 3 mn deal with India’s BSNL and technology giant NEC to set up a point to point fiber optic link between the two countries.Sri Lanka Telecom on Monday signed a US$ 3 mn deal with India’s BSNL and technology giant NEC to set up a point to […]
Pick Up Lines
Sri Lanka Telecom’s mobile subsidiary on Monday said it was repackaging its IDD rates to better cater to its customer base.Sri Lanka Telecom’s mobile subsidiary on Monday said it was repackaging its IDD rates to better cater to its customer base. A Mobitel statement on Monday said customer could choose between a high clarity premium […]
Paper Trail
A new ticketing system for airlines and travel agents will kick off in October this year, cutting the long paper trail between agents and airlines A new ticketing system for airlines and travel agents will kick off in October this year, cutting the long paper trail between agents and airlines Instead of individual ticket formats […]
Amaya Re-emergence
The Connaisance group with a new branding as Amaya Resorts and Spas’ hopes to attract higher spending tourists despite worries about the future course of the peace process. The Connaisance group with a new branding as Amaya Resorts and Spas’ hopes to attract higher spending tourists despite worries about the future course of the peace […]
Bill Me Later
The Sri Lankan government is trying to partly offset monies due to Indian Oil Corp’s local unit by offering assets, treasury bonds and cash, as fuel subsidy payments threaten to snowball to US$ 140 million by year end, officials said Friday.The Sri Lankan government is trying to partly offset monies due to Indian Oil Corp’s […]
That’s Ok
Mercantile Leasing Limited on Friday said its Board had approved a deal to merger with Nations Trust Bank.Mercantile Leasing Limited on Friday said its Board had approved a deal to merger with Nations Trust Bank. News of the merger pushed Mercantile Leasing shares up Rs.2.25 to Rs. 62.25 towards the close of trade. Shares in […]