Category: Industry
Holiday Exchange
RCI, a vacation ownership exchange is setting up shop here to promote the island as a holiday destination to its membership.The exchange allows members to trade their pre-booked holiday retreats or time-share holidays in an RCI affiliated resort for a week or more in other affiliated facilities around the world. rn rnRCI says it has […]
Short Haul
International tourist traffic could dip to 900 mn tourists from earlier targets of 1 bn in 2010, as global events radically alter the dynamics of future travel.rnrn Travel dictated by global terrorism, disease and weak economies have cut back on long haul travel with as much as 80 percent visiting lquote close-to-home.rn rn”About 80 percent […]
Port of Call
The business plans for Colombos South Harbour development was finalised last week, now requiring State approval to tap donor assistance to finance the US$ 300 million Government component of the project. The Asian Development Bank sponsored business plan prepared by UK based consultants Scott Wilson Kirkpatrick and Company Limited was up for final approval by […]
Acting Fast
The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]
Heavy Load
The Treasury says it has forked out Rs. 6 bn todate to subsidise essential items like petroleum, wheat, flour, fertilizer and sugar.The lion share of the subsidies is channeled towards petroleum imports, Treasury Secretary, Dr. P B Jayasundara said.rn rnSri Lanka imports all its oil needs, buying 2.0 mn MT of crude and 1.5 mn […]
Mismatch
Total revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jumped 33 percent to Rs. 121.0 bn, the Finance Minister Dr. Sarath Amunugama said Wednesdayrn rnA change in the Value Added Tax (VAT) from 20 percent to 15 percent, saw revenues drop 14 percent to Rs. 36 bn, while […]
Building High
A 22.46 percent larger loan book propped up by lower interest rates and growing demand for homes upped income at Housing Development Finance Corp., Bank (HDFC Bank to Rs. 829.85 million, 31.5 percent over 2002. Chief Executive C A Sarathchandra told Lanka Business Online that a concerted effort to increase the housing stock saw up […]
Audit Check
The securities watchdog has issued tough guidelines on the role of auditors and non-audit services, which will be made compulsory for listed firms from next April.Listed firms will also be required to rotate their auditors every three years from 2006. rn rnThe guidelines focus on two areas i.e. audit of listed companies and audit committeesof […]
Nomad Cell
Mobitel will tap the telecom watchdogs payphone subsidy to rollout call boxes in the Sri Lankan outback using ACeS satellite connections. The Sri Lanka Telecom (SLT) cellular subsidiary signed up with Asian satellite communication services provider ACeS on Tuesday to offer satellite phone connections that work anywhere within the island and the Asian region at […]
Upping It
The Central Bank says it hopes to raise up to US$ 400 mn in bonds shortly, to bridge the budget deficit and ease the pressure on the local debt market.The bank had earlier planned to raise US$ 250 mn. But delays in aid disbursements and a weak rupee has prompted a change of plans.rn rn”The […]
Piggy Bank
The Chartered Institute of Management Accountants (CIMA) Sri Lanka will roll out a student loan scheme for the first time, covering the entire cost of tuition and subscription fees for each stage. rnThe loan of up to a maximum of Rs. 300,000, will be given to interested students on a staggered basis, and is extended […]
Masala Recipe
Experts from Indian Bank are flying in next month to help out with giving alternate proposals to revamp the technically insolvent Peoples Bank.The Indian bank became a natural choice, after it opted to restructure itself, sans any form privatisation or capital infusion from the State.rnrn”We have had a few discussions with the Indian bank and […]