Category: Industry
Not Fair
Sampath Bank chief has rapped authorities for continuing to look at financial instruments as a convenient source of raising revenue.The banking sector currently forks out 15 percent of their earnings as Value Added Tax.rn rnThe charge was brought in last year, fixed at 10 percent computed on total gross emoluments paid to employees and the […]
Standing Up
Transparency International, an NGO that fights corruption worldwide says the country needs to make lquote abuse of public resources during elections a criminal offense.Local politicians freely use government resources like vehicles, official residences and government employees in their election campaigns.rn rnldblquote Merely commenting on it will not be enough. We want the media also to […]
Number Crunching
Sri Lankas national accounting body is pumping more money into spreading the gospel of good accounting practices throughout the country.The Institute of Chartered Accountants of Sri Lanka (ICASL), the countrys auditing standard setting body, will spend millions of rupees this year to improve its educational services.rn rnAs it is, the institute caters to a student […]
Good Recovery
Recoveries and defaulters turning a new leaf in good economic conditions drove Bank of Ceylons profits up in 2003, though a gap in its pension fund is dragging profits down.As recoveries gathered pace, its Non-Performing Asset (NPA) ratio fell to 13 percent in 2003 from 15 percent, while outstanding gross NPAs fell to Rs.17.1 bn […]
Roads End
All assets of state owned construction firm Road Construction and Development Company (RCDC) is to be packaged and sold off following its shut down last year. State privatization arm PERC has called for consultants to help value the assets including plants, machinery, quarries and workshops, which can be sold as ongoing commercial concerns.rn rnThe consultants […]
Bateys Music
Making its music, Sri Lanka will have its first annual drum festival in September, showcasing local drummers and from far a-field as Africa and South America.To be held in the hill country capital of Kandy, the three-day festival could also coincide with the Kandy Perahera.rn rnThe lquote Festival of Drums is to be built into […]
Fund Raising
Distilleries recent inter-company share transfers are to retire its over Rs. 3 billion debt acquired when buying Sri Lanka Insurance Corp., say stock analysts. For a second day running, Distilleries sold it holdings in Aitken Spence to Sri Lanka Insurance Corp., at a premium of Rs. 15 above the market. rn rnSo far brokers confirm […]
Collect Call
Telecom operator Suntel has seen its earnings jump 305 percent to Rs. 505 mn, though revenues were flat at Rs. 3.425 bn as at end Dec. 2003.Sri Lankas second wireless operator said falling interest rates cut debt servicing costs and helped swell its bottomline.rn rnFinance costs fell to Rs. 1.757 bn from Rs. 2.640 bn […]
Under Way
While Sri Lankas impoverished national railway struggles to make ends meet above ground, prospects are under evaluation to build a new rail network underground supported by Korean technology.Feasibility studies to set up Sri Lankas first underground rail system connecting Kalutara, Colombo, Negombo and Avissawella is underway, Minister of Lands, Rajitha Senaratne said on Wednesday.rn rnldblquote […]
Be Generous
Commercial Bank of Ceylon is in talks with its Unions to ask them to contribute part of their earnings towards a bank pension schemeInitial discussions made some headway, with Unions agreeing not to include employees who join after January 1, 2004, from contributing to the Fund.rn rnThe Pension Fund is presently, non-contributory to employees, while […]
On Test
The much-hyped third generation cellular services will soon be a reality, with the first of three trial networks launched by Dialog GSM on Tuesday. Though only on a test basis, CEO Dr.Hans Wijayasuriya says it creates an opportunity for Sri Lankans to interact with new age technology and offer application providers a platform to test […]
Hard Sell
Modeled on the likes of top branded resorts like Banyan Tree, Jetwing Hotels is revamping its hotels and spas into three core brands endash Eco, Ayurveda and beach holidays.The group is making a determined shift up-market, in efforts to lure the discerning high spenders with more than just the best package deal.rn rnldblquote In the […]