Category: Industry
Quick Fix
Succumbing to heavy lobbying from the leasing industry, the Finance Minister on Tuesday allowed certain bus owners to be exempted from paying 15 percent value added tax.Prior to January 1, all lease rentals in relation to public passenger transport buses (with 28 or more seats), were exempted from VAT.rn rnldblquote That same law should apply […]
Quick Leap
Cellular operator Dialog GSM said Monday it has become the first in Sri Lanka to commercially offer high-speed data service, starting with customers in the Colombo South area.Dialog users have to own an EDGE (enhance data rates for GSM evolution) handset to make use of quicker data download time while on the move.rn rnldblquote Dialog […]
Moral Support
Finance Minister K N Choksy has pledged his support to the current efforts to restructure Pramuka Bank. The minister sent a handwritten letter to a depositors meeting on Sunday, where Commerce Minister Ravi Karunanayake was also present.rn rnA consortium led by Asia Capital and Richard Pieris is now conducting a due diligence exercise on the […]
SBI Credit Cards
State Bank of India plans to aggressively expand local operations.The bank is planning a branch in Kandy as the first step in expansion plans to get a wider market share offering a range of products with a strong focus on consumer credit.rn rnAt present the local branch of the State bank of India caters to […]
Hats Off
SL A+ long term rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. rn rnldblquote This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings, dblquote says Fitch in a statement on Friday. […]
Public Watchdog
The World Bank says it is critical Sri Lanka enacts the new Public Finance Bill that is in the works, to increase public scrutiny over the state purse.In a country review on public accountability, the Bank says that Parliamentary control over public funds was ineffective and did not meet the expectations laid out in the […]
Sea Legs
The governments deadline to set up a port regulator is due in August 2004, with only a draft bill to govern the industry available so far.The regulator was due to police tariffs between the privet and state port operators when a pricing restriction on South Asia Gateway Terminal (SAGT) lapses in August.rn rnThe pricing control […]
Valet Service
Janashakthi Insurance is counting on the motor market, the fastest growing insurance sector, to expand its share of the local insurance market.Motor insurance saw a spurt of growth of 25 percent to 30 percent last year and is expected to continue to lead insurance market growth during 2004, although at a lower projected growth rate.rn […]
Data Entry
Sri Lanka Telecom (SLT) diversified its business interests further, opening an internet data center (IDC) in Colombo. The SLTiDC will offer a range of data housing facilities including web sites and services, mailing systems for retail customers and reselling opportunities. rn rnThe data center also offers clients rack space at the data center to house […]
Colonial Luxury
The Galle Face Hotel will leap into modernity in grand old style, revamping itself as a luxury lifestyle experience that also comes with a personal butler.Some Rs. 500 mn will be ploughed into the century old, colonial style hotel, in the first phase of its reinvention over the next few months.rn rnldblquote The cost is […]
Worker Rule
The newly minted labour compensation formula is likely to be amended, after union agitation to leave it flexible for negotiation.Under proposed changes, all firms governed by a collective agreement, with a profit in excess of Rs.100 mn, will not be subject to the 30 month compensation ceiling.rn rnIt will be left to the Labour Commissioners […]
Within The Ranks
Police inspectors and sub-inspectors are tipped to take home an additional Rs. 900 every month above their salaries, calculated as set out in the 2004 budget.rnrnA committee appointed by Finance Minister K. N. Choksy to look into raising salaries of the Police force came back with the decision on Tuesday.rn rnHowever, the recommended increment is […]