Category: Industry
Dont Blame Me
Free incoming calls for cellular phones have been shelved indefinitely due to the ongoing political spat, a top government minister said Monday.Telecommunications Minister Imthiaz Bakeer Markar says all mobile phone operators were ready to roll out the new tariff structure by January 1, but the current political problems have delayed the process.rn rnWhen President Chandrika […]
Cyber Cabbage
The Govi Gnana System (GGS), a pilot project under the e-Sri Lanka initiative will go live at the end of the week at the Meegoda and Dambulla economic centres, offering vendors and buyers an index of wholesale prices for over 143 varieties of vegetables. The price information system is however only the first phase of […]
Easing Leasing
The Treasury has assured the leasing industry to review a proposal in the budget to tax lease assets at market value at the end of the leasing period.Under heavy lobbying from the leasing industry, Finance Ministry officials have decided to review the provision that would have forced leasing companies to pay tax.rn rnLeasing industry doesnt […]
Early Bonus
Minimum take home pay for workers has been raised to Rs. 3,000 to keep in line with the government sector salary increment.So far, 12 sectors ranging from apparels to security trade have been ordered by the Wages Board to revise their salary structure with immediate effect, Labour Commissioner General, Mahinda Madihahewa said Friday.rn rnThe sectors […]
Paid to Leave
Laid off workers will not only be paid for past and future service foregone, by employers but will also get a government dole to go home. The government rubber-stamped a compensation formula to streamline worker lay-offs during restructuring, through a gazette notification on December 31, 2003.rn rnldblquote All private sector workers laid off before retirement […]
Spilitting Hairs
Sri Lanka Telecoms much talked of marriage with Lanka Bell is getting delayed, as the Treasury has not given its blessings.SLT Chairman, Thilanga Sumathipala says Treasury approval is a mere formality, but the delay, prevents SLT from consolidating Lanka Bell into its 2003 accounts.rn rnldblquote SLT board has approved the acquisition, but we need Treasury […]
Closing Shop
State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.rn rnDriven largely by the World Bank, US$ 70 mn in […]
Long Haul
Sri Lanka Telecom (SLT) is forecasting a surge in international call revenue, as an old microwave link with South India was re-established on Monday. The link with Indias domestic call giant Bharat Sanchar Nigam Limited (BSNL) will also offer international connections to neighbouring Nepal, Pakistan and Bangaladesh.rn rnBSNL has a countrywide network services over 43 […]
Good Marks
Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are […]
Clean Up
The government will hold off divesture plans for the six regional development banks until 2005, giving time for the banks to clean up their act. rnThe Central Bank in August 2003 mooted plans to divest around 47 percent stake in each of the six RDBs endash Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata. rn rnOn […]
Shopping Spree
The Colombo office of Emirates has begun sales of travel plus accommodation packages for the ninth Dubai Shopping Festival, which takes place from January 15 to February 15, 2004.A range of competitively priced packages from Emirates Holidays, the leisure management division of the award-winning international airline, enables Sri Lankans to participate in one of the […]
Pensions Wedding
An international consultant is going to help the government to merge the two State pension funds in a bid to draw on the synergies between the two.UK based economic consultancy, Maxwell Stamp has been chosen as the consultant and is already studying how best to merge the funds.rn rnThey are expected to submit a final […]