Category: Industry
Another First — Updated
The telecom watchdog on Tuesday came out of cold storage to flex its legal muscle and file charges against Mobitel (Pvt) Ltd for defying regulators orders.This is the first time in history the Telecommunications Regulatory Commission (TRC) has taken an operator to court.rn rnFiling papers at the Colombo District Court, the regulator said that Mobitel […]
Red Alert
Ahead of World AIDS day on December 1st, the good news is Sri Lankas low AIDS numbers, but the bad news is the countrys high vulnerability to the disease. To stem the tide, the World Bank is considering financing AIDS treatment drugs as part of its ongoing US$ 12.6 mn HIV/AIDS package to Sri Lanka. […]
Growing Up
The Seylan Merchant Bank (SMB) Group has reported a three fold growth in pre-tax profits for the third quarter ending Sept. 2003.Consolidated pre-tax profit at Rs 33 million, was up 363 per cent for the period ended September 30, 2003, from Rs 7 million in the corresponding period last year.rn rnThe Groups Net Income also […]
Closing the Books
The Treasury put away its books on Colombo International School (CIS) Monday, after selling its 49 percent stake for Rs. 86.7 mn to Ceyko Projects (Pvt) Ltd.The sale went through on a Cabinet decision earlier in November to sell the entire minority shareholding in CIS to Ceyko Projects (Pvt) Limited for Rs.86,729,465.rn rnOf the Rs. […]
Rough Ride
Business is booming but the hotels sector is trying to hang on to the good times a little longer, by warding off a looming electricity price hike. The sector is trying to sidestep a proposed change to the electricity tariff structure that would see their energy costs shoot up by half. rn rnThe proposed change […]
Lifting Up
Ceylinco Life, has achieved record-breaking results in the first nine months of 2003, with a healthy 32 percent growth in premium income.The firm said this week, that premium income had reached Rs.2.24 bn as at September 30, 2003, reflecting a substantial 32 percent growth over the corresponding period last year.rn rnThis was made possible by […]
Lucky Dip
The Mahapola Trust Fund is matching numbers with US lottery solutions provider, GTECH to spin off its own sweepstakes operation next year.Betting Rs. 400 mn on the operation, the Fund will get full ownership and a minimum Rs.500 mn retutn on investments, its Director General, Shamila Perera told Lanka Business Online. rnrnFor its part, GETCH […]
Hold On
Political power play has put in the balance plans by HSBC to set up a huge call center in the country.The banking giant was planning to set up a call center and a back office operation in the country and was seeking government cooperation for minor adjustments to the Labor Laws to facilitate the investments.rn […]
Cease Lease
Attempts through the budget to force leasing companies to pay tax could make leasing unattractive and uncompetitive according to the industry.Government in its budget 2004 announced that leased assets would be taxed at their market value when being transferred to the lessee or the party obtaining the lease.rn rnLeasing industry says taxing transfers will result […]
Slithering Down
Sri Lanka Telecom reported a 26 percent dip in net profits for the first nine months, due to an early retirement scheme, higher operating costs and losses from its cellular subsidiary.The monopoly telecom giant said Friday that net profits fell to Rs.1.788 bn from Rs. 2.425 bn reported during the corresponding period 2002.rn rnRevenues during […]
No Sacred Cow
The UNF administration looks set go ahead with the tax on share trading profits, with the same determination, it is implementing unpopular reforms against less privileged classes in the country.Pampered equity investors who have been protected from taxation for more than two decades howled in protest at the 15 percent tax proposed by Finance K […]
Travel Charger
Collection problems could bog down state plans to charge a Rs. 300 annual levy on mobile handsets as planned from next January, which works out to less than 85 cents a day.The new charge, meant to compensate the government for Value Added Tax (VAT) revenue lost due to smuggled cellular handsets entering the market, will […]