Category: Industry
No Kidding
Mobile phones arent the only things Nokia is into, the cell phone giant is now gearing to wire up Sri Lankas telco industry. On Tuesday Nokia said it had signed up with Sri Lankas diversified giant John Keells (JKH) to push its range of GSM and other next generation cellular network infrastructure solutions here and […]
Safe House
The Labour Ministry will tap into a pool of Rs. 6.5 bn in dormant EPF monies, for seed capital to set up an Unemployment Insurance Fund for retrenched workers.ldblquote The Rs.3 bn fund will be topped up with an employer contribution of 0.15 percent and employee contribution of 0.1 percent on the last drawn salary […]
Big House
A US$ 1 billion housing project is being cemented to construct 100,000 homes, with the three locations already short listed for development. Amona Peace Development Private Limited, the BOI joint venture between Amona Sdn Bhd., and a Lankan entrepreneur will initially develop a 720 unit apartment complex at an estimated cost of US $ 10 […]
Zipped Up
The Commercial Bank of Ceylon has pumped in Rs. 100 mn to upgraded its IT infrastructure and processes, with one of the latest retail banking solutions in the world, to underpin future growth and expansion initiatives.The bank has installed the ICBS (International Comprehensive Banking System) Version 7.2 developed by Fiserv, which has been designed to […]
VRS Watch
Sri Lanka Telecom is offering counselling services and tips on investing in financial products to its 1,300 employees, who took up an early retirement scheme this year.Outgoing employees took home between Rs.150,000 to Rs. 1.1 mn under the package, SLT said in a statement on Monday.rn rnStaff opting for the VRS qualified for a rental […]
Luxury Bells
A Sri Lankan undertaker that launched a luxury funeral service for those seeking a prestigious and safe final journey is offering the deluxe package for weddings too, a press report said Sunday.The funeral firm which imported one of the worlds safest cars to drive the dear departed to the final resting place is also hiring […]
Welfare Cap
S M Tennakoon, a senior public official has been appointed as Chairman to the new Welfare Benefits Board.Tennakoon functioned as the Government Agent in Matale and Kandy Districts and served later as Secretary to the Ministry of Mahaweli Development. rn rnThe Finance Ministry says Tennakoon will also function as the Boards Commissioner.rn rnOther Board members […]
Flying High
Emirates has achieved record half-yearly profits of US$ 167 mn (Dhs 612 mn), 51 percent up on the same period last year, thanks largely to a series of initiatives to upgrade customer service.The results, based on unaudited financial figures, compare with net profits of US$ 110 mn (Dhs 404.2 mn) last year. Higher passenger and […]
Guaranteed Standard
Insurance regulator with the national accounting body is trying to put forward a recommended accounting practice for the insurance industry.The Recommended Accounting Practice Guidelines will be short of an accounting standard, but could be adapted as one later.rn rnThe move with the cooperation of the insurance industry is primarily aimed at streamlining accounting practices and […]
Governors Call
Central Bank Governor called for the adoption of International Accounting Standards in the countrys bid to become a financial center for the region.While local accounting standards are derived from the IAS, firms interested in foreign cross listings or raising funds abroad still have to publish accounts in accordance with international standards.rn rnldblquote Sri Lanka Accounting […]
Opening Up
As exclusively reported on LBR the Indo-Lanka Economic cooperation deal also threw open air-travel between the two countries.Private airlines from the two countries could soon be plying international routes.rn rnThe proposed open skies agreement doesnt stand-alone. A joint study group is also recommending the easing of visa restrictions on the Indian side and the joint […]
Unified In Confusion
Attempts to merge key government revenue generating agencies have slowed down with little agreement on the structure.rn rnA committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector. rn rnThe government in […]