Category: Industry
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 […]
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 […]
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 […]
Big Game
The telecom regulatory policy will make shift from size control, to sub sector dominance management, under a new draft legislation.The new asymmetric telecom regulation policy will have the telco watchdog barking orders at dominant operators, identified to be so when they pass pre-defined boundaries, impose entry restrictions or is a threat to near free market […]
Billing Options
Sri Lanka Telecom launched its new US$ 20 mn billing system on Wednesday, with ambitious plans to spin it off into a separate revenue generating business unit.Officials say once the system is fully in place, they will consider other commercial applications that can be added on and also tap its customer database.rn rnSome potential commercial […]
Safe House
The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]
Engagement Ring
Sri Lanka Telecom on Tuesday took a step further to seal its marriage to Lanka Bell, by agreeing to start work on a due diligence study, its Chairman said.The dominant fixed access operator has been courting Lanka Bell for the past few weeks and last month signed a non-disclosure agreement to actively pursue the relationship.rn […]
Wishy-washy
Fraud, mismanagement and a lack of funds is driving the Fisheries Harbour Corporation to the brink of extinction. rnrnThe Corporations financial statements for 2002 reveal that it is struggling to generate even up to 50 percent of its recurrent expenditure from its operations. rn rnIn addition, gross misappropriation of funds, other irregularities in its accounts […]
Undertaker Shifts Gear
Jayaratne VIP Services (Private) Limited this week launched its upmarket service with a two-page colour advertisement announcing the “prestigious” send-off with pomp and pageantry.rn rnThe dead would be driven in one of the worlds safest cars, a brand-new Volvo, while the bereaved can ride in a smaller Volvo S-80. rn rnThe custom-built black Volvo hearse, […]
Snakes & Ladders
The hotly debated deal, to partially privatise 13 cluster bus companies, will hit the road within the next few weeks, with the governments privatisation arm scouting for fresh investors.The move comes after the controversial British consortium IBIS, called off its bid to buy a 39 percent stake in six cluster bus companies.rn rnThe six companies […]