Category: Industry
Tax Miracle
The Finance Minister says plans to reform the countrys tax structure was moving fast as an amnesty drew a record response.Minister K. N. Choksy says the amnesty due to expire in end June has already drawn over 1200 declarations.rn rnHe said that a focused Fiscal Policy and a reduction in inflation and interest rates should […]
Plain Jettison
Airport and Aviation Services (AASL), which runs the countrys airports and air navigation services, is planning to reduce the number of its employees.AASL is talking to the treasury about part funding for a Voluntary Retirement Scheme (VRS) to sharply cut the employee numbers in the lower grades.rn rnA committee is already at work looking into […]
Nomad Connect
On the heels of a state policy on spectrum use and the roll out of cheap wireless internet access, Intel launched its new age mobile personal computer. Intels officials promise longer battery life and outstanding wireless performance with the firms new Centrino mobile technology enable computers, launched on Friday in Sri Lanka.rn rnThe PC is […]
Table For Six
Peoples Bank has shortlisted six consultancy firms to carry forward its restructuring plan.The government wants to commercialise the bank as a single unit or split the bank into three viable sub-units.rn rnThe six firms have to come up with proposals by mid-June, spelling out how they plan to roll out the banks restructuring models.rn rnFirms […]
Slight Dip
Sri Lanka Telecom on Thursday reported lower profits for the first quarter ending March 31, a sign that the opening of the international voice market has affected its bottomline.SLTs earlier had a monopoly on international calls, which accounted for about 40 percent of its total revenue.rn rnNet profits for the period slipped to Rs. 755 […]
Safety Valve
Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Finance Minister K N Choksy said Thursday.Inland Revenue has set up a special unit under a deputy commissioner to deal with the declarants.rn rnTax experts say businessmen have an unprecedented opportunity to clear […]
Under The Banyan
The Deer Park Hotel will only be the first of a number of Banyan Tree Group getaways in Sri Lanka.Nihal Jinasena, Chairman of the Jinasena Group told LBO that the Banyan Tree officials had hinted their interest to develop more properties with the group in Sri Lanka.rn rnDeveloping a 1-kilometre beach stretch owned by Banyan […]
Call Me
Keen to grow its rural customer base, Hutchison Telecom is offering free incoming calls for a minimum monthly bill of Rs. 499.00.The minimum charge including rental will leave the customer with Rs. 324.00 worth of calling time. rnrnHutchisons Telecom Chief Executive Tirukumar Nadarasa says studies within their customer base show that free incoming call was […]
MICE Lounge
Meetings and conference travelers are thronging to Sri Lanka, overshooting expected targets to 18 percent of all tourist arrivals in 2003.ldblquote Already at mid year we are 60 percent over target and we expect that we can capture 18 percent of tourist arrivals this year. This is more than the 15 percent we projected for […]
Early Release
State run Bank of Ceylon has announced an across the board, early retirement scheme for its 9,000 odd staff.The announcement was made in response to requests from unions to allow employees with family commitments to leave early without losing their pension rights.rn rnEmployees who reach 50 years of age and have put in 20 years […]
Money Spinner
Guardian Investment will raise Rs. 130 million through a 1:5 rights issue to fund its portfolio expansion.The Ceylon Gurdian Investments Trust Limiteds Director P C P Tissera told LBO that new investment options could include power and infrastructure projects, in addition to stocks.rn rnThe company is also re-evaluating its investment policy in order to restructure […]
Gateway To Success
Experts say the country will have to diversify its export base in the face of stiff price competition from other large exporters like China. Some companies have already started going higher up the export value chain, franchising local IT development skills to the international market.rn rnGateway Institutes Kids Computer School for Kids is pioneering in […]