Category: Other
Under Audit
An international governance watchdog Transparency International has asked the government to carefully study the proposed establishment of an Audit Commission to assure the independence of the Auditor General. It however says there is no doubt that Sri Lankas auditing framework needs improvements.rn rnTransparency, which fights corruption, says that stakeholders should be consulted before major changes […]
Green Tea
September Customs data indicates that US dollar value of tea exports was US$ 504.9 mn, up form the US$ 499.95 mn posted in 02. Commodity brokers credited the increase to a rise in imported tea blending activities, boosting revenues from the category up US$ 6 mn to US$ 20 mn.Dollar earnings for pure Ceylon tea […]
Major League
US President George Bush has called on the United States Senate for its lquote advice and consent on amending its legislation for avoiding double taxation and the prevention of fiscal evasion with Sri Lanka. The amendments are sought for the convention between the US and Sri Lanka ldblquote for the Avoidance of Double Taxation and […]
First Blood
The Attorney General told the Appeal Court on Wednesday that the government would not go ahead and recruit a Chief Executive Officer to head the upcoming Revenue Authority of Sri Lanka.The AGs statement follows a petition filed by the Customs Superintendents Union against the Finance Minister and Treasury Secretary, to stop the respondents from recruiting […]
Sticky Situation
The Appeal Court on Monday threw out the governments tax amnesty law, saying it lacked legal teeth to become enforceable.Under the present Constitution, once parliament endorses a legislative amendment, it has to be endorsed by the Speaker.rn rnPetitioner Nihal Sri Ameresekera, a Chartered Accountant and Business Consultant says, the Speaker had not certified the Inland […]
Requesting Permission
Sub-continental air traffic could get a boost if a bold proposal to let private airlines fly international routes gets off the ground.The economic cooperation deal between India and Sri Lanka is seeking to open up routes to private airlines to fly to big cities and tourist destinations.rn rnSmall locally owned airlines are clamoring to get […]
Grand Slam
Hotel Services Ltd., the owners of the Continental Hotel in downtown Colombo, has won US$ 2.5 mn from an arbitration case initiated by Intercontinental Hotels Corp of USA.Hotel Services sought legal recourse on four counts through the International Court of Arbitration of the International Chamber of Commerce, after the US hotel chain cancelled its 30-year […]
Study Buddy
The Food & Agriculture Organisation (FAO) has asked Sri Lanka to join India or Kenya, if it plans to study the unique variances between tea growing elevations. Sri Lanka called on the FAO to fund the research project at the Inter-Governmental Group (IGG) meeting on tea earlier this year. Tea industry officials say FAO has […]
Code For Corporates
Members of a committee appointed by the securities watchdog plan to propose measures that will improve the dismal corporate governance practices in listed companies.The SEC appointed committee would have its first meeting soon to discuss how it will approach the issue.rn rnMembers of the committee say the biggest challenge facing them is to see how […]
More Shine
Your chances of finding gems are higher in Sri Lanka than anywhere else in the world, because Sri Lanka has the highest density of gems to land ratio in the world.But at present gem mining is limited to certain areas in the country.Re-mining of the same land is exhausting resources in places like Ratnapura and […]
Bull In The Bourse
The Colombo stock market is trading close to historic highs, leaving brokers and analyst guessing as to how long the Bull Run can be sustained. Market watchers say there are still good buying opportunities in the Colombo bourse but had varying views on how long the run will last.rn rnMost analysts who are closely watching […]
Shoot Out
State officials and peace brokers search for fresh avenues to drive through a lasting peace settlement with the separatist Tamil rebel faction holding on to most of the North and East of the island. rn rnAs another day ends without significant progress with the peace process, Sri Lanka prepares for another battle endash the fight […]