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In 2003 – Spin Offs
Downstream petroleum distribution was liberalised this year, being thrown open for three players including state owned Ceypetco. A third player will be selected in Jan., operating alongside CPC and Lanka IOC taking up a third stake in a common infrastructure facility.Come 2004, the Public Utilities Commission will regulate the sector and govern prices; Aviation Fuel […]
In 2003 Game GDP
A first Central Bank study on provincial GDP numbers came out in 2003, showing an uneven, imbalanced regional input to economic growth. The Western Province dominates the list contributing to 46% of national GDP, while the Services sector generates an average 55% of GDP. A high degree of economic activity is concentrated in the Western […]
In 2003
rnrnrnrnrnrnrnNew Page 1rn rnrnrnrnrn In 2003 is a series of reports on rnsome the significant events that unfolded in the economy and in Sri Lankan rnbusiness during the year. The brunt of many of these events will only be felt in rn2004.rn rn For Monday, December 22 we look back rnat developments with:rn rnrn
Stop, Look & PAY
The Western Provincial Council says motorists in the province have defaulted paying revenue license fees valued at more than Rs. 1 billion.One third of the 1.8 million registered motor vehicles in the country are in the Western Province.rn rnBut authorities have found that 375,000 motorists have not paid their license fees.rn rnTo bring them back […]
Will Reveal
Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been […]
Less Is More
A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society. Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation […]
Let There Be Light
It is beginning to look a lot like Christmas; certainly’85 for traders down Main Street. Traders of Main Street in Colombo Fort have decided to keep shops open till midnight and have lighted up the street to draw more Christmas shoppers in an effort to fight against the plush shopping malls and the satellite shopping […]
Alternative Current
The Ceylon Electricity Board (CEB) is likely to develop the 40 MW Broadlands hydro power plant instead of allowing a private company to do it as planned earlier, a CEB official said.Broadlands is one of the last Laxapana cascades and is significant in terms of power generation, water management and irrigation, according Ranjith Fonseka, AGM […]
On Hold
Capital market regulator SEC is holding back approval of Nawaloka Hospital IPO over the company decision to pre-allocate two thirds of the issue.SEC Director General told LBR they are talking to the company about its intention to pre-place Rs. 200 million worth of shares from its planned Rs. 300 million IPO.rn rnSEC Director General said […]
Close Tabs
The insurance watchdog is seeking Finance Ministry approval to start a dedicated insurance supervision division.Presently, the Insurance Board of Sri Lanka (IBSL) has only two consultants on its cadre. The rest are shared with the Securities & Exchange Commission (SEC) secretariat.rn rnldblquote A dedicated insurance unit within IBSL will enhance the effectiveness of supervision, dblquote […]
Dumping Point
The Ministry of Environment is looking at introducing a new system to manage the disposal of environmentally dangerous electronic items like computers and mobile phones.ldblquote We are right now doing a research to develop a policy where the agents or the producers of certain electronic items will be held responsible for the disposal of these […]
No Attachments
The Rs. 1bn will be allocated as an outright grant for rehabilitation and reconstruction in 2004, Niranjan Deva Aditya EU Parliamentarian said in a statement this week.rn rnLast years EU budget for Sri Lanka was Rs. 2 bn. In addition Sri Lanka received Rs.1.5bn in Aid of displaced people and Rs.1bn under the Humanitarian Office […]