Category:
Lifting Up
Ceylinco Life, has achieved record-breaking results in the first nine months of 2003, with a healthy 32 percent growth in premium income.The firm said this week, that premium income had reached Rs.2.24 bn as at September 30, 2003, reflecting a substantial 32 percent growth over the corresponding period last year.rn rnThis was made possible by […]
Rough Ride
Business is booming but the hotels sector is trying to hang on to the good times a little longer, by warding off a looming electricity price hike. The sector is trying to sidestep a proposed change to the electricity tariff structure that would see their energy costs shoot up by half. rn rnThe proposed change […]
Sugar Coated Budget
Analysts say the UNF government offered sweeteners to state employees and pensioners while also announcing a string of taxes most of which will be paid by the corporate sector to gain room to maneuver as a string of provincial councils come up for election next year.The governments New Year resolution could be to win all […]
Closing the Books
The Treasury put away its books on Colombo International School (CIS) Monday, after selling its 49 percent stake for Rs. 86.7 mn to Ceyko Projects (Pvt) Ltd.The sale went through on a Cabinet decision earlier in November to sell the entire minority shareholding in CIS to Ceyko Projects (Pvt) Limited for Rs.86,729,465.rn rnOf the Rs. […]
Upward March
Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first nine months of this year, which helped the trade deficit shrink marginally, the Central Bank said Monday.The positive sentiment contributed to a rise in exports and a higher import bill in September.rn rnHigher export numbers helped lower the trade […]
Please Give
The government is hoping to persuade BOI firms to submit to the proposed Economic Service Charge.Finance Minister K N Choksy says the agreements with BOI firms and International Investor Protection Agreements, that the government is signatory to, prevented the state from slapping such levies against their will.rn rnFinance Minister however says they should pay the […]
Cease Lease
Attempts through the budget to force leasing companies to pay tax could make leasing unattractive and uncompetitive according to the industry.Government in its budget 2004 announced that leased assets would be taxed at their market value when being transferred to the lessee or the party obtaining the lease.rn rnLeasing industry says taxing transfers will result […]
Restart? Retry? Abort?
The IT industry is slowly recovering. And so is demand for IT pros. But the job market for IT professionals has also gone through some rapid changes with private universities churning out hundreds of graduates. A shortage of skilled professionals is no longer a problem for the industry, which has now become very picky, on […]
Hold On
Political power play has put in the balance plans by HSBC to set up a huge call center in the country.The banking giant was planning to set up a call center and a back office operation in the country and was seeking government cooperation for minor adjustments to the Labor Laws to facilitate the investments.rn […]
Look Who’s Talking?
The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]
No Sacred Cow
The UNF administration looks set go ahead with the tax on share trading profits, with the same determination, it is implementing unpopular reforms against less privileged classes in the country.Pampered equity investors who have been protected from taxation for more than two decades howled in protest at the 15 percent tax proposed by Finance K […]
Slithering Down
Sri Lanka Telecom reported a 26 percent dip in net profits for the first nine months, due to an early retirement scheme, higher operating costs and losses from its cellular subsidiary.The monopoly telecom giant said Friday that net profits fell to Rs.1.788 bn from Rs. 2.425 bn reported during the corresponding period 2002.rn rnRevenues during […]