Tag: lbo

Sri Lankas top trade chambers have asked the government to wake up to the realities facing the economy and for legislators to stop misbehaving in parliament.The Joint Business Forum or JBiz, says while parliament remains adjourned to accommodate political campaigning for next months Provincial Council polls, legislators are blissfully unaware of lquote adverse international economic […]

The government has set up an agency to independently manage commercial enterprises rather than privatize them as critics slammed it saying across the board state capitalism might not be the best answer to address the differing needs of state institutions.Twelve strategically important institutions including state owned banks, utility and transport sector investments have been brought […]

The EU election monitors to Sri Lanka says another monitoring mission is not likely unless its repeated recommendations are implemented.The election monitors from the EU packed up their work in Sri Lanka and handed over their report to the Minister of Foreign Affairs Lakshman Kadirgamar on Thursday, with some strong advice.rn rnldblquote The EU would […]

With only a month and a half to go for an agreement by end July, the world multilateral trading system is facing an uncertain future if countries cannot settle their differences soon.The 148 member countries of the World Trade Organisation (WTO) have still not arrived at agreements on the highly sensitive trade of agricultural products […]

The Central Bank says sooner the oil price adjustment is made the better for the Sri Lankan economy, which has become increasingly open in recent years. Though there were signs that the immediate highs were easing, all indications pointed towards generally high crude prices for the foreseeable future.rn rn”Whatever the market, whenever the market prices […]

Twelve State entities handpicked for a commercial makeover, will be set targets to clean up their act and look for private investment, a top government official said Tuesday.Mano Tittawella, Senior Presidential Advisor said ailing state enterprises, which includes utilities, ports, airports and banks, will have to get a credit rating and be responsible for their […]

The city of Nuwara Eliya is trying to clean up its trading activity to bring back its scenic beauty but the change of government put plans on hold.Nuwara Eliya endash also known as little England because of its climate difference from the rest of the country – is one of Sri Lankas main tourist hot […]

The Sri Lankan government said Monday that it will refrain from a mass hiring of management trainees for positions in 12 key state enterprises.The government plans to take in around 25,000 unemployed citizens for public sector jobs this year.rn rnMano Tittawella, an adviser to President Chandrika Kumaratunga, said key institutions such as the Sri Lanka […]

US interest in Sri Lanka went inland to the conflict riddled Eastern districts of Ampara and Batticaloa this week to emphasise the benefits of peace.This week, the Deputy Chief of Mission at the U.S. Embassy in Colombo James F. Entwistle, visited six USAID funded projects in Ampara and Batticaloa.rn rnOn Monday, Entwistle met with residents […]

President Chandrika Kumaratunga promised to overhaul the countrys messy tax system, introduce laws to help sick companies and inject policies to achieve a six to eight percent growth in the medium term.rnOver the last two-years, she said that the national debt steadily rose to 106 percent of GDP from 103 percent, though the previous government […]

Concerns are rising among apartment developers that the proposed transfer tax on land may hit the industry.The Ministry of Lands announced a Cabinet decision to re-introduce the 100 percent tax on land purchased by foreigners on Thursday.rn rnIn the late nineties the tax was relaxed to allow the upper floors of an apartment block to […]

The government has appointed top private sector businessmen to drive its economic agenda, the Presidential Secretariat said.Treasury Secretary Dr. P B Jayasundara, will be the Secretary General of the newly formed National Council for Economic Development or NCED, which will translate the United Peoples Freedom Alliances election manifesto into a six-year economic plan.rn rnOther top […]