Author: lbostgadmin
Spring Cleaning
Ministry efforts to set up an office of pension reform are already moving ahead, with a tripartite advisory committee to address all stakeholder issues.rn rnThe joint structure of government, employers and worker unions will thrash out concerns regarding retirement benefits and what is seen as a changing government role in the country quote s retirement […]
Freeing Labour
Cabinet has rubber stamped a Labour Ministrys proposal to clear a backlog of 15,000 labour tribunal cases on a lquote 4:2:1 solution.The proposal to be ratified before parliament makes it mandatory for Labour tribunal cases to be settled in four months, arbitration cases in two months and termination cases in one month.rn rnTo cut back […]
Stretching Rubber
Out-grower schemes for rubber in non-traditional planting areas are being developed as one way to bridge an expected shortfall in top quality grades for the local rubber products industry. Spearheaded by the Southe Development Ministry, a smallholder project is being developed in Moneragala to produce rubber that will then be processed into high quality grades […]
First Lap
Around 17 prospective investors have expressed interest to take a controlling stake in state insurance giant Sri Lanka Insurance Corp (SLIC).rn rnUp to 90 percent of SLIC is up for grabs and the government is keen to get a reputed investor to manage the life and general insurance business. rnrnPotential investors would get the management […]
Less Heavy
Deutsche Bank Tuesday reported a 59 percent drop in post tax profits after shedding its personal banking portfolio.
Out With MICE
rnThe decision was taken at the largest trade show on MICE tourism endash the European Incentive Business Travel Meeting (EIBTM) at which Sri Lanka participates each year.rn rnldblquote The objective in creating the definition is to encourage each meetings industry association to use a consistent message to stimulate better overall industry recognition dblquote , a […]
Recovery Mode
Sri Lankan tea production has swung into rapid recovery mode following a weak first quarter, to end at 181.8 mn kilos to date, up from 3.6 mn kilos the previous year. This follows a pick up in monthly production for each of the three months in the second quarter, which exceeded intakes for the same […]
Surfs Up
On Friday the shareholders of Associated Hotels Co. Ltd., agreed to sell the beach front property as funds for development was not forthcoming. rn rnCompany Spokesperson Kumar Mallimarachchi told Lanka Business Online that shareholders were unable to pump in additional funds to upgrade the hotel to compete with neighbouring star class hotels. rn rnldblquote Some […]
Golden Abode
The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year. rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and […]
Debt Call
The Central Bank on Friday sought proposals from reputed international investment banks to raise dollar funds.The government is looking at raising up to US$ 350 mn via long term funds. The issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rnrnBanks have been asked to submit […]
Checkmate
Clamping down on excessive government spending, cabinet on Wednesday passed the Fiscal Responsibility Act, the UNF governments solution for the growing problem. The Act seeks to reduce the budget deficit to 5 per cent of GDP by 2006 and hold state institutions responsible for spending public funds. rn rnFinancial analysts say the move will prompt […]
Pied Piper
With a definite shift eastward of high spending MICE tourists, aggravated by 9/11, Sri Lanka is redoubling its efforts to offer more than sun, surf and sand.National carrier SriLankan Airlines has joined an industry effort to boost MICE tourist arrivals by 15.00 percent from last years 12.68 percent of arrivals, by the end of this […]