Author: lbostgadmin
Cautious Nod
But IMF quote s Deputy Managing Director Shigemitsu Sugisaki warned that promised structural reforms have to be stepped up if the country is to achieve a 6 percent growth in the medium term. rnSugisaki, who is the senior most IMF official to visit Sri Lanka so far, had a series of talks with the President, […]
Out of The Box
Initiated by Conceptnursery.com, the competition will call for IT solutions for real life situations of leading companies. rn rnPromoters hope to attract at least three companies who require solutions and are willing to fund the follow-up project. rn rnThe three most innovative ideas will be incubated at the nursery along with funding and working capital.rn […]
Country Roads
Dialog hopes to launch the project towards the end of the year in a tie up with local payphone operators in un-serviced areas.rn rnCompany officials said the payphone system could be set-up with minimal effort, as it only requires a basic payphone interface and a pre-assembled black box that contains a receiving and transmitting device […]
Sugisaki Coming
Shigemitsu Sugisaki, is the most senior official dealing with Sri Lanka, will arrive on Tuesday for a two-day visit, the Central Bank said today. rnThe IMF last month resumed the stalled US$ 253 mn standby assistance programme following talks with the new government. rnTotal disbursement today stand at US$ 190 mn. Sugisaki quote s visit […]
Stylish Teas
The Indian tea industry is pushing forward a campaign to position the traditional brew as a lifestyle drink.An initial investment of Indian Rs. 20 million is being pumped in by the private sector for the nationwide campaign.The lifestyle campaign will is expected to increase per capita consumption levels from 0.660 grams per annum to 0.730 […]
Pushing Ahead
“The government is interested in getting one (rating) as it will bring in financial discipline and also be a benchmark for local companies to raise money internationally.With the peace process going on we plan to restart the process this year,” Central Bank Governor A S Jayawardene said. rnInitially, the Central Bank had planned to go […]
Calling Home
Hedging against the brain drain, a public-private sector drive is underway to give expatriate Sri Lankans enough of a reason to come home.
Globe Trotting
In a decision made earlier this year the Cairo and Istanbul offices were closed down in view of relocating them to potential growth markets. Tea Board officials say the EU and the Far East including Australia and New Zealand accounted for a small percentage of Sri Lankan tea exports.Director, Tea Promotion Bureau, Hasitha de Alwis […]
Scanning Cheques
Cheque imaging or cheque truncation as it is known, enables cheques to be scanned before directing it to the relevant banks electronically. rnrnldblquote Cheque truncation shortens clearing time from 1-7 days to just two days the maximum, dblquote Chairman R B Ekanayake said in an interview. rnrnThe present magnetic reader system, requires all banks to […]
Opposite Direction
The withholding tax on interest income is having reversal effect on treasury instruments, with the government effectively paying the tax up front at the time of the auction. rnWhile the 10 percent tax pushes the cost of borrowing up, dealers end up adding the tax when they bid at the auctions. rnImposing the tax on […]
Battle Ship
An industry spokesperson said this hogging exercise was causing unnecessary delays in servicing the cargo ships.rn rnldblquote Jaya Container Terminal (JCT), with its 10 berths, is virtually idle while SAGT operating two berths is struggling to cope with its greedy ways, dblquote the spokesperson said. rn rnThe spokesperson claims that a ldblquote first to refuse […]
More Cash
The unsecured, subordinated redeemable debenture will carry a five-year tenure and will be quoted on the Colombo Stock Exchange. rnrnThe issue will be doubled by Rs. 300 mn in the event of an oversubscription, Seylan Bank quote s Ajantha Madurapperuma told Lanka Business Online. rnrnHe said the interest rate for the issue has not been […]