Category: Industry
Lighter Purse
The government plans to tinker with the Employees Provident Fund Act to set up a new contributory pension scheme for public sector employees.The new pension scheme will kick in from January 1, 2003, with new recruits to the public cadre contributing eight percent of their salaries and the government forking the balance 12 percent.rn rnThe […]
Pramuka Decision
The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn rnPramuka Bank quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn rnThe Central Bank said it was “hampered by […]
Setting Sail
Colombo Dockyards heeding to the call of peace is setting sail in search of new business, looking at more challenging assignments. The company is already in the running to service off shore oilrigs and manufacture speedboats for overseas clients.rn rnCompany officials say, the halt in the 19-year ethnic conflict has given them the opportunity to […]
Late Call
Sri Lanka Telecom on Monday pushed back its IPO debut to November 28, while finalising the issue price at Rs. 15.00.The Colombo Stock Exchange (SEC) informed stockbrokers on Monday that the prospectus would come out on November 15, while the opening the subscription list on November 28.rn rnThe CSE also approved SLTs application to list […]
Double Growth
The results, for the six months to Sept. 30 2002, again shows Emirates bucking current trends affecting the airline industry, with an operating revenue of Dhs 4.3 bn, representing strong growth of 27 percent compared to Dhs 3.4 bn in 2001, the airline said in a release Monday.rn rnEven though overall seat capacity increased by […]
Best Brands
SLIM Brand Awards organizers say the event has helped re-enforce the value of brands in the minds of local corporate leaders.Traditional accounting procedures do not really capture the value of intangibles, though such assets may be more important for modern companies than more easily measured ones.rn rnldblquote The vision behind Brand Excellence is to motivate […]
Taxing Taxes
The government firmed up plans announced in its 2002 budget through its latest fiscal forecast on Wednesday.rn rnThe retail and wholesale trade will be slapped with Value Added Tax while the scope of the Withholding Tax was expanded.rn rnHowever, landing VAT on financial services and the continuation of the port and airport development levy came […]
Going Private
People’s Bank has engaged an international consultant B D O Binder to draft the terms of reference to get its privatisation on the road.rn rnBinder has already submitted a first draft of the terms of reference or TOR, which will be used to engage a consultant to draft an information memorandum.rn rnThe memorandum will be […]
Call Complete
The long overdue national communications policy got cabinet approval earlier in the week, with plans now afoot to hasten its rollout.Secretary to the Ministry of Mass Communication, Kumar Abeyasinghe told Lanka Business Online that the policy was approved by cabinet and was now looking at implementing it as soon as possible.rn rnMeanwhile, stringent laws strengthened […]
SLT Mobile
Investing US$ 70 million over the next two years to put in place a 2.5 G GSM core network, Mobitel intends to expand its coverage into the all major cities including the north and east.rn rnGoing according to schedule, a fully functional 2.5G GSM network is expected by mid 2003.rn rnOfficials say the selected 2.5G […]
Travel travails — Budget Report
Meanwhile tourist board approved hotels will also face a 1 per cent charge from April 01, which will be used for tourist development.rn rnThe duty free allowance of Sri Lankans working abroad for more than one year will be raised from US $ 1500 to US $ 1750.rn rnThe port and airport levy imposed on […]
Making IT Happen
Foreseeing the opportunities Sri Lanka would miss with every postponed day, policy makers are pitting the final touches to rollout the national Information Communication and Technology (ICT) Policy before end November. Previously scheduled to follow the National Communication Policy, industry officials say delays in getting the piece of legislation off the ground prompted them to […]