Sri Lankan Accountants Lure Global Outsourcers
The New York Times - Southern China has its assembly plants. India has customer support centers, research laboratories and low-cost lawyers. And Sri Lanka’s contribution to global outsourcing? Accountants — thousands of them, standing ready to crunch the world’s numbers.
Global fixed broadband connections to hit 720 mln by 2015
The total number of fixed broadband connections worldwide will pass 500 million by the end of this year and will continue to grow to 720 million by the end of 2015, according to a study by Analysys Mason. Fixed broadband will account for 62 percent of the 1.16 billion broadband connections available worldwide by the end of 2015.
Outotec to build EUR70m water treatment plant in Sri Lanka
Finnish construction and engineering company Outotec Oyj said today the government of Sri Lanka has awarded it a contract of more than EUR70m to build a water treatment plant that will supply drinking water. The company will build the facility in Ampara district on the eastern coast of Sri Lanka under a project for the provision of treated pipe-borne water to more than 75% of the district. Outotec completed the first and second phase of the project in 1999 and 2002, respectively. The completion of the current phase three is expected in November 2013.
Highlights of proposals in the Budget 2011
40 People Who Changed the Internet
The world has become tightly connected since the internet. The web itself has replaced the practice of reading newspaper. Most of us now communicate through e-mails instead of paper and pen. We now watch networks or movies online, it has even become a wide business venture, so much so we can now make purchase and pay our bills through the internet. The web has also transformed friendships through various social media. It also provides us the possibility to reconnect with people from our childhood and it can be a life changing event.
Sri Lanka Exports More Pepper In 2010: IPC
Up to September 2010, export of pepper from Sri Lanka to India has reached 9,073 mt as against 3,710 mt in the same period last year. In 2010, Sri Lanka is estimated to produce around 16,700 mt and it is expected that more than 10,000 mt is for export.
Sri lanka cuts bank taxes but hikes tax on stock trading
Sri Lanka has cut a series of taxes on banks in a bid to increase banking activities, but raised a tax on stock trading, President Mahinda Rajapaksa said presenting the budget for 2011 in parliament.
A debit tax on withdrawals from banks would be lifted and a so-called financial value added tax would be cut from 20 to 12 per cent, Rajapaksa said.
Sri Lanka overhauls telecom taxes
Sri Lanka has changed the taxes for telecommunications services and also imposed regulatory licence fee of 2 percent of revenues. While high tech telecommunications equipment imports will not be charged VAT, the government has imposed a LKR 2 per minute tax on outgoing calls. The 20 percent tax replaces the VAT, a mobile subscriber levy, and an economic service charge, The Lanka Business Online reports.
Deepa Mehta to shoot Midnight's Children in Sri Lanka
Oscar nominated director Deepa Mehta and multi-award-winning author Salman Rushdie's screen adaptation of his extraordinary multi award-winning international bestselling novel Midnight's Children will commence shooting in Sri Lanka in January 2011.
Shabana Azmi, Irrfan Khan, Soha Ali Khan, Nandita Das, Chandan Roy Sanyal and Seema Biswas will star in the English language film.
Shabana Azmi, Irrfan Khan, Soha Ali Khan, Nandita Das, Chandan Roy Sanyal and Seema Biswas will star in the English language film.
Facebook to add own e-mail service - report
Facebook is expected to unveil a revamped set of communications services that will include an e-mail system in which users will have addresses with the facebook.com suffix, two people briefed on Facebook's plans told the New York Times. Facebook has invited reporters to a press conference on 15 November, but has refused to say what it plans to announce. The company declined to comment on any unannounced communications services.
West cannot defeat al-Qaeda, says UK forces chief
The West can only contain, not defeat, militant groups such as al-Qaeda, the head of the UK's armed forces has said. General Sir David Richards, a former Nato commander in Afghanistan, said Islamist militancy would pose a threat to the UK for at least 30 years.
But he told the BBC's Andrew Marr Show a clear-cut victory over militants was not achievable. The BBC's Frank Gardner said the comments reflect a "new realism" in UK and US counter-terrorism circles.
But he told the BBC's Andrew Marr Show a clear-cut victory over militants was not achievable. The BBC's Frank Gardner said the comments reflect a "new realism" in UK and US counter-terrorism circles.
Private Leisure International Enters Sri Lanka
Private Leisure International is now ready to establish its presence in Sri Lanka. To fill up its portfolio, the company is now inviting villa owners to list their villa. However, acceptance is subject to strict quality control.
Colombo under water after record rain
COLOMBO, Thursday 11 November 2010 (AFP) - Floods following the heaviest rains in 18 years brought parts of Sri Lanka's capital to a standstill on Thursday, officials said.
Boats were deployed by the navy to help marooned residents and police said thousands of houses were under water but there were no immediate reports of casualties.
Leading mobile phone makers lose market share
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The Galaxy S from Samsung (right) and Apple's iPhone 3G, being demonstrated in South Korea |
The world's leading mobile phone makers are losing market share to non-brand manufacturers, according to research. Analysts at Gartner say smaller, Asian companies accounted for a third of worldwide handset sales in July, August and September. Nokia is still the biggest seller of mobiles, followed by Samsung and LG.
Meanwhile, Google's Android operating system has sharply increased its share and is now the second most popular mobile operating system after Symbian.
SRI LANKA CO-HOSTS ICC WORLD CUP 2011
In 2011 Sri Lanka will host the world’s most prestigious event in the cricket calendar, the International Cricket Council World Cup. The games played in February and March will take place in stadiums located in the colonial capital, Colombo, the Southern coastal city of Hambantota and the ancient capital, Kandy. Sri Lanka is currently 2nd in the world cup rankings, closely followed by England in 5th place. As potential favourites to go through to the Quarter and Semi Finals, the England cricket team may have the opportunity to play at one of these venues.
Airtel posts $370 Million 2Q profit but misses estimates
Bharti Airtel Ltd., India’s largest mobile-phone operator, reported profit fell 27 percent after the company cut calling rates to compete in the world’s second- largest wireless market.
Second-quarter net income dropped to 16.6 billion rupees ($374 million) in the three months ended Sept. 30, compared with 22.6 billion rupees a year earlier, New Delhi-based Bharti said today. That lagged behind the 17.8 billion rupee average of 27 analyst estimates compiled by Bloomberg.
Second-quarter net income dropped to 16.6 billion rupees ($374 million) in the three months ended Sept. 30, compared with 22.6 billion rupees a year earlier, New Delhi-based Bharti said today. That lagged behind the 17.8 billion rupee average of 27 analyst estimates compiled by Bloomberg.
Confusion over 5 SIMs or 25 SIMS per person?
Despite media reports that said Sri Lanka’s Defense Ministry had limited use of Mobile SIMS to 5 per person an official from country’s telecom regulator said that the rule has only restricted a person to have 5 SIMS per mobile operator in the country.
India, Sri Lanka to sign agreement on ferry service soon
India and Sri Lanka would soon sign an agreement to commence ferry service between Tamil Nadu and the island nation, a step towards promoting tourism between the two countries.
"The proposal would go to the Cabinet soon for approval and after that Memorandum of Understanding can be signed for the same," a shipping ministry official told PTI.
"The proposal would go to the Cabinet soon for approval and after that Memorandum of Understanding can be signed for the same," a shipping ministry official told PTI.
Sri Lanka poised to legalise gambling
Sri Lanka's parliament is set to pass a controversial law to legalise gambling today, which the opposition opposes on the grounds that it will increase prostitution.
The government is rushing through legislation that will empower President Mahinda Rajapakse, who also acts as the minister of finance, to grant licences to set up gambling establishments in specified areas.
Casinos and horse-racing bookies have been operating in Sri Lanka for decades, exploiting loopholes in the law to avoid an official ban on gambling.
The government is rushing through legislation that will empower President Mahinda Rajapakse, who also acts as the minister of finance, to grant licences to set up gambling establishments in specified areas.
Casinos and horse-racing bookies have been operating in Sri Lanka for decades, exploiting loopholes in the law to avoid an official ban on gambling.
Sri Lanka move ahead of India in ODI rankings
With the countdown towards the ICC Cricket World Cup 2011 reaching the 100-day mark, Sri Lanka have laid down a marker to the other 13 teams by claiming second place in the Reliance Mobile ICC ODI championship after a confidence-boosting series win over table-topper Australia.
Lankan 'pornographers' outed in police crackdown
The faces of dozens of people accused of appearing in pornographic films, in violation of anti-obscenity laws, have been published by Sri Lankan media.
They appeared in a Sinhala-language paper, with a police notice asking the public to help trace those pictured.
Skyscanner Travel Trends October 2010
Canaries overtake Costa Del Sol as Tenerife knocks Malaga from top spot
For the first time ever since Skyscanner’s Travel Trends began, Malaga has been knocked off its number one position. It was a close call, but the immensely popular Spanish city has been replaced by rival destination Tenerife. Located in the Canary Islands, Tenerife is much further south than Malaga meaning it maintains a pleasant year-round climate, which likely explains its rise in popularity with British travellers as we move into autumn and winter.
Iran exports $520m technical services to Sri Lanka
TEHRAN – Iran carried out $520 million of technical and engineering services in Sri Lanka, the Iranian Commerce Minister Mehdi Ghazanfari said here on Monday.
Shell to finalise operations
By Jithendra Antonio
Although the Government sealed the agreement on Shell this week by buying back 51 percent of Shell Gas Lanka Ltd. and 100 percent of Shell Terminals Lanka Ltd. (STLL) for US $ 63 million, the actual deal will only be finalised by November 15, a top official said
“Shell and the Government of Sri Lanka hope to complete the deal as soon as possible, and this is expected by November 15,” said outgoing chairman/managing director of Shell Gas Sri Lanka (SGLL), Walter Sanchez, responding to a question by The Bottom Line.
Although the Government sealed the agreement on Shell this week by buying back 51 percent of Shell Gas Lanka Ltd. and 100 percent of Shell Terminals Lanka Ltd. (STLL) for US $ 63 million, the actual deal will only be finalised by November 15, a top official said
“Shell and the Government of Sri Lanka hope to complete the deal as soon as possible, and this is expected by November 15,” said outgoing chairman/managing director of Shell Gas Sri Lanka (SGLL), Walter Sanchez, responding to a question by The Bottom Line.
BoI allays fears over licences
The Board of Investment (BoI) will continue to issue licences during the run-up to the upcoming Budget-2011 despite rumoured otherwise.
It is highly speculated that following the budget, concessions under BoI Act will be strictly limited for thrust sectors or other strategic investments over RS. 500 million.
It is highly speculated that following the budget, concessions under BoI Act will be strictly limited for thrust sectors or other strategic investments over RS. 500 million.
CPC to insist on Rs20bn payback
Subsidised fuels: Furnace oil alone incurs Rs780m loss monthly
State-run Ceylon Petroleum Corporation (CPC) is to request the Treasury to pay back fuel oil subsidy dues running into over rupees twenty billion incurred during the last 24 months.
The Bottom Line learns that a memorandum of cabinet is in the process of being formulated by the Petroleum Resources and Petroleum Resources Development Ministry, appealing either to reimburse losses incurred since November 2008, due to non-payment of subsidy by the Treasury or to set off against taxes due from the CPC.
State-run Ceylon Petroleum Corporation (CPC) is to request the Treasury to pay back fuel oil subsidy dues running into over rupees twenty billion incurred during the last 24 months.
The Bottom Line learns that a memorandum of cabinet is in the process of being formulated by the Petroleum Resources and Petroleum Resources Development Ministry, appealing either to reimburse losses incurred since November 2008, due to non-payment of subsidy by the Treasury or to set off against taxes due from the CPC.
BSkyB reaches target of 10 million customers
British Sky Broadcasting has reached its target of 10 million customers. As of 30 September, the pay-TV operator had a total of 10 million customers, including 3.15 million Sky+ HD customers, 2.80 million Sky Broadband and 2.55 million Sky Talk customers.
Tune Hotels to welcome 2011 with 2 New Hotels
12 sen promotional rate for all Tune Hotels in Malaysia
Petaling Jaya, 09 November 2010 – To cater to the increasing demands and travel needs from tourists and business travellers, Tune Hotels has opened booking for its 2 new hotels in Bintulu, Sarawak that is slated for opening on 3 January 2011, and Kota Bharu, Kelantan that will open for business on 23 January 2011.
Petaling Jaya, 09 November 2010 – To cater to the increasing demands and travel needs from tourists and business travellers, Tune Hotels has opened booking for its 2 new hotels in Bintulu, Sarawak that is slated for opening on 3 January 2011, and Kota Bharu, Kelantan that will open for business on 23 January 2011.
SLT reaches 200,000 ADSL Broadband customer milestone
Sri Lanka Telecom (SLT), the nation’s number one integrated telecommunications service provider and the leading broadband services provider in the country is proud to announce that 200,000 Sri Lankan homes and businesses (including entrepreneurs, small, medium & large organizations) now access broadband services via ADSL 2+ technology on SLT’s island wide Broadband network. This achievement represents more than 70% of Sri Lanka’s total broadband consumer base and over 20% of SLT Megaline (PSTN/wireline) telephone customer base.
Gold climbs to all-time highs above $1,400/oz
Gold powered to an all-time high above $1, 400 an ounce on Monday, despite a bounce in the dollar, as investors sought an inflation hedge from the Federal Reserve's massive bond-buying programme.
Gold has risen almost 6 percent since just before the Federal Reserve detailed its plans last Wednesday to buy $600 billion worth of Treasuries to revive the economy.
Gold has risen almost 6 percent since just before the Federal Reserve detailed its plans last Wednesday to buy $600 billion worth of Treasuries to revive the economy.
Govt should use mobile phones to tackle poverty: UNCTAD
By Azhar Razak
Governments and policymakers in developing countries should take full advantage of Information and Communication Technologies (ICTs) to combat poverty reduction, a recent research report has highlighted.
Governments and policymakers in developing countries should take full advantage of Information and Communication Technologies (ICTs) to combat poverty reduction, a recent research report has highlighted.
Mihin Lanka eyes more destinations with new plane
By Azhar Razak
Sri Lanka’s low cost carrier Mihin Lanka, which currently services five destinations, is planning to add three more destinations, following the lease of a new aircraft expected to come on-board in November 2010.
Sri Lanka’s low cost carrier Mihin Lanka, which currently services five destinations, is planning to add three more destinations, following the lease of a new aircraft expected to come on-board in November 2010.
Keppel Land in town
By Indika Sakalasooriya
A team of officials from Keppel Land, the property arm of the Keppel Corporation, Singapore, one of Asia’s premier property companies, has visited several Sri Lankan blue chips last week, including, Hayleys PLC, Aitken Spence and John Keells, The Bottom Line learns.
A team of officials from Keppel Land, the property arm of the Keppel Corporation, Singapore, one of Asia’s premier property companies, has visited several Sri Lankan blue chips last week, including, Hayleys PLC, Aitken Spence and John Keells, The Bottom Line learns.
Elephant House to introduce ‘ground-breaking’ product
While planning to give a new look to its fizzy drink products following its recent rebranding efforts, Elephant House (Ceylon Cold Stores PLC) is getting ready to launch a new product which would be something ‘ground-breaking’, a source attached to the company said.
Ailing IFL to be recapitalised
The troubled Industrial Finance Limited will be re-capitalised within the next three months, thereby redeeming the nearly 50-year-old institution in danger of going bust, Central Bank Governor Ajith Nivard Cabraal said.
DEBENTURE ISSUE TO PARTLY FUND ‘PORT CITY’ PROJECT
By Azhar Razak
Following the example set out by the Urban Development Authority (UDA), Sri Lanka Ports Authority (SLPA) is likely to opt for a debenture issue to fund the much exaggerated ‘Port City’ project, which plans to change Sri Lanka’s map.
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