Category: Other
Out Of Order
Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed […]
Cup That Cheers
New apex body for the tea industry, the Tea Association of Sri Lanka (TASL) officially got off ground Tuesday, mapping out plans to set the industry standard for tea. The TASL will steer through all strategy and policy development for the sector acting also as a catalyst for product development and research Through promotion and […]
Short Crop
A collective decision by private tea factory owners to cut Rs.2 on the price for green leaf paid to smallholders, has prompted a threat of legal action.” The move by the factory owners is completely irregular and unlawful.It is illegal to pay less than the price determined by the reasonable price formula and if there […]
Fast Cash
Gold still remains one of the safest investments. But with international gold prices shooting up, it has helped spawn a whole industry based on gold as collateral.Gold prices in the international market spiked up over the last few months with investors seeking refuge in the priced commodity as a war in the Gulf looked imminent.rn […]
Creeping Up
Prices for crepe rubber have reached record levels as oil prices spiral, touching Rs. 129 a kilo at this weeks auction, a high since 1995. This is up from crepe prices of Rs.102 in Dec 2002. Crepe rubber is used as a substitute for synthetic rubber, which uses petroleum products. An agreement to cut output […]
Untangling Wires
The working committee comprising six operators and a government representative will try to address outstanding issues like the local access fee and the quality of voice traffic. However the governments overall policy on telecom remains unchanged. rn rnTelephone subscribers usually have it easy. They take for granted that they can dial any number to talk […]
Banks: Big Profits Or What?
Banking sector stocks were top performers at the Colombo stock exchange last year as analysts predicted a good year for the countrys finance houses. A number of banks are expected to announce record profits this year.However, borrowers are protesting about high interest rates charged by commercial banks despite the prevalent low risk free rates. Borrowers […]
Please Reply
The Court of Appeal Thursday asked Central Bank to file objections on a case brought against them by Pramuka Banks Directors.The Central Bank last December cancelled Pramukas licence on alleged financial irregularities.rn rnThe directors sought legal recourse to quash the decision.rn rnThe Central Bank was given time till February 28 to respond.rn rnRomesh de Silva […]
Counting Leaves
Tea exporters are pushing for a three-month moratorium from commercial banks as the government maps out a contingency plan should war break out over Iraq.All exporters currently given a 180-day packing credit to settle outstanding loans, which they want extended by a further three months, Exporters Association officials say. ” We have already put forward […]
Courtroom Battle
The Court of Appeal Thursday issued notice against the securities watchdog to stop it from prosecuting three former Aitken Spence Directors.Former SEC Chairman/Director Aitken Spence, Michael Mack and fellow Director Norman Gunawardene filed separate writs asking the court to squash the SECs decision to prosecute them.rn rnThe petitioners cited the SEC and its Commission members […]
Safety Features
A tentative take off date of April is on the cards for the social security net for retrenched workers, with an ILO report on its way to Cabinet.The security net is tagged to recent labour reform that went through parliament, which makes it easier for employers to lay off workers during restructuring. rn rnWith lay-offs […]
Dry Run
The countrys largest city is running short of water as the state looks to the private sector to bridge a widening gap in supply to Greater Colombo.A privately operated and managed 40 MGD endash Million Gallons per Day (185,000 cubic metre) treatment plant is to take off on the right bank of the Kelani River.rn […]