Category: Other
Beyond in 2003
Sri Lankan Tea Exports is headed for a record high, with industry officials hoping for the total export quantity to exceed the landmark 300 million kilos. Cumulative exports to end October reached 246 million kilos, 3 million kilos above last years total for the same period. Officials feel there is much more to celebrate next […]
Tea Captain
Director of Gordon Frazer – Niraj de Mel, is poised to take over as CEO of the umbrella body the Tea Association of Sri Lanka.Appointed last week, he is expected to take over duties from February next year, leading the association for a two-year term, he confirmed. The Tea Association was formed as an umbrella […]
Poverty Alleviation Party
The Samurdhi program is getting a clean up in an attempt to get back on track with the scheme quote s original objective.rn rnWhile, some poverty alleviation has been taking place, high politicization of the scheme has prevented it from helping the poor at large.rn rnThe restructuring of Samurdhi attempts to rid it of its […]
Road To eLanka
The government unveiled a road map to wire the countries population for economic and social advancement.The Information communications technology plan is trying to put everything from the land registry to filing tax returns, online.rn rnGovernment says it has donor commitment to implement the e-Sri Lanka project over a five-year period.rn rnCritics say the countries telecommunications […]
Shady Deals
Meanwhile Pramuka Merchant Corporation, an affiliate financial firm, of the bank also stopped repaying its maturing bondholders.rn rnEmployees say that the bank has invested their provident funds in the banks own securities leading to a US style loss of retirement funds. rn rnHowever, top bank officials say the primary cause of their present troubles were […]
Tea (Pvt) Ltd
Moves to set up an Export Marketing Council for the tea industry is underway that will take over Tea Board promotions and include officials from the Export Development Board, the Board of Investment and the new Tourism Bureau.The proposed council will take over all promotional work currently carried out by the Tea Board, working hand […]
Fair Deals
A separate Monopolies and Mergers Commission is being spun off from the new Consumer Protection Act, Fair Trading Commission (FTC) officials said.Modelled on similar anti-trust legislation in other countries, the new Consumer Protection legislation is being split into two, with mergers and monopolies under a separate authority.rn rnIn theory, the new commission will be given […]
Falling Numbers
Sri Lankas tea crop slipped to 20.7 mn kilos in August, its lowest since 1999 when a figure of 19.4 mn kilos was recorded. Asia Siyaka Commodity brokers did not give a reason for production drop, but said the tea crop has fallen steeply by 38 percent todate, since peaking at 33 mn kilos in […]
Computers In Business
A new law that will formally recognize transactions and contracts made through computers is now being drafted officials say.Sri Lankan law does not recognize digital signatures.rn rnAs a result Sri Lankan companies may not be able to make the best use of information communications technology with their counterparts abroad.rn rnThe new law is expected to […]
Overhaul of key financial legislations
The Central Bank is seeking consultancy expertise to help overhaul key financial legislations early next year.The US$ 30 mn World Bank grant project will cover the Monetary Law the Banking Act, Exchange Control Act and Finance Companies Act.rn rnOfficials say Institution specific legislation governing the NDB and DFCC will also come under review. They point […]
Legal Clean Up
The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]
Bankruptcy Law Coming
US style bankruptcy protection laws are on the pipeline covering sole traders and partnerships in addition to limited liability companies.The Private sector has been asking for bankruptcy protection laws for some time to give troubled businesses breathing space while they restructure.rn rnThe government is considering a separate act to cover business failures, since this would […]