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Back In The Shell
Supreme Court on Wednesday reinstated Shell Gas Lankas stand and the Court of Appeal order to prevent competing firms from refilling its cylinders. The ruling overturns the Consumer Affairs Authority (CAA) order allowing cross filling of LPG cylinders.rn rnThe fresh ruling also makes it illegal for LPG traders ldblquote under threat of criminal prosecution dblquote […]
Asian Edition
Sri Lanka will play host to the first annual IT knowledge dissemination conference endash Networking South Asia later in July.Chairman of the Organising Committee, Dr.Gihan Dias says the conference aims to build links with regional Internet and allied service providers and to push through the latest thinking in the industry. rn rnIndustry sources say the […]
Aid Float
Sri Lankas cash float just got heavier, with the World Bank upping its aid from US$ 800 mn to US$ 1 bn over the next four years. rnldblquote For the next two years we are allowed to increase our commitment from US$ 200 mn a year to US$ 300 mn, taking the four year total […]
Setting Sail
The Sri Lanka Ports Authority estimates a Rs. 3 bn profit for 2003 as a result of restructuring measures adopted last year.Revenue for the first six months is already 18 per cent up from a provisional Rs.983 million for the calendar year 2002 with turnover at around Rs.15 bn.rn rnProfits for 2001 was at Rs. […]
Term Tests
The first in a line up of state sector accounting reviews kicked off Tuesday, with the National Review Committee studying the Ports Authoritys books. Accounts for 2002 from 12 more firms have been lined up for review by mid September including the books of state sector financial institutions.rn rnIn the running for scrutiny is the […]
Clearing the Air
A draft spectrum management report recommends auctioning as the basis for allocating slots in the 1800 and 1900 MHz frequency band.Justifying its recommendations, the report say auctioning frequency slots would obtain competitive market rats for the scarce resource opposed to fixed rates last revised in 1996.rn rnThe telecom watchdog already cleared four slots in the […]
Letting Go
Hatton National Bank has (HNB) offered a voluntary retirement package to its top management as part of the banks restructuring, that has been going on over the last two years but says the move will not weaken the quality of management. The countries largest private bank says ldblquote the strategic redirection and the regionalisation dblquote […]
Safety Lock
The Colombo Stock Exchange unveiled a range of management strategies to reduce transaction risks on its debt exchange (DEX) including liquidity deposits by brokers to determine maximum exposure limits.Debt brokers will be required to maintain liquidity deposits of cash and securities which will determine maximum exposure limits, CSE, Central Depository System Manager, Renuke Wijayawardhane said.rn […]
Rough Waters
Policy makers are reviewing a fresh proposal outlining legislation to include the disputed terminal handling charges into the freight rate.rnrnThe Cabinet committee on economic policy is expected to resolve the dispute, ending a number of previous failed attempts. rn rnExporters say the THC is eroding their profitability and price competitiveness, also claiming that it includes […]
Centre Holds
Central Bank tightened the regulatory grip with the introduction of minimum levels of capital.Finance companies under a Central Bank directive will have to maintain capital adequate to cover 10 percent of their risk weighted assets.rn rnThe ruling, which takes effect from this month, will have to be complied by all finance companies. The standards are […]