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No Way
IPBCC or India, Pakistan, Bangladesh, Ceylon Conference, representing 14 shipping lines serving the region has proposed an increase of US$ 300 and US$ 600 on 20 foot and 40 foot containers outward bound from Colombo. rnrnThe increase is applicable for UK, Continent, Scandinavian and Mediterranean destinations. rnrnIn a statement issued today, Shippers quote Council Chairman […]
Passing The Buck
ldblquote The request will be made to the Secretary Treasury, shortly.Our auditors PWC [PricewaterhouseCoopers] has informed us that a provision would be needed to cover the exposure in the absence of a government guarantee dblquote , the source said. rnrnThe state utility has stopped paying the capital element of the repayments, but continues to service […]
Dry Spell
Bad weather took production figures for January down by 5 percent to 25 mn kilos, over last January quote s record volume of 27 mn kilos. Brokers however are concerned that rather than a single instance, Sri Lanka quote s tea production has been declining since November 2001. The lower January figure was the result […]
Unshackling Prices
The removal of government regulation of drug prices will be a temporary measure for a period of six months to be reviewed afterwards. rnrnThe initiative, backed by Consumer Affairs Minister Ravi Karunanyake follows in the wake of the new government policy of liberalisation and deregulation. rnrnldblquote One of the key reasons for decontrol is that […]
Decreasing
The bank said it offered and accepted bids for Rs.5.569 bn. rnrnThree-month notes slipped six basis points to 12.66 percent, six month treasuries dropped eight basis points to 12.91 percent and one year notes dropped lost seven basis points to 13.54 percent. rnrnThe bank said the three (Rs. 2.654 bn) and six (Rs. 418 mn) […]
Sea Battle
IPBCC or India Pakistan Bangladesh Ceylon Conference, which represent 14 regional shipping lines, informed the Ceylon Shippers quote Council (CSC) last month of plans to raise levies by US$ 300 and US$ 600 per 20-foot and 40-foot container, respectively. rnrnThe increase will be applicable for UK continent, Baltic, Mediterranean and Scandinavian destinations. rnrnHowever, last Thursday […]
Take Less
ldblquote Sri Lanka quote s cash reserve requirement should be reduced to at least 5 percent from the current 10 percent.We have one of the highest cash reserve requirements in the world, which significantly increases the intermediation cost in the financial sector dblquote , notes Mangala Boyagoda CEO Standard Chartered Bank and a key figure […]
Uneconomic Crime
ldblquote The aim is to make economic crime, uneconomic for the perpetuator and make him go elsewhere for his activities dblquote , says Prof. Barry Rider addressing a forum on Money Laundering organised by the Securities & Exchange Commission. rnrnHe called for proactive policing strategies and increased use of state intelligence resources to continuously monitor […]
Unbundling Call
The telecom giant is looking at decentralizing more power to some of its key units and spinning off profitable operations like SLTnet. rnrnThilanga Sumapithapala told Lanka Business Online that SLT is looking at giving the consultancy to either Ernst & Young or PriceWaterhouseCoopers. rnrnldblquote We will see who [which consultant] will give us the best […]
Call Completion
Expo Lanka expects to earn around US$ 3.6 mn or Rs. 360 mn during the first year of operating the call centre, based on 75 percent capacity utilisation for the service stations. rnrnThe text based customer inquiry centre for Microsoft and AOL with 35 service stations would be the first of a series of call […]