Category: Other
Brush Up
Mar16 (LBO) – Sri Lanka’s Central Bank has finalised several amendments to the Banking Act that will strengthen its ability to implement regulatory directions, officials said. The Central Bank had run even run into obstacles in getting banks to comply with the recent directive to increase core capital of specialised banks to Rs1.5billion. Ceylinco Development […]
’s Jinxed
Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]
It’s Jinxed
Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]
Sri Lankan cinnamon faces threat from cheap rival
KOSGODA, Sri Lanka, March 12, 2006 (AFP) – Arabs and Europeans invaded Sri Lanka partly to control the island’s cinnamon trade, but centuries later the commodity is facing a new threat from a cheaper substitute.Tropical Sri Lanka is better known for its aromatic black tea, but it is also the world’s top supplier of natural […]
Safe e-road
Mar. 10 (LBO) — Sri Lanka cleared the way for safer e-commerce this week by passing a new law that strengthened the legal validity of electronic transactions.“It will provide a firm foundation for e-commerce transactions and give formal recognition to e-mail communications,” says Jayantha Fernando, legal advisor of the ICT Agency of Sri Lanka. “It […]
Fortune Hunters
Mar. 03 (LBO) — About 35 percent of local trademark applications are thrown out, as fortune hunters try to strike gold by piggybacking on an already famous name, top officials said Friday.“At least 35 percent of the trademarks that come to our office for protection should not have reached our office at all.These are all […]
Excessive rain curbs Sri Lankan tea production
Mar. 02 (LBO) – Sri Lanka’s tea production for January dipped to 24.7 million kilos from 26.0 million kilos a year earlier due to excessive rain, a commodity broker said Thursday. January production shows a slight increase over December figure of 23.3 million kilos, but Sri Lanka’s crop has been on the downward slope since October […]
Sri Lanka sets a record for January tea exports
Feb. 23 (LBO) – Sri Lanka shipped 24.8 million kilos of tea in January, the highest ever in a single month, a commodity brokering house said Thursday.The previous highest record was 24.6 million kilos of tea sold in January 2004, Asia Siyaka Commodity Brokers said.Revenues from tea exports for January was also the highest ever so […]
Killer Kindness
Feb 18, (LBO) – Due ignorance about basic economics, the poor in South Asia are seeing economy-wide price rises, and resources that could be used to lift them out of poverty in the long term being squandered on consumption subsidies. In 2005 for example, the Sri Lanka’s largest petroleum utility, the Ceylon Petroleum Corporation is […]
Warning Message
Jan 14 (LBO) – The United Nations on Tuesday called on the Sri Lankan government and Tamil rebels to keep protection of children in mind at upcoming peace talks in Geneva. Of particular importance remains the unresolved situation of child recruitment, which led UNICEF to yet again appeal to Liberation Tigers of Tamil Eelam (LTTE) […]
Union Call
Feb 09 (LBO) – Sri Lanka’s key banking sector union is appealing to President Mahinda Rajapakse to intervene in the Commercial Bank of Ceylon takeover attempt and re-introduce pensions to state banks. The powerful Ceylon Bank Employees Union (CBEU) has asked the president to make an order in his capacity as finance minister, to force […]
Tightening Laws
Feb 08 (LBO) – Sri Lanka, noted as hot bed for human trafficking, is now tinkering with its penal code to strengthen laws against the illegal trade. The amendments to the penal code are expected to facilitate prosecution of traffickers and to protect their victims. Sri Lankan authorities however are still unaware of the extent […]