Category: Other
Act Two
Work on drafting a fresh piece of legislation to replace the present Companies Act is due to get off the ground next week.The committee, which includes legal luminaries, like Aritta Wikremanayake, Dr. Harsha Cabraal, representatives from trade chambers, accounting bodies and the Bar Association, have been set a three months deadline to draw up a […]
Weir Power
Sri Lankas latest hydro power station is due to be commissioned later this month.Despite a small sluice gate and several working days being swept away, the project managers are confident of keeping to the original schedule.rn rnThe Kukule Ganga is only a tributary of the Kalu Ganga. The riverbanks have been washed away after the […]
Banks In Mousetrap
Technology is offering opportunities to add value and new services to the local banks both foreign and local banks have started offering Internet banking which they hope will also bring down their operating costs. During a typical mid day in Colombo the traffic comes to a stand still.It is not the time to be running […]
Warm Cup
Despite torrential rains and heavy flooding on some estates, tea crop intakes in April have reached record levels at 29.38 mn kilos. This is 7.8 percent up on last years record figure of 27.27 mn kilos, Asia Siyaka Tea brokers say. All three elevations e improved on last years levels, most significantly the Low Grown […]
One Taste
Ceylon tea just got better. An industry long built on a tradition of quality, will have its official stamp of approval, when quality standards for made tea are rolled out at factory level. Led by the Tea Association (TASL), a gold, silver and bronze standard have been laid out, that will revamp factories and certify […]
Disclosure
The Central Bank has adopted International Accounting Standards in a bid to improve transparency and governance in the institution. The move is part of a larger donor funded plan to modernize Central Bank operations. rnrnThe Central Bank, which holds and manages the countrys official reserves, has been preparing its Annual Accounts to meet requirements of […]
Road To Development
A case in point, Baseline road, is probably Colombos only super highway. But it took a while for the road to get to where it is today. And there is still more to go.rn rnThe delays were due to problems ranging from land acquisitions to contractor delays. Delays in large infrastructure projects like the baseline […]
Pirates Ahoy
Parliament is expected to push through the long over due Intellectual Property Act by mid June.Parliament gave the Act a preliminary hearing on May 22 with officials now expecting the Prime Ministers interest in the new legislation to accelerate the process.rn rnAn out of court dispute resolution mechanism is among the highlights in the new […]
Green Blues
Lawmakers are starting to take the mushrooming finance and investment companies seriously.A high-powered committee looking at financial sector reforms is now trying to widen the regulatory net to cover all companies collecting public funds. While most of these operate beyond the scope of regulators some are using loopholes in the law the to avoid regulation […]
Wider Definition
The countrys banking laws will be amended this year to regulate dozens of unlicensed deposit taking companies.Authorities are considering Amendments to the Banking Act with a fresh definition of what constitutes a lquote Deposit.rn rnExperts say the Amendments will prevent unregulated Limited Liability Companies from taking public deposits unless they come under the Banking Act.rn […]
Changing Gears
The brands owner Watawala Plantations Ltd., the biggest exporter of Ceylon Tea to Malaysia, has held detailed discussions with Sri Lankas High Commissioner designate to that country and former Mrs. World Rosy Senanayake on this initiative. Plans announced this week by Watawala include the setting up of Zesta shops modeled on the prototype at Colombos […]
Acting Against Pirates
A new Act to strengthen Property Rights covering all areas in Intellectual Property from patent rights to trade marks is coming into force this month. Hundreds of retail outlets selling pirated computer software and music could disappear overnight if the full force of the law is used.rn rnToday from adventures in cyberspace at the click […]