Category: Other
Hurdles in Law
The private sector is calling for a new law to facilitate asset securitisation transactions in the country and a high-powered financial reforms committee is trying to come up with a draft Act in consultation with industry players.Asset securitisation deals are a rave with leasing companies to hosing loan providers borrowing against their future cash flows.rn […]
Why WIFI?
A new wireless way to connect to the Internet is taking the world by storm because access is cheap and fast. The standard popular in the US, connects computers to networks over short distances using radio waves.Experts say the standard commonly known, as Wi-fi will do to the Internet what notebook PCs did to computers.rnThe […]
Spend It
Shamindra Kulamannage speaks to Bradman Weerakoon, Secretary to the Prime Minister on Sri Lankas aid utilisation. Weerakoon says the government is looking at setting up a powerful Tennesee Valley type authority to cut through red tape in implementing large development projects in the country.LBR: The big question in everybodys mind is that is the government […]
Steam Iron
State officials are looking at ways to implement World Bank recommendations to improve the countrys financial accountability.The recommendations are part of the World Banks draft Country Financial Accountability (CFAA) study.rn rnSpeaking at a workshop to discuss the report, Treasury Secretary Charita Ratwatte called for a Project Director to be appointed to oversee the rollout of […]
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 […]