Category: Other
Courtroom Battle
The Court of Appeal Thursday issued notice against the securities watchdog to stop it from prosecuting three former Aitken Spence Directors.Former SEC Chairman/Director Aitken Spence, Michael Mack and fellow Director Norman Gunawardene filed separate writs asking the court to squash the SECs decision to prosecute them.rn rnThe petitioners cited the SEC and its Commission members […]
Safety Features
A tentative take off date of April is on the cards for the social security net for retrenched workers, with an ILO report on its way to Cabinet.The security net is tagged to recent labour reform that went through parliament, which makes it easier for employers to lay off workers during restructuring. rn rnWith lay-offs […]
Dry Run
The countrys largest city is running short of water as the state looks to the private sector to bridge a widening gap in supply to Greater Colombo.A privately operated and managed 40 MGD endash Million Gallons per Day (185,000 cubic metre) treatment plant is to take off on the right bank of the Kelani River.rn […]
Lip Service Only
Local investor confidence was shaken recently first when a licensed savings bank collapsed and then as the securities regulator commenced an insider dealing investigation against its own chairman.However, the crises had little effect on the stock market.Banking stocks in fact gained in anticipation of good earnings reports while Aitken Spence stocks, at the heart of […]
Crossfire
Rising tension in the Middle East is buing holes in the Sri Lankan tea industry as prices plummet and stocks accumulate at auctions. Low grown teas are seeing the brunt of the Middle Easte crisis, with prices on average dropping by Rs. 20.00 in two weeks. In addition, a backlog over 15 million kilos of […]
Changing Rules
The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament.rn rn”Reforms in the working of our Securities and Exchange Commission should be […]
The rural call
Local telephone companies have been connecting subscribers at almost record pace over the last few years. The telecom industry was the only one that put in double-digit growth rates even while the rest of the economy was in a slump. rnWith the EGO and the smart subsidies things will get even better. rnAn astounding 20 […]
Power Politics
The last time Iraq was attacked, over ten years ago, oil prices reached record levels of over US$ 45 a barrel.Analysts expect prices to go the same way if US and British threats actually lead to a war. The hardest hit next to Iraq will be developing countries that depend on oil imports.rn rnSri Lanka […]
Risky Business
Government announced plans to launch unemployment insurance as key labour legislation went through parliament recently.The safety or dole would be initially paid to employees who are displaced.rnDisplaced employees would also be able to access an employment database run together with the private sector.rnOfficials say the Jobs database and dole would eventually cover all unemployed individuals […]
Conglomerates: reason d etre
Conglomerates around the world have been favorites with investors as long-term investments. A recent worldwide study found that of the top 35 companies that delivered the most shareholder value 20 were conglomerates.rnEven locally, a few dominant business groups have played a key role in the development of the economy.rnThis week we take a look at […]
Back To Basics
Its back to the lquote nuts and bolts this year, says Board of Investment chief, with plans for 2003 aimed at getting development of a much-needed highway network, off ground.In an interview with Lanka Business Online, BOI Chief Arjuna Mahendran mapped out a game plan for the year, with the list trimmed down to getting […]
Stretch Factor
Sri Lankan investors stretched their resources to dip into plantation stocks with exposure to rubber, demand created by a giant leap in rubber prices from an 2002 average of below Rs. 55.00 to Rs. 110.00 for March forward prices. Why the high price? Chinas growing appetite for consumer goods with its expanding middle class, an […]