Free besieged Fort business area

Business and city residents have welcomed the opening of Galle Road opposite Temple Trees.

However, the area around Fort like Chatham Street which have been closed for seven years, still remains closed and should be opened immediately.

The closing of the landmark General Post Office was the beginning of the end for the Fort business district.

No consideration was given to the fact that the area was the main business hub in Colombo with close proximity to all leading hotels in the area and is a major tourist attraction.

Several businesses in Fort were forced to close due to excessive security in the area. Chatham Street was known as Barrel Street, Mudalige Mawatha as Wall Street and Sir Baron Jayatillake Mawatha as Barricade Street.

We hope the change of government would herald the opening of Fort and help struggling businesses to survive. 

Over the years our business has plunged to zero trade with bills accumulating. Today 80 percent of the shops and offices have either closed down or shifted to another location. The Chartered Bank, which has been operating in Fort for 124 years, was forced to move out.

As a proposal, we suggest the president shift to the new Speaker's residence (now nearing completion) close to parliament and allow Fort to be free of security barriers and blockades.

We have had enough business pitfalls in the past few years. Please give us a chance to recover.

Fort business community

Very difficult year for SL economy

January 5 Private bus operators raise fares by 15 percent. 

January 18 Water supply rates increased. 

January 23 Central Bank announces widening of dollar-rupee trading band, effectively devaluing the rupee after a steady fall in foreign exchange reserves. 

Rupee swings wildly during the week starting from 85 to the dollar and crossing the 100-rupee mark before settling down to around 90. Central Bank retains capital controls and imposes administrative controls to keep the rupee from going into free fall.

March 1 Ceylon Electricity Board (CEB) announces 25 percent surcharge on electricity rates.

March 8 Government presents 2001 budget.

March 15 Estate union labour ends 25-day satyagraha demanding pay hike, causing huge losses to plantations companies.

March 22 Ceylon Chamber of Commerce unveils private sector development strategy, "Vision 2020".

March 26 Board of Investment chairman Thilan Wijesinghe resigns amid allegations of bribery.

April 20 International Monetary Fund (IMF) approves $253 million stand-by credit facility to Sri Lanka to stabilise macro-economic fundamentals. 

Initial tranche of $131 million released and the rest to be disbursed in four instalments once the government meets tough conditions such as restricting the budget deficit to 8.5 percent of GDP, reducing losses of state corporations, raising administered prices for petroleum products, transport fares and utilities.

June 2 CEB starts power cuts with one-hour blackouts as hydropower reservoirs dry up owing to severe drought.

July 10 President Chandrika Kumaratunga suspends parliament to stave off defeat in opposition-sponsored no-confidence motion.

July 24 Tamil Tiger raid on Bandaranaike International Airport destroys four Airbus passenger jets of SriLankan Airlines and eight military aircraft, delivering crippling blow to economy. Insurance pay out on the aircraft that were destroyed and on two damaged Airbus planes estimated at almost $600 million.

August 1 Sri Lanka Ports Authority introduces new three-shift system to improve productivity at Jaye Container Terminal (JCT) in Colombo Port prompting strike by dockers opposing the reforms.

August 5 Dockers end five-day strike, which crippled JCT and caused losses to shippers and foreign vessel owners, after SLPA withdraws new shift system.

August 7 London-based insurance war risk rating committee declares whole of Sri Lanka a war-risk zone and international underwriters impose prohibitive war-risk insurance premiums on aircraft and vessels calling at the Bandaranaike International Airport and Colombo Port. The move prompts airlines and shipping lines to stop calling at Sri Lanka.

August 14 Stock prices on Colombo bourse fall to 10-year low with All Share Price Index closing at 396.48, its lowest since February 1991, amid political turmoil and a gloomy economic outlook.

August 16 IMF team visiting the island to review stand-by agreement warns of future problems, saying budget likely to come under increasing pressure and urging the government to cut public spending and improve tax collection.

Sept. 5 Janatha Vimukthi Peramuna (JVP) helps prop up tottering People's Alliance regime with memorandum of understanding that imposes tough conditions such as cutting the Cabinet by half, action to prevent price hikes in essential consumer goods, and commitments to set up independent commissions to run the police, judiciary, public service, elections department and media.

October 1 Government announces interim allowance of Rs. 1,200 a month to all public servants and Rs. 750 a month to pensioners.

October 3 Central Bank says economic growth slowed down significantly in second quarter with GDP growth down to 0.4 percent.

October 10 President Kumaratunga dissolves parliament and calls snap general election on December 5.

October 12 Government announces relief package to overcome difficulties created by internal and external shocks to the economy. Package includes re-scheduling loans, eliminating diesel vehicle tax and Save the Nation tax, reducing the National Security Levy and removing the import duty on essential raw materials. Government also pledges to write off loans below Rs. 20,000 given to small farmers.

Nov. 16 Government cuts price of kerosene and industrial furnace oil by 10 percent, increases allowances paid to over 30,000 Samurdhi workers and offers permanent employment to thousands of public sector employees. 

The move is widely seen an election gimmick and violates agreement with IMF to freeze public sector salaries and recruitment till the year-end.

Dec. 7 Unprecedented bull-run on Colombo bourse in the wake of UNP victory at general election sends stock market indices to record highs.

Sampath's new Visa Electron card

This Visa Electron is much like a traditional credit card but could only be used at merchant outlets where a point of sales terminal facility is available, the bank's managing director Anil Amarasuriya said at a recent press briefing.

He said this card could be used at over 22 million merchant locations worldwide including 2,000 such locations in Sri Lanka. To be eligible to apply for a Visa Electron card, the applicant must have an annual gross income of Rs.100,000.

Apartment complex receives award

The project costing Rs. 350 million comprises 40 luxury apartments on nine floors with 75 percent of the luxury apartments being purchased within six months of the completion of the complex in June this year.

In order to make the building last for generations, the promoters of the building told reporters that the structure is earthquake resistant.

The rooftop floor of the apartment complex has a section laid with turf that could be used for parties and other functions by residents.

Commercial Bank 100 not out

Central Bank Governor A.S. Jayawardena was the chief guest at the opening of the landmark branch while Commercial Bank Chairman Mahendra Amarasuriya, Managing Director Amitha Gooneratne, other senior officials of the Bank and Branch Manager Anura Wijekoon were also present a press release said. A large number of prominent entrepreneurs, professionals and civic leaders from the area also graced the occasion.

Central Bank Governor said he was privileged to be associated with the opening of the landmark 100th branch of the Commercial Bank at Kaduruwela. He commended the decision made by the Commercial Bank to locate the 100th branch at a rural commercial hub like Kaduruwela. Given its leadership and excellence in the industry the Governor expressed confidence that the Commercial Bank will do a yeomen service and stimulate greater socio-economic growth in the area as well as the entire Polonnaruwa district. Mr. Jayawardena also noted the important role played by the district in a national context as it is one of the major producers of paddy.

Commercial Bank Chairman Mahendra Amarasuriya said that Kaduruwela was fast growing as a commercial hub in the historic Polonnaruwa district and the Bank was proud to set up its 100th there.

He said that Commercial Bank will offer superior service to the people in the area since the branch is linked to a modern computer system - COMNET - which connects all other 99 branches spread countrywide as well. This also makes Commercial Bank to have the largest computer-linked branch network in the country.

It was emphasised that banking with Commercial Bank will enable Kaduruwela customers to transact with and from any other branch as well. Having detailed a host of innovative savings and lending products that will be beneficial to people in the area, Mr. Amarasuriya assured that customers would enjoy unparalleled service from the courteous and professional staff of the Commercial Bank branch.

This is the second branch of the Commercial Bank in the Polonnaruwa district. The other is situated in Hingurakgoda.

Compaq to replace select notebook AC adapters

While there have been only five failures reported out of the 1,400,000 AC adapters affected by this recall, compaq considers this defect a potential risk and is taking a proactive measure to ensure the safety of our customers. None of these reported instances involved personal injury or property damage the press release further said.

Compaq has initiated an exchange programme through which affected Compaq customers will receive a new replacement AC adapter for each recalled AC adapter. 

There will be no charge to Compaq customers who participate in the exchange programme. 

The AC adapter consists of a small rectangular black AC adapter box that has a permanently attached cord on one end to connect to the computer and a detachable cord on the other end to plug into an AC outlet. This recall and replacement programme affects only AC adapters with the below listed Model Series Number, not the notebook computers themselves.

The affected AC adapters were sold as separate options, as replacement parts, and with certain of the following notebook computers:

• Armada M300 • Armada 110

• Armada M700 • Armada E500s

• Armada E500 • Prosignia 170

• Armada V 300 • Prosignia 190

• Armada 100s • Notebook 100

• Armada 3500

This recall and replacement programme involves AC adapters made by only one of the multiple manufacturers used by Compaq, thus, not every notebook computer listed above will be affected by the recall.

The affected AC adapters can be identified by the adapter Model Series Number located directly under the Compaq Computer Corporation name on the AC adapter label.

• Ppp003sd

• ppp003

• pp2012 (Armada 3500 only)

This recall and replacement programme affects only AC adapters with the above listed Model Series Number, not the notebook computers themselves.

Compaq urges customers to discontinue use of the recalled AC adapter and to order a replacement adapter immediately. For more information on the recall and replacement programme visit http://www.compaq.com/products/notebooks/adapterrecall.

Lanka Walltile pays tribute to exceptional salesmanship 

It was a simple yet tasteful ceremony, which was presided over by Mr. B. Mahadevan, the Chairman and the top Management of Lanka Walltile Ltd., consisting of Mr. L. De Chickera, CEO, Mr. N. A. Jayawickrema, the deputy General Manager, Mr. Gasper Gunatilaka, the Marketing Manager and Mr. D. Weerasooriya the assistant General Manager. 

The Dealer Competition and the Sales Rep Competition were held during the period between April and September 2001 and the winners of both competitions were awarded prizes at the award ceremony, which was well attended by Retail Dealers and Company Sales Representatives alike.

Taken together the two Competitions were aimed at effectively implementing the 'Push and Pull Strategy' with the Sales Reps increasing the trade stocks through aggressive marketing, which in turn would facilitate the aggressive promoting of the Brand by the dealers.