News

Tea auctions on cell phones

Developed for use through the Short Message Service on Dialog GSM mobile phones, the information available on demand is segmented according to the needs of different users such as buyers, superintendents, proprietors, chief executive officers and division managers.

This system of segmentation of information will ensure users that they are not inundated with superfluous information but instead receive relevant and pertinent data, a statement on the new service said.

Forbes and Walker Tea Brokers is the only broker to offer web-based trading facilities to its clients. emPrise IT, an application development partner of Dialog GSM, developed the sales information system.

"We are proud to power yet another innovative and ground-breaking service for the corporate mobile phone user," Dialog GSM CEO, Dr. Hans Wijayasuriya said. "This service will no doubt add value to the technology supporting the tea trade."

SAARC chambers to settle trade disputes

"Usually to settle trade disputes the countries in the region have to seek the arbitration services in London, Paris and Singapore which is a costly affair. We have formulated our own arbitration rules to settle disputes within our region. We will present the set of rules for the approval of the seven countries in the near future," said Macky Hashim, president of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCSL).

He was commenting on the decision taken at the 23rd executive committee meeting and 8th general assembly meeting of the SAARC Chamber of Commerce and Industry (SCCI) held in Kathmandu, Nepal recently.

The SAARC Chamber of Commerce and Industry (SCCI) is the officially recognised apex trade organisation of the South Asian Association for Regional Cooperation (SAARC) with permanent headquarters in Islamabad. The member bodies of the SCCI are National Federations of Chambers of Commerce and Industry of SAARC countries like Sri Lanka's Federation (FCCSL) for instance.

Hashim, also a former Vice President of the SCCI, was elected as the Senior Vice President of SCCI at the meeting, the first time a Sri Lankan businessman and a chamber representative was elected to a regionally important position in the SAARC Region.

He said several other important decisions were taken at the SAARC chamber AGM with regard to the promotion of trade opportunities among the seven participating countries.

"Among the most important matters discussed were the movement of goods and people within the region and free trade arrangements. We have been able to formulate a set of arbitration rules to settle trade disputes in SAARC countries," he was quoted as saying in a FCCSL press release.

He also added promoting tourism in the region and increasing investment opportunities among SAARC countries were discussed at the meetings.

Hashim, Nihal Abeysekera, Senior vice president FCCISL and Nawaz Rajabdeen - Vice President FCCISL participated at these meetings in Kathmandu.

Budget at a glance - 2002

- NSL to be abolished from 1.6.2002

- Launching the VAT from 1.6.2002

- Stamp Duty to be abolished from 30.4.2002

-. Introduction of a Debit Tax from 1.5.2002

-. Introduction of the Port and Airport Development Levy from 1.5.2002.

Income Tax

- The following income tax proposals will be implemented with effect from April:

- Personal income tax threshold to be increased from Rs. 144,000 to Rs. 240,000 per annum.

- Taxable Income Tax Rate: First Rs. 180,000 10%, next Rs. 180,000 20%, balance 35%.

- High marginal rate of corporate tax to be revised to 30% in 2003 and 20% in 2004.

- Companies with a taxable income of less than Rs. 5 million to be taxed at 20%.

- Final withholding tax of 10% on dividends:

- Abolition of tax on capital gains.

- Abolition of surcharge on corporate tax.

- Abolition of Advance Company Tax.

- Issue of Good Citizen Cards to tax payers who honour their tax commitments on time.

Customs duties

- Reduction of surcharge on customs duty from 40% to 20% w.e.f.

15.4.2002.

- Revision of customs duties to protect specific agricultural goods.

- Removal of the surcharge on customs duty on a few agricultural goods.

- Reduction of customs duties in line with the arrangements of the Indo-Sri Lanka Free Trade Agreement.

- Removal of licensing on rice importation.

- Reduction of customs duty to zero on maize and newsprint.

- Removal of 10% excise duty on beer and 30% on hard liquor.

- Revision of excise duty on petrol and diesel on revenue neutral basis to Rs.30/- per litre of petrol and Rs. 6.50 per litre of diesel (CPC debt recovery charge removed).

Tax Administration Reform

- Setting up of a Revenue Authority.

- Rationalizing Tax Incentives.

- Issue of Reconstruction Bonds denominated in Sri Lanka Rupees and US Dollars to reconstruct the economy.

- To make interest earned on Dollar Bond free of income tax.

- To make interest earned on Rupee Bonds be subject to 10% income tax.

- Relaxation of restrictions on non- resident investments

- Revitalisation of the rural economy

- Abolition of 100% transfer tax to non-citizens.

JKH makes a profit on Richard Peiris 

The buyer is believed to be a rich Sri Lankan investor living in the United Kingdom.

Brokers said 6.3 million shares were sold at Rs. 90 a share, making the deal worth Rs. 569 million.

"We thought the time was right to sell the shares," said JKH chairman Vivendra Lintotawela said. "There was an opportunity to make a reasonable capital profit."

Former tourism chief receives top award 

De Alwis, who resigned his position two weeks ago citing undue interference by the Ministry in the affairs of the Tourist Board, was not present in Berlin to receive the award personally. 

It was collected on his behalf by a Tourist Board official present at the event. 

The award recognises the contributions made by de Alwis to the Asia-Pacific tourism industry and in particular to the efforts made in leading Sri Lanka's tourism industry though the crisis last year. 

De Alwis has been invited by the Pacific Asia Travel Association (PATA) to speak at the 51st PATA Annual Conference to be held in Delhi India from 14-18 April.

The former tourist board chief is now helping Labour and Employment Minister Mahinda Samarasinghe to draft a new employment policy.

De Alwis is part of a three-member official team that is visiting Australia from Sunday to Wednesday to study employment policies there.

Great Western first estate to receive HACCP certificate

The certification, awarded by the Sri Lanka Standards Institution (SLSI), provides an internationally accepted guarantee that the systems adopted by Great Western Estate in the field as well as its factory are in conformity with the quality and safety requirements of the "Codex Alimentarius" on food hygiene of the World Health Organisation (WHO), according to a company statement.

Tissa Gunatilleke, CEO of Hayleys Plantation Services Ltd., managing agents for Talawakelle Plantations Ltd, (TPL) said this prestigious certification would enable Great Western to command a premium price for its teas in the near future. Tea brokers have already begun indicating the HACCP certification against the estate's teas listed in their catalogues for the weekly auctions in Colombo.

"This is the shape of things to come," he commented. "Large buyers in time to come will insist that the estates adopt safety methods to ensure that their clients and the consumers get a safe product. By adopting the systems required for HACCP certification, estates can help the buyers to meet the requirements of international markets."

"There is growing awareness that tea should comply with the safety and hygiene requirements applicable to food processing," he said. "Talawakelle Plantations is proud to be the first tea producer in Sri Lanka to translate this into obtaining HACCP certification."

The HACCP certification evolved from a process developed by the Pillsbury Company in the USA to ensure the safety of the food on space missions of the National Aeronautical and Space Administration (NASA).

Talawakelle Plantations and the Great Western Estate have been in the forefront of efforts to improve quality, efficiency and productivity in the plantation sector since privatisation. TPL won the Akimoto 5S Award for the best implementation in the plantation sector in 1998, in the same year Great Western, which was the first estate in Sri Lanka to adopt the 5S system, became overall winners of the Akimoto 5S competition. The previous year Great Western won the NDB Productivity Award as well as an Akimoto 5S Merit Award. In 1998 TPL won the National Productivity (Merit) Award and four other estates managed by TPL have won Akimoto 5S Merit Awards in 1998-2000 and one estate won a National Safety Award in 2001.

NERD - a clarification

NERD said in a statement that it has created an Isuzu Fargo Van that runs on coconut oil and kerosene and not a car that runs on water. It has developed gasifires of various sizes for sharp power application and thermal power application.

The windmills generate 100 and 200W of power while Clipsal didn't use NERD technology. Sarvodaya only helps NERD to popularise its technology at rural level and NERD has created a coconut oil extractor not a detractor. NERD has created 100W generators, the statement said.

NIBM diploma awards ceremony 

New ETF website boost to members

Finance secretary, Charitha Ratwatte, speaking at the launch, commended ETF staff for introducing a very useful service. Calling it an admirable step taken towards serving the consumer, he hoped that now it will be a less painful retirement process for those who wind up their careers. He called upon the staff to make theirs a service oriented, customer caring, positive organisation, the statement said.

Finance Manager - Investment, Rukma Gnanasekera, outlined the benefits provided to ETF members among which are Free Life Insurance, Disability Insurance and Assistance for Intra-Ocular Lens Implants and heart surgery, which have been in existence for quite sometime but not known to most members.

"Even details of the scholarship scheme for members' children were not known to many. Awareness will now be created through the website," the statement said.

The website will also make the claims procedure simpler and quicker. The claimant can now download the relevant application forms and even verify the lead times for claims payment.

The website, designed and hosted by Lanka Internet Service, will have an opinion poll which will enable the public to log on suggestions for improvement. A clipboard will be introduced in future giving details of recent developments such as payments through the bank network and remission of payment using a pay card. Information relating to the house ownership scheme and 'Shramasuwa Rekawarana' medical and hospitalisation insurance scheme, among many other benefits are also available on the website.

Following the recent restructuring of the Employees' Trust Fund Board, several initiatives are now in operation aimed at improving efficiency. The website is a definite step towards improving the communication links with members as well as employers.

SAM celebrates 2nd anniversary

SAM commenced its operations along with seven other Primery Dealers on 1st March 2002 forming a total of 8 Primery Dealers under the new regulatons that came to effect in March 2002.

SAM is a fully owned subsidiary of Seylan Bank Limited and has been licensed by the Bank of Sri Lanka (CBSL) to be a Primary Dealer to trade Givernment Security viz. Treasury Bills and Treasury Bonds.

Mrs. Rohini Nanayakkara Director/ Chief Executive of Seylan Bank and Mr. K G D D Dheerasinghe, Superintendent of Public Debt of CBSL were the guests at the occasion.

Japan shopping tour for Ladies

If you have not shopped at all and if you have never experienced the most beautifully designed Department Stores in the world in Tokyo. World famous names like Takashimaya, Matsusakaya, Mitsukoshi and many others, not forgetting Akhihabara the home of Electronics. There are also many discount shops and sales for bargain hunters while the more discerning are catered to by Branded Boutiques that have opened in Tokyo. Nowhere in the world can you be assured of quality products as in Japan due to very stringent quality control laws.

Japan has also much scenic beauty to offer and unforgettable sights such as Mt. Fuji, Hakone especially in Autumn, Cherry Blossom time in most parts of Japan while Kyoto Kamakura, Nara and most other places are of year round interest.

The Shinkansen or Bullet Train will zip you around on your tours in absolute comfort at 190kms per hour. Quite a thrilling experience.

There are also fun places to visit like Disneyland, truly a magical experience for any adult, Snoopy town or the Miyazaki ocean dome which promises the best in Japanese high tec.