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Utility
regulators in the offing Reforms carried
out through the PERC and proceeds of privatisation, which go into
the consolidated fund, help to ease the national debt burden "in
a great way", Gunaratne said. The PERC had earned up to Rs.
44 billion through privatisation ventures by the end of June last
year, having undertaken about 40 projects since it was established
in 1996. "The present government has taken a keen effort to create awareness among the public and the employees through various media campaigns," Gunaratne said. The government cannot continue to provide "life-support" to maintain loss-making state organisations forever, he said. The public is not actually aware of how much the government is pumping into certain institutions. For instance, the government spends about Rs. 125 million a month or Rs. 1.5 billion a year to maintain the cluster bus companies and SLTB. "Money spent on this can be channeled into infrastructure development," Gunaratne said. The government hopes to earn a "substantial amount" through the sale of a 15 percent stake in Sri Lanka Telecom in November. The privatisation of the Sri Lanka insurance Corporation is in its "embryonic stages", Gunaratne also said. This, together with the recent privatisation of the National Insurance Corporation will serve to bring the commercial and general insurance sectors entirely into the hands of the private sector. Chefs
gather in Panadura Swadeshi
wins herbal war It has also ruled that claims made by Godakanda Herbals and Vendol Lanka Ltd that its soap is to be approved by the Department of Ayurveda of the Ministry of Health and Indigenous Medicine prevent competition in the toilet soap market and constitutes an anti-competitive practice. The decision came in response to action filed by Vendol's rival, Swadeshi Industrial Works, seeking an order restraining Vendol from promoting its soap as an ayurvedic product. The FTC has ordered Vendol Lanka and Godakanda Herbals to refrain from making such claims to the public, such as through advertisements. Swadeshi made a written complaint to the FTC alleging that Vendol Lanka was engaged in anti-competitive practices. Alliance
Finance joins the Securitization Club Most of the
major leasing companies have raised funds by the way of securitizing
of their lease receivables. The use of securitisation offers a company
access to competitive financing as well as not to be reliant on
retail banks for its financing requirements. Software
solution for NGO's "FinNGO was designed specially for funded organisations by carrying-out studies of funded organisations and their practices with regard to accounting and financial management," a statement from the company said. This package has been implemented in more than 12 offices in the South East Asian Region. AsiaSoft said it was confident that this solution will improve accounting practices with NGO's financial and management systems. One of the important features of the package is transparency in donor reporting. Seminar
on "Education Reforms" The seminar
is primarily targeted at the decision makers of the private sector,
key government officials, academia of the universities, private
institutions, technical colleges and other higher educational institutions
and leaders of civil society organisations. Resource persons are Karunasena Kodituwakku, Minister of Human Resources Development Education and Cultural Affairs, Dr. R.O.B. Wijesekera, Chairman, National Science and Technology Commission, Dr. Arjuna Parakrama, Director, Centre for Policy Alternatives, Prof. Rajiva Wijesinha, Dean, Faculty of Social Sciences and Languages, University of Sabaragamuwa and Tissa Jayatilaka, Director, United States-Sri Lanka Fulbright Commission. Chamber's
successful New York breakfast meet The event was held at the St. Regis Hotel in Manhattan in which many from the top business community were invited. The participants totalled over 120 which had a mix of both CEO's of companies who were interested in the developing business climate in Sri Lanka as well as top level management Sri Lankans who head large companies in the US. Prime Minister, Ranil Wickremesinghe, supported the event with his presence, as well as with a question and answer session. The support from the Prime Minister was a great boost to the business community in order to add the right level of seriousness which the government has toward encouraging foreign direct investment, a chamber statement said. Arjuna Mahendran, Director General of the Board of Investment, made a very comprehensive presentation on the benefits of doing business in Sri Lanka. His presentation was then supported by a long standing investor in Sri Lanka, Martin Trust. Trust has been investing in the apparel sector of Sri Lanka for many years and "has not only been more than happy with his decision to do so but is also a great advocate on the positive aspects of investing in the country," the statement said. Trust spoke with all sincerity in his belief in Sri Lanka as a great destination for the business community. Umbrella
maker awarded quality certificates The SLS and ISO certifications were made together for the first time ever, Deputy Director General, SLSI Dr. L.L.S.K. de Silva said addressing the presentation ceremony held in Colombo last week. Kandurata Umbrella, one of the first manufacturers of umbrellas in Sri Lanka, holds a major market share in the umbrella industry today. Its beginnings date back to 1978 when it started off with a staff of 10 and today has established itself as a leader in the market with a workforce of 1,500. SLSI Chairman Armyne Wirasinghe said that the certification would benefit the company immensely and open new avenues and increase business potential. "This certificate endorses that the company has the required essentialities to produce at optimum level. It's an outstanding achievement in reaching the required competence and confidence," he said. The company hopes to tap the export market by 2004. Kandurata Umbrella Marketing Manager Farid Abdeen said the company is expected to also receive the B.I.D. Award of Geneva soon. Kandurata Umbrella also launched its website www.kandurataumbrella.com giving its customers a comprehensive insight about the company and its products. Weak
management delays projects The government is concerned about the slow project implementation processes and hopes to speed it up considerably by next year, she told a recent seminar on 'Utilisation of Foreign Aid in Sri Lanka' conducted by the Society for International Development and sponsored by the People's Bank. (RC) ISO
9001-2000 for BOI The BOI has taken action to improve the efficiency of the organisation in recent months, he said. The implementation of the ISO 9001-2000 standards certification will take place in the next 6-9 months. (Thushara) |
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