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29th July 2001
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News

  • Laws stump financial markets
  • Finance houses urge parate laws to shackle crooks
  • Sri Lanka tea output falls
  • Casinos to lure tourists
  • CT Smith on SEC case
  • Ways of reviving stockmarket
  • Marketing guru on guerrilla outfits
  • Start-up firms seek recognition from business community
  • ADB consultant at ITI
  • World Bank launches Sri Lanka website
  • BOI signs Rs. 3.3 bln investment projects
  • Sri Lanka - Poland business council AGM
  • HSBC simplifies corporate payroll and payments
  • Suntel reports rising revenues
  • SMB new promotion scheme
  • Arrest trade imbalance now in Taiwan's favour
  • Sri Lankan accountant on international body
  • Montreal meeting to tighten ban on local refrigeration industry
  • Flaws in land development laws
  • Singer, Sampath tie-up on Internet
  • Celltel - first to offer on-line payment
  • Sri Lankan association to train Maldivians on stocks
  • Bank of Ceylon's 62nd Anniversary
  • Vertigo F.A.C.E. lift for Sri Lankan firm
  • Sun match company gets ISO 9002
  • SLEA launches third economic journal issue

    Laws stump financial markets

    Sri Lanka's financial markets are hampered with more than 1,500 laws that apply to financial transactions, some of which have been unchanged from the 19th century.

    Dr. Nadim Ul Haq, Resident Representative, IMF, cited this as a major impediment towards growth of the Sri Lankan economy, in a speech at the annual general meeting of the Ceylon Chamber of Commerce (CCC) held last Friday.

    The speech of the IMF representative, who is abroad, was read out by Deva Rodrigo, the chamber's deputy chairman.

    Ul Haq added that the banking system is governed by at least 50 laws while 50 regulate labour. Legal structures have a key role to play in minimising transaction costs in an economy and the Securities and Exchange Commission (SEC) has estimated that 15 to 20 laws could replace the 1,500 laws currently in place.

    The IMF representative also identified the two regulators controlling the Colombo stockmarket as a cartel with excessive costs and made a strong case for widespread deregulation.

    Mr. Chandra Jayaratne, Chairman CCC, presented the results of a survey conducted on the business environment in Sri Lanka.

    Out of the survey sample made up of chamber member firm CEO's, only 18 percent had said the business environment is adequate for operations while 55 percent of the sample said the environment is inadequate and 27 percent have gone to the extreme of saying the environment is a disincentive for investment in Sri Lanka.The assessment of the business environment included looking at issues like macro-economic policy, governance, labour policy and the legal system.


    Finance houses urge parate laws to shackle crooks

    By Dinali Goonewardene

    The Finance Houses Association has made a request to the Central Bank and is lobbying politicians to be allowed power to enforce "parate" executions.

    All banks, development banks and co-operative banks have been granted legal powers to enforce "parate" executions which confers the power to foreclose and recover a defaulter's assets. Finance houses are only asking for a level playing field, Chairman, Finance Houses Association, W. Sellamuttu, said. The Central Bank could oversee parate executions by the industry to prevent abuse of this power, he said.

    Finance Houses which undertake leasing activities have been faced with an increasing number of defaulters within the last one-and-a-half years owing to the economic slump and a deteriorating legal system which is characterised by delays. "We would not need the power of parate if we could simply go to courts and reclaim within a short period," Sellamuttu said. However, a shortage of courthouses coupled with an increasing caseload has resulted in long queues.

    While the economic downturn has seen 500 companies close in the last 18 months, parate executions which have become the order of the day are seen as stifling to small businesses. The Company's Act is being amended to reinforce Chapter 11 provisions, which strive to keep businesses afloat.

    "The power of parate would help us protect genuine depositors from habitual crooks," Sellamuttu said. "We face a more stringent regulatory environment than banks. We have to take out new licences each year and the Central Bank's internal audit department checks our books every year," he said.

    The new Leasing Act which is to become effective in August has also come under fire from the industry. 'Update', the quarterly newsletter of the Finance Houses Association quotes Mr. Romesh de Silva, a top lawyer, as saying re-possession of vehicles has been made tedious under the new law, giving a distinct advantage to the lessee.

    Directors of a company not confirming to or violating the Leasing Act will be made liable to criminal punishment of two years for violating the Leasing Act. A criminal punishment is being enforced for a civil offence, industry observers said.

    "This draconian legislation can be likened to the sword of Damocles hanging over our heads," a director of a company engaged in leasing, who wished to remain anonymous, said.


    Sri Lanka tea output falls

    Sri Lanka's tea production in the month of June was significantly below last year, tea broker John Keells said in a report.

    The total tea output for the month was 23.53 million kg compared to 27.76 million kg in the same month in 2000, showing a 15 percent decline. This has resulted in the cumulative national production figure from January to June to dip below last year for the first time in 2001. The comparatively unfriendly weather experienced in most planting districts was the underlining factor for this shortfall, the report said.


    Casinos to lure tourists

    Sri Lanka's Tourist Board is planning to encourage the setting up of more casinos as a means of attracting tourists.

    As the first step all casinos would be located in one selected area in Colombo, according to Tourist Board plans.

    "We are planning to promote casinos on a grand scale. This is the time to forget the hypocrisies," Tourist Board Chairman, Renton de Alwis, said at a breakfast meeting on Friday organised by the European Chamber of Commerce.

    He added that lottery draws that are being promoted on a countrywide scale by the government is making a mockery of the earlier opposition to casinos.

    "If you oppose casinos on the basis that it promotes gambling, then you should stop the lotteries also," he said.


    CT Smith on SEC case

    With reference to the story headlined "SEC allows C.T. Smith, Director, to compound case" in The Sunday Times Business on July 15, C.T. Smith Stockbrokers (Pvt) Ltd says:

    "The action filed in this matter was withdrawn by the SEC and the director concerned was discharged. This means that there has been no proven offence against the director and what was compounded in this case was the allegation of an offence. This was the only way to avoid a protracted trial, which would have taken upto seven to eight years for a final decision and at substantial cost to the company. This is apart from the fact that it is almost four years since the transaction and management time will have to be further expended."

    "This matter involves as at present no more than an unproved allegation made by the SEC. For our part, we are convinced (and this is not unsupported by legal opinion) that the charges brought against the director cannot be sustained in a court of law. But, as stated earlier, to establish our director's innocence will involve participation in legal proceedings which will last many years."

    "In the above circumstances it seems unfair that your report should emphasise the offence, which is nothing more than a mere allegation so far as the Director is concerned."

    Cecilia Muttukumaru

    Managing Director

    CT Smith Stockbrokers

    Our reporter says: The Sunday Times story specifically, and at all times, referred to an "alleged" offence of market manipulation and hence reject the allegation that we were unfair. Details of the alleged offence were reported in the public interest and as essential background to a story.


    Ways of reviving stockmarket

    Top officials of the Colombo Stock Exchange said last week that new ways to revive the stock market were being worked on. New measures include tax bonuses linked to the public float to encourage firms to release more shares to the market and providing investors in the secondary market incentives according to the period of investment.

    "The stock exchange must reinvent. We have gone the full circle and are back at the beginning, we must recreate," Colombo Stock Exchange chief Ajit Gunewardene said speaking at a seminar organised by the Central Bank on Thursday.

    "The time has come for the CSE to take a frontline role in disseminating information," CSE, Director General, Hiran Mendis said. Brokerage commissions are falling and the agency brokering model cannot be sustained and brokers will have to take on the role of investment bankers, he said, hinting at things to come.

    Taking responsibility for a weak marketing effort, Mendis stressed the need to lure institutions that attract savings. "We are looking at the possibility of allowing unit trusts to invest in foreign markets as well," he said.

    Trading commercial paper and changing its memorandum of association to also include trading members who will not be able to vote at general meetings or be entitled to an equity share, are among the measures being put in place.

    Meanwhile the CSE has already commissioned new debt trading systems software and believes it is ideally placed to trade government debt. However, political stability was described as being key to reviving the stock market.

    "Institutional reforms will not work unless supported by political stability and economic reforms," Mendis said. Political uncertainty affects investor sentiment, when confidence is shattered, sentiment suffers, he said. The Colombo stock market has reached a crisis with the All Share Price Index falling 21 per cent in the year 2000 while daily turnover averaged Rs.12-13 million. Economic growth and profits of certain listed companies have gone up while the indices and turnover continue to fall. (DG)


    Marketing guru on guerrilla outfits

    By Chanakya Dissanayake

    In order to survive global competition Sri Lankan companies should either become large enterprises through mergers and consolidations or stick to guerrilla-type outfits.

    "Middle size companies will disappear because they do not have the economies of large scale enterprises. However, small, flexible and swift guerrilla companies will survive," said Professor Malcolm McDonald of the UK Cranfield School of Management. He was in Sri Lanka last week to deliver the keynote address at the Chartered Institute of Marketing (CIM) annual conference titled, "Re-discovering brands".

    He advised mid-sized Sri Lankan businesses to look for opportunities for foreign collaborations and mergers. "If you don't want to join up with a bigger player, then scale down and focus on a niche market where you have a proven competency".

    McDonald also stressed the value of superior market information and experience on the buying behaviour of local companies when faced with a larger multinational.

    Talking about recession marketing, he said companies should focus all their resources on selected few products that are essential to its future. "You should be prepared to drop products and markets that are not core to your long term strategy." McDonald also warned against the temptation to cut prices during a recession. "Soon everyone in the market will have the maximum discounts. It will take you nowhere," he said.

    Sri Lankan companies moving out to regional markets should study local cultures and market behaviour. "You can export your product to India, but not your marketing strategy," he said. "Each country is different in terms of the needs and wants of the customer," he added.


    Start-up firms seek recognition from business community

    By Diana Mathews

    As Sri Lanka's economy continues to be troubled by internal and external factors including a recession in the west, the number of small businesses and start-up firms closing down is increasing. Deteriorating business confidence has exacerbated this situation.

    Industry analysts believe one way of tackling this problem is to encourage the entry of new firms specially that of young entrepreneurs. Government assistance such as tax concessions, information and advice should be provided to start-up firms.

    These uncertain times require innovative solutions and Genesis, a web designing company, is a good example.

    Chevaan Daniel, Ravindu Athukorala and Harindra de Silva, three young innovative minds, joined hands and started a web-designing firm recently. Without experience, little knowledge and a small investment, they entered the business sector with confidence.

    Daniel, Chief Executive Officer of Genesis Design Studio in addition to being a familiar news presenter on MTV, articulating his views regarding the secret of their success, said that time management, equality, enjoyment and innovation are the major factors. "We enjoy our work and we maintain a good relationship with all those who work with us," he added.

    Some of the problems the trio face as a start-up firm are primarily that no one in the business community takes them seriously while the lack of knowledge is another deterrent, said Ravindu Athukorala, Marketing Director of Genesis.

    "We don't have much knowledge of business as well," he added. Genesis directors believe the government should provide assistance to start-ups by way of concessions in infrastructure such as cheaper computers and a proper place to conduct business activities in Colombo, where entrepreneurs could meet and discuss business activities.

    "Designing websites is not our main objective," he said. "Our main aim is to build up the confidence clients have reposed in us," he added.

    "We need to have a flexible operation since we work in a virtual office environment," said Athukorala. Designing is done at the client's company thus office space is not required. Most of the programmers are hired on a contract basis and are paid according to the profits made from the projects. "We try to maintain a good relationship with our employees because team work and motivation are necessary specially in this field," he added.

    Athukorala said that they call their marketing strategies "guerrilla tactics" and this has worked out very well. They have designed websites for some major companies such as Chemanex and the Maharaja Organisation. They have plans to expand in the international field as well.


    ADB consultant at ITI

    Prof. John Howell, an ADB Consultant was at the Industrial Technology Institute (ITI) from 17th June to 12th July. The services of the consultant were obtained through the Asian Development Bank under the Science and Technology Personnel Development Project through the international consultancy for industrial process design. Prof. Howell is presently the Professor of Biochemical Engineering in the University of Bath, UK and had held appointments in Canada, China and Malaysia.

    The scope of Prof. Howell's consultancy was to provide input to 'strengthen the ITI capacity in pilot scale separation techniques, with special emphasis on the pharmaceutical, pesticides, flavours and fragrances industry.' Initially he spent a week assessing the current pilot plant facilities at the ITI and the potential demand in the industrial sector, particularly the natural products and pharmaceutical sectors for such services. During this period several potential projects were identified. Following this assessment, process designs were prepared for a series of laboratory and pilot plants with information gathered from local sources and literature. Designs for use of modern technologies for flavour and fragrance extraction including a patentable new process for low temperature extraction were also provided, Prof. Howell also designed a neem oil extraction plant for manufacture of insecticidal formulations by upgrading and modifying the existing plant. Ms. Nalini Amarasinghe, Head of the Division was the counterpart from the ITI for the consultancy.


    World Bank launches Sri Lanka website

    The World Bank's Colombo office last week launched its external website 'The World Bank In Sri Lanka' to facilitate instant and round the clock access to information regarding the World Bank's operations in Sri Lanka.

    The site which can be accessed at http://www.worldbank.lk is designed to provide up-to-date information about World Bank-financed development projects in Sri Lanka, economic and sectoral reports, Sri Lanka's economic situation and prospects, and links to other development sites. The World Bank in Sri Lanka is coupled with the World Bank's main website, providing a wealth of information to journalists, researchers, academicians, students and anyone who is interested to know more about the World Bank.

    "This website is dedicated to providing up-to-date information on World Bank-assisted programs, data and publications relating to Sri Lanka. The website is part of the World Bank's broader efforts to make information about Bank-assisted programs widely available to the public and to share knowledge and stimulate debate about development issues in Sri Lanka and around the globe.

    "We invite your feedback and encourage you to visit the website regularly as we work to expand and improve it," said Dr. Mariana Todorova, Country Director, Sri Lanka, World Bank.


    BOI signs Rs. 3.3 bln investment projects

    The Board of Investment of Sri Lanka (BOI) last month signed 20 agreements worth Rs. 3.3 billion of which Rs. 1.4 billion is from foreign investors.

    The agreements in June included one with Prima Ceylon Ltd. (PCL). PCL has invested US$ 65 million to increase the paid-up capital from US$ 15 million to US$ 80 million for the conversion of its milling facility from BOT to BOI status.

    A BOI statement said three companies, Sofia Lanka Apparel (Pvt) Ltd, Lenia Aqua (Pvt) Ltd, Mode Apparels (Pvt) Ltd with investments of Rs. 35 million, Rs. 545 million. and Rs. 66 million, respectively will set-up manufacturing plants to stitch garments for export.

    Asia Pacific Golf Courses (Pvt) Ltd. will construct and operate a world-class, 18 hole golf course with an investment of Rs. 520 million. It would be constructed at Battaramulla.

    Ionosphere Lanka (Pvt) Ltd will establish a project to provide Internet services. Metric Products (Pvt) Ltd has obtained approval to manufacture garment accessories while Fantasia Elastics (Pvt) Ltd has signed an agreement to manufacture elastic and non-elastic narrow knitted and woven fabric.

    Two companies, Waste Management Industrial Washing Plant (Pvt) Ltd and Selnimi apparels (Pvt) Ltd have signed agreements to set up washing plants.

    Air Lanka Cargo Ltd has signed an agreement to operate an international cargo company.


    Sri Lanka - Poland business council AGM

    The inaugural annual general meeting of the Sri Lanka - Poland Business Council was held last week in Colombo under the guidance of Ken Balendra, Honorary Consul General of the Republic of Poland in Sri Lanka.

    In his opening address, the President of the Business Council, Mr. Ranel Wijesinha, recalled the memorandum of understanding that the government of Sri Lanka signed with the Polish government in 1999 in order to promote mutually beneficial business undertakings. He said there was a lot of potential for Sri Lankan exporters not only in traditional but other products as well.

    Mr. Balendra announced the forthcoming visit of a trade delegation and cultural troupe from Poland to Sri Lanka in September and said he hoped the Sri Lanka Poland Business Council will reciprocate with a similar visit to Poland in the near future.

    The following members were elected to the Executive Committee (2001/2002).

    President: Mr. Ranel T. Wijesinha (re-elected) - Pricewaterhouse Coopers.

    Co-vice Presidents : Capt. A. V. Rajendra (re-elected) - Ceylon Ocean Lines Ltd. Mr. Bramwell Smith - UNICEL Pvt Ltd.

    Committee: Mr. A. H. de Alwis - Tea Promotions Bureau. Mr. Neville Ranasooriya - Ceylon Tea Services Ltd. Mr. Chrisantha Perera - Forbes & Walker Ltd.

    Mrs. N. S. M. Samaratunge - Mackwoods Ltd. Mr. N. R. T. Fernando - Stassen Exports Ltd.

    Mr. Rohan Fernando - HVA Lanka Exports Pvt Ltd. Mr. Shamil Mendis - Delmege Forsyth & Co. Ltd.


    HSBC simplifies corporate payroll and payments

    HSBC has come up with another first in its wide range of services for corporate customers by introducing "Payroll Plus", a product that simplifies the payment of salaries and bonuses.

    A bank statement said that "Payroll Plus" is designed to simplify the cumbersome procedures involved in processing the staff salaries of corporate clients. Through this product all payment instructions are processed and delivered by HSBC's Global Electronic Banking System, Hexagon. The system permits a single debit to the corporate account held at HSBC and multiple credits to employee accounts maintained at any commercial bank. Once these transactions are completed funds will be made available in accounts by the third working day.

    Issuing cheques, cashier orders, or making payments through salary packets can now be avoided with "Payroll Plus" as all payments initiated through Hexagon are effected electronically and securely through the Central Bank of Sri Lanka.

    Thanks to this new service corporate customers no longer need to despatch payments manually through the postal services. Furthermore, regarding salary particulars, complete accuracy is guaranteed as the processing instructions are prompted by the HSBC Hexagon system itself, the statement said.


    Suntel reports rising revenues

    Suntel Ltd recorded revenues of Rs. 2,702 million for the six months to December 31, 2000, according to the year 2000 annual report.

    "This is a 48 percent increase in revenue over the previous year," a company spokesman said.

    The profit from operating activities as a percentage of turnover, has seen a significant increase from 3 percent in 1999 to 18 percent.

    But due to the sharp realignment of the rupee against the US dollar, the company experienced a loss in foreign exchange on its US dollar-denominated loan amounting to Rs. 425 million.

    This forex loss was the single largest factor for Suntel to record a bottom line loss of Rs. 249 million in 2000, the spokesman said.


    SMB new promotion scheme

    Seylan Merchant Bank Ltd (SMB) has launched a promotional campaign entitled 'Fortune 2001' designed to increase sales of leases, loans, and personal banking products, the company said.

    Fortune 2001, which began in June 2001 and will be concluded in December 2001, gives special prominence to investment opportunities for clients.

    The campaign involves adding substantial value to generic products such as leases and loans. Investors are provided with opportunities to win gold coins on a monthly basis at the head office of SMB and seven branches.


    Arrest trade imbalance now in Taiwan's favour

    Mr. Jim Ramanayake, newly elected President of the Sri Lanka-Taiwan Council, has urged the Sri Lankan government to establish diplomatic ties or a Trade Commission in Taiwan to rectify the trade balance which is heavily in favour of Taiwan.

    Taiwan is a highly developed nation, so much so that even China has welcomed Taiwanese to invest in their mainland due their open market policy now practised by China. "Therefore China cannot logically oppose the setting up of Trade Offices by Sri Lanka due to its new outlook on investments," he said addressing the 20th AGM of the council in Colombo last week.

    He said due to the lack of diplomatic ties, Taiwanese have to obtain their visas in Singapore, Bangkok or Hong Kong and even when they arrive with proper documentation, immigration officials at Katunayake are in the habit of harassing them and delaying their entry.

    This has become a deterrent to Taiwanese investors visiting Sri Lanka.


    Sri Lankan accountant on international body

    Mr. Reyaz Mihular, Chairman of the Accounting Standards Committee of Sri Lanka and a partner of KPMG Ford Rhodes Thornton, was recently appointed to the Standards Advisory Council (SAC) of the newly established International Accounting Standards Board for a three-year term.

    The members of the SAC will advise the International Accounting Standards Board on priorities in setting standards. It will also inform the Board of implications of proposed standards for users and producers of financial accounts. The trustees of the International Accounting Standards Committee Foundation who appointed Mr. Mihular received nominations from 175 individuals in 40 countries.

    The members of the SAC are drawn from six continents, 29 countries and five international organisations. Its 49-member body includes chief financial and accounting officers, leading financial analysts, academics, regulators, accounting standard setters and partners from leading accounting firms. Additionally the European Commission, the US Securities and Exchange Commission and Financial Services Agency of Japan will participate as observers.


    Montreal meeting to tighten ban on local refrigeration industry

    By Ashwin Hemmanthagama

    The 13th meeting of Parties of the Montreal Protocol will be held in Colombo in October this year. The Protocol requires all parties to ban exports and imports of controlled substances from and to non-parties. The said ban will have a direct impact on the local refrigeration industry as most of the refrigerators in households still work with substances that deplete the ozone layer.

    The Montreal Protocol on substances that deplete the ozone layer came into force in 1987 and was designed so that the non-use of these substances could be phased out according to schedules. To-date 175 countries have signed the Montreal Protocol.

    Sri Lanka ratified the Vienna Convention for the Protection of the Ozone Layer and the Montreal Protocol on substances that deplete the ozone layer in 1989. The government proposes to phase-out consumption of ozone depleting substances by the year 2005.

    The action plan includes the development of procedures of importation of ozone depleting substances, a system to monitor consumption of ozone depleting substances, institutional strengthening and enhancement of public awareness.

    In 1974, scientists identified the cause for the depletion of the ozone layer as the excessive emission of chlorofluorocarbons (CFCs). Chlorofluorocarbons are non-toxic, non-flammable chemicals containing atoms of carbon, chlorine, and fluorine.

    They are used in the manufacture of aerosol sprays, blowing agents for foams and packing materials, as solvents and as refrigerants. CFCs are classified as solvents, and halogen atoms. Refrigerators in the late 1800s and early 1900s used these toxic gases, ammonia, methyl chloride, and sulfur dioxide as refrigerants. After a series of fatal accidents in the 1920s when methyl chloride leaked out of refrigerators, a search for a less toxic substance began.

    As a result CFC-11 and CFC-12 were found as safest non-toxic coolants in refrigerators and other cooling systems. After World War II, CFCs were used as propellants for bug sprays, paints, hair conditioners, and other health care products.

    During the late 1950s and early 1960s, the CFCs were used in air-conditioning in many automobiles, homes and office buildings. Later, the growth in CFC use took off worldwide with one million metric tons of CFCs being produced.

    While CFCs are safe to use in most applications, they do undergo significant reactions in the upper atmosphere or stratosphere. In 1974, scientists showed that the CFCs could be a major source of inorganic chlorine in the stratosphere following their photolytic decomposition by UV radiation.

    In addition, some of the released chlorine would become active in destroying ozone in the stratosphere. Ozone is a trace gas located primarily in the stratosphere. Ozone absorbs harmful ultraviolet radiation, which can cause biological damage in plants, and animals. A loss of stratospheric ozone results in more harmful UV-B radiation reaching earth's surface.

    In 1987, 27 nations signed a global environmental treaty, the Montreal Protocol to reduce substances that deplete the ozone layer, that provides for reducing 1986 production levels of these compounds by 50 percent before end 2000. This international agreement included restrictions on production of CFC-11, -12, -113, -114, -115, and the Halons (chemicals used as a fire extinguishing agent).

    An amendment approved in London in 1990 was more forceful and called for the elimination of production by the year 2000. The chlorinated solvents, methyl chloroform, and carbon tetrachloride were added to the London amendment.

    The only exceptions approved were for production within developing countries and for some exempted applications in medicine (i.e., asthma inhalators) and research.

    The use of the CFCs, some chlorinated solvents, and Halons should become obsolete in the next decade if the Montreal Protocol is observed by all parties and substitutes are used.

    The Intergovernmental negotiation for an agreement to prevent further depletion of the ozone layer began in 1981. In 1985, the Vienna Convention for the Protection of the Ozone layer was adopted. The Vienna Convention encourages intergovernmental cooperation on research, systematic observation of he ozone layer, monitoring of CFC production and the exchange of information. The Convention commits its parties to take general measurements to protect human health and the environment, against human activities that modify the ozone layer.

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