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Exporters
say de-politicise state institutions "It is
a fundamental requirement to de-politicised and remove all red tape
of the state sector for a country to achieve steady economic growth
given the present peace process," EASL Chairman A.S.M. Muzzammil
told the association's recent annual general meeting where the IMF's
outgoing Senior Representative, Dr. Nadeem Ul Haque was the chief
guest. He said the
cessation of hostilities between the government and the LTTE has
been able to build up the confidence of the business community paving
the way for an improved business climate particularly in the export
sector. "As far
as exporters are concerned there is an urgent need to respond effectively
to the changing scenario in the world market. This is dependant
on both the efficiencies of the individual companies and also on
the competitiveness of the Sri Lankan economy vis-a-vis our competing
countries," he added. Dr. Haque said the role of the IMF is not to bully any country into reforms but share knowledge which the IMF has acquired over the last five decades as an international lending organisation. He also stressed that these ideas and knowledge make the government efficient. (HS) Mahapola
in Divulapitiya Commerce and
Consumer Affairs Minister Ravi Karunanayake will open the event.
According to Mahapola Trust Fund sources more than 100 trade stalls
will be set up by the private sector while a number of government
institutions have also decided to set up exhibition stalls. Among
them are the Archaeological Department, Cultural Triangle, Central
Bank, Sri Lanka Police Department, Labour Department and the National
Museum. An education programme titled "Nanasara" for the benefit of schoolchildren has also been organised on August 16. Bodyline
CEO receives "best CEO's" award He received
this award from Minister of Employment and Labour Mahinda Samarasinghe
at a ceremony in Colombo last week. Ranasinghe
is the architect behind the success story of Bodyline where he led
the team and has now become a "Change Champion" for all
productivity and continuous improvement projects that have been
initiated at Bodyline. As a result of these initiatives and commitment,
Bodyline has been acclaimed both internationally as well as locally,
and some of the awards received for its achievements are standard
of excellence from Victoria's' Secret, Takiri Akimoto for 5S, national
productivity, national quality, most energy efficient plant and
extra large category industry sector, from the National Chamber
of Exporters. He was also
awarded the Gold 'Team Award' for his contribution towards the success
of Bodyline by MAST Industries Inc, one of Bodyline's joint venture
partners. Ranasinghe started his career at MAS Holdings in 1990 as a Management Accountant and was seconded to Bodyline (Pvt) Ltd at its inception in 1992 as the Financial Controller. Going up the corporate ladder, Ranasinghe is now a member of the Corporate Executive Council which is the governing body of MAS Holdings. EDB's
6th exporters forum on Aug 12 Around 35 exporters,
importers, suppliers and other relevant organisations have submitted
their problems among which is a request by fruits and vegetable
exporters to reduce the number of checkpoints between the Airport
Authority and Customs and the removal of freight security of $ 10
cents on the export of flowers to Amsterdam. Other issues include difficulties faced by an exporter of value added palmyrah products made out of imported palmyrah leaves from India and the problems of EU specifications affecting the export of malted milk and the problem of competition faced by shoe exporters in the face of low priced imported shoes. Letter Interest on
NRFC Fixed Deposits for 3/6 months is calculated by dividing the
interest rate by 365 days x 90/180 days with the bank gaining an
undue advantage of five days per year over their customers. A few
years back the calculations were done by dividing the interest rate
by four (quarters) into one or two being 90/180 days. This did not
deprive the customers their dues. Why did the bank change this method
of calculation? Isn't it to gain an unfair advantage in a subtle
way? A simple example
would show how this advantage is gained by the bank. A fixed deposit
of $ 25,000 at 3% p.a. for six months worked out on the four quarter
basis will earn an interest of $ 375. When it is
worked out on the basis of dividing by 365 days into 180 days which
the bank adopts at present it will result in an interest of only
$ 369.86 thereby the customer incurs a loss of $ 5.14. The losses
are mostly suffered by those employed in the Middle East who remit
valuable foreign exchange into the country. It's not surprising
then that the bankers to the nation rake in enormous profits at
the expense of depositors. |
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