|
|
 |
 |
| Sunday, 4 July 2004 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
RPCL sets up new plastic project Richard Pieris and Company Ltd (RPCL) has invested Rs 40 million in a major a state of the art rotational moulded plastic manufacturing plant,recently. This plant based in Mattegoda, is an extension to the current rigid polystyrene factory already there , RPCL Director Pravir Samarasinghe, said. That this 50000 square foot plant is capable of manufacturing water tanks and large moulded plastic products to cater to the local market in a big way . Samarasinghe said that all machines installed up at the factory are versatile, with Italian technology that could manufacture new type of products to the local market. Currently,the factory has 100 employees both in the plastic shell plant and in the rigid polystyrene plant, he said.(HHS) Credit card misusers on Pyramid Central Bank has instructed the bankers to investigate and take necessary action against the bank officials who have been involved in promoting the quick money making pyramid schemes. Deputy Governor Mr. Wijewardane said that it is reported that many officers in the private and state banks are involved in promoting these quick money gambles. Exchange controller H.A.G. Hettiarachchi said credit card holders who used their credit facilities in payments on behalf of a third party are violating credit card regulation as well as section 5 of the Exchange Control Act (ECA) by selling of exchange. From January to April around 4000 such transaction have been reported and it is estimated that more than 7 million US dollars have gone out of the country. Central Bank expects relevant banks would take necessary action against the card holders who violated the rules of the credit cards. Exchange controller emphasised that he will take legal action against violation of the ECA. Persons who violate the act can be fined a penalty up to three times of the transaction. Dollar will stabilise at Rs.101-102 - CBSL Central Bank (CB) hopes the value of the dollar will stabilise between Rs.101-102. CB said it will not reach Rs.103. Dollars are coming in to the market, crude oil prices are also on the decline and economic fundamentals are strong and therefore there is no reason to expect further weakening of the rupee said CB. CB said the Bank will not intervene in the market to maintain the exchange rate at a particular level. Bank will only intervene to prevent any adverse volatility of the exchange rate. Illegal land transactions halted Cabinet has decided to stop all illegal land transactions, under the Janatha Estate development Board, State Plantation Corporation, Urban Development Authority and the Land reform Commission during the period January 2003 to March 31 2004. Accordingly the land which have been sold will be taken over by the Government while lands in the process of being handed over will be stopped. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
