China uncovers fake trades
China has uncovered $10 billion (£6.1 billion) worth of fake trades
as part of a nationwide crackdown on companies. The currency regulator
said 15 fraud cases had been handed over to the police for prosecution.
Companies sometimes falsify transactions to get money in and out of
"Fake trade deals can do severe harm to the overalleconomy," said
Deputy Head of the State Administration of Foreign Exchange (SAFE),Wu
"They not only increase the pressure of hot money inflows,but also
provide illegal channels for cross-border capital flows," he said. - BBC
EDB lead mission to Indonesia
The Ceylon Chamber of Commerce and the Export Development Board of
Sri Lanka are making arrangements to lead a business delegation to
Indonesia, to explore, trade, investment and tourism opportunities in
The Joint Business Promotion Mission to Indonesia will take place
from October 7-11, which coincides with the Sri Lanka-Indonesia Joint
Economic Commission meeting to be held in Jakarta.
The members of the delegation are also expected to attend the Sri
Lanka-Indonesia Business Forum to be held on October 9, which will see a
large number of Indonesian businessmen taking part.
SEC revises unit trust rules
The managing companies and trustees of unit trusts should maintain a
minimum of fifty unit holders for each fund at all times, the Sri Lanka
Security Exchange Commission (SEC) said in a media release.
This decision was taken at its 345th meeting recently. Accordingly,
managing companies and trustees of unit trusts have been directed to
obtain a minimum 50 unit holders during an Initial Public Offer (IPO)
and where the said minimum number is not met to refund the money
collected at the close of the IPO.
'GIC performs remarkable service'
The Government Information Centre (GIC) number, 1919 is popular and
has come of age, said Telecommunication and Information Technology
Minister Ranjith Siyambalapitiya at a media briefing organised by the
ICT Agency at the Sri Lanka Telecom head office at Lotus Road, Colombo
When anyone wants information about a service that has to be obtained
from the public sector, automatically his or her mind goes to the 1919