New Companies Act: time wanted for restructuring
Experts welcome the New Companies Act but
emphasised companies need more time to restructure and reorganise
themselves to adapt to the new Act, which will be coming into effect
in April.
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700,000 illegal phones in market
Around 700,000 illegal phones enter the Sri
Lankan market annually, Chairman, Softlogic Ashok Pathirage said.
“According to company statistics the requirement of the market is
1.2 million brand new hand sets but only 500,000 reach the country
legally. Government is losing around Rs. 500 million in revenue per
year,” he said.
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Private sector, services to play major role in Lanka’s growth -ADB
The Sri Lanka economy grew by 7.2% last year, at
its fastest rate since 1978, according to the Asian Development
Outlook (ADO) 2007. The report released in Tokyo said this was
fuelled by private sector growth and expansionary macroeconomic
policies.
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