Category: Industry
IT Global
Sri Lankas IT industry is surging ahead and on Tuesday another key player launched operations in Colombo, adding one more link to the backward integration chain.Sri Lankas computer market is estimated at 150,000 PCs a year and is growing at around 19 percent every year.rn rnHigher priced branded computers make up nearly 30 percent of […]
Line Master
Delays in appointing a Commission to the telecom watchdog is holding up Suntels next phase of network expansion. Costs per line are estimated to tumble down to about US$ 200 from the above US$ 1000 levels currently, with the new network expansion.rn rnSuntel could also tap the market for funds to foot its network expansion […]
Disclosure Regulation
A former securities regulator is calling on authorities to mount a public education campaign to increase awareness about pyramid schemes.Central Bank has already drafted some legislation to combat pyramiding as part of their come in their upcoming Banking Act, but there is no sign that the parliament will pass it any time soon.rn rnldblquote Even […]
Catching The Bus
Sri Lankas mass transport system driven by private and public busses and vans are a public menace killing around 500 people on average every year.rn rnThe quality of service is also appalling overcrowding, arbitrary pricing and sudden changes of routes and strikes.rn rnThe action plan for land transport that was approved by Cabinet last Thursday […]
Customs Fraud
The Customs Department investigators are probing whether Gold Quest customers defrauded the state of revenue, by undervalueing imported Gold coins to the country.GoldQuest customers or Tracking Centre Owners, paid only Rs. 3,000 in duty and taxes for the Rs. 80,000 plus priced gold coins purchased from the companys website.rn rnThe coins are cleared by a […]
Gaol Quest
Customers of Gold Quest, who were hoping to gain total financial freedom within three years by joining the firms controversial lquote binary compensation plan, may now have to spend up to five years in jail for foreign exchange fraud.Authorities have started gathering data on Gold Quests Tracking Center Owners (TCOs) who fraudulently used credit cards […]
Curious Courier
DHL said they would upgrade supply chain management in the Asia Pacific region to better service the garment trade.Guaranteed quotas for garment exports are due to expire at the end of the year and DHL says garment manufacturers will have to rely on faster delivery times to be competitive.rn rnApparels already account for around 50 […]
Up on a Hill
Hunas Falls is dressing up its hill country hotel, to get a booking in the Small Luxury Hotels of the world catalogue. The Jetwing managed hotel is spending some Rs.25 mn of the Hunas Falls internal funds to upgrade and expand 20 of its 31 rooms to mini-suites.rn rnAlong with the standard features added with […]
Dollar Challenge
Sri Lanka has been asked to submit its proposal promoting economic growth to draw down funds from the Millennium Challenge Corp.s (MCC) billion-dollar kitty.The MCC is a U.S. Government corporation created in January, to work with developing countries by providing grants through the Millennium Challenge Account (MCA).rn rnSri Lanka is one of the 16 countries […]
Globe Trotting
The prospect of joining U.N. peacekeepingrnmissions has prompted more people to join Sri Lankas army, which has beenrnsuffering from a troop shortage, military officials said Friday.rnAfter two decades of brutal civil war, this countrys army has beenrnplagued by desertions. Officials have struggled to get recruits for thernforce, which is supposed to have 100,000 members.rn rn […]
Lost Kitty
Sri Lanka Telecom (SLT) says it has just plugged in a Rs. 60 mn revenue seepage, which was discovered after its new US$ 20 mn billing system kicked in.The telecom giant says around four million minutes of international inpayment calls were not billed, while nearly 3,000 customers were not sent invoices.rn rnLucky subscribers who got […]
Fairy Godmother
The Treasury is considering the possibility of taking on the cost of thermal electricity generation to ease the CEBs cash crunch.CEB sources say the Treasury is now considering, among other measures, the feasibility of taking on the cost of thermal electricity generation to ease the CEBs financial difficulties.rn rnldblquote This cost will be treated like […]