Category: Other
Bond Worrys
Sri Lankas commercial banks are in for a rough ride this year with the bond markets falling on top of increased taxes.The banking sectors 2004 first quarter interim results saw commercial banks significantly under-performing the broader market.rn rnSector profits fell over 30 percent year on year and share prices fell on average by 30.8 percent […]
Warning Bells
The Securities watchdog on Wednesday threatened legal action against members firms who promote pyramid schemes as potential investments.The watchdog says it does not sanction or approve promotion of investments/participation in pyramid schemes or schemes of similar nature, by any firm or person licensed, registered or regulated by the Securities & Exchange Commission (SEC).rn rnldblquote The […]
Pyramid Warning
The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. The Central Bank on Thursday warned public against gambling on get-rich- quick referral schemes that promise unusually high returns. Responding questions at a media conference regarding Central Bank’s stance on the proliferation of get-rich-quick schemes in […]
Cleaner Alternatives
Natural gas, a fossil fuel sold on its environmental friendliness, is available in large quantities and burns cleanly. Its problem is often its distance from the market, so that gas-processing technology is dominated by the need to prepare it for long distance transportation, either in pipelines or by ship as a liquid.rn rnOnce pumped out […]
New Probe
Customs is investigating how GoldQuest Tracking Centre Owners (TCOs), who popularise the scheme, paid only Rs. 3,000 in taxes and duty for the Rs.80,000 plus priced gold coins purchased from the companys website.rn rnThe inquiry has found that some consignments were cleared on an endorsement from the Department of Import and Export Control.rn rnPreviously, a […]
Pyramid Promise
Finance Ministry says it will try to expedite anti-pyramiding legislation drafted by the Central Bank, through parliament.Finance Ministry says it will try to expedite anti-pyramiding legislation drafted by the Central Bank, through parliament. “I am looking at the draft legislation and will take some action soon,” Finance Minister Sarath Amunugama told The Sunday Times FT […]
Red Alert
Sri Lankas police and customs have been ordered to seize Buddha Bar music and bikinis with Buddha images, officials said Thursday.rnState Attorney Nihal Jayawardene asked for strict enforcement of laws that prohibit the commercial use of religious symbols and said Buddha Bar music and the bikinis would fall under the measures.rn rn His order was […]
Model Pyramid
Sri Lankans who get into pyramid schemes simply because they are lquote not illegal would find themselves in a legal vacuum with no help from the system, a top legal luminary points out.One of Sri Lankas top lawyers and a former head of the Securities and Exchange Commission, Arittha Wickremanayake says authorities should speed up […]
Dressing Down
A restaurant in Sri Lanka which served a vegetable roll with a cotton dressing for a wound was fined Rs. 5,000 and warned to improve its hygiene, a press report said Friday.The magistrate in the southern town of Matara slapped the fine on the restaurant owner after a customer complained of discovering the offending dressing, […]
Illiterate Cop
Sri Lankas Supreme Court is to investigate a complaint from a man of the tiny indigenous community that police violated his rights by stopping him from using his native language, officials said Friday.Uruwarige Kekula said a police officer had threatened him with physical violence unless he spoke the islands majority Sinhalese language instead of his […]
Flash Dance
A Sri Lankan convict who joined his prisons dance troupe escaped when his jailers took him to perform at a Buddhist temple, an official said Friday.The prisoner, serving a four-year jail term for robbery, vanished when he was brought from the main prison in the central town of Kandy three days ago for the temple […]
Tea Shop
In search of new growth for its stunted tea export industry, India is cultivating plans to set up an auction centre in Dubai.Indian Tea Association Chairman C.K. Dhanuka was quoted saying that a separate auction centre in Dubai would be a shot in the arm for the ailing tea industry, whose exports fell from 201,010 […]