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Sri Lanka power demand slowing: expert
Aug 16, 2008 (LBO) – Sri Lanka faces no immediate threat of blackouts with growth in demand for electricity slowing down as industries grapple with the highest power costs in Asia, an energy expert said. “The slowdown in demand for electricity is coming mainly from industry. Last year industry reported zero growth in electricity consumption.” […]
Former Siemens management lax on anti-corruption: report
BERLIN, August 16, 2008 (AFP) – German engineering giant Siemens ignored its own anti-corruption procedures in a slush fund scandal that has brought down a number of former group executives, Spiegel magazine said.“Netzwerk-compliance,” a network comprising more than 400 businesses created to secure good company governance, identified “considerable structural shortcomings” in Siemens’ anti-corruption rules, according […]
Shapeways lets Internet users manufacture goods
SAN FRANCISCO, August 16, 2008 (AFP) – In a step toward the type of future pictured in the hit film “Iron Man,” a firm in the Netherlands is letting people fabricate items designed in three-dimensions on the Internet.Shapeways chief executive Peter Weijmarshausen depicts the “rapid manufacture” service launched online this week as a natural extension […]
Philippine outsourcing industry needs extra 420,000 workers by 2010
MANILA, August 16, 2008 (AFP) – The Philippine outsourcing industry will need an extra 420,000 workers within the next two years as it bids to become one of the world’s leading outsourcing centres, business leaders said Friday. The industry is targetting annual revenues of 12-13 billion dollars by 2010, Business Processing Association of the Philippines […]
India pin hopes on fresh legs in Sri Lanka one-dayers
DAMBULLA, August 16, 2008 (AFP) – India open a five-match one-day series against Sri Lanka here on Monday hoping to erase unhappy memories of their last encounter. Sri Lanka dashed India’s hopes of winning a major title in the sub-continent in their previous one-day international, winning the Asia Cup final by a comfortable 100-run margin […]
Hub Race
Aug 15, 2008 (LBO) – Sri Lanka’s hub port of Colombo is facing growing competition from other harbours in the region which are being built up to grab a bigger share of India’s increasing trade, industry officials said. The latest threat comes from the south Indian port of Chennai which has just called for fresh […]
Extended Deadline
Aug 15, 2008 (LBO) – Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said.The direction gives effect to a Supreme Court ruling made in July 2008 against a […]
Sri Lankan low grown tea prices on the decline
Aug 15, 2008 (LBO) – Prices of Sri Lankan low grown teas, which make up more than half the crop, fell for the third week running at this week’s Colombo auctions, brokers said. However, high grown teas produced by the listed plantations companies, stayed firm as erratic weather created fears of tight supply. The brokers […]
Sri Lanka tea exporters bank on variety, health benefits
Aug 15, 2008 (LBO) – Sri Lanka’s tea exporters expect to earn about 1.8 billion dollars this year with the wide variety of teas offered and growing awareness of tea’s health benefits expected to keep the market strong. “Sri Lanka has the widest variety of grades and the widest variety of tastes,” said Perera. “Kenya […]
Sri Lanka Eagle Insurance June quarter profit falls
Aug 15, 2008 (LBO) – Sri Lanka’s Eagle Insurance group June quarter net profit fell by almost half compared with the same period a year ago, according to interim results released by the firm. Eagle’s second quarter net profit was down 46 percent to 27 million rupees with profits for the first half also down […]