Author: lbostgadmin
Milestone Machine
Jan 02, 2012 (LBO) – Sri Lanka’s Commercial Bank has connected its 500th automated teller machine as it rapidly expands its network, adding 100 terminals in the past five months or at a rate of 20 a month on average. The newest ATM was opened at Maradana Railway Station in Colombo, under a bank project […]
Sri Lanka stocks up slightly
Jan 02, 2012 (LBO) – Sri Lankan stocks were barely changed Monday with a deal in a bank in which foreigners have been selling out propping up turnover, brokers said. York Arcade Holdings was the most actively traded stock, closing at 30.40 rupees, up 5.20 with 840,700 shares done. Transactions in Hayleys also added to […]
Sales growth of 6,500 Indian firms drop to 20% in Jul-Sept
NEW DELHI, (Asia Pulse) – The sales growth of about 6,500 Indian companies declined by 7 percentage points to 20 per cent in the July-September quarter compared to the previous quarter, a study by Assocham has said. “With rising interest rates, the cost of borrowing has increased, investments have dried up and profit margins have […]
Sri Lanka electronic visa system starts
Jan 01, 2012 (LBO) – Sri Lanka has ended a free visa on arrival scheme from today with an electronic authorization system coming online, but anyone who arrives without an e-visa will be able to buy one for 50 dollars, a media report. Sri Lanka gave free visa on arrival to a number of countries […]
’13
NEW DELHI, (Asia Pulse) – The Indian auto industry may continue to face tough times till the first quarter of 2012-13 as firms are expected to hike car prices by up to 10 per cent, resulting in reduced demand, a study has said. “The hike in car prices would mainly be driven by high interest […]
Sri Lanka to get US800mn tourism project from South Africa: report
Dec 31, 2011 (LBO) – South Africa’s Sun City gaming and resort group will invest 800 million dollars in the biggest ever leisure development in Katana, north of the capital Colombo the island, a media report said. “Sun City of South Africa is now going to make an 0 million investment in a 200-acre private […]
Sri Lanka December inflation rises to 4.9-pct
Dec 30, 2011 (LBO) – Sri Lanka’s inflation rose to 4.9 percent in December 2011 from a year ago, going up from 4. 7 percent in November 2011, the state statistics office said. Annual average inflation for 2011 was 6. 7 percent compared with 6.2 percent the year before, according to a 12-month moving average. […]
Sri Lanka must restore rule of law, says human rights body
Dec 30, 2011 (LBO) – Sri Lanka needs to restore the rule of law and change its constitution that concentres too much power in the executive president who wields too much control over its citizens, the Asian Human Rights Commission said. “All Sri Lankans will wish that the coming year will not be like the […]
‘s Sebi bars 7 companies from capital market
MUMBAI, Dec 30 (Asia Pulse) – India’s market regulator Sebi has barred several companies, their directors, merchant bankers and other related entities from participating in the securities market till further order for violating IPO norms. The merchant bankers who have been prohibited from participating securities market, include “PNB Investment Services, the book running lead manager […]
Knowledge Export
Dec 30, 2011 (LBO) – Sri Lanka’s information communications technology (ICT) industry is focusing more on value added software products and knowledge services where profits are higher, officials said. Over half the firms in the sector are building and exporting software products rather than providing services such as low-end call centres, they said. The services […]
Sri Lanka expects US$850mn from tourism in 2011
Dec 30, 2011 (LBO) – Sri Lanka expects to earn 850 million US dollars from tourists in 2011 with annual arrivals expected to reach 830,000 an increase of 26 percent from a year earlier and the industry targeted a billion dollars next year, officials said. But an electronic visa process, which is promised to be […]
Director Stakes
Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]