Author: lbostgadmin
Sri Lanka mulls wage limits, industry forum
Oct 21, 2011 (LBO) – Sri Lanka is considering setting a minimum domestic wage and maximum expatriate wage for industries and also creating a forum for industrialists to air their grievances. The proposals were revealed at a meeting with industrialists held organised by the ministry of industry & commerce as part of consultations in preparation […]
Sri Lanka disclosure rules help propel rise in business ranking
Oct 21, 2011 (LBO) – Tighter corporate disclosure rules helped propel Sri Lanka up the ease of doing business rankings, moving it closer to the target ranking of 30, a regulator said. According to the ‘Doing Business Ranking’ computed by the World Bank Group, Sri Lanka was ranked 89 of 183 countries in 2012, a […]
Sri Lanka to improve local government taxation, licensing
Oct 21, 2011 (LBO) – The Asian Development Bank has given Sri Lanka a 59 million US dollar loan to ensure balanced regional development that includes modernising local government taxation, licensing, and approval rules. The ‘Pura Neguma’ Local Government Enhancement Project to be implemented with ADB loan funds is scheduled to be completed by June […]
Atapattu confident Sri Lanka can save Test
ABU DHABI, October 20, 2011 (AFP) – Sri Lanka batting coach Marvan Atapattu insisted on Thursday that his team can save the first Test, despite being punished by a rampant Pakistan batting line-up. Atapattu said the pitch was not conducive for batting initially after Pakistan captain Misbah-ul Haq put them in. “The outfield is not […]
Sri Lanka flight academy opens with simulator
Oct 21, 2011 (LBO) – State-run Sri Lankan Airlines has opened a flight academy commissioning its first Dutch built flight simulator for Airbus A320 aircraft as it ramps up activity as part of the island’s ambitions to become a regional aviation hub. It already has an engineering unit that is attracting third party work. “Today, […]
Fashion Statement
Oct 21, 2011 (LBO) – Sri Lankan fashion retailer Odel’s group net profit for the six months to September 30, 2011 rose 21 percent to 122 million rupees from a year ago driven by higher sales from existing stores and new ones. A note to the accounts said Otone (Pvt) Ltd, a fully owned subsidiary […]
Cash Track
Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]
Bank Expansion
Oct, 21, 2011 (LBO) – India’s Axis Bank has opened a branch in Sri Lanka’s capital Colombo eying the island’s growing trade and domestic financing business, the lender said. The Colombo branch was opened by Sri Lanka’s central bank governor Nivard Cabraal, the banks said. Axis Bank had 1,456 branches across India in 953 cities […]
Sri Lanka stocks end up 1.2-pct
Oct 21, 2011 (LBO) – Sri Lankan stocks closed higher in thin trade Friday, ending a slide of several days, amid speculation over the removal of a senior official in the markets regulator which has cracked down on manipulators, brokers said. The sole crossing or off-market private deal was 300,000 Commercial Bank non-voting shares at […]
Sri Lanka moves up in doing business ranking: World Bank, IFC
Oct 20, 2011 (LBO) – Sri Lanka has become an easier place to do business rising nine places to 89 over the past year in a global ‘doing business’ ranking published by the World Bank and International Finance Corporation. “…Sri Lanka implemented the most reforms of any of the eight economies in South Asia, helping […]
Some economists push Fed to target nominal GDP
WASHINGTON, October 20, 2011 (AFP) – Frustrated by the moribund US recovery, a growing number of economists are pushing the Federal Reserve to adopt an explicit growth target, the most radical shift in central bank strategy in decades. In the world of economics an insurgency is raging amid worries that the Fed’s multi-trillion-dollar efforts to […]
Sri Lanka to buy UK steel bridges with HSBC finance
Oct 20, 2011 (LBO) – Sri Lanka will buy 210 steel bridges from UK’s for 35 million sterling pounds with financing from HSBC and state-run People’s Bank, minister Keheliya Rambukwelle said. The cabinet of ministers had approved the financing of the deal with 28. 22 million Sterling pounds from HSBC and 6.779 million pounds from […]