Author: lbostgadmin
Language Space
July 13, 2011 (LBO) – A view that Sri Lanka’s information technology and business process outsourcing industry needs only workers who are fluent in English is a “fallacy” the head of a firm catering to the European market said. Mano Sekeram, chief executive of Eurocentre, a software engineering firm said, in most countries with which […]
‘s low productivity seen eroding tea competitiveness
July 13, 2011 (LBO) – Labour productivity on Sri Lankan tea estates has to be improved if regional plantations companies are to survive and afford wage hikes in future, industry officials said. Lalith Obeysekere, chairman of the Planters’ Association which represents regional tea plantations companies, said the island’s tea estates had higher production costs and […]
Sri Lanka tourist arrivals up 20-pct in June: data
July 13, 2011 (LBO) – Tourist arrivals to Sri Lanka rose 19.9 percent in June to 53,636 with the Middle East and Asia driving growth and Western Europe flattening, data from the tourism promotion office showed. Visitors from South Asia rose 22.1 percent to 18,431 with India rising 12,927 and Maldives rising 12. 8 percent […]
Customs Inspection
July 13, 2011 (LBO) – Sri Lanka’s Customs department plans to speed up cargo clearance by automating documentation and introducing systems to screen only high and medium-risk shipments, an official said. Under the new system, when customs is ready to release cargo the department will notify the port authorities electronically so they can release the […]
Sri Lanka war-torn north shows highest economic growth: CB
July 12, 2011 (LBO) – Sri Lanka’s northern province, which had been badly hit by war, had the highest rate of economic growth in 2010 as a post-war rebound continued, the central said. The north’s gross domestic product grew 22.0 percent last year, the bank said in an analysis of provincial GDP. The eastern province, […]
Oil Case
July 12, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has been asked to pay 162 million dollars to Standard Chartered Bank over oil derivatives it stopped payment on in 2008, according to a judgment by a London court. Extracts from the judgment: SCB Case ¢ SCB’s case is straightforward: it is entitled to […]
Oil Transfer
LONDON, July 12, 2011 (AFP) – British oil explorer Cairn Energy on Tuesday announced that it had sold 10 percent of its Indian unit to Vedanta Resources for a net cash sum of . 362 billion (978 million euros). India had last month given conditional clearance to the sale of Cairn Energy’s Indian oilfields to […]
Sri Lanka promises no power cuts but utility losses up
July 12, 2011 (LBO) – Sri Lanka will not impose power cuts although hydro-power reservoirs have run dry owing to drought but losses in the state utility will rise as it relies more on high-cost thermal power plants. Power minister Patali Champika Ranawaka said power generation capacity in hydro-power reservoirs had fallen to 29 percent […]
Sri Lanka Softlogic to buy insurer
July 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group is buying a 73. 5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, the company said in a stock exchange filing. Softlogic Holding group will buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries […]
Port Closed
WELLINGTON, July 11, 2011 (AFP) – New Zealand has refused entry to a boat load of Sri Lankan asylum seekers, saying it would only open the door to “millions of others” and reward people smugglers. A boat containing about 85 Sri Lankans who said they were heading to New Zealand was detained in Indonesian waters […]
Sri Lanka agro chemical firms forecast pesticide shortfalls
July 12, 2011 (LBO) – A group of agro firms have warned that Sri Lanka may run short of pesticides for the next growing season unless a controversy over the presence of arsenic is resolved quickly with independent testing. ‘Croplife Sri Lanka’ an industry grouping representing 26 agro chemical firms said arsenic is not an […]
Cruise Call
July 12, 2011 (LBO) – A cruise liner service between India and Sri Lanka that was to start in early July 2011 has been delayed as government approvals are being awaited, an official said. Ceyline has tied up with Chennai-based AMET Shipping to operate a cruise ship between Chennai and Trincomalee that was also to […]