Author: lbostgadmin
In a first, Boeing says it has flown a hydrogen-battery plane
OCANA, Spain, April 3, 2008 (AFP) – US aircraft maker Boeing flew a plane earlier this year that was powered by a hydrogen battery in a first for the aviation industry that could herald a greener future, senior company officials said in Spain on Thursday. But the company said that although hydrogen fuel cells could […]
Sri Lanka pushes Myanmar, Pakistan, India to crack rice export curbs
April 03, 2008 (LBO) – Sri Lanka is in talks to relax rice export curbs in at least three countries so that cheaper imports could lower the price of the staple commodity ahead of a local festival, a senior minister said. Trade minister Bandula Gunewardene said Sri Lanka has had discussions with Myanmar, Pakistan and […]
‘s MAS fabric park signs up renewable power
April 03, 2008 (LBO) – Sri Lankan apparel exporter MAS Holdings has signed up with a hydro power firm to buy electricity for an eco-friendly plant in a bid to reduce fossil fuel based energy use, an official said. . Under a five year deal, Nilwalabase Hydro Power Limited will supply between 2.5 to 4.0 […]
Emirates starts flying first class to Sri Lanka
April 03, 2008 (LBO) – Emirates airlines said it had started first class services to Sri Lanka on selected flights after it started operating new Boeing 777 aircraft on the Dubai-Colombo run from March 31. On Mondays and Thursdays the airline will make available up to 14 first class seats. “The return of First Class […]
Shanghai Profits
April 03, 2008 (LBO) –Hong Kong Shanghai Bank Corporation’s Sri Lanka branch reported sharply lower profits for 2007 largely owing to losses from foreign exchange transactions while bad loans are on the rise. The bank’s profit for 2007 fell 36.63 percent to 1.57 billion rupees, according to published annual accounts. Interest income, however, increased by […]
Life Market
April 03, 2008 (LBO) – Sri Lanka’s Sampath Bank launched a life insurance policy scheme for its customers Thursday in a tie-up with Eagle Insurance, saying it wants to further diversify its financial services. The bank, which has already diversified into leasing and stock brokering and general insurance, said its entry into life insurance will […]
Sri Lanka stocks close flat, telecom interest continues
April 03, 2008 (LBO) – Sri Lanka stocks closed flat while continued interest in Sri Lanka Telecom propped up turnover Thursday.The stock market’s All Share Index closed flat at 2,629.50 points while the more liquid Milanka Index closed 0.15 percent (4.99 points) lower at 3,310.87 points. Over 1.77 million Sri Lanka Telecom shares were traded […]
Sri Lanka money growth slows in the first quarter
April 02, 2008 (LBO) – Sri Lanka’s money supply growth has slowed faster than expected in the first quarter of 2008, amid tight monetary policy and credit growth was also falling, the central bank has said. Reserve money, measured as a quarterly average grew to only 273.7 billion rupees compared to a targeted ceiling of […]
Sri Lanka eye record-setting win over Windies
PORT-OF-SPAIN, Trinidad, April 2, 2008 (AFP) – Sri Lanka can kill the proverbial two birds with one stone when they face West Indies in the second and final Test, starting on Thursday at Queen’s Park Oval. When Sri Lanka flew into the region a fortnight ago, they had a single objective on their mind – […]
Singapore sovereign fund stands by UBS
SINGAPORE, April 2, 2008 (AFP) – The Government of Singapore Investment Corp (GIC) on Wednesday stood by its decision to invest in troubled Swiss bank UBS and did not rule out a further capital injection.UBS on Tuesday revealed an additional 19 billion US dollars in writedowns, making it the bank worst-hit by a global crisis […]
Asia skills shortage could hit growth: ADB
MANILA, April 2, 2008 (AFP) – Asia is facing a serious skills shortage that could hamper the region’s economic growth and push for modernisation, the Asian Development Bank said in its annual outlook report released Wednesday. The Manila-based ADB said the shortage was widespread and had been partly driven by skilled workers leaving to take […]
Sri Lanka life insurance market eyed by German insurer
April 02, 2008 (LBO) – German insurance company Allianz says its Sri Lankan insurance business has become very profitable and the company aims to extend from general insurance into the bigger life market. The company’s subsidiary, Allianz Insurance Co. Lanka, plans to hire more sales staff and open branches outside the capital Colombo as it […]