Category:
Sri Lanka to push overseas investments
Aug 17, 2009 (LBO) – Sri Lanka is seeking to encourage local businessmen to venture overseas by establishing clear rules and reducing red tape, especially for capital outflows, seen as a key impediment, a senior official said. Kanchana Ratwatte, the new chairman of the National Enterprise Development Authority (NEDA), said a growing number of Sri […]
Brand Building
Aug 16, 2009 (LBO) – Sri Lanka known as a manufacturing hub for leading international brands and a commodity producer should develop a strategy to build its own brands to earn more and cope with rising costs, a marketing expert said. According to Business Week magazine, in 2008Coco-Cola’s brand value was 66 billion dollars, while […]
Legal Move
Aug 16, 2009 (LBO) – The directors of two failed property firm in Sri Lanka’s troubled Ceylinco group has been given court nod to have a board meeting in prison to approve the setting up of a trust to repay investors, a media report said. Directors of F & G Property Developer (Pvt) Ltd, and […]
India faces drought but economists upbeat
NEW DELHI, August 16, 2009 (AFP) – Crops are shrivelling as India faces the spectre of drought but economists say they are still upbeat about the country’s economic prospects. They are banking that a strong industrial performance will help offset the impact of the worst monsoon in years in Asia’s third largest economy. Analysts have […]
‘s war refugee camps flooded: govt official
August 16, 2009 (AFP) – Heavy rains flooded camps housing some of Sri Lanka’s 300,000 war refugees, officials said Sunday, raising fears for the welfare of the detainees.She said a section of the Manik Farm camp was the worst hit by the floods as the drainage system was only half built. The privately-run Sunday Times […]
Transport Costs
Aug 15, 2009 (LBO) – Asian shippers meeting in Colombo said they would lobby governments in the region to reform laws to prevent price fixing by shipping lines acting like cartels which they said hurts export-based economies.Sri Lanka Shippers’ Council chairman Randolph Perera said the island lacked the laws to prevent anti-competitive practices by shipping […]
Fibre Backbone
Aug 15, 2009 (LBO) – Sri Lanka telecom regulator is evaluating expression of interest from seven investors who responded to a call to build a fibre optic backbone for Sri Lanka in partnership with state rail and power utilities, a top official said. Pre-qualified parties would be expected to submit applications by the end of […]
Pakistan moves to bring tribal belt into mainstream
ISLAMABAD, August 14, 2009 (AFP) – Pakistani President Asif Ali Zardari unveiled political reforms in the country’s tribal belt Friday in a bid to extricate the lawless region from the grip of Taliban and Al-Qaeda militants.Pakistan’s seven federally administered tribal areas (FATA) have become a stronghold for hundreds of extremists who fled after the US-led […]
Sri Lanka Insurance Corp upgraded by Fitch on taxpayer support
Aug 15, 2009 (LBO) – Fitch Ratings said it has upgraded the rating of Sri Lanka’s largest insurer following its nationalisation on a court order, saying it implied state support if required. Fitch said in a statement that Sri Lanka Insurance Corp’s (SLIC) National Long-term Issuer Default Rating (IDR) has been upgraded to ‘AA-(lka)’ from […]
Sri Lankan shares down 1.12-pct during week
Aug 14, 2009 (LBO) – Sri Lanka stocks closed weaker Friday, as a record loss by index heavy Dialog Telekom pulled the market down, while the rupee spiked in late trading, brokers and dealers said.The benchmark Colombo All Share Price Index (ASPI) closed down 0.38 percent to end at 2,501.19 (9.62 points), while the Milanka […]
Shipping Talks
Aug 14, 2009 (LBO) – Sri Lankan shippers said they hope a meeting of Asian shippers in Colombo would strengthen efforts to combat anti-competitive practices of shipping lines and called for government reforms to prevent unfair trade.Randolph Perera, chairman of the Sri Lanka Shippers’ Council (SLSC), said the Asian Shippers’ Council will campaign for eliminating […]
Strong Showing
Aug 14, 2009 (LBO) – Sri Lanka’s NDB Bank group profits grew 45.7 percent to 529.7 million rupees in the June 2009 quarter from a year earlier, on revenues that grew 22.5 percent to 3.79 billion rupees, the company said.Deposits grew 24 percent to 38.5 billion rupees from 31.0 billion in December. NDB group gross […]