Category: Industry
Making Sense
June 21, 2007 (LBO) – Sri Lanka is to merge two state banks created as a result of election promises in the recent past, but keep a regional banking network with a good credit culture as an independent entity, officials said. Officials say Lankaputhra can take-over SME Bank under the provisions of company law, but […]
Imagine Cup
June 19, 2007 (LBO) – Sri Lanka’s young software developers lack resources but not dedication or talent, says former winners of a students technology competition promoted by the software giant, Microsoft. The Imagine Cup encourages young people to apply their imagination, passion and creativity to develop technological solutions to real world issues, say its organizers. […]
Fund Power
June 19, 2007 (LBO) – Institutional investors in Sri Lanka’s small stock market still lack the strength to influence managements of listed firms on issues like corporate governance, a top fund manager said. Unit trusts or mutual funds still hold only a small slice of the equities on the Colombo bourse, according to S. Jeyavarman, […]
Normal Operations
June 19, 2007 (AFP) – Sri Lanka’s only international airport is to resume around-the-clock operations after air raids by the Tamil Tiger rebels forced its closure at night, an official said Tuesday. The Tamil Tiger rebels have been fighting for a separate homeland since 1972. More than 60,000 people have been killed in the conflict.The […]
Sri Lanka, Bangladesh, Pakistan and India begin talks for 2011 World Cup
BHURBAN, Pakistan, June 17, 2007 (AFP) – Top cricket officials from across South Asia will meet here Monday to launch preparations for the 2011 World Cup, which will mark the third time the tournament has been played in the region.India, Pakistan, Sri Lanka and Bangladesh (IPSB) will jointly hold the mega-event, with the opening ceremony […]
Affordable tickets for fans in Sri Lanka and subcontinent at next World Cup
BHURBAN, Pakistan, June 18, 2007 (AFP) – The South Asian nations hosting the 2011 cricket World Cup promised on Monday to hold a spectator-friendly tournament with affordable ticket prices.The next organising committee meeting will be held in India in November-December this year. The pledge by India, Pakistan, Sri Lanka and Bangladesh comes after the 2007 […]
Knowledge Cash
June 18, 2007 (LBO) – Amba Research, an investment research outsourcing firm which raised new venture capital financing Monday, is planning to expand operations in Sri Lanka, officials said. Over the last two years the government absorbed 42,000 unemployed graduates into the already bloated public sector, while outfits like Amba is searching high and low […]
No Dividend
June 18, 2007 (LBO) – Seylan Merchant Bank said it was unable to pay a dividend proposed earlier, following a solvency test specified in a new company law. The investment bank said in a stock exchange filing that shareholders who attended its annual general meeting last week had already been told that a 25 cent […]
Floating Hotel
DUBAI, June 18, 2007 (AFP) – The booming Gulf emirate of Dubai said on Monday it has bought the Queen Elizabeth 2, one of the world’s most majestic cruise liners, for 100 million dollars from Britain’s Cunard Line.The ship will be berthed at a man-made island off the coast of Dubai and turned into a […]
Box Bonanza
June 18, 2007 (LBO) – South Asia Gateway Terminals (SAGT), Colombo Port’s privatised container facility, aims to handle 1.6 million containers by the end of this year, as India’s bulging trade volumes increase the flow of cargo through the harbour. SAGT’s new chief executive, Steven Edkins, believes Colombo will retain its status as South Asia’s […]
Atapattu opts out of Sri Lanka team for Bangladesh series
June 17, 2007 (AFP) – Sri Lanka’s former captain and opening batsman Marvan Atapattu has opted out of the Test series against Bangladesh, a top Sri Lanka Cricket official said Sunday.SLC secretary Kangadaran Mathivanan said the former skipper had told them he would not be available for the Bangladesh tournament despite being chosen for the […]
Disturbing Rule
June 17, 2007 (LBO) – Sri Lanka’s insurance industry has voiced concern over a recent proposal by regulators to transfer the Strike, Riot, Civil Commotion and Terrorism Fund to the National Insurance Trust Fund. The industry is asking the government to relax the proposal for compulsory ceding of re-insurance premiums, said Marina Tharmaratnam, CEO of […]