Category: Industry
Musical Chairs
February 02 (LBO) – Sri Lanka’s 54-member jumbo cabinet is causing logistical headaches for parliamentary staff, with senior members who crossed over from the United National Party, being entititled to the available meeting rooms officials said.Perks for each cabinet minister include an office space in the parliament complex, but the facility only has about three […]
Small Change
February 02 (LBO) – Sri Lanka’s banks have reported much smaller volumes than previously expected, though state banks are yet to complete their reports, an official said. With only the Bank of Ceylon and People’s Bank yet to report dormant assets, information regarding 545 million rupees worth of assets have been collected, Acting Bank Supervisor, […]
Thin Margin
January 31 (LBO) – Sri Lanka’s state petroleum utility expects to just break even or make a marginal profit in 2006, after a government price supplement subsidy was withdrawn, an official said. Ceylon Petroleum Corporation’s retail prices were state controlled, but the treasury gave it a price supplement until last year based on a formula […]
Difficult Road
Jan 31, 2007 (LBO) – Sri Lankan car dealers have predicted tough sales after being slapped with as many as three new taxes last year that has taken the price of cars soaring. We hope to introduce smaller cars to the market in future,†says Rauf. Senok Trade Combine, which has interests in automobiles, mining, […]
New Bird
Jan 31, 2007 (LBO) – A new airline has been approved to start domestic operations, using 19-seater aircraft, officials said. Daya Aviation is a division of the Daya group, which has interest apparel, sugar manufacture, shipping and engineering. It’s 6-seater twin-engined Beechcraft Baron, and a single-engined Piper Cherokee for private use. “We are hoping to […]
Free Push
Jan 31, 2007 (LBO) – HSBC in Sri Lanka is hoping to rope in more customers to its phone banking service by offering toll-free services in three languages for the first time in Sri Lanka, officials said. Though Sri Lanka does not have a toll free number system, HSBC has arranged with fixed and mobile […]
Sri Lanka apparel group Brandix to double thread making capacity in Bangladesh
Jan 30 (LBO) – American & Efird Lanka, part of top Sri Lankan apparel exporter the Brandix Group, hopes to double its thread making capacity in Bangladesh over the next year. A&E Lanka is a joint venture of Brandix Lanka, global thread manufacturer American & Efird, and Brandot International. The company manufactures sewing and embroidery […]
New Vista
LONDON, Jan 30, 2007 (AFP) – Windows Vista takes computing to a “new level,” Microsoft boss Bill Gates trumpeted Tuesday, presenting the latest version of his ubiquitous operating system at the British Library in London.Fresh from an overnight flight to London after launching the product in New York’s Times Square, Gates traced the development of […]
Not so fast
January 30 (LBO) – The central bank is planning to introduce new prudential regulations for credit cards, following their rapid use and growth in lending, an official said. Last year the government slapped a 10 rupee stamp duty on every 1000 rupees of purchases through credit cards.Up to last November Sri Lankan banks have issued […]
Ship Ahoy
Jan 30 (LBO) – Lanka Indian Oil Corporation has called for vessels to supply lubricant base oil for its new blending plant in the East of Sri Lanka, which is to begin production in June this year. Last week, the fuel retailer, a unit of India’s Fortune 500 Indian Oil Corp got a government licence […]
i-Switch
Jan 29 (LBO) – Sri Lankan tech firm Interblocks said Monday that they had implemented an ATM Switch and Monitoring system to manage Central Finance’s ATM network. The tie up with Interblocks and implementation of the iSwitch system would facilitate inter-branch settlement and reconciliation, remote monitoring and proactive alerts. The company says it is the […]
Brotherly Ties
Galle, January 29 (LBO) – Bilateral talks starting this week will further broaden economic ties between India and Sri Lanka, while aid volumes to the country was also moving up, an Indian government official told an aid forum here Monday. Sri Lanka was now India’s largest trade partner in South Asia with India being Sri […]