Category: Industry
Pricing Wars
Sept 27 (LBO) – Sri Lanka’s state oil giant Ceypetco dropped fuel prices on Wednesday to appease trade unions, but has been helped by falling world prices of crude oil. Sri Lanka is expected to pay over 2.0 billion dollars this year, up from 1.6 billion last year for oil imports. (corrected) Sri Lanka’s minister […]
Sri Lankan boxers disappear in Germany
Sept 27, 2006 (AFP) – Two Sri Lankan boxers taking part in the world military championships in Germany have fled their hotel after eluding security, officials said here on Wednesday.The duo identified as W.R.G.G. Weligalla and P.W.R.D. Fernando of the Sri Lanka army were part of a seven-member squad at the World Military Boxing Championships […]
Pending News
September 26, 2006 (LBO) – Lanka IOCs share prices perked up Tuesday after the Indian fuel retailer announced plans to ink a deal next week, which settles billions of rupees due from the Sri Lankan government. “Our ‘settlement agreement’ with the government of Sri Lanka on resolving the long pending subsidy issue is planned to […]
Wide Choice
Sept 26, 2006 (LBO) – Japanese telco NEC Tuesday inked a deal with Sri Lanka’s Steuartel (Pvt) Ltd to sell its cellular handsets in the local market. “We hope to cater to the medium and the high end market with phone units made in Japan. Phones at entry level will be priced at 11,900 rupees […]
Seamless Solutions
September 26, 2006 (LBO) – Cisco Systems, the world’s leading supplier of network equipment and solutions, hopes to double its sales in Sri Lanka as local banks and telcos keep pace with IT trends. Having earlier serviced Sri Lanka as an extension of its Indian operation, Cisco now has a fully fledged office here, after […]
Oil Slump
SINGAPORE, Sept 25, 2006 (AFP) – Oil prices fell back below 60 dollars in Asian trade Monday to their lowest level in six months, before regaining some ground, partly on easing concerns over Iran’s nuclear program, dealers said. At 2:40 pm (0640 GMT) New York’s main contract, light sweet crude for November delivery, was down […]
Sri Lankan sprinter denies dope charge
COLOMBO, Sept 25, 2006 (AFP) – A Sri Lankan woman sprinter denied Monday taking performance enhancing drugs during the South Asian Games in Colombo last month, investigators said. If proved guilty, Silva would lose both her 4×100 metres relay gold medal and the 100metres silver. Sri Lankan officials had earlier said that athletes from Pakistan, […]
Trade Discounts
Sept 25 (LBO) – Sri Lanka has slashed tariffs by up to 70 percent on top imports like cement imported duty free from India, under a trade deal with the neighbouring country. Sri Lanka™s bilateral trade deal with India allows for a phasing out of tariffs over an eight year period, for goods that are […]
Creative Fusion
Sept 25 (LBO) – Sri Lankan song writers and other artistes are hoping a new licensing and royalty scheme being drawn up will help protect their creative work and prop up earnings. Local artistes have banded together to form ˜collective societies™, on the lines of similar groups in the United Kingdom, to represent the rights […]
Safe Funds
LONDON, Sept 24, 2006 (AFP) – Islamic finance is soaring around the world owing to an influx of petro-dollars from the Middle East and growing demand by investors, both Muslim and non-Muslim, according to analysts. The Islamic finance sector, compatible with Sharia law based on the Koran, is now worth between 300 and 500 billion […]
In-Shoring
Sept 22 (LBO) – A Sri Lankan telecom firm shifted its call centre out of the capital to a lower-cost central region of the island, in a trendsetting move that other firms could follow to their advantage. Suntel, unit of Sweden’s Telia which runs a wireless fixed network in the island, shifted its customer service […]
Lucky Strike
Sept 22 (LBO) –Savers in Sri Lanka, who are losing money because of negative real interest rates in the country, stand to recoup their losses if they get lucky in a lottery that has now become a standard feature of bank deposits. The country’s largest private bank, Hatton National Bank is offering a Mercedes Benz […]