Category: Industry
Time Please
September 12, 2006 (LBO) – Sri Lanka’s banks has sought extra time from monetary authorities to report dormant accounts with only ten banks reporting details so far, an official said. “Ten licensed commercial banks have already submitted their reports,” Secretary General of the Sri Lanka Banks’ Association Upali de Silva said. Banks were earlier asked […]
Higher Plane
September 12, 2006 (LBO) – Sri Lanka’s Janashakthi Insurance Company Ltd said its profits grew 324 percent to 209.5 million during the financial year ended December 2005. The privately held insurer reported 32.6 percent sales growth of 3.86 billion rupees despite facing stiff competition for a slice of the country’s tiny insurance market. Income from […]
Burning Question
Sept 11, 2006 (LBO) – Oil will feature high on the agenda when Commonwealth finance ministers meet in Colombo, with delegates due to share ideas on how small countries like Sri Lanka can tide over soaring costs of crude. “Major issues being taken up will be high oil prices in addition to trade related issues […]
Spreading Fat
Sept 11, 2006 (LBO) – Sri Lankan producers of vanaspati a vegetable oil, are trying to break into the domestic market and diversify exports after being stung by recent Indian import controls. There are about 12 local manufacturers of the hydrogenated palm oil and similar product bakery shortenings a vegetable fat used largely for industrial […]
Different Package
Sept 11, 2006 (AFP) – Finance ministers and top officials from Commonwealth countries meeting Monday in Sri Lanka’s capital said they will seek ways to cancel billions of dollars in debt owed by poor nations.Don McKinnon, the head of the 53-member Commonwealth, said he hoped finance ministers will be able to focus attention on debt […]
Minting Money
September 11, 2006 (LBO) — Sri Lanka’s Central Bank is spearheading a campaign to push up foreign exchange remittance from countrymen residing overseas, in an attempt to raise cash for development work.Using networks of the two state banks Bank of Ceylon and People’s Bank monetary authorities Monday launched an awareness campaign throwing incentives ranging from […]
Sri Lankan domestic cricketers to get big pay hike
Sept 10, 2006 (AFP) – Sri Lanka’s domestic cricketers will get a handsome raise in match fees for the coming season in a bid to make local competition more professional, a top official announced here on Sunday.“We have a 300 percent pay hike earmarked for players in a new domestic competition for the 2006-07 season,” […]
Rural Reach
September 8, 2006 (LBO) – Sri Lanka Telecom said Friday they were in talks with payphone operator Tritel Services (Pvt) Ltd to buy an equity stake. Malaysian owned Tritel, the island’s biggest payphone operator, currently piggybacks on wireless, wireline, mobile and CDMA (code division multiple access) technology to connect over 3,000 booths scattered islandwide. Being […]
Snug Fit
SHANGHAI, Sept 8, 2006 (AFP) – Already known as the world’s factory floor, China now wants to turn into an international outsourcing powerhouse, a report said Friday, a move which could challenge India’s prominence in the industry.Outsourcing will become a new area of foreign investment for the country and China will encourage multinationals to outsource […]
Shrinking Wallets
Sept 08, 2006 (LBO) – Sri Lanka™s clothing trade, which employs about a million workers, is opposing trade union efforts to jack up minimum monthly wages to 10,000 rupees, due to spiraling costs and tight margins. Trade unions have asked the government to raise wages for all industries to a minimum of 10,000 rupees a […]
Better Mix
Sept 08, 2006 (LBO) – Local businessmen have been asked to diversify exports to Pakistan outside of a few traditional commodities, and fast, to fully exploit bilateral trade between both countries.Top exports to Pakistan Sri Lanka’s second largest trading partner in South Asia after India are largely confined to coconut products, rubber, tea, vegetable products, […]
Madugalle to conduct Pakistan ball tampering hearing
MUMBAI, Sept 7, 2006 (AFP) – The International Cricket Council (ICC) said on Thursday that Pakistan captain Inzamam-ul-Haq’s hearing in the ball-tampering controversy will be held on September 27 and 28.including Test captains Brian Lara of the West Indies and Rahul Dravid of India. The much-awaited hearing will be conducted by chief match-referee Ranjan Madugulle […]