Category: Industry
Four conferences in Sri Lanka cancelled on security fears
August 22, 2006 (LBO) – Four global conferences to be hosted by Sri Lanka later this year have been cancelled on security fears, though the island is confident it can woo at least half a million tourists by December. The events, including a textile conference, were to host at least a thousand people, Prathap Ramanujam, […]
Big Step
August 22, 2006 (LBO) – Commercial Bank of Ceylon Tuesday posted a 69 percent rise in group profits for the six months to June boosted by growth in net interest income and foreign exchange gains. Sri Lanka’s most profitable commercial bank said group post tax profits advanced 68.8 percent to 1,475.1 million rupees over the […]
Breaking Barriers
August 22, 2006 (LBO) – Sri Lanka’s long-suffering fund management industry is working with market regulators to promote closed-end funds and give an exit route to investors by listing units on the Colombo Stock Exchange, a senior official said Tuesday. In 2004, the Securities & Exchange Commission unveiled a new code for mutual funds which […]
Trade Barriers
August 21, 2006 (LBO) – Sri Lanka has set an end September deadline to implement commitments under its trade deals with India, Pakistan and other South Asian countries. Sri Lanka was expected to phase out tariffs under its free trade deals with India and Pakistan this year, as well as under the South Asian Free […]
Ticking Away
August 21, 2006 (LBO) — Depositors who have money and other assets in Sri Lanka’s bank have till the end of the month to reactivate their accounts, and prevent accounts being reported to the central bank has abandoned property, officials said.Parliamentarians representing the community in particular have raised objections to the takeover process. Bankers say […]
India Shines
August 21, 2006 (LBO) – Sri Lanka’s Dutch Lanka Trailers has stepped up investments plans in India following a 2 million dollar equity injection through private investors last week. The privately held firm does not disclose its financials, but said sales and profits over the past 3-years have shown a compound average growth of 45 […]
Mini Race
August 15 (LBO) – Sri Lanka’s fuel efficient small car market is racing ahead, helped by high oil prices and prohibitive taxes on larger cars.So, customers are willing to wait.†Despite the lack of economies of scale available to China and India, the company is making inroads in to the small car market. Leading the […]
Double Blow
August 18 (LBO) – Mysterious grenade attacks and pricing problems have pushed down sales of the Sri Lankan subsidiary of Indian Oil Corporation, with the firm also eyeing a price hike in September to arrest losses. The fuel retailer found hand grenades in two of its fuel sheds in the heart of Colombo on Thursday, […]
Not liberal
August 18 (LBO) – Sri Lankan based gas distributor Laugfs, who wants to blend and produce lubricants locally, says conditions for entering the newly liberalized market is discriminating against domestic applicants. Last month, Sri Lanka invited new lubricant players to invest in the country, following interest from a few foreign companies, but a brand must […]
Sri Lanka fume, India cool as South Africa flee “risky” Colombo
COLOMBO, Aug 17, 2006 (AFP) – Sri Lanka’s cricket chiefs and media slammed South Africa on Thursday for pulling out of the tri-series as India looked forward to playing three matches against the hosts. The Proteas abandoned the tri-series on Wednesday, saying “the current risk to the team is at an unacceptable level” following a […]
Finance Rating
August 17 (LBO) – Fitch Ratings has given the flagship finance company of Sri Lanka’s Ceylinco Group, a BBB (lka) rating with a stable outlook, the rating agency said Thursday. Established in 1940, TFC has 32 branches. The Finance Company (TFC) is a listed company with an asset base of 25.2 billion rupees is largest […]
Clear Run
August 17 (LBO) – Sri Lanka has got two bids with German and Malaysian funding to build 16 flyovers and interchanges in Colombo over two years, officials said.A group of local construction firms with funding from German state bank KfW and a Malaysian firm backed by Malaysia’s Export-Import Bank, put in bids. The government has […]