Category: Industry
’ Cry
Sri Lanka’s banks are asking authorities to revive stalled plans to strengthen the Credit Information Bureau (CRIB), while the sector is also facing the prospect of a relaxation of debt recovery laws. Analysts say relaxing debt recovery laws, and making it easier for defaulters to escape notice, may push up Sri Lanka’s national non-performing loan […]
Bank Tie
The Sri Lanka government agency that overseas state-owned enterprises is drawing up plans to merge a state-owned Sri Lankan housing bank with a savings bank that has a strong presence in the housing market, officials said. The State Mortgage and Investment Bank, a specialist housing bank with assets of 9.1 billion rupees was recently downgraded […]
Top Speed
Aug10 (LBO) – Associated Motorways Limited (AMW) posted an 18 percent jump in net profits to 143.8 million rupees in the first quarter 2007, led by growth in its passenger vehicle segment. The group’s net turnover was also up 76 percent to 2.6 billion rupees for the same period, over a company turnover performance of […]
Done Deal
August 10 (LBO) – John Keells Holdings said Thursday that it bought up about a million shares or just over an eleven percent stake in Associated Motorways Limited, through a private placement. A block of 1,032,231 shares of ten rupees was sold at a premium of 370 rupees apiece, a shareholding of 11.12 percent of […]
‘ Block
Aug 9, 2006 (LBO) – Reporters Without Borders has called on both sides in Sri Lanka’s civil war to see that journalists could continue reporting in areas of fighting, especially in the northeastern town of Muttur, and criticised them for refusing to allow the media into these zones.“We know some parts of the country have […]
Postal Finance
Aug 9, 2006 (LBO) – Sri Lanka’s postal department is looking to provide agency financial services to boost revenue and reduce its operating deficit.It has a long association with the state-owned National Savings Bank and is used to dealing with savings accounts. “We feel that the post office is the ideal location in the rural […]
‘s tourism arrivals slip 2.5% in July
August 8, 2006 (LBO) – Sri Lanka greeted fewer visitors for the second straight month in July, as holidaymakers shied away amidst heavy fighting between government and Tamil Tiger rebels. The Indian Ocean Island welcomed 55,354 travellers 2.5 percent lower over the corresponding month last year and the low numbers is also threatening the leisure […]
Friendship Bridge
August 7, 2006 (LBO) – The United States government Monday kicked off a project to build a 10.6 million dollar high-tech bridge at Arugam Bay, to replace the original one that was damaged during the tsunami. Dispensed through the U.S. Agency for International Development or USAID, the bridge is the single largest infrastructure project in […]
Good Money
August 7, 2006 (LBO) – Sri Lanka has picked up 12 million rupees to date from taxing foreign movies, dramas and sitcoms aired on local television stations, President Mahinda Rajapakse said. Rajapakse, who is also the island’s finance minister, introduced the tax late July, to raise funds to boost the ailing local film industry. “We […]
Mouse Trail
LAS VEGAS, Nevada, Aug 6, 2006 (AFP) – High-tech passports touted as advances in national security can be spied on remotely and their identifying radio signals cloned, computers hackers were shown at a conference ending Sunday. Radio frequency identification technology, referred to as RFID, used in cash cards and passports, can be copied, blocked or […]
Google Powered
Aug 04 (LBO) – Popular Internet search engine Google has given the Lanka Software Foundation 25,000 dollars to drive open source software projects locally. Much of the funds will go towards new research and development projects, including work with open source database MySQL, the foundation said in a statement on Friday. œTo date the Lanka […]
Mutual Ties
August 4, 2006 (LBO) – Sri Lanka and India have agreed to recognise product certificates issued in both countries, cutting down red tape and transaction time when goods are traded. Sri Lanka’s Cabinet of Ministers has approved the bilateral agreement between Sri Lanka Standards Institution (SLSI) and the Bureau of Indian Standards, Cabinet spokesperson, Anura […]