Category: Industry
Thin Client
August 13 (LBO) – A Sri Lanka-based securities trading platform maker says it is planning to market software on a transaction-based fee model next year, instead of only selling systems outright. MIT has also applied to patent the technology in a number of other jurisdictions including India. œThis will be attractive for broker-dealers, MillenniumIT (MIT) […]
Off Track
Aug 13 – (LBO) A scrap iron sale at Sri Lanka’s troubled state-run railway has come under fire from unions after the successful tenderer allegedly removed serviceable carriages along with scrapped equipment.Controversy surrounds railways tenders in Sri Lanka, especially in procurement. Two rail wagons, which are still in use by the railway department, was cut-up […]
Bloggers Heaven
PARIS, Aug 11, 2006 (AFP) – Fifty million blogs — online multi-media journals — were tracked on the Internet last month, a 100-fold increase over three years, according to a new study published online. Technorati, a website devoted to tracking the growth of the worldwide “blogosphere”, claims their number has doubled every five to seven […]
Dial Free
Aug11 (LBO) – Sri Lanka Telecom’s mobile subsidiary Mobitel just launched aggressive new post-paid tariffs, on the heels of a licence to also rollout Third Generation (3G) services. œWe are approaching it cautiously. On the one hand, the price of a handset is a deterrent. So we will not be rolling out 3G infrastructure island […]
Big Favours
August 11 (LBO) – Sri Lanka™s Board of Investment is to expand a selective list of exporters and importers who get Green Channel or speedy clearance through customs. We are in the process of considering further investors who are eligible for the scheme and we will add on another five to ten a month to […]
’ 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 […]