Category: Industry
’s Nest
August 2, 2006 (LBO) – Sri Lanka’s Central Bank Wednesday said balances of dormant accounts taken over by can be claimed back by their rightful owners. According to bankers there are around 30 million dollars worth of unclaimed property and goods waiting to be claimed. In July the government announced it was taking possession of […]
Going Nowhere
August 02 (LBO) – Sri Lanka’s first toll road is still on the shelf without funding, with the government saying they will even consider commercial loans just to get the project going. The project was to go ahead with Chinese government funding lent on concessionary terms, built by a Chinese contractor. The country’s Road Development […]
No Oil
August 01, 2006 (LBO) – Sri Lanka says it may not entertain new investments into expensive oil fired power plants, under a proposed energy policy for the country published this week. The government shall not initiate or entertain any proposal either by electricity utilities or private developers to build power plants that will use oil, […]
On Course
August 01, 2006 (LBO) – Caltex Lanka Lubricants Tuesday reported a 16 percent spike in net profit after tax for the six months ended June this year, on the back of volume and price growth. Net profit after tax went up from 370 million to 429.7 million rupees for the first half of this year, […]
Minor Adjustment
August 1, 2006 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corp has raised fuel prices after a two-month lag to offset a surge in global oil prices, Petroleum Minister A H M Fowzie said. From midnight Tuesday: ¢ Gasoline costs 96.00 rupees (from 93.00 rupees) ¢ Diesel costs 63.00 rupees (from 61.00 rupees) ¢ Kerosene […]
Common Understanding
August 01, 2006 (LBO) – Sri Lanka has agreed to extend ˜national treatment™ to Indian banks and allow them to employ up to six expatriate staff, when both sides met for bilateral trade talks recently, an official said. Sri Lanka currently caps expatriate staff to three and that only at management level of banks. Four […]
Northern Lights
July 31 (LBO) – Sri Lanka has called for interested investors to set up a power plant by end this year, to supply electricity to Jaffna in the island’s war torn north. The 35 megawatt power project will be on Build Own and Operate basis, under a power purchase agreement signed with state utility the […]
And FYI
July 31, 2006 (LBO) – Indian oil retailer Lanka IOC Monday raised fuel prices across the board by 5.00 rupees a litre to keep pace with galloping crude oil prices, its Managing Director said. Effective from midnight: ¢ Petrol 90 costs 98.00 rupees (from 93.00 rupees) ¢ Petrol 95 costs 101.00 rupees (from 96.00 rupees) […]
No Surprises
July 31, 2006 (LBO) – Sri Lanka Telecom, the island’s biggest telephone company, said Monday second-quarter profits rose 112 percent, after it signed up more wireless customers. The company, which controls 85 percent of Sri Lanka’s fixed-line telecommunications market, made a billion rupee net profit over a 31 percent revenue growth to 9.97 billion rupees […]
Football provides therapy for drug addicts in cricket-crazy India
NEW DELHI, July 29, 2006 (AFP) – A frail-looking man named Diosiam jogs on to a football field in an upmarket New Delhi suburb, followed by a band of keen-looking players — all of them ex-drug addicts or living with HIV/AIDS.They warm up on the slushy field as a small crowd gathers to see them […]
Local Brands
July 29, 2006 (LBO) – Sales of locally assembled computers rose 20 percent to 11,202 units for the three months to March, though established brands continued to increase their presence in Sri Lanka, an industry report said Saturday. Locally assembled brands such as Panora and Kobian dominate the desktop market, with the latter launching a […]
Hong Kong Hub
July 28, 2006 (LBO) – Sri Lanka Telecom, the island’s biggest fixed line operator, announced plans Friday to float a fully owned subsidiary in Hong Kong to extend their data network to the South Asian region. The telco’s chief Shuhei Anan said SLT Hong Kong Ltd will operate as a point of presence allowing the […]